Sawday's Stay! Ltd - Period Ending 2022-12-31
Sawday's Stay! Ltd - Period Ending 2022-12-31
Registration number:
Prepared for the registrar
for the
Year Ended 31 December 2022
Sawday's Stay! Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Sawday's Stay! Ltd
Company Information
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Directors |
M W J Bevens S E Flannigan |
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Registered office |
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Auditors |
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Sawday's Stay! Ltd
(Registration number: 13381780)
Balance Sheet as at 31 December 2022
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Note |
2022 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
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( |
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Net liabilities |
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( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Profit and loss account |
(214,207) |
(46,452) |
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Shareholders' deficit |
(214,206) |
(46,451) |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Sawday's Stay! Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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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.
Comparative period
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.
Prior period corrections
During the year, the revenue recognition policy has been revised to recognise commission on delivery of the booking confirmation, being the point that the company has substantially met its performance obligations. Revenue had previously been recognised on the first date of the booked stay. The prior period revenue has been restated resulting in an increase in revenue of £4,550, increase in accrued income of £3,761 and decrease in deferred income of £789.
In addition, a prior year error has been identified whereby development costs have been capitalised and amortised in the incorrect group company. These errors have been corrected by transferring these assets to the correct group company resulting in a decrease in intangible assets of £26,290 and a corresponding decrease in amounts owed to group companies of £26,290.
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.
Sawday's Stay! Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
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 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.
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
Development costs, being software and associated development costs, are carried at cost less amortisation and any accumulated impairment losses.
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:
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Asset class |
Amortisation method and rate |
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Development costs |
14-40 months straight line |
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.
Sawday's Stay! Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
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.
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
Recognition and measurement
Impairment
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.
Sawday's Stay! Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Intangible assets |
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Development costs |
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Cost |
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At 1 January 2022 (As restated) |
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At 31 December 2022 |
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Amortisation |
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At 1 January 2022 |
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Amortisation charge |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 (As restated) |
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Debtors |
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31 December 2022 |
(As restated) |
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Other debtors |
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Prepayments |
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- |
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Accrued income |
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Creditors |
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31 December 2022 |
(As restated) |
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Due within one year |
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Amounts due to other group undertakings |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Sawday's Stay! Ltd
Notes to the Financial Statements for the Year Ended 31 December 2022
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Share capital |
Allotted, called up and fully paid shares
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31 December 2022 |
31 December 2021 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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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.
Balances with group undertakings are disclosed in note 6 to these financial statements.
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Parent and ultimate parent undertaking |
The company's immediate parent is
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Audit report |