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Registration number: 13381780

Prepared for the registrar

Sawday's Stay! Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Sawday's Stay! Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Sawday's Stay! Ltd

Company Information

Directors

M W J Bevens

S E Flannigan

Registered office

Merchant's House
Wapping Road
Bristol
BS1 4RW

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Sawday's Stay! Ltd

(Registration number: 13381780)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

39,087

33,035

Current assets

 

Debtors

5

15,969

13,546

Cash at bank and in hand

 

20,211

49,511

 

36,180

63,057

Creditors: Amounts falling due within one year

6

(519,977)

(310,298)

Net current liabilities

 

(483,797)

(247,241)

Net liabilities

 

(444,710)

(214,206)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(444,711)

(214,207)

Shareholders' deficit

 

(444,710)

(214,206)

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 Stay! Ltd

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

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future. The directors consider that it is appropriate for the financial statements to be prepared on the going concern basis having received a letter of support from the company's parent company, Alastair Sawday Publishing Co. Limited, which indicates that it will continue to provide sufficient funds to enable the Company to meet all of its financial obligations as they fall due for a period of at least 12 months from the date of signing the financial statements.

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 Stay! Ltd

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 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 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 company's activities.

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.

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 company operates and generates taxable income.

Intangible assets

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.

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

Development costs

14-40 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.

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.

 

Sawday's Stay! Ltd

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

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.

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.

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.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

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.

 

Sawday's Stay! Ltd

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

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 1).

 

4

Intangible assets

Development costs
 £

Assets under construction
 £

Total
£

Cost

At 1 January 2023

52,964

-

52,964

Additions

-

21,046

21,046

At 31 December 2023

52,964

21,046

74,010

Amortisation

At 1 January 2023

19,929

-

19,929

Amortisation charge

14,994

-

14,994

At 31 December 2023

34,923

-

34,923

Carrying amount

At 31 December 2023

18,041

21,046

39,087

At 31 December 2022

33,035

-

33,035

 

5

Debtors

2023
 £

2022
 £

Other debtors

5,909

4,837

Prepayments

1,036

4,370

Accrued income

9,024

4,339

 

15,969

13,546

 

6

Creditors

2023
 £

2022
 £

Due within one year

Amounts due to other group undertakings

476,287

292,697

Social security and other taxes

-

475

Other creditors

34,189

9,176

Accrued expenses

9,501

7,950

519,977

310,298

 

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

Sawday's Stay! Ltd

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

 

8

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.

 

9

Parent and ultimate parent undertaking

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

 

10

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.