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Company Registered Number: 11019890
GO OAKLANDS GREAT DUNMOW LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2021
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GO OAKLANDS GREAT DUNMOW LTD
REGISTERED NUMBER: 11019890
BALANCE SHEET
AS AT 31 DECEMBER 2021
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Debtors: Amounts falling due within one year
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Creditors: Amounts falling due within one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
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O Hookway
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The notes on pages 2 to 7 form part of these financial statements.
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GO OAKLANDS GREAT DUNMOW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Go Oaklands Great Dunmow Ltd is a private company limited by shares incorporated in England and Wales. The Company's registered number is 11019890. The registered office is Bonks Hill House, High Wych Road, Sawbridgeworth, Hertfordshire, CM21 9HT.
In the prior year, the Directors had changed the financial year end for the Company from 30 December to 31 December. The financial statements were prepared for the period from 31 December 2019 to 31 December 2020, being 367 days. The current year has been prepared from the 1 Janaury 2021 to the 31 December 2021.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared on a going concern basis, under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Pound Sterling which is the functional currency of the Company and are rounded to the nearest pound.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Go Homes Family Ltd as at 31 December 2021 and these financial statements may be obtained from Companies House.
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GO OAKLANDS GREAT DUNMOW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
The Director has assessed the going concern status of the Company. That assessment includes the impact of COVID-19 and also the impact of the current cost-of-living crisis and rise in interest rates which has an effect on the Company.
Although the cost-of-living crisis and rise in interest rates is impacting the Company, the Director considers that the Company has sufficient liquid resources and access to future resources to enable the Company to cover its costs and pay its liabilities for the next 12 months from the date of approval of these financial statements.
Consequently, the Director has concluded that there are no material uncertainties that may cast significant doubt about the Company’s ability to continue as a going concern for the next 12 months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The Company recognises turnover in relation to its principal activity, at the point when the legal title has transferred following the completion of legal contracts and clearance of funds.
Borrowing costs are initially recognised within work in progress as they are incurred. They are then released through profit or loss in the period in which the release of the work in progress occurs. Borrowing costs are included within cost of sales.
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GO OAKLANDS GREAT DUNMOW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
The cost in relation to work in progress comprises direct materials and labour costs along with attributable overheads and capitalised borrowing costs. The capitalisation of borrowing costs are those costs that are directly attributable to the acquisition or construction of the qualifying asset of stock. These are those borrowing costs that would have been avoided if the expenditure on the qualifying asset had not been made.
At each Balance Sheet date, stocks are assessed for impairment. If stock is 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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GO OAKLANDS GREAT DUNMOW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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The average monthly number of employees, including Directors, during the year was 2 (period ended 31 December 2020 - 2) however none are remunerated through the Company.
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GO OAKLANDS GREAT DUNMOW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Debtors: Amounts falling due within one year
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Called up share capital not paid
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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The following liabilities were secured:
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Details of security provided:
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The bank loans are secured by a fixed and floating charge over the Company's work in progress. These loans also include personal guarantees provided by the main shareholder of the ultimate parent company.
Go Homes Family Ltd, the immediate parent of the Company is subject to a legal settlement, part of which could result in any of the subsidiary companies being liable for £1,000,000 in settlement costs. A provision for £1,000,000 has been made in Go Homes Ltd, a subsidiary of the Group, which has sufficient funds to pay, however should that entity default on this payment then Go Oaklands Great Dunmow Ltd could be liable.
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GO OAKLANDS GREAT DUNMOW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Related party transactions
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The Company has taken advantage of the exemption in Section 33.1A in FRS 102 from the requirement to disclose transactions entered into between wholly owned members of the Group.
The Director, O Hookway, has given personal guarantees of £1,515,000 (period ended 31 December 2020 - £1,515,000) over the bank loans.
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As at 31 December 2021 the Company's immediate and ultimate parent company was Go Homes Family Ltd, a company incorporated in England and Wales. The Company registered number is 10442754. The Company is included in the consolidated financial statements for Go Homes Family Ltd which forms the smallest and largest group of undertakings for which consolidated accounts have been drawn up. The consolidated financial statements of Go Homes Family Ltd are publicly available and can be obtained from Companies House.
The auditor's report on the financial statements for the year ended 31 December 2021 was unqualified.
The audit report was signed on 3 November 2022 by Cara Miller ACCA (Senior Statutory Auditor) on behalf of MHA MacIntyre Hudson.
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