Oldwalls Gower Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07912693

Oldwalls Gower Limited

Filleted Unaudited Financial Statements

31 December 2024

Oldwalls Gower Limited

Financial Statements

Year ended 31 December 2024

CONTENTS	PAGE

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Oldwalls Gower Limited

Officers and Professional Advisers

Director	Mr Andrew Hole

Company secretary	Mr Andrew Hole

Registered office	Llwyn Y Bwch Farm
	Oldwalls
	Llanrhidian
	Swansea
	SA3 1HA

Accountants	James & Uzzell Ltd
	Chartered Certified Accountants
	Axis 15, Axis Court
	Mallard Way
	Riverside Business Park
	Swansea
	SA7 0AJ

Oldwalls Gower Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

FIXED ASSETS

Intangible assets	5	17,181	19,591
Tangible assets	6	3,230,609	3,210,988
		------------	------------
		3,247,790	3,230,579

CURRENT ASSETS

Stocks	7	18,935	18,448
Debtors	8	71,752	376,884
Cash at bank and in hand		26,179	173,296
		---------	---------
		116,866	568,628

CREDITORS: amounts falling due within one year	9	1,347,474	1,651,159
		------------	------------
NET CURRENT LIABILITIES		1,230,608	1,082,531
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		2,017,182	2,148,048

CREDITORS: amounts falling due after more than one year	10	1,829,057	1,961,117

PROVISIONS

Taxation including deferred tax	201,583	184,493
	------------	------------
NET (LIABILITIES)/ASSETS	( 13,458)	2,438
	------------	------------

CAPITAL AND RESERVES

Called up share capital	11	4	4
Profit and loss account		( 13,462)	2,434
		--------	------
SHAREHOLDERS (DEFICIT)/FUNDS		( 13,458)	2,438
		--------	------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Oldwalls Gower Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

Andrew Hole

Mr Andrew Hole

Director

Company registration number: 07912693

Oldwalls Gower Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. GENERAL INFORMATION

Oldwalls Gower Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are hotels & similar accommodation.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 December 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern

The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements. The company's forecasts and projections, taking account reasonably the possible changes in trading performance, show that the company should be able to operate within the level of its current facilities.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.

Stock provision

The company sells food & drink . As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Goodwill and intangible fixed assets

Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions.

Provisions

Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes.

Going Concern

The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services Turnover from the sale of weddings is recognised when significant risks and rewards of provision of the services have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on date of the event. Interest Interest income is recognised using the effective interest method.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. -

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 20 years. Provision is made for any impairment.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and buildings	-	1%/4% straight line
Plant and machinery	-	10% straight line
Fixtures and fittings	-	20%/33% straight line
Motor vehicles	-	10% straight line

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	48,194
	--------
Amortisation
At 1 January 2024	28,603
Charge for the year	2,410
	--------
At 31 December 2024	31,013
	--------
Carrying amount
At 31 December 2024	17,181
	--------
At 31 December 2023	19,591
	--------

6. TANGIBLE ASSETS

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	2,828,064	504,720	395,540	131,459	3,859,783
Additions	111,608	88,494	13,514	–	213,616
	------------	---------	---------	---------	------------
At 31 December 2024	2,939,672	593,214	409,054	131,459	4,073,399
	------------	---------	---------	---------	------------
Depreciation
At 1 January 2024	188,834	224,847	186,023	49,091	648,795
Charge for the year	42,239	53,893	84,716	13,147	193,995
	------------	---------	---------	---------	------------
At 31 December 2024	231,073	278,740	270,739	62,238	842,790
	------------	---------	---------	---------	------------
Carrying amount
At 31 December 2024	2,708,599	314,474	138,315	69,221	3,230,609
	------------	---------	---------	---------	------------
At 31 December 2023	2,639,230	279,873	209,517	82,368	3,210,988
	------------	---------	---------	---------	------------

7. STOCKS

	2024	2023
	£	£
Raw materials and consumables	18,935	18,448
	--------	--------

8. DEBTORS

	2024	2023
	£	£
Other debtors	71,752	376,884
	--------	---------

9. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	139,286	134,916
Trade creditors	73,554	179,682
Amounts owed to group undertakings and undertakings in which the company has a participating interest	474,816	113,521
Social security and other taxes	41,814	148,682
Other creditors	618,004	1,074,358
	------------	------------
	1,347,474	1,651,159
	------------	------------

The bank loan is secured by a first legal charge over the company's properties and a fixed and floating charge over the assets of the company, together with a group cross guarantee with Snaco Holdings Limited, Fairyhill Gower Limited and Sant Ffraed Limited, companies under common control. Obligations under finance leases and hire purchase contracts are secured over the asset to which they relate. The aggregate of secured liabilities falling due within one year is £164,669 (2023: £163,430).

10. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	1,791,934	1,900,205
Other creditors	37,123	60,912
	------------	------------
	1,829,057	1,961,117
	------------	------------

The aggregate of secured liabilities falling due after one year is £1,829,057 (2023:£1,961,117). The aggregate of secured liabilities falling due after five year is £1,252,271 (2023:£1,360,542).

11. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.01 each	400	4	400	4
	----	----	----	----

12. FINANCIAL COMMITMENTS

Oldwalls Gower Limited , Sant Ffraed Limited, Fairyhill Gower Limited and Snaco Holdings Limited, companies under common control, are party to a group cross guarantee in respect of the bank borrowings. At the year end the bank borrowings covered by the cross guarantee were as follows:

	2024	2023
	£	£
Fairyhill Gower Limited	2,557,811	2,676,129
Sant Ffraed Limited	4,971,877	5,305,862
	------------	------------
	7,529,688	7,981,991
	------------	------------

The company has given a cross guarantee of £350,000 to Development Bank of Wales in respect of borrowings of Fairyhill Gower Limited.

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end there was a balance owed to the company by the director of £Nil (2023: £268,531). No interest has been charged on the outstanding balance.

14. RELATED PARTY TRANSACTIONS

The aggregated amount of transactions due with related parties is as follows: Other Related Parties

	2024	2023
	£	£
Balance due to other related parties	474,816	113,521
Balance due from other related parties	16,515	53,114

No interest was charged on any of the outstanding amounts.

15. PARENT UNDERTAKING

The ultimate parent company is Oldwalls Properties Ltd, a company registered in Great Britain. Its registered office address is Unit 9 Tawe Business Village Phoenix Way, Swansea Enterprise Park, Llansamlet, Swansea, United Kingdom, SA7 9LA.