ACCOUNTS - Final Accounts

GO OAKLANDS GREAT DUNMOW LTD - Company Information

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Registered number: 11019890

GO OAKLANDS GREAT DUNMOW LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 DECEMBER 2019

GO OAKLANDS GREAT DUNMOW LIMITED

REGISTERED NUMBER: 11019890

BALANCE SHEET

AS AT 30 DECEMBER 2019

		2019		2018
Note		£		£


Current assets
Stocks	4	3,843,423		-
Debtors: amounts falling due within one year	5	100		-
Cash at bank and in hand	6	-		100
		3,843,523		100
Creditors: amounts falling due within one year		(3,843,423)		-
Net current assets			100		100
Total assets less current liabilities			100		100

Net assets			100		100

Capital and reserves
Called up share capital	100	100
	100	100

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:

................................................

O Hookway

Director

Date: 25 June 2021

The notes on pages 2 to 7 form part of these financial statements.

Page 1

GO OAKLANDS GREAT DUNMOW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 DECEMBER 2019

1.	General information

Go Oaklands Great Dunmow Limited is a limited liability company incorporated in England and Wales. The Company registration number is 11019890. The registered office is Bonks Hill House, High Wych Road, Sawbridgeworth, Hertfordshire, CM21 9HT.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared 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 pounds sterling which is the functional currency of the Company and all amounts are rounded to the nearest pound.

The following principal accounting policies have been applied:

2.2

Financial reporting standard 102 - reduced disclosure exemptions

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 11.41(b), 11.41(c), 11.41(e), 11.41(f), 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 Limited as at 30 December 2019 and these financial statements may be obtained from the Registrar of Companies.

Page 2

GO OAKLANDS GREAT DUNMOW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 DECEMBER 2019

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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 revenue 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.

2.4

Borrowing costs

Borrowing costs are initially recognised within work in progress as they are incurred. These are then released through the Statement of Comprehensive Income in the period in which the release of work in progress occurs. These are included within cost of sales accordingly.

2.5

Stocks

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.

Regular reviews are carried out for impairment and provisions are made to reflect any irrecoverable amount.

2.6

Debtors

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.

Page 3

GO OAKLANDS GREAT DUNMOW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 DECEMBER 2019

2.Accounting policies (continued)

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

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.

2.9

Financial instruments

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 non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 the Statement of Comprehensive Income.

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.

Page 4

GO OAKLANDS GREAT DUNMOW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 DECEMBER 2019

Employees

The average monthly number of employees, including directors, during the period was 2 (2018 - 2).

4.	Stocks
		2019	2018
		£	£

Work in progress	3,843,423	-
	3,843,423	-

Debtors

					2019	2018
					£	£


Called up share capital not paid	100	-
	100	-

6.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	-	100
	-	100

Page 5

GO OAKLANDS GREAT DUNMOW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 DECEMBER 2019

7.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Bank loans	2,877,348	-
Amounts owed to group undertakings	966,075	-
	3,843,423	-

The following liabilities were secured:
	2019	2018
	£	£


Bank loans	2,877,348	-
	2,877,348	-

Details of security provided:

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.

Related party transactions

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 Company has taken the reduced exemption disclosure in Section 33.7 in FRS102 from the
requirement to disclose key management personnel remuneration.
The director, O Hookway, has given personal guarantees of £1,515,000 (2018 - £nil) over the bank loans.

9.	Post balance sheet events

The COVID-19 pandemic and the ensuing economic shutdown has had an impact on the Company’s operations, but the Directors have taken necessary actions to safeguard our employees whilst maintaining as much of our operational function as possible. In response to the COVID-19 pandemic, the Directors have performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there are no adjusting post balance sheet events and that there is no material uncertainty in relation to going concern.

Page 6

GO OAKLANDS GREAT DUNMOW LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 DECEMBER 2019

10.	Controlling party

Go Homes Family Limited holds 100% of the issued share capital of Go Oaklands Great Dunmow Limited. Go Homes Family Limited is the parent of the smallest group for which consolidated financial statements are drawn up. Go Homes Family Limited has included the Company in its Group financial statements which are publicly available. The registered office of Go Homes Family Limited is Bonks Hill House, High Wych Road, Sawbridgeworth, Hertfordshire, United Kingdom, CM21 9HT.

11.	Auditor's information

The auditor's report on the financial statements for the period ended 30 December 2019 was unqualified.

The audit report was signed on 25 June 2021 by Cara Miller FCCA (Senior Statutory Auditor) (Senior Statutory Auditor) on behalf of MHA MacIntyre Hudson.

Page 7