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Registration number: 02812527

Alastair Sawday Publishing Co. Ltd

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Alastair Sawday Publishing Co. Ltd

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Consolidated Profit and Loss Account

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 32

 

Alastair Sawday Publishing Co. Ltd

Company Information

Directors

M Bevens

T H Dixon

J Phan

T A Sawday

N Sandercock

K R Styles

Registered office

Merchants House
Wapping Road
Bristol
BS1 4RW

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Alastair Sawday Publishing Co. Ltd

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

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 £5,057,629 (2023 - £4,587,692) and an operating profit of £152,557 (2023 - £221,205). At 31 December 2024 the group had net assets of £1,280,274 (2023 - £1,228,532).

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Revenue

£

5,057,629

4,587,692

EBITDA

£

259,352

351,526

Profit before tax

£

119,367

185,873

The 2024 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. In general, customers have found ways to save money such as shortening stays, taking fewer holidays over the year or looking for cheaper accommodation. Despite the difficult economic backdrop our revenue increased by 10.2% and the Directors consider this a satisfactory result.

The decrease in EBITDA to £259,352 (2023 - £351,526) was attributed to some high one-off costs alongside general inflationary pressured. We sustained a higher level of investment in our subsidiary, Paw & Stay, in order to strengthen traction in audience, brand and variety of accommodation offerings and we are seeing the benefit of this investment in 2025.

During the year, we have benefited from the synergies between Crown & Canopy Ltd, a glamping consulting business which we acquired in November 2023, and our largest company, Canopy & Stars. We have invested in aligning systems and processes with the rest of the group and setting Crown & Canopy Ltd up for future potential growth in the consulting market.

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 mitigating over-tourism, promoting sustainable travel, supporting 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 2024

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 82% of applications of bookable accommodation in order to maintain the integrity of the collection and the group’s reputation.

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 Board on 27 June 2025 and signed on its behalf by:


M Bevens
Director

 

Alastair Sawday Publishing Co. Ltd

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the consolidated financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

M Bevens

T H Dixon

J Phan

T A Sawday

N Sandercock

K R Styles (appointed 1 November 2024)

S E Flannigan (resigned 14 November 2024)

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 2024

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 £1,280,274 (2023 - £1,228,532) and has cash reserves (excluding customer deposits) of £1.8m (2023 - £2.0m). 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.

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 Board on 27 June 2025 and signed on its behalf by:


M Bevens
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 2024, 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 2024 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.

 

Alastair Sawday Publishing Co. Ltd

Independent Auditor's Report to the Members of Alastair Sawday Publishing Co. Ltd

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;

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.





Rebecca Copping (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

30 June 2025

 

Alastair Sawday Publishing Co. Ltd

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

5,057,629

4,587,692

Cost of sales

 

(2,318,322)

(2,059,321)

Gross profit

 

2,739,307

2,528,371

Administrative expenses

 

(2,644,912)

(2,360,926)

Other operating income

4

58,162

53,760

Operating profit

5

152,557

221,205

Other interest receivable and similar income

6

2,199

3,559

Interest payable and similar expenses

7

(35,389)

(38,891)

Profit before tax

 

119,367

185,873

Tax on profit

11

(29,377)

(7,265)

Profit for the financial year

 

89,990

178,608

Profit attributable to:

 

Owners of the company

 

89,990

178,608

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Alastair Sawday Publishing Co. Ltd

(Registration number: 02812527)
Consolidated Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

626,786

564,169

Tangible assets

13

30,499

42,050

 

657,285

606,219

Current assets

 

Stocks

3,987

805

Debtors

15

1,079,957

1,103,300

Cash at bank and in hand

 

3,550,547

4,098,170

 

4,634,491

5,202,275

Creditors: Amounts falling due within one year

16

(3,901,367)

(4,203,738)

Net current assets

 

733,124

998,537

Total assets less current liabilities

 

1,390,409

1,604,756

Creditors: Amounts falling due after more than one year

16

(50,066)

(345,025)

Provisions for liabilities

18

(60,069)

(31,199)

Net assets

 

1,280,274

1,228,532

Capital and reserves

 

Called up share capital

20

15,475

15,475

Share premium reserve

21

49,625

49,625

Retained earnings

21

1,215,174

1,163,432

Equity attributable to owners of the company

 

1,280,274

1,228,532

Total equity

 

1,280,274

1,228,532

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 

M Bevens
Director

 

Alastair Sawday Publishing Co. Ltd

(Registration number: 02812527)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

-

7,948

Tangible assets

13

27,378

40,289

Investments

14

890,591

893,596

 

917,969

941,833

Current assets

 

Stocks

1,617

-

Debtors

15

668,770

591,148

Cash at bank and in hand

 

357,685

375,385

 

1,028,072

966,533

Creditors: Amounts falling due within one year

16

(1,069,556)

(1,220,556)

Net current liabilities

 

(41,484)

(254,023)

Total assets less current liabilities

 

876,485

687,810

Creditors: Amounts falling due after more than one year

16

(50,066)

(345,025)

Provisions for liabilities

18

(45,000)

(31,812)

Net assets

 

781,419

310,973

Capital and reserves

 

Called up share capital

20

15,475

15,475

Share premium reserve

49,625

49,625

Retained earnings

716,319

245,873

Total equity

 

781,419

310,973

The company made a profit after tax for the financial year of £508,694 (2023 - profit of £325,774).

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 

M Bevens
Director

 

Alastair Sawday Publishing Co. Ltd

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Profit and loss account
£

Total equity
£

At 1 January 2024

15,475

49,625

1,163,432

1,228,532

Profit for the year

-

-

89,990

89,990

Dividends

-

-

(38,248)

(38,248)

At 31 December 2024

15,475

49,625

1,215,174

1,280,274

Share capital
£

Share premium
£

Profit and loss account
£

Total equity
£

At 1 January 2023

15,475

49,625

1,050,291

1,115,391

Profit for the year

-

-

178,608

178,608

Dividends

-

-

(65,467)

(65,467)

At 31 December 2023

15,475

49,625

1,163,432

1,228,532

 

Alastair Sawday Publishing Co. Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 January 2024

15,475

49,625

245,873

310,973

Profit for the year

-

-

508,694

508,694

Dividends

-

-

(38,248)

(38,248)

At 31 December 2024

15,475

49,625

716,319

781,419

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 January 2023

15,475

49,625

(14,434)

50,666

Profit for the year

-

-

325,774

325,774

Dividends

-

-

(65,467)

(65,467)

At 31 December 2023

15,475

49,625

245,873

310,973

 

Alastair Sawday Publishing Co. Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

89,990

178,608

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

106,795

130,349

Loss on disposal of tangible assets

232

-

Finance income

 

(2,199)

(3,559)

Finance costs

 

50,260

38,891

Income tax expense

11

29,377

7,265

Remeasurement of goodwill

 

3,005

-

 

277,460

351,554

Working capital adjustments

 

(Increase)/decrease in stocks

(3,182)

480

Decrease in trade debtors

 

23,343

19,468

Decrease in trade creditors

 

(57,008)

(75,435)

Increase in provisions

18

15,000

15,000

Cash generated from operations

 

255,613

311,067

Income taxes (paid)/received

 

(181,463)

23,452

Net cash flow from operating activities

 

74,150

334,519

Cash flows from investing activities

 

Interest received

2,199

3,559

Acquisitions of tangible assets

(15,781)

(18,652)

Proceeds from sale of tangible assets

 

2,850

-

Acquisition of intangible assets

12

(148,167)

(197,974)

Acquisition of subsidiaries net of cash acquired

 

-

(94,348)

Net cash flows from investing activities

 

(158,899)

(307,415)

Cash flows from financing activities

 

Interest paid

 

(27,901)

(26,159)

Repayment of bank borrowing

 

(149,998)

(100,000)

Repayment of other borrowing

 

(246,727)

(149,359)

Dividends paid

(38,248)

(65,467)

Net cash flows from financing activities

 

(462,874)

(340,985)

Net decrease in cash and cash equivalents

24

(547,623)

(313,881)

Cash and cash equivalents at 1 January

 

4,098,170

4,412,051

Cash and cash equivalents at 31 December

 

3,550,547

4,098,170

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

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:
Merchants 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 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 2024.

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 2024

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 £1,280,274 (2023 - £1,228,532) and has cash reserves (excluding customer deposits) of £1.8m (2023 - £2.0m). 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.

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.

The group has contracts in relation to glamping consultancy. Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity. The 'percentage completion method' is used to determine the amount to recognise in a given period. The assessment of the stage of completion is dependent on the nature of the contract, but will generally be recognised by reference to the value of the work performed to date as a proportion of the total contract value. If a contract is expected to be loss making, provision for the full amount of foreseeable losses is recognised.

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

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 group 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 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.

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

5-10 years straight line

Development costs

14-60 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 2024

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 2024

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.

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.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired 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. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

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

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

9,765

6,998

Rendering of services

1,984,750

1,583,954

Commission

3,061,620

2,996,262

Other revenue

1,494

478

5,057,629

4,587,692

The analysis of the group's turnover for the year by market is as follows:

2024
£

2023
£

UK

4,434,010

3,986,398

Europe

623,619

601,294

5,057,629

4,587,692

 

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Sub lease rental income

58,162

53,760

 

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

24,250

20,422

Amortisation expense

82,545

109,899

Foreign exchange losses/(gains)

6,699

(5,245)

Operating lease expense - property

129,874

113,747

Operating lease expense - other

5,163

3,949

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

6

Other interest receivable and similar income

2024
£

2023
£

Other interest income

410

-

Interest income on bank deposits

1,789

3,559

2,199

3,559

 

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

18,628

26,159

Other interest payable

16,761

12,732

35,389

38,891

 

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,558,403

2,478,377

Social security costs

245,353

240,483

Pension costs, defined contribution scheme

117,818

100,276

2,921,574

2,819,136

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Sales, marketing and administration

80

77

Company
The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

1,564,117

1,626,681

Social security costs

152,467

165,377

Pension costs, defined contribution scheme

77,781

66,675

1,794,365

1,858,733

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Sales, marketing and administration

45

43

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

308,845

303,176

Pension costs, defined contribution scheme

15,786

16,134

324,631

319,310

During the year the number of directors who were receiving benefits was as follows:

2024
No.

2023
No.

Accruing benefits under defined contribution pension scheme

4

4

In respect of the highest paid director:

2024
£

2023
£

Remuneration

109,599

107,347

Company contributions to defined contribution pension schemes

7,620

7,409

 

10

Auditor's remuneration

2024
£

2023
£

Audit of these financial statements

8,320

8,000

Audit of the financial statements of subsidiaries

23,063

18,910

31,383

26,910

Other fees to auditors

Taxation compliance services

17,850

5,500

All other non-audit services

10,179

11,740

28,029

17,240


 

 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

41,938

62,981

UK corporation tax adjustment to prior periods

(26,431)

(59,222)

15,507

3,759

Deferred taxation

Arising from origination and reversal of timing differences

13,870

1,199

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

-

2,307

Total deferred taxation

13,870

3,506

Tax expense in the profit and loss account

29,377

7,265

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

119,367

185,873

Corporation tax at standard rate

29,842

43,717

Decrease in UK and foreign current tax from adjustment for prior periods

(26,431)

(59,222)

Effect of revenues exempt from taxation

-

11,866

Effect of expense not deductible in determining taxable profit

5,032

8,009

Increase from tax losses for which no deferred tax asset was recognised

23,076

2,895

Tax decrease from other tax effects

(2,142)

-

Total tax charge

29,377

7,265

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Short term timing differences

17,724

Fixed asset timing differences

(2,655)

15,069

2023

Liability
£

Short term timing differences

10,786

Fixed asset timing differences

(9,587)

1,199

Company

Deferred tax assets and liabilities

2024

Liability
£

Short term timing differences

(6,845)

Fixed asset timing differences

6,845

-

2023

Liability
£

Short term timing differences

10,786

Fixed asset timing differences

(8,974)

1,812

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

12

Intangible assets

Group

Goodwill
 £

Software
 £

Development costs
 £

Assets under construction
£

Total
£

Cost

At 1 January 2024

395,486

22,911

895,373

323,941

1,637,711

Transfers between classes

12,000

(12,000)

226,186

(226,186)

-

Additions

-

-

-

148,167

148,167

Disposals

-

-

(18,480)

-

(18,480)

Remeasurement

(3,005)

-

-

-

(3,005)

At 31 December 2024

404,481

10,911

1,103,079

245,922

1,764,393

Amortisation

At 1 January 2024

209,562

11,828

852,152

-

1,073,542

Amortisation charge

21,649

583

60,313

-

82,545

Amortisation eliminated on disposals

-

-

(18,480)

-

(18,480)

Transfers between classes

1,500

(1,500)

-

-

-

At 31 December 2024

232,711

10,911

893,985

-

1,137,607

Carrying amount

At 31 December 2024

171,770

-

209,094

245,922

626,786

At 31 December 2023

185,924

11,083

43,221

323,941

564,169

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

Goodwill
 £

Software
 £

Development costs
 £

Total
£

Cost or valuation

At 1 January 2024

8,000

10,911

786,918

805,829

Disposals

-

-

(18,480)

(18,480)

At 31 December 2024

8,000

10,911

768,438

787,349

Amortisation

At 1 January 2024

8,000

10,328

779,553

797,881

Amortisation charge

-

583

7,365

7,948

Amortisation eliminated on disposals

-

-

(18,480)

(18,480)

At 31 December 2024

8,000

10,911

768,438

787,349

Carrying amount

At 31 December 2024

-

-

-

-

At 31 December 2023

-

583

7,365

7,948

 

13

Tangible assets

Group

Furniture, fittings and equipment
 £

Cost

At 1 January 2024

233,158

Additions

15,781

Disposals

(17,345)

At 31 December 2024

231,594

Depreciation

At 1 January 2024

191,108

Charge for the year

24,250

Eliminated on disposal

(14,263)

At 31 December 2024

201,095

Carrying amount

At 31 December 2024

30,499

At 31 December 2023

42,050

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Company

Furniture, fittings and equipment
 £

Cost

At 1 January 2024

231,281

Additions

13,341

Disposals

(17,345)

At 31 December 2024

227,277

Depreciation

At 1 January 2024

190,992

Charge for the year

23,170

Eliminated on disposal

(14,263)

At 31 December 2024

199,899

Carrying amount

At 31 December 2024

27,378

At 31 December 2023

40,289

 

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

890,591

893,596

Subsidiaries

£

Cost

At 1 January 2024

893,596

Adjustments to the investment value

(3,005)

At 31 December 2024

890,591

Carrying amount

At 31 December 2024

890,591

At 31 December 2023

893,596

The decrease to the investment value of £3,005 relates to an adjustment made to the consideration payable for the acquisition of Crown and Canopy Ltd.

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

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

     

2024

2023

Subsidiary undertakings

Sawday's Canopy & Stars Limited

Merchants House, Wapping Road,
Bristol, BS1 4RW

Ordinary

100%

100%

Sawday's Stay! Ltd

Merchants House, Wapping Road,
Bristol, BS1 4RW

Ordinary

100%

100%

Crown and Canopy Ltd

Merchants House, Wapping Road,
Bristol, BS1 4RW

Ordinary

100%

100%

Subsidiary undertakings

Sawday's Canopy & Stars Limited

The principal activity of Sawday's Canopy & Stars Limited is as a booking agent for a curated collection of unique, creative places to stay in nature with the aim of connecting guests to a ‘life more wild’.

Sawday's Stay! Ltd

The principal activity of Sawday's Stay! Ltd is as a booking agent for a curated collection of high-quality dog-friendly holiday accommodation.

Crown and Canopy Ltd

The principal activity of Crown and Canopy Ltd is the provision of consultancy and architectural design services for glamping businesses.

 

15

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

247,876

246,149

239,458

240,530

Amounts owed by related parties

25

100

100

100

100

Other debtors

 

199,591

174,834

157,083

167,494

Prepayments

 

88,059

111,913

32,592

39,402

Accrued income

 

544,331

570,304

-

-

Corporation tax asset

 

-

-

-

20,258

Amounts due from group undertakings

 

-

-

239,537

123,364

 

1,079,957

1,103,300

668,770

591,148

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

16

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

17

100,002

194,280

100,002

194,280

Trade creditors

 

63,640

88,637

63,464

86,705

Amounts due to group undertakings

 

-

-

-

28,615

Social security and other taxes

 

129,338

97,752

21,443

-

Other creditors

 

2,662,553

2,691,080

26,941

22,793

Accrued expenses

 

194,895

168,744

121,817

84,256

Corporation tax liability

 

8,253

159,338

-

-

Deferred income

 

742,686

779,624

735,889

779,624

Deferred consideration

 

-

24,283

-

24,283

 

3,901,367

4,203,738

1,069,556

1,220,556

Due after one year

 

Loans and borrowings

17

50,066

345,025

50,066

345,025

 

17

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

100,002

100,000

100,002

100,000

Other borrowings

-

94,280

-

94,280

100,002

194,280

100,002

194,280

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

-

150,000

-

150,000

Other borrowings

50,066

195,025

50,066

195,025

50,066

345,025

50,066

345,025

Bank borrowings comprise a Coronavirus Business Interruption Loan ('CBILS') of £100,002 (2023 - £250,000). 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 £50,066 (2023 - £289,305). 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 £246,727 (2023 - £132,080).

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

18

Provisions for liabilities

Group

Deferred tax
£

Dilapidations provision
£

Total
£

At 1 January 2024

1,199

30,000

31,199

Increase in existing provisions

13,870

15,000

28,870

At 31 December 2024

15,069

45,000

60,069

Company

Deferred tax
£

Dilapidations provision
£

Total
£

At 1 January 2024

1,812

30,000

31,812

Increase (decrease) in existing provisions

(1,812)

15,000

13,188

At 31 December 2024

-

45,000

45,000

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.

 

19

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 £117,818 (2023 - £100,276).

Contributions totalling £41,061 (2023 - £18,042) were payable to the scheme at the end of the year and are included in creditors.

 

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

15,475

15,475

15,475

15,475

       
 

21

Reserves

Group and company

Called up share capital

Represents the issued equity share capital of the company.

Share premium reserve

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.

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

22

Obligations under operating leases

Group and company

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

143,596

45,211

Later than one year and not later than five years

584,988

4,433

Later than five years

1,225

-

729,809

49,644

The amount of non-cancellable operating lease payments recognised as an expense during the year was £135,037 (2023 - £117,696).

 

23

Dividends

2024
 £

2023
 £

Dividends paid

38,248

65,467

 

24

Analysis of changes in net debt

Group

At 1 January 2024
£

Financing cash flows
£

Other non-cash changes
£

At 31 December 2024
£

Cash and cash equivalents

Cash

4,098,170

(547,623)

-

3,550,547

Borrowings

Bank borrowings

(250,000)

149,998

-

(100,002)

Other borrowings

(289,305)

246,727

(7,488)

(50,066)

(539,305)

396,725

(7,488)

(150,068)

Net debt

3,558,865

(150,898)

(7,488)

3,400,479

 

Alastair Sawday Publishing Co. Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

 

25

Related party transactions

Group and company

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 9 to the financial statements.
 

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 £246,727 (2023 - £132,800). The amount outstanding at year end was £50,066 (2023 - £289,305).


Group only

In the year, £142 (2023 - £36,493) was repaid to a director of a company within the group in relation to a loan. At the balance sheet date, amounts owed to the director were £7,236 (2023 - £7,378).

 

26

Financial instruments

Group

Items of income, expense, gains or losses

2024

Income
£

Expense
£

Net gains
£

Net losses
£

Financial liabilities measured at amortised cost

-

26,116

-

-

2023

Income
£

Expense
£

Net gains
£

Net losses
£

Financial liabilities measured at amortised cost

-

38,891

-

-

 

27

Parent and ultimate parent undertaking

The ultimate controlling party is Sawday's Employee Ownership Trustee Limited, incorporated in the United Kingdom.