Company registration number 13925199 (England and Wales)
PENMAENUCHAF DOLGELLAU LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PENMAENUCHAF DOLGELLAU LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
PENMAENUCHAF DOLGELLAU LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,148,598
2,678,181
Current assets
Stocks
20,186
22,175
Debtors
4
51,206
13,838
Cash at bank and in hand
3,105
31,415
74,497
67,428
Creditors: amounts falling due within one year
5
(1,105,555)
(591,245)
Net current liabilities
(1,031,058)
(523,817)
Total assets less current liabilities
2,117,540
2,154,364
Creditors: amounts falling due after more than one year
6
(2,500,157)
(2,569,206)
Provisions for liabilities
(68,600)
-
0
Net liabilities
(451,217)
(414,842)
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
9
100,047
-
0
Profit and loss reserves
10
(551,364)
(414,942)
Total equity
(451,217)
(414,842)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
Mr Neil Kedward
Director
Company registration number 13925199 (England and Wales)
PENMAENUCHAF DOLGELLAU LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
100
-
0
(130,689)
(130,589)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(284,253)
(284,253)
Balance at 31 December 2023
100
-
0
(414,942)
(414,842)
Year ended 31 December 2024:
Loss
-
-
(136,422)
(136,422)
Other comprehensive income:
Revaluation of tangible fixed assets
-
123,515
-
123,515
Tax relating to other comprehensive income
-
(23,468)
-
0
(23,468)
Total comprehensive income
-
100,047
(136,422)
(36,375)
Balance at 31 December 2024
100
100,047
(551,364)
(451,217)
PENMAENUCHAF DOLGELLAU LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Penmaenuchaf Dolgellau Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Cornstore, The Green, Pembroke, UK, SA71 4NU. . The principal activity of the company continued to be that of a hotel

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties.The principal accounting policies adopted are set out below.

1.2
Going concern

As at 31 December 2024 the company incurred a loss before tax of £91,290 (2023: £284,253) and continues to have net liabilities of £451,217 (2023: £414,842), notwithstanding the results reported, the financial statements have been prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future.

 

In making our assessment, the directors have undertaken a review of the Company's financial position. The directors have prepared forecasts, which indicate that based on the anticipated level of sales, there is a reasonable expectation that the company will be able to operate within its current level of agreed facilities the group has secured with the bank for a period of at least 12 months from the date of approval of these financial statements. Significant funding has been achieved via capital injection through the issue of Group shares to external investors which will assist with bridging cashflow shortfalls and completion of property redevelopment. This helps deflate the doubt, if not completely satisfying material uncertainty, of the Company's ability to continue as a going concern.

 

Economic factors continue to bring uncertainty to business operations and the director therefore continue to review profit margins to proactively seek suitable cost saving measures wherever possible without sacrificing quality and customer experience. At the date of signing the report sales continued to meet budgeted levels. With no indication at the current time this position will change the Company's forecasts and projections show that the company will be able to operate within its facilities.

 

After consideration of the above matters and the expected continued support of Parent Company, investors and lenders, the directors are satisfied that it is appropriate to continue to prepare the financial statements on a going concern basis. The financial statements therefore do not include the adjustments required should the Company be unable to continue as a going concern.

1.3
Turnover

Turnover represents the amounts received (excluding VAT and similar taxes) in the areas set out below:

Guest stays - represents overnight stay revenue and is recognised at the time when a customer stays at the accommodation.

Dining - represents food and beverage sales and are recognised at the point of sale.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PENMAENUCHAF DOLGELLAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
1% Straight Line
Plant and equipment
10% Straight Line
Computers
20% Staight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PENMAENUCHAF DOLGELLAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Staff
26
25
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2024
2,640,948
65,679
2,706,627
Additions
353,965
1,573
355,538
Disposals
-
0
(867)
(867)
Revaluation
105,087
-
0
105,087
At 31 December 2024
3,100,000
66,385
3,166,385
Depreciation and impairment
At 1 January 2024
18,428
10,018
28,446
Depreciation charged in the year
-
0
8,163
8,163
Eliminated in respect of disposals
-
0
(394)
(394)
Revaluation
(18,428)
-
0
(18,428)
At 31 December 2024
-
0
17,787
17,787
Carrying amount
At 31 December 2024
3,100,000
48,598
3,148,598
At 31 December 2023
2,622,520
55,661
2,678,181
PENMAENUCHAF DOLGELLAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Tangible fixed assets
(Continued)
- 6 -

Land and buildings were revalued in 2024 by independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold property
2024
2023
£
£
Cost
2,994,914
2,640,948
Accumulated depreciation
(36,859)
(18,428)
Carrying value
2,958,055
2,622,520
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
51,206
13,838
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
76,394
80,197
Trade creditors
221,317
30,373
Amounts owed to group undertakings
674,162
351,860
Taxation and social security
4,924
16,517
Other creditors
128,758
112,298
1,105,555
591,245
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,500,157
2,569,206
Creditors which fall due after five years are payable as follows:
Payable by instalments
2,217,161
1,497,692

The bank loan is security by a fixed and floating charge over the assets of the company.

PENMAENUCHAF DOLGELLAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
45,132
-
Revaluations
23,468
-
68,600
-
2024
Movements in the year:
£
Liability at 1 January 2024
-
Charge to profit or loss
45,132
Charge to equity
23,468
Liability at 31 December 2024
68,600
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
9
Revaluation reserve
2024
2023
£
£
At the beginning of the year
-
0
-
0
Revaluation surplus arising in the year
123,515
-
0
Deferred tax on revaluation of tangible assets
(23,468)
-
At the end of the year
100,047
-
PENMAENUCHAF DOLGELLAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
10
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
(414,942)
(130,689)
Adjusted balance
(414,942)
(130,689)
Loss for the year
(136,422)
(284,253)
At the end of the year
(551,364)
(414,942)
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

 

 

Material uncertainty to going concern

In forming our opinion, which is not modified, we have considered the adequacy of the disclosures made in note 1 of the financial statements concerning the company's ability to continue as a going concern. The conditions described in note 1 indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Mark Howells
Statutory Auditor:
Redwood Wales Limited
Date of audit report:
16 July 2025
12
Parent company

The company is a wholly owned subsidiary of The Seren Collection Ltd, a company registered in England and Wales.

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