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

COMPANY REGISTRATION NUMBER: 10368696

Fairyhill Gower Limited

Filleted Unaudited Financial Statements

31 December 2024

Fairyhill 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

Fairyhill Gower Limited

Officers and Professional Advisers

The board of directors	Mr A Hole
	Mr S Hole

Company secretary	Mr A Hole

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

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

Fairyhill Gower Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

FIXED ASSETS

Intangible assets	5	55,000	85,000
Tangible assets	6	4,180,507	3,647,860
Investments	7	100	100
		------------	------------
		4,235,607	3,732,960

CURRENT ASSETS

Stocks	8	13,602	14,471
Debtors	9	3,914,816	3,931,698
Cash at bank and in hand		198,317	420,942
		------------	------------
		4,126,735	4,367,111

CREDITORS: amounts falling due within one year	10	1,612,866	1,853,646
		------------	------------
NET CURRENT ASSETS		2,513,869	2,513,465
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		6,749,476	6,246,425

CREDITORS: amounts falling due after more than one year	11	5,296,582	4,981,985

PROVISIONS	165,761	85,276
	------------	------------
NET ASSETS	1,287,133	1,179,164
	------------	------------

CAPITAL AND RESERVES

Called up share capital	12	1	1
Profit and loss account		1,287,132	1,179,163
		------------	------------
SHAREHOLDERS FUNDS		1,287,133	1,179,164
		------------	------------

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 .

Fairyhill 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:

Mr A Hole

Director

Company registration number: 10368696

Fairyhill Gower Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. GENERAL INFORMATION

Fairyhill 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 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.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investments in associates are measured at cost less impairment.

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.

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

(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) 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 amortization 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 amortized 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.

(iv) Provisions

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

(v) 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.

(vi) 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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

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: Sale of goods and rendering of services Turnover from weddings is recognised when significant risks and rewards of ownership of the goods 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 the date of the event 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.

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. 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 straight line

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:

Freehold property	-	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 2 (2023: 2 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	300,000
	---------
Amortisation
At 1 January 2024	215,000
Charge for the year	30,000
	---------
At 31 December 2024	245,000
	---------
Carrying amount
At 31 December 2024	55,000
	---------
At 31 December 2023	85,000
	---------

6. TANGIBLE ASSETS

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024	3,587,063	529,513	323,498	2,500	4,442,574
Additions	680,250	23,033	64,716	–	767,999
	------------	---------	---------	------	------------
At 31 December 2024	4,267,313	552,546	388,214	2,500	5,210,573
	------------	---------	---------	------	------------
Depreciation
At 1 January 2024	332,330	338,414	123,365	605	794,714
Charge for the year	108,521	65,998	60,583	250	235,352
	------------	---------	---------	------	------------
At 31 December 2024	440,851	404,412	183,948	855	1,030,066
	------------	---------	---------	------	------------
Carrying amount
At 31 December 2024	3,826,462	148,134	204,266	1,645	4,180,507
	------------	---------	---------	------	------------
At 31 December 2023	3,254,733	191,099	200,133	1,895	3,647,860
	------------	---------	---------	------	------------

7. INVESTMENTS

	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	100
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	100
	----
At 31 December 2023	100
	----

8. STOCKS

	2024	2023
	£	£
Raw materials and consumables	13,602	14,471
	--------	--------

9. DEBTORS

	2024	2023
	£	£
Trade debtors	200	250
Amounts owed by group undertakings and undertakings in which the company has a participating interest	2,341,315	3,391,593
Other debtors	1,573,301	539,855
	------------	------------
	3,914,816	3,931,698
	------------	------------

10. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	411,949	399,304
Trade creditors	148,379	69,692
Amounts owed to group undertakings and undertakings in which the company has a participating interest	107,476	129,169
Social security and other taxes	32,761	54,258
Other creditors	912,301	1,201,223
	------------	------------
	1,612,866	1,853,646
	------------	------------

The aggregate amount of secured liabilities for creditors falling due within one year is £353,902 (2023:£327,077). 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 its Holding company and fellow subsidiary. Obligations under finance leases and hire purchase contracts are secured over the asset to which they relate.

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

	2024	2023
	£	£
Bank loans and overdrafts	5,296,582	4,980,818
Other creditors	–	1,167
	------------	------------
	5,296,582	4,981,985
	------------	------------

The aggregate of secured liabilities falling due after one year is £5,296,582 (2023:£4,981,984). The aggregate of secured liabilities falling due after five years is £4,081,383 (2023:£3,812,027).

12. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

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

13. CONTINGENCIES

Oldwalls Gower Limited, Fairyhill Gower Limited and Sant Ffraed 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
	£	£
Oldwalls Gower Limited	1,926,850	2,035,121
Sant Ffraed Limited	2,557,811	2,676,129
	------------	------------
	4,484,661	4,711,250
	------------	------------

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the directors owed the company £398,814 (2023: £Nil). No interest has been charged on this balance.

15. RELATED PARTY TRANSACTIONS

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

	2024	2023
	£	£
Balance due (to) other related parties	(107,476)	(129,169)
Balance due from other related parties	941,504	495,460

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 The director has given a personal guarantee of £200,000 to Development Bank of Wales in respect of borrowings of Fairyhill Gower Limited.

16. PARENT UNDERTAKING

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