Registration number:
Alastair Sawday Publishing Co. Ltd
for the Year Ended 31 December 2020
Pages for filing with Registrar
Alastair Sawday Publishing Co. Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Alastair Sawday Publishing Co. Ltd
Company Information
Directors |
M Bevens T A Sawday T H Dixon G A R Sawday S E Flannigan J Amner |
Registered office |
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Registered number |
02812527 |
Accountants |
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Alastair Sawday Publishing Co. Ltd
(Registration number: 02812527)
Balance Sheet as at 31 December 2020
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2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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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 assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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- |
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Provisions for liabilities |
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- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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Alastair Sawday Publishing Co. Ltd
(Registration number: 02812527)
Balance Sheet as at 31 December 2020
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 for issue by the
.........................................
Director
Alastair Sawday Publishing Co. Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Group accounts not prepared
Going concern
The directors have prepared the financial statements on a going concern basis, which assumes that the company will have sufficient financial resources in order to pay its liabilities as they fall due in the 12 month period from the date of approval of these financial statements.
Alastair Sawday Publishing Co. Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
2 |
Accounting policies (continued) |
Revenue recognition
Revenue consists of the sale of books and digital marketing services.
Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
and it is probable that future economic benefits will flow to the entity.
Foreign currency transactions and balances
Tax
The tax expense or credit for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.
Deferred tax
Deferred income 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 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.
Alastair Sawday Publishing Co. Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
2 |
Accounting policies (continued) |
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets evenly over their estimated useful lives, as follows:
Plant and machinery |
30% on cost |
Intangible fixed assets
Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the business recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation. Goodwill is amortised over its useful life.
Development costs, being website, software and associated development costs, are shown at historical cost.
Development costs have a finite useful life and are carried at cost less accumulated amortisation.
Amortisation is provided on intangible assets so as to write off the cost over their useful life as follows, once the asset has been brought into use:
Goodwill |
4 years straight line |
Development costs |
3 - 8 years straight line |
Research costs are written off to profit or loss in the year incurred.
Investments
Investments in subsidiaries are measured at cost less impairment. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Alastair Sawday Publishing Co. Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises merchandise and, where applicable, those costs that have been incurred in bringing the inventories to their present location and condition. 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 sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are recognised at the transaction price.
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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Alastair Sawday Publishing Co. Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
2 |
Accounting policies (continued) |
Dividends
Dividend distribution to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Intermediate payment arrangements and the Sawdays Employee Ownership Trust
The group formed a new Trust in 2017, the Sawdays Employee Ownership Trust, in order to facilitate the acquisition of the majority of the company’s shares by the employees of the group. Subsequent contributions by the company to the Trust, a shareholder, are treated as distributions from reserves.
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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Alastair Sawday Publishing Co. Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Taxation |
Deferred tax
Deferred tax assets and liabilities
2020 |
Liability |
Accelerated capital allowances |
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Intangible fixed assets |
Goodwill |
Development costs |
Internally generated software development costs |
Total |
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Cost |
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At 1 January 2020 |
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- |
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Additions internally developed |
- |
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At 31 December 2020 |
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Amortisation |
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At 1 January 2020 |
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- |
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Amortisation charge |
- |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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- |
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Alastair Sawday Publishing Co. Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Tangible fixed assets |
Plant and machinery |
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Cost |
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At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Alastair Sawday Publishing Co. Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Debtors: amounts falling due within one year |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
172,236 |
612,182 |
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Prepayments and accrued income |
154,697 |
92,701 |
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Creditors |
Note |
2020 |
2019 |
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Finance lease liability |
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Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
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26,085 |
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Social security and other taxes |
51,673 |
34,192 |
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VAT |
32,023 |
- |
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Other creditors |
213,277 |
41 |
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Accruals |
422,513 |
499,934 |
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Due after one year |
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Finance lease liability |
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- |
Alastair Sawday Publishing Co. Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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- |
HP and finance lease liabilities |
- |
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2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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15,475 |
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15,475 |
Alastair Sawday Publishing Co. Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Financial commitments, guarantees and contingencies |
As part of the acquisition of the majority of the company's share capital by an Employee Ownership Trust in 2017, the vendors and the Trust agreed that the £500,000 balance of the consideration would be met out of the future profits of the company, with the Trust's annual £100,000 obligation to the vendors being funded by future distributions from the company. At year end £300,000 (2018 - £400,000) was owed to the vendors by the Trust.
Obligations under operating leases |
Operating leases
The total of future minimum lease payments is as follows:
2020 |
2019 |
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Related party transactions |
Summary of transactions with all subsidiaries
Receivables from related parties at year end
2020 |
Parent |
Amounts receivable from related party |
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2019 |
Parent |
Amounts receivable from related party |
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Alastair Sawday Publishing Co. Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
14 |
Related party transactions (continued) |
Expenditure with and payables to related parties
2020 |
Subsidiary |
Amounts payable to related party |
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2019 |
Subsidiary |
Amounts payable to related party |
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