REGISTERED NUMBER: 08077369 (England and Wales)

Financial Statements for the Year Ended 31st March 2025

for

Gwesty Seren

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I Edwards

T B Williams

M L Jones

W A Evans

Ms R E Morgan

SECRETARY:

REGISTERED OFFICE:

Unit 1 - 2

Llwyn Gell Industrial Estate

Blaenau Ffestiniog

Gwynedd

LL41 3NE

REGISTERED NUMBER:

08077369 (England and Wales)

AUDITORS:

A.Hughes-Jones, Dyson & Co.

Statutory Auditor

Chartered Accountants

Capel Moreia

South Penrallt

Caernarfon

Gwynedd

LL55 1NS

FIXED ASSETS

Tangible assets

4

954,170

951,837

CURRENT ASSETS

Stocks

2,347

2,346

Debtors

5

15,089

23,165

Cash at bank and in hand

14,845

3,309

32,281

28,820

CREDITORS

Amounts falling due within one year

6

51,707

51,510

NET CURRENT LIABILITIES

(19,426

)

(22,690

)

TOTAL ASSETS LESS CURRENT LIABILITIES

934,744

929,147

CREDITORS

Amounts falling due after more than one year

7

(620,125

)

(604,335

)

ACCRUALS AND DEFERRED INCOME

9

(648,492

)

(651,763

)

NET LIABILITIES

(333,873

)

(326,951

)

RESERVES

Revaluation reserve

10

38,374

38,374

Retained earnings

(372,247

)

(365,325

)

(333,873

)

(326,951

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10th December 2025 and were signed on its behalf by:

Ms R E Morgan - Director

1.	STATUTORY INFORMATION

Gwesty Seren is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis despite the company having net liabilities of £333,873 at the year end (2024: £326,951). This is deemed appropriate based on the continuing support of parent company Seren Ffestiniog Cyf which has an outstanding loan to the company of £457,088 (2024: £422,659).

The continuing support of the parent company is based on Gwesty Seren being an important part of the parent company's ability to deliver it's charitable adjectives and accordingly support will be ongoing to allow the company time to continue restructuring it's operations.

The Hotel's primary function will change from providing holiday accommodation to a facility hosting care and respite care provision, which will entail charging Local Authority and Health Boards for accommodation with all of the care requirements being serviced by the parent, Seren Ffestiniog Cyf.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

1% on cost

Plant and machinery etc

-

20% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grant income

In accordance with relevant accounting standards all grants will upon meeting the eligibility conditions be treated in line with generally accepted accounting principles. That is:

Revenue grants will be recognised in the profit and loss account so as to match the related expenditure towards which they are intended to contribute. Any excess revenue grants are deferred and matched against expenditure in the subsequent year.

Capital grants will be treated as deferred income that is subsequently credited to the profit and loss account over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1st April 2024

1,038,911

73,921

1,112,832

Additions

-

20,293

20,293

At 31st March 2025

1,038,911

94,214

1,133,125

DEPRECIATION

At 1st April 2024

110,893

50,102

160,995

Charge for year

9,137

8,823

17,960

At 31st March 2025

120,030

58,925

178,955

NET BOOK VALUE

At 31st March 2025

918,881

35,289

954,170

At 31st March 2024

928,018

23,819

951,837

Included in cost or valuation of land and buildings is freehold land of £ 60,000 (2024 - £ 60,000 ) which is not depreciated.

Cost or valuation at 31st March 2025 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2020

(24,753

)

-

(24,753

)

Cost

1,063,664

94,214

1,157,878

1,038,911

94,214

1,133,125

If Bryn Llewelyn had not been revalued it would have been included at the following historical cost:

31.3.25

31.3.24

£

£

Cost

189,375

189,375

Bryn Llewelyn was valued on on a vacant possession basis on 7th September 2020 by Tom Parry & Co .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

8,595

17,284

Other debtors

6,494

5,881

15,089

23,165

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

18,488

16,397

Trade creditors

17,630

9,909

Taxation and social security

1,575

4,668

Other creditors

14,014

20,536

51,707

51,510

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The loan provided by Seren Ffestiniog Cyf has in the formative period of the subsidiary, been structured as a concessionary loan and this treatment has been extended to the current date. This means that the investment is recognised at cost, less any repayments or impairments in the parent's financial statements, and the treatment is therefore mirrored in the subsidiary.

During the year a further investment of £34,429 was provided by the parent as a programme related investment of its surplus funds and is one which has been agreed by its board as being for the advancement of the parent's charitable objectives. This being through the the support of the aligned services offered by its subsidiary.The loan outstanding as at the 31st March 2025 amounted to £457,088 (2024 £422,659)

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loans

181,525

198,073

The Charity Bank Limited have as of the 12th July 2012 a legal charge over the freehold property known as Bryn Llewelyn, Llan Ffestiniog, Gwynedd, LL41 4NS.

The Big Lottery Fund also have as of 9th August 2012 a legal charge over the freehold property known as Bryn Llewelyn, Llan Ffestiniog, Gwynedd, LL41 4NS.

The restrictions imposed by this legal charge as well as the legal charge imposed by The Charity Bank Limited mean that no disposition of the registered estate by the proprietor of the registered estate or by the proprietor of any other registered charge, not being a charge registered before the entry of these restrictions is to be registered without a written consent signed by the proprietor for the time being of the charges dated 12 July 2012 and 9 August 2012 respectively in favour of The Charity Bank Limited and the Big Lottery Fund referred to in the Charges Register.

Both of these charges have been registered at Companies House and are detailed on the title document held by the Land Registry under title number CYM566060.

9.	ACCRUALS AND DEFERRED INCOME

31.3.25

31.3.24

£

£

Accruals and deferred income

12,364

8,410

Deferred government grants

205,447

207,780

Big Lottery deferred capital g rant

430,681

435,573

648,492

651,763

The majority of the above total relates to the capital grants received during the initial re-development of Bryn Llewelyn into a Hotel. These amounts are amortised and released to income in line with the depreciation policies governing the underlying assets to which they relate.

10.

RESERVES

Revaluation

reserve

£

At 1st April 2024

and 31st March 2025

38,374

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Brian Hughes (Senior Statutory Auditor)

for and on behalf of A.Hughes-Jones, Dyson & Co.

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Seren Ffestiniog Cyf.

Seren ffestiniog Cyf is a charitable company registered in England & Wales, Companies House number 03596581 and it's registered office and principle place of business is located at Units 1-2 Llwyn Y Gell Industrial Estate, Blaenau Ffestiniog, LL41 3NE.