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Registration number: 09088366

Prepared for the registrar

Sawday's Canopy & Stars Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Sawday's Canopy & Stars Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

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

Merchant's House
Wapping Road
Bristol
BS1 4RW

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Sawday's Canopy & Stars Limited

(Registration number: 09088366)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)
2022
£

Fixed assets

 

Intangible assets

4

320,710

163,162

Current assets

 

Stocks

805

1,285

Debtors

5

674,509

2,951,060

Cash at bank and in hand

 

3,612,355

1,668,068

 

4,287,669

4,620,413

Creditors: Amounts falling due within one year

6

(3,076,289)

(3,084,664)

Net current assets

 

1,211,380

1,535,749

Net assets

 

1,532,090

1,698,911

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 Board on 4 September 2024 and signed on its behalf by:
 


M W J Bevens
Director

 

Sawday's Canopy & Stars Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Merchant's House
Wapping Road
Bristol
BS1 4RW

 

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 25).

 

Sawday's Canopy & Stars Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

4

Intangible assets

Goodwill
 £

Development costs
 £

Assets under construction
 £

Total
£

Cost

At 1 January 2023

200,000

55,491

125,967

381,458

Additions

-

-

176,928

176,928

At 31 December 2023

200,000

55,491

302,895

558,386

Amortisation

At 1 January 2023

200,000

18,296

-

218,296

Amortisation charge

-

19,380

-

19,380

At 31 December 2023

200,000

37,676

-

237,676

Carrying amount

At 31 December 2023

-

17,815

302,895

320,710

At 31 December 2022

-

37,195

125,967

163,162

 

5

Debtors

Note

2023
 £

(As restated)
2022
 £

Amounts owed by other group undertakings

 

59,634

2,359,388

Other debtors

 

1,836

-

Prepayments

 

68,844

9,946

Accrued income

 

543,582

579,419

Deferred tax asset

7

613

2,307

   

674,509

2,951,060

 

6

Creditors

2023
 £

(As restated)
2022
 £

Due within one year

Amounts due to group undertakings

152,593

-

Social security and other taxes

91,000

115,583

Other creditors

2,626,720

2,829,525

Accrued expenses

47,883

29,646

Corporation tax liability

158,093

109,910

3,076,289

3,084,664

 

Sawday's Canopy & Stars Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

7

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Short term timing differences

613

613

2022

Asset
£

Short term timing differences

2,307

2,307

 

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.10 each

100

10

100

10

         
 

9

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.

 

10

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.

 

11

Parent and ultimate parent undertaking

The company's immediate parent is Alastair Sawday Publishing Co. Limited, incorporated in the United Kingdom.

 

12

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 5 September 2024 was Rebecca Copping, who signed for and on behalf of Hazlewoods LLP.