Registration number:
Prepared for the registrar
for the
Year Ended 31 December 2023
Sawday's Canopy & Stars Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Sawday's Canopy & Stars Limited
Company Information
Directors |
M W J Bevens T H Dixon T A Sawday Alastair Sawday Publishing Co. Ltd |
Registered office |
|
Auditors |
|
Sawday's Canopy & Stars Limited
(Registration number: 09088366)
Balance Sheet as at 31 December 2023
Note |
2023 |
(As restated) |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
10 |
10 |
|
Profit and loss account |
1,532,080 |
1,698,901 |
|
Shareholders' funds |
1,532,090 |
1,698,911 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Sawday's Canopy & Stars Limited
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Going concern
Forecasts have been prepared that reflect the current economic circumstance and the committed cash outflows of the business. The company is in a net asset position of £1,532,090 (2022 - £1,698,911). Based on the forecasts prepared and the funds available, sufficient resources are available for the company to conduct 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. |
Sawday's Canopy & Stars Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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 company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria for each of the company’s activities have been met.
The company 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 company remits the gross rental fee received from the guest to the property owner, net of the company’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 company acts as an agent the net amount is recognised in turnover.
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 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 company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.
Deferred 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.
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’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.
Development costs, being software and associated development costs, 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.
Sawday's Canopy & Stars Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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 |
40 months straight line |
Assets under construction |
Not amortised |
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.
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 company 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.
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 company’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 company 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.
Sawday's Canopy & Stars Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Financial Instruments
Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Sawday's Canopy & Stars Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Intangible assets |
Goodwill |
Development costs |
Assets under construction |
Total |
|
Cost |
||||
At 1 January 2023 |
|
|
|
|
Additions |
- |
- |
|
|
At 31 December 2023 |
|
|
|
|
Amortisation |
||||
At 1 January 2023 |
|
|
- |
|
Amortisation charge |
- |
|
- |
|
At 31 December 2023 |
|
|
- |
|
Carrying amount |
||||
At 31 December 2023 |
- |
|
|
|
At 31 December 2022 |
- |
|
|
|
Debtors |
Note |
2023 |
(As restated) |
|
Amounts owed by other group undertakings |
|
|
|
Other debtors |
|
- |
|
Prepayments |
|
|
|
Accrued income |
|
|
|
Deferred tax asset |
|
|
|
|
|
Creditors |
2023 |
(As restated) |
|
Due within one year |
||
Amounts due to group undertakings |
|
- |
Social security and other taxes |
|
|
Other creditors |
|
|
Accrued expenses |
|
|
Corporation tax liability |
|
|
|
|
Sawday's Canopy & Stars Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Deferred tax |
Deferred tax assets and liabilities
2023 |
Asset |
Short term timing differences |
|
|
2022 |
Asset |
Short term timing differences |
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
10 |
|
10 |
Related party transactions |
The company has taken advantage of the exemption available under FRS102 section 33.1A from disclosing transactions with entities that are wholly owned by the group.
Financial commitments, guarantees and contingencies |
The company has given a guarantee in respect of the bank borrowings of Alastair Sawday Publishing Co. Limited, the company's parent company. At 31 December 2023, the loan outstanding is £250,000 (2022 - £350,000). The loan is secured by a fixed and floating charge over the company's assets.
Parent and ultimate parent undertaking |
The company's immediate parent is Alastair Sawday Publishing Co. Limited, incorporated in the United Kingdom.
Audit report |