Hi Anneelaine ...
... info from findmypast.com
1901 @ Bryn Rodyn, Trefriw:
Owen Davies, age 42, Wheelwright, born Glan Conway
Catherine Davies, 44, his wife, born Eglwysbach
Hugh Davies, 18, Wheelwright, born Glan Conway
Mary C Davies, 16, born Llanrwst
Elizabeth E Davies, 13, born Trefriw
Jane A Davies, 11, born Trefriw
Gwilym I Davies, 5, born Trefriw
Thomas O Davies, 3, born Trefriw
1911 @ Bryn Pair, Trefriw:
Catherine Davies, born 1859 Eglwysbach, Lodging Housekeeper
Gwilym Iorwerth Davies, born 1893 Trefriw, son worked at Aluminium works
Thomas Owen Davies, born 1898 Trefriw, so errand boy
Margaret Mary Davies, born 1910 Llanrwst, grand-daughter
1911 @ Glasfryn, Trefriw
Hugh Davies, born 1883 Glan Conway, Carpenter & Wheelwright at aluminium works
Margaret Davies, born 1881 Llanrwst
They are shown as having been married 6 years but had no children living or deceased, so that rules out Hugh as being Margaret's father.
From your note then Jane A Davies (shown on the 1901 census aged 11) could be Margaret Mary's mother.
If so, then you have Owen & Catherine as Margaret Mary's grandparents, and you should be able to work from there.
Jane was baptised on 13 July 1890 and her first name is shown as Jane-Anne on the entry, parents and address are correct as per the census.
I cannot find a definite Jane Davies in 1911.