Sant Ffraed Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 13504411

Sant Ffraed Limited

Filleted Unaudited Financial Statements

31 December 2024

Sant Ffraed 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

Sant Ffraed Limited

Officers and Professional Advisers

The board of directors	Mr A Hole
	Mr S Hole

Registered office	Unit 9 Tawe Business Village
	Phoenix Way
	Swansea Enterprise Park
	Llansamlet
	Swansea
	Wales
	SA7 9LA

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

Sant Ffraed Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

FIXED ASSETS

Tangible assets	5	7,890,845	7,784,696

CURRENT ASSETS

Stocks	6	14,995	24,733
Debtors	7	90,228	67,088
Cash at bank and in hand		377,983	513,661
		---------	---------
		483,206	605,482

CREDITORS: amounts falling due within one year	8	4,562,382	5,947,084
		------------	------------
NET CURRENT LIABILITIES		4,079,176	5,341,602
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		3,811,669	2,443,094

CREDITORS: amounts falling due after more than one year	9	2,440,546	2,555,085

PROVISIONS	732,745	471,253
	------------	------------
NET ASSETS/(LIABILITIES)	638,378	( 583,244)
	------------	------------

CAPITAL AND RESERVES

Called up share capital	10	100	100
Profit and loss account		638,278	( 583,344)
		---------	---------
SHAREHOLDERS FUNDS/(DEFICIT)		638,378	( 583,244)
		---------	---------

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Sant Ffraed 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

Director

Company registration number: 13504411

Sant Ffraed Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. GENERAL INFORMATION

Sant Ffraed 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 and 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 directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.

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.

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

(i) 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 the physical condition of the assets.

(ii) 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.

(iii) Provisions

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

(iv) 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.

(v) Stock provisioning

The company sells food & drink and is subject to consumer demands. 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.

(vi) Research & Development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Sale of goods Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Rendering of services When the outcome of a transaction can be estimated reliably, turnover from rendering of services is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Interest and dividends receivable Interest income is recognised using the effective interest method and dividend income is recognised as the company’s right to receive payment is established.

Research & development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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.

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:

Freehold property	-	2%/4% straight line
Plant and machinery	-	10%/33% straight line
Fixtures and fittings	-	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.

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.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).

5. TANGIBLE ASSETS

	Freehold property	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 January 2024	7,392,257	162,315	626,990	8,181,562
Additions	71,836	308,044	63,605	443,485
Disposals	–	–	( 9,654)	( 9,654)
	------------	---------	---------	------------
At 31 December 2024	7,464,093	470,359	680,941	8,615,393
	------------	---------	---------	------------
Depreciation
At 1 January 2024	229,921	40,048	126,897	396,866
Charge for the year	173,993	27,400	126,289	327,682
	------------	---------	---------	------------
At 31 December 2024	403,914	67,448	253,186	724,548
	------------	---------	---------	------------
Carrying amount
At 31 December 2024	7,060,179	402,911	427,755	7,890,845
	------------	---------	---------	------------
At 31 December 2023	7,162,336	122,267	500,093	7,784,696
	------------	---------	---------	------------

6. STOCKS

	2024	2023
	£	£
Raw materials and consumables	14,995	24,733
	--------	--------

7. DEBTORS

	2024	2023
	£	£
Trade debtors	–	250
Amounts owed by group undertakings and undertakings in which the company has a participating interest	23,978	–
Other debtors	66,250	66,838
	--------	--------
	90,228	67,088
	--------	--------

8. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	117,264	121,044
Trade creditors	121,236	185,597
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,442,341	3,511,169
Social security and other taxes	97,037	152,385
Other creditors	1,784,504	1,976,889
	------------	------------
	4,562,382	5,947,084
	------------	------------

The aggregate of secured liabilities falling due within one year is £117,264 (2023:£121,044).

The bank loans are secured by a fixed and floating charge over all the assets of the company, including all freehold and leasehold property now or in the future belonging to the company.

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

	2024	2023
	£	£
Bank loans and overdrafts	2,440,546	2,555,085
	------------	------------

The aggregate of secured liabilities falling due after one year is £2,440,546 (2023:£2,555,085).

The aggregate of secured liabilities falling due after five years is £1,971,489 (2023:£2,070,908).

10. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

11. CONTINGENCIES

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

	2024	2023
	£	£
Fairyhill Gower Limited	5,649,318	5,305,862
Oldwalls Gower Limited	1,926,850	2,035,121
	------------	------------
	7,576,168	7,340,983
	------------	------------

12. RELATED PARTY TRANSACTIONS

During the year the company entered into transactions with related parties as follows:

	2024	2023
	£	£
Balance due (to) other related parties	(119,026)	(119,576)
Balance due from other related parties	23,977	–

No interest was charged on any of the outstanding amounts. Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies. Key Management Personnel of the entity or its parent A director has provided a personal guarantee of £100,000 to Development Bank of Wales to cover all facilities provided.

13. PARENT UNDERTAKING

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

The immediate parent company is Fairyhill Gower Limited, a company registered in Great Britain. Its registered office is Unit 9 Tawe Business Village Phoenix Way, Swansea Enterprise Park, Llansamlet, Swansea, United Kingdom, SA7 9LA.