Year Ended
Registration number:
Here We Go Again Limited
Balance Sheet
31 December 2023
Note |
2023 |
(As restated) |
|
Fixed assets |
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Investment property |
|
|
|
Current assets |
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Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
|
Profit and loss account (non-distributable) |
913,000 |
980,000 |
|
Profit and loss account (distributable) |
(232,395) |
(235,121) |
|
Shareholders' funds |
680,606 |
744,880 |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 09601625
Here We Go Again Limited
Notes to the Financial Statements
Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Sherston Mews
Priory Road
Wells
Somerset
BA5 1SU
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Going concern
Notwithstanding the net current liabilities of £768,962 (2022 - £1,286,926), the director is satisfied, having made all necessary enquiries, that the going concern basis of preparation remains appropriate. In particular, current liabilities includes £893,677 (2022 - £1,308,850) due to fellow subsidiaries and will not be called for payment until the company has the means to do so. In making this assessment the director has considered a period of not less than 12 months from the date of approval of these financial statements.
Prior period reclassification
A reclassification has been made to the comparative figures to correctly present the bank borrowings of £506,246 as being due after one year. This was erroneously presented as due within one year in the prior year financial statements. There is no impact on the current or prior year profit and loss account or net assets position.
Here We Go Again Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Key accounting judgements and sources of estimation uncertainty
In the application of the company’s accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 effects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgement that has a significant effect on the financial statement is in respect of going concern, as described in the above accounting policy.
The key accounting estimates that have a significant effect on the financial statements one as follows:
The recoverability of intercompany debtor balances requires estimation. The director considers these balances in light of the current financial performance and position of the relevant group companies and makes provision in the financial statements as necessary in order to reflect the recoverable amounts. The carrying amount is £73,112 (2022 - £55,504).
The carrying value of investment properties requires estimation as to the current market value of each property held. The properties have been subject to director's valuation with reference to previous third party valuations and knowledge the local property market. The carrying amount is £4,541,750 (2022 - £2,803,052).
Revenue recognition
Turnover comprises the fair value of the consideration receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts. Rental income is recognised on a receivable basis. Rents received in advance are deferred against the period to which they relate.
Government grants
Government revenue grants are accounted for under the accruals method. These are credited to the profit and loss account when the company is entitled to the income.
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 corporation 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.
Here We Go Again Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. 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.
Investment property
Stocks
Stock is stated at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell. At each reporting date, stocks are assessed for impairment. Any impairment loss is recognised immediately in profit or loss.
Financial instruments
Classification
• Short term trade, intercompany and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Here We Go Again Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Exceptional item |
2023 |
2022 |
|
Provision against intercompany debts |
- |
|
Investment properties |
2023 |
|
At 1 January |
|
Additions |
|
Fair value adjustments |
|
At 31 December |
|
Valuations of all investment properties have been reviewed by the director at 31 December 2023 and updated to reflect fair value where necessary.
There has been no valuation of investment property by an independent valuer.
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Amounts due from group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
- |
|
|
Here We Go Again Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Creditors |
Note |
2023 |
(As restated) |
|
Due within one year |
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Loans and borrowings |
|
|
|
Trade creditors |
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|
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Amounts due to group undertakings |
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|
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Other creditors |
|
|
|
Accrued expenses |
|
|
|
Deferred income |
- |
|
|
|
|
Note |
2023 |
(As restated) |
|
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
2023 |
(As restated) |
|
Due within one year |
||
Bank borrowings |
|
|
2023 |
(As restated) |
|
Due after one year |
||
Bank borrowings |
|
|
Other borrowings |
|
- |
|
|
Here We Go Again Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Bank borrowings due after one year totalling £2,246,208 (2022 - £506,246) are secured by way of a legal charge over certain of the properties owned by the company, a cross guarantee provided by a fellow subsidiary of the SBAW Group Limited group and a personal guarantee given by the director.
Other borrowings due after one year totalling £446,000 (2022 - £Nil) are secured by way of a legal charge over certain of the properties owned by the company and a personal guarantee given by the director.
Included in loans and borrowings are the following amounts due after more than five years:
2023 |
2022 |
|
After more than five years not by instalments |
|
|
Deferred tax provision |
Deferred tax |
|
At 1 January 2023 |
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Additional provisions |
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At 31 December 2023 |
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|
Share capital |
Allotted and called up share capital
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Unpaid share capital
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Here We Go Again Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of guarantees not included in the balance sheet is £242,500 (2022 - £Nil). Certain investment property belonging to the company has been pledged as security for the bank borrowings of a fellow subsidiary of the SBAW Group Limited group.
Related party transactions |
Summary of transactions with other related parties
A company controlled by the director was provided with an interest free loan, repayable on demand, by the company during the year of £52,600 (2022 - £Nil). At the balance sheet date, the related company owed £52,600 (2022 - £Nil).
Relationship between entity and parents |
The parent of the smallest group in which these financial statements are consolidated is
The registered office address of SBAW Group Limited is:
Audit report |