Registration number:
for the
Year Ended 31 December 2023
Alastair Sawday Publishing Co. Ltd
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
Alastair Sawday Publishing Co. Ltd
Company Information
Directors |
M Bevens T H Dixon S E Flannigan J Phan T A Sawday N Sandercock |
Registered office |
|
Auditors |
|
Alastair Sawday Publishing Co. Ltd
Strategic Report for the Year Ended 31 December 2023
The directors present their strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the group is connecting guests to a curated collection of holiday accommodation in the UK, Ireland, France, Italy, Spain, Portugal and Scandinavia. The group operates through four distinctive brands; Sawday’s, Canopy & Stars, Paws & Stay and Crown & Canopy. The group represents a portfolio of unique ‘selected and inspected’ properties including self-catering places, hotels, pubs and bed & breakfast businesses.
Fair review of the business
The results for the year which are set out in the profit and loss account show turnover of £4,587,692 (2022 - £4,793,885) and an operating profit of £221,205 (2022 - £679,404). At 31 December 2023 the group had net assets of £1,228,532 (2022 - £1,115,391).
The group's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Revenue |
£ |
4,587,692 |
4,793,885 |
EBITDA |
£ |
351,526 |
895,544 |
Profit before tax |
£ |
185,873 |
653,421 |
The 2023 performance was indicative of the full-year-effect of operating in a difficult economic climate following the beginning of the “Cost of living crisis” in 2022. The continuing crisis and subsequent 2023 recession affected the holiday market significantly. In general, customers have found ways to save money such as shortening stays, taking fewer holidays over the year or looking for cheaper accommodation. Additionally, small holiday-let owners were leaving short-term letting at a higher rate. Despite the difficult economic backdrop our revenue only decreased by 4.3% and the Directors consider this a satisfactory result.
The decrease in EBITDA to £351,526 (2022 - £895,544) was partly attributed to the fall in revenue. We also made the highest level of investment in our subsidiary, Paw & Stay, in 2023 in order to gain traction in audience, brand and variety of accommodation offerings and this further contributed to the lower EBITDA. The Directors consider 2023 to be the highest year of investment needed to get the entity to profitability and we are seeing the benefit of this investment in 2024.
In November 2023 the Group purchased Crown & Canopy Ltd, a glamping consulting business which we had been working closely with for several years. The purchase of the new subsidiary compliments and strengthens our largest company, Canopy & Stars as well as providing the potential for growth in the consulting market. Along with the continued development of Paws & Stay the Directors view our five-year strategic plan to be on track.
The group is a proud to be a certified B Corporation. We currently hold a score of 122.3 meaning we are amongst the highest scoring B Corp Travel companies in the world.
The group is committed to having a positive impact on the environment, communities, and the travel industry. We have committed to implementing a sustainability and impact strategy which includes being net zero by 2030, mitigating over-tourism, promoting sustainable travel, support disadvantaged and under-represented groups to access nature and ensuring the protection of nature and landscapes.
The group is majority owned by a beneficiary trust ‘The Sawday Employee Ownership Trustee’. The beneficiaries of the trust are all the current employees (co-owners) of the group of companies subject to passing a short introductory period. We place a great deal of importance on employee ownership, co-owner influence on the direction of the group and open lines of communication between co-owners and the board. The co-owners are represented on the board by an elected employee director and have a cohesive voice through an elected committee of co-owners ‘The Employee Council’. Co-owners participate in profits when dividends are declared following each year end.
Alastair Sawday Publishing Co. Ltd
Strategic Report for the Year Ended 31 December 2023
Principal risks and uncertainties
Competition
The group operates in highly competitive market with multiple agents, platforms and marketing offerings vying for places in their collection. The directors mitigate this risk by maintaining the reputation of the group as a high quality, curated and inspected collection of accommodation tailored specifically to the needs of our audience.
Quality
The group is known for inspecting every single property in the collection and the high quality of the properties. There is a risk that deterioration in the quality of properties will result in the group losing an important element of its unique offering. In order to mitigate this risk, the group inspects 100% of properties listed in our platforms and rejects up to 84% of applications of bookable accommodation (2022 - 84%) in order to maintain the integrity of the collection and the group’s reputation. The group enjoys industry leading customer Net Promoter Scores.
Technology and cyber security risk
The group promotes the collection of properties through websites, social media, email and press articles. Interruption to the websites and other group IT systems poses a significant risk to the ability to provide services to our members. We mitigate this risk by ensuring we have back up recovery plans for our systems.
Macroeconomic conditions
The group operates in the field of travel. Macroeconomic factors that impact demand, cost or ease of travel can impact our group. These risks are mitigated by the spread of geographic locations and property types in our collections as well as diversity in audience demographics across our different brands. Focusing on niche markets helps us to better serve our audience and property owners.
Regulation
Government regulations that affect holiday lets and UK travel have the potential to impact our property owners and our guests. We mitigate this risk by monitoring developments in regulation as well as taking part in consultations through our association with industry representative organisations.
Financial risks are covered in the directors' report.
Approved by the
Director
Alastair Sawday Publishing Co. Ltd
Directors' Report for the Year Ended 31 December 2023
The directors present their report and the for the year ended 31 December 2023.
Directors of the company
The directors who held office during the year were as follows:
Future developments
The directors are executing a five year strategic plan for the group and anticipate the group will continue to be profitable over that time.
Financial instruments
The group's financial instruments comprise cash and liquid resources, and various other items such as trade debtors and trade creditors etc. that arise directly from its operations. The main purpose of these financial instruments is to finance the operations of the group. The main risks arising from the group's financial instruments are set out below.
Credit risk, liquidity risk, cash flow risk, interest rate risk and foreign currency risk
Credit risk:
Credit risk refers to a risk that a counterparty will default on its contractual obligations resulting in a financial loss to the group. The group’s credit risk is primarily attributable to its trade receivables who are made up of a large number of small customer balances. Debtors are reviewed and procedures are in place to chase for any unpaid balances. If the customer does not pay on the timely basis, the group has the ability to cancel bookings before the stay occurs, mitigating the Groups credit risk. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
Liquidity risk:
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The group aims to mitigate liquidity risk by managing cash generation by its operations, ensuring cash and short-term deposits remain accessible to meet working capital requirements. Working capital requirements are monitored on an ongoing basis, so the Directors do not consider there to be a significant risk in this area.
Cash flow risk:
Cash flow risk is the risk to which future cash flows fall short of expectations as a consequent of changes in market variables. The directors manage this risk through its business model, which reflects industry norms, where cash is received up front.
Interest rate risk:
Interest rate risk is the exposure to interest rates where these are variable. The group only has one external loan linked to variable rates which was drawn down during the COVID-19 pandemic. The cash outflows relating to this are monitored by regularly reviewing changes to the base rate and amending forecasts accordingly.
Foreign currency risk:
Foreign currency risk is the risk losses could be incurred on international financial transactions due to fluctuations in currency. The group receives a proportion of revenue denominated in Euros and pays a number of suppliers in Euros. The amounts involved do not represent a significant risk to the group. The group maintains Euros bank accounts to receive and make payments and ensures surpluses that would expose the company to higher exchange risk do not accumulate.
Alastair Sawday Publishing Co. Ltd
Directors' Report for the Year Ended 31 December 2023
Going concern
Forecasts have been prepared that reflect the current economic circumstances and the committed cash outflows of the group. The group is in a net asset position of £1,228,532 (2022 - £1,115,391) and has cash reserves (excluding customer deposits) of £2.0m (2022 - £2.2m). Based on the forecasts prepared and the funds available, sufficient resources are available for the group to continue in business for at least 12 months post signing of the financial statements. As such, the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
Important non adjusting events after the financial period
In February 2024, the rental lease for Merchants House was renewed for five year to May 2029 for an annual rent of £164,880. As the lease was signed after the year end this has not been reflected in the financial statements.
Directors' liabilities
The company maintained throughout the year, and at the date of approval of these financial statements, liability insurance for its directors and officers. This is a qualifying provision for the purposes of the Companies Act 2006.
Disclosure of information to the auditor
Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
Director
Alastair Sawday Publishing Co. Ltd
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• | select suitable accounting policies and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Alastair Sawday Publishing Co. Ltd
Independent Auditor's Report to the Members of Alastair Sawday Publishing Co. Ltd
Opinion
We have audited the financial statements of Alastair Sawday Publishing Co. Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Alastair Sawday Publishing Co. Ltd
Independent Auditor's Report to the Members of Alastair Sawday Publishing Co. Ltd
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the group’s industry and its control environment and reviewed the group’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits carried out in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
Alastair Sawday Publishing Co. Ltd
Independent Auditor's Report to the Members of Alastair Sawday Publishing Co. Ltd
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
• |
enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
• |
reading minutes of meetings of those charged with governance. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Alastair Sawday Publishing Co. Ltd
Consolidated Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
(As restated) |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
- |
|
Gain on disposal of investments |
- |
|
|
Interest payable and similar charges |
( |
( |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
|
Minority interests |
- |
( |
|
|
|
The above results were derived from continuing operations.
The group has no other comprehensive income for the year.
Alastair Sawday Publishing Co. Ltd
(Registration number: 02812527)
Consolidated Balance Sheet as at 31 December 2023
Note |
2023 |
(As restated) |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Profit and loss account |
|
|
|
Equity attributable to owners of the company |
|
|
|
Total equity |
|
|
Approved and authorised by the
Director
Alastair Sawday Publishing Co. Ltd
(Registration number: 02812527)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Profit and loss account |
|
( |
|
Total equity |
|
|
The company made a profit after tax for the financial year of £325,774 (2022 - profit of £683,095).
Approved and authorised by the
Director
Alastair Sawday Publishing Co. Ltd
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company
Share capital |
Share premium |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
|
At 1 January 2023 |
|
|
|
|
- |
|
Profit for the year |
- |
- |
|
|
- |
|
Dividends |
- |
- |
( |
( |
- |
( |
At 31 December 2023 |
|
|
|
|
- |
|
Share capital |
Share premium |
Profit and loss account (As restated) |
Total |
Non- controlling interests |
Total equity |
|
At 1 January 2022 |
|
|
|
|
|
|
Profit/(loss) for the year (As restated) |
- |
- |
|
|
( |
|
Dividends |
- |
- |
( |
( |
- |
( |
Contributions to Employee Ownership Trust |
- |
- |
(329,703) |
(329,703) |
- |
(329,703) |
Acquisition of non-controlling interest without a change in control |
- |
- |
( |
( |
( |
( |
At 31 December 2022 (As restated) |
15,475 |
49,625 |
1,050,291 |
1,115,391 |
- |
1,115,391 |
Alastair Sawday Publishing Co. Ltd
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Share premium |
Profit and loss account |
Total |
|
At 1 January 2023 |
|
|
( |
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 31 December 2023 |
|
|
|
|
Share capital |
Share premium |
Profit and loss account |
Total |
|
At 1 January 2022 |
|
|
( |
( |
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
Contributions to Employee Ownership Trust |
- |
- |
(329,703) |
(329,703) |
At 31 December 2022 |
|
|
( |
|
Alastair Sawday Publishing Co. Ltd
Consolidated Statement of Cash Flows for the Year Ended 31 December 2023
Note |
2023 |
(As restated) |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit from disposals of investments |
- |
( |
|
Finance income |
( |
- |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease in stocks |
|
|
|
Decrease/(increase) in trade debtors |
|
( |
|
Decrease in trade creditors |
( |
( |
|
Increase in provisions |
|
|
|
Cash generated from operations |
|
|
|
Income taxes received/(paid) |
|
( |
|
Net cash flow from operating activities |
|
( |
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Acquisition of subsidiaries net of cash acquired |
( |
- |
|
Acquisitions of tangible assets |
( |
( |
|
Acquisition of intangible assets |
( |
( |
|
Cash disposed of on disposal of investment in subsidiary |
- |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of bank borrowing |
( |
( |
|
Proceeds from other borrowing draw downs |
- |
|
|
Repayment of other borrowing |
( |
- |
|
Contribution to the Employee Ownership Trust |
- |
( |
|
Purchase of non-controlling interest |
- |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
4,098,170 |
4,412,051 |
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
Alastair Sawday Publishing Co. Ltd meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in its separate financial statements. Exemptions have been taken in the presentation of the company financial instruments, company statement of cash flows and presentation of the company profit and loss statement.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
Forecasts have been prepared that reflect the current economic circumstances and the committed cash outflows of the group. The group is in a net asset position of £1,228,532 (2022 - £1,115,391) and has cash reserves (excluding customer deposits) of £2.0m (2022 - £2.2m). Based on the forecasts prepared and the funds available, sufficient resources are available for the group to continue in business for at least 12 months post signing of the financial statements. As such, the directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
Prior period corrections
A prior period adjustment has been made to increase revenue in the prior year by £513,154 with a corresponding increase in accrued income. This relates to revenue generated from bookings in the financial year which had not been invoiced by the year end date due to timing differences and had not been appropriately accrued for as at 31 December 2022. In addition, the tax charge impact of £97,499 has been recognised in the prior year with the corresponding increase in the corporation tax liability.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the group's activities.
The group arranges and facilitates the letting of a curated collection of places to stay for property owners and receives a commission fee for the services provided. The group remits the gross rental fee received from the guest to the property owner, net of the group’s commission. Commission is recognised when the performance obligation of arranging and facilitating the customer to enter into individual contracts with the property owner is satisfied, usually on delivery of the booking confirmation. As the group acts as an agent the net amount is recognised in turnover.
The group provides annual membership to its platform of curated collection of holiday accommodation. Revenue relating to the annual membership is recognised evenly over the membership period. Revenue from joining fees is recognised at the start of the initial membership period.
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
40 months straight line |
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Development costs and software are carried at cost less amortisation and any accumulated impairment losses.
Assets under construction are carried at cost and are not amortised until they are brought into use. When assets under construction are brought into use they are transferred to development costs and amortised.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
4 years straight line |
Development costs |
14-40 months straight line |
Software |
40 months straight line |
Assets under construction |
Not amortised |
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
At each balance sheet, the company tests whether there are any indicators of assets being subject to impairment. If any such indicators exist, the recoverable amount of the asset is determined. If this proved to be impossible, the recoverable amount of the cash-generating unit to which the asset belongs is identified. An asset is subject to impairment if its carrying amount exceeds it recoverable amount; the recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. An impairment loss is directly expensed in the profit and loss account.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of stocks comprises direct material costs. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Other creditors include obligations to pay property owners for bookings taken which have yet occurred. Other creditors are recognised initially at the transaction price less the commission amounts due to the company and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Impairment
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Rendering of services |
|
|
Commission |
|
|
Other revenue |
|
|
|
|
The analysis of the group's Turnover for the year by market is as follows:
2023 |
2022 |
|
UK |
|
|
Europe |
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2023 |
2022 |
|
Sub lease rental income |
|
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Foreign exchange gains |
( |
( |
Operating lease expense - property |
|
|
Operating lease expense - other |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
- |
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest expense on other finance liabilities |
|
|
|
|
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Staff costs |
Group
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Sales, marketing and administration |
|
|
Company
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Sales, marketing and administration |
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
319,310 |
309,072 |
During the year the number of directors who were receiving benefits was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Auditor's remuneration |
2023 |
2022 |
|
Audit of these financial statements |
8,000 |
6,500 |
Audit of the financial statements of subsidiaries |
18,910 |
18,000 |
|
|
|
Other fees to auditors |
||
Taxation compliance services |
|
|
All other non-audit services |
|
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2023 |
(As restated) |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
|
3,759 |
135,807 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
2,307 |
11,105 |
Total deferred taxation |
|
( |
Tax expense in the profit and loss account |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
2023 |
(As restated) |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of revenues exempt from taxation |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
( |
UK deferred tax credit relating to changes in tax rates or laws |
- |
( |
Increase from tax losses for which no deferred tax asset was recognised |
|
|
Deferred tax credit from unrecognised temporary difference from a prior period |
- |
( |
(Decrease)/increase in current tax from adjustment for prior periods |
( |
|
Tax decrease from effect of capital allowances and depreciation |
- |
( |
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
2023 |
Liability |
Short term timing differences |
( |
Fixed asset timing differences |
|
( |
2022 |
Asset |
Short term timing differences |
|
Fixed asset timing differences |
( |
|
Company
Deferred tax assets and liabilities
2023 |
Liability |
Short term timing differences |
( |
Fixed asset timing differences |
|
( |
2022 |
Asset |
Short term timing differences |
|
Fixed asset timing differences |
( |
- |
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Intangible assets |
Group
Goodwill |
Software |
Development costs |
Assets under construction |
Total |
|
Cost |
|||||
At 1 January 2023 |
|
|
|
|
|
Additions |
|
- |
- |
|
|
Acquired through business combinations |
- |
|
- |
- |
|
Disposals |
- |
- |
( |
- |
( |
At 31 December 2023 |
|
|
|
|
|
Amortisation |
|||||
At 1 January 2023 |
|
|
|
- |
|
Amortisation charge |
|
|
|
- |
|
Amortisation eliminated on disposals |
- |
- |
( |
- |
( |
Acquired through business combinations |
- |
|
- |
- |
|
At 31 December 2023 |
|
|
|
- |
|
Carrying amount |
|||||
At 31 December 2023 |
|
|
|
|
|
At 31 December 2022 |
- |
|
|
|
|
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Company
Goodwill |
Software |
Development costs |
Total |
|
Cost |
||||
At 1 January 2023 |
|
|
|
|
Disposals |
- |
- |
( |
( |
At 31 December 2023 |
|
|
|
|
Amortisation |
||||
At 1 January 2023 |
|
|
|
|
Amortisation charge |
- |
|
|
|
Amortisation eliminated on disposals |
- |
- |
( |
( |
At 31 December 2023 |
|
|
|
|
Carrying amount |
||||
At 31 December 2023 |
- |
|
|
|
At 31 December 2022 |
- |
|
|
|
Tangible assets |
Group
Furniture, fittings and equipment |
|
Cost |
|
At 1 January 2023 |
|
Additions |
|
Acquired through business combinations |
|
Disposals |
( |
At 31 December 2023 |
|
Depreciation |
|
At 1 January 2023 |
|
Charge for the year |
|
Eliminated on disposal |
( |
Acquired through business combinations |
|
At 31 December 2023 |
|
Carrying amount |
|
At 31 December 2023 |
|
At 31 December 2022 |
|
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Company
Furniture, fittings and equipment |
|
Cost |
|
At 1 January 2023 |
|
Additions |
|
Disposals |
( |
At 31 December 2023 |
|
Depreciation |
|
At 1 January 2023 |
|
Charge for the year |
|
Eliminated on disposal |
( |
At 31 December 2023 |
|
Carrying amount |
|
At 31 December 2023 |
|
At 31 December 2022 |
|
Investments |
Company
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost |
|
At 1 January 2023 |
|
Additions |
|
At 31 December 2023 |
|
Carrying amount |
|
At 31 December 2023 |
|
At 31 December 2022 |
|
On 30 November 2023, Alastair Sawday Publishing Co. Ltd acquired 100% of the share capital of Crown & Canopy Ltd.
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2023 |
2022 |
|||
Subsidiary undertakings |
||||
|
Merchant's House, Wapping Road,
|
|
|
|
|
Merchant's House, Wapping Road,
|
|
|
|
|
Merchant's House, Wapping Road,
|
|
|
|
Subsidiary undertakings |
Sawday's Canopy and Stars Limited The principal activity of Sawday's Canopy and Stars Limited is |
Sawday's Stay! Limited The principal activity of Sawday's Stay! Limited is |
Crown & Canopy Ltd The principal activity of Crown & Canopy Ltd is |
Debtors |
Group |
Company |
||||
Note |
2023 |
(As restated) |
2023 |
2022 |
|
Trade debtors |
|
|
|
|
|
Amounts owed by related parties |
|
|
|
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
|
|
|
Corporation tax asset |
- |
- |
|
- |
|
Amounts owed by group undertakings |
- |
- |
123,364 |
34,231 |
|
|
|
|
|
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Group |
Company |
||||
Note |
2023 |
(As restated) |
2023 |
2022 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
|
|
|
Trade creditors |
|
|
|
|
|
Amounts due to group undertakings |
- |
- |
|
|
|
Social security and other taxes |
|
|
- |
- |
|
Other creditors |
|
|
|
|
|
Accrued expenses |
|
|
|
|
|
Corporation tax liability |
159,338 |
110,624 |
- |
714 |
|
Deferred consideration |
|
- |
|
- |
|
Deferred income |
|
|
|
|
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
|
|
Loans and borrowings |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Current loans and borrowings |
||||
Bank borrowings |
|
|
|
|
Other borrowings |
|
|
|
|
|
|
|
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Non-current loans and borrowings |
||||
Bank borrowings |
|
|
|
|
Other borrowings |
|
|
|
|
|
|
|
|
Bank borrowings comprise a Coronavirus Business Interruption Loan ('CBILS') of £250,000 (2022 - £350,000). The loan is repayable in 59 equal month instalments of £8,333 that commenced in July 2021. Interest is paid monthly from July 2021 at a rate of 3.99% per annum over the Bank of England base rate. The borrowings are secured by a fixed and floating charge over the assets of Alastair Sawday Publishing Co. Ltd and Sawday's Canopy & Stars Limited.
Other borrowings comprise a loan with a director of £289,305 (2022 - £425,932). The loan is repayable in annual instalments of £82,800 per annum. Interest is paid in April annually and accrues at a rate of 4%. The actual capital amount repaid in the year was £132,800.
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Provisions for liabilities |
Group
Deferred tax |
Dilapidations provision |
Total |
|
At 1 January 2023 |
( |
|
|
Additional provisions |
|
|
|
At 31 December 2023 |
|
|
|
|
Company
Deferred tax |
Dilapidations provision |
Total |
|
At 1 January 2023 |
- |
|
|
Additional provisions |
|
|
|
At 31 December 2023 |
|
|
|
|
The dilapidations provision is recognised based on the directors' best estimate of likely committed cash flow to reinstate the leased buildings to their original state at the end of the lease period.
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
15,475 |
|
15,475 |
Reserves |
Group
Called up share capital
Represents the issued equity share capital of the company
Share premium reserve
This reserve records the amount above the nominal valule received for shares sold, less transaction costs
Profit and loss account
Represents cumulative profits or losses, net of dividends paid and other adjustments.
Non-controlling interest (group only)
This represents the cumulative profit or losses, net of dividends and other adjustments, attributable to minority interests.
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Company
Called up share capital
Represents the issued equity share capital of the company
Share premium account
This reserve records the amount above the nominal value received for shares sold, less transaction costs
Profit and loss account
Represents cumulative profits or losses, net of dividends paid and other adjustments
Obligations under operating leases |
Group and company
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
2023 |
2022 |
|
Dividends paid |
65,467 |
58,443 |
Analysis of changes in net debt |
Group
At 1 January 2023 |
Financing cash flows |
Other non-cash changes |
At 31 December 2023 |
|
Cash and cash equivalents |
||||
Cash |
4,412,051 |
(313,881) |
- |
4,098,170 |
Borrowings |
||||
Bank borrowings |
(350,000) |
126,061 |
(26,061) |
(250,000) |
Other borrowings |
(425,932) |
149,359 |
(12,732) |
(289,305) |
(775,932) |
275,420 |
(38,793) |
(539,305) |
|
|
||||
|
( |
( |
|
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Group and company
Summary of transactions with key management
Transactions with directors
In 2022, a loan of £414,000 was advanced to the company by a director. The loan is repayable in annual instalments of £82,800 and accrues interest at 4% which is repayable annually. The actual capital amount repaid in the year was £132,800.
Financial instruments |
Group
Items of income, expense, gains or losses
2023 |
Income |
Expense |
Net gains |
Net losses |
Financial liabilities measured at amortised cost |
- |
38,891 |
- |
- |
2022 |
Income |
Expense |
Net gains |
Net losses |
Financial liabilities measured at amortised cost |
- |
31,566 |
- |
- |
Non adjusting events after the financial period |
|
Business combinations |
On
Crown and Canopy Ltd contributed £
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:
Book value |
Fair value |
|
Assets and liabilities acquired |
||
Financial assets |
134,814 |
|
Tangible assets |
1,761 |
|
Identifiable intangible assets |
10,500 |
|
Financial liabilities |
(75,151) |
( |
Total identifiable assets |
71,924 |
|
Goodwill |
187,486 |
|
Total consideration |
259,410 |
269,488 |
|
Alastair Sawday Publishing Co. Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Parent and ultimate parent undertaking |
The ultimate controlling party is