Here We Go Again Limited 09601625 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is property development. Digita Accounts Production Advanced 6.30.9574.0 true false true 09601625 2023-01-01 2023-12-31 09601625 2023-12-31 09601625 bus:OrdinaryShareClass1 2023-12-31 09601625 bus:Consolidated 2023-12-31 09601625 core:CurrentFinancialInstruments 2023-12-31 09601625 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09601625 core:Non-currentFinancialInstruments 2023-12-31 09601625 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 09601625 core:MoreThanFiveYears 2 2023-12-31 09601625 core:DeferredTaxation 2023-12-31 09601625 bus:SmallEntities 2023-01-01 2023-12-31 09601625 bus:Audited 2023-01-01 2023-12-31 09601625 bus:FullAccounts 2023-01-01 2023-12-31 09601625 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09601625 bus:RegisteredOffice 2023-01-01 2023-12-31 09601625 bus:Director1 2023-01-01 2023-12-31 09601625 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09601625 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09601625 core:DeferredTaxation 2023-01-01 2023-12-31 09601625 1 2023-01-01 2023-12-31 09601625 countries:AllCountries 2023-01-01 2023-12-31 09601625 countries:EnglandWales 2023-01-01 2023-12-31 09601625 2022-12-31 09601625 core:DeferredTaxation 2022-12-31 09601625 2022-01-01 2022-12-31 09601625 2022-12-31 09601625 bus:OrdinaryShareClass1 2022-12-31 09601625 core:CurrentFinancialInstruments 2022-12-31 09601625 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09601625 core:CurrentFinancialInstruments core:WithinOneYear core:RestatedAmount 2022-12-31 09601625 core:CurrentFinancialInstruments core:RestatedAmount 2022-12-31 09601625 core:Non-currentFinancialInstruments 2022-12-31 09601625 core:Non-currentFinancialInstruments core:AfterOneYear core:RestatedAmount 2022-12-31 09601625 core:Non-currentFinancialInstruments core:RestatedAmount 2022-12-31 09601625 core:MoreThanFiveYears 2 2022-12-31 09601625 core:RestatedAmount 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Here We Go Again Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 09601625

 

Here We Go Again Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Here We Go Again Limited

Balance Sheet

31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Investment property

5

4,541,750

2,803,052

Current assets

 

Debtors

6

165,775

62,452

Cash at bank and in hand

 

9,825

27,883

 

175,600

90,335

Creditors: Amounts falling due within one year

7

(944,562)

(1,377,261)

Net current liabilities

 

(768,962)

(1,286,926)

Total assets less current liabilities

 

3,772,788

1,516,126

Creditors: Amounts falling due after more than one year

7

(2,692,182)

(506,246)

Provisions for liabilities

9

(400,000)

(265,000)

Net assets

 

680,606

744,880

Capital and reserves

 

Called up share capital

10

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 director on 22 July 2024
 

.........................................
K R Newton
Director

Company Registration Number: 09601625

 

Here We Go Again Limited

Notes to the Financial Statements

Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

The principal place of business is:
Sherston Mews
Priory Road
Wells
Somerset
BA5 1SU

These financial statements were authorised for issue by the director on 22 July 2024.

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Exceptional item

2023
£

2022
£

Provision against intercompany debts

-

221,035


 

5

Investment properties

2023
£

At 1 January

2,803,052

Additions

1,678,698

Fair value adjustments

60,000

At 31 December

4,541,750

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.

6

Debtors

2023
 £

2022
 £

Trade debtors

1,755

5,448

Amounts due from group undertakings

73,112

55,504

Other debtors

54,420

1,500

Prepayments

36,488

-

165,775

62,452

 

Here We Go Again Limited

Notes to the Financial Statements

Year Ended 31 December 2023

7

Creditors

Note

2023
£

(As restated)
2022
£

Due within one year

 

Loans and borrowings

8

43,065

46,383

Trade creditors

 

264

12,639

Amounts due to group undertakings

12

893,677

1,303,850

Other creditors

 

1,673

1,673

Accrued expenses

 

5,883

7,423

Deferred income

 

-

5,293

 

944,562

1,377,261

Note

2023
£

(As restated)

2022
£

Due after one year

 

Loans and borrowings

8

2,692,182

506,246

8

Loans and borrowings

2023
£

(As restated)

2022
£

Due within one year

Bank borrowings

43,065

46,383

2023
£

(As restated)

2022
£

Due after one year

Bank borrowings

2,246,182

506,246

Other borrowings

446,000

-

2,692,182

506,246

 

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

2,692,208

506,246

9

Deferred tax provision

Deferred tax
£

At 1 January 2023

265,000

Additional provisions

135,000

At 31 December 2023

400,000

10

Share capital

Allotted and called up share capital

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

Unpaid share capital

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

Here We Go Again Limited

Notes to the Financial Statements

Year Ended 31 December 2023

11

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.

12

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).

13

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is SBAW Group Limited, a company incorporated in England & Wales.

The registered office address of SBAW Group Limited is:
Ground Floor, Blackbrook Gate 1, Blackbrook Business Park, Taunton, Somerset, TA1 2PX

14

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Robert Whitehead FCCA, who signed for and on behalf of PKF Francis Clark on 24 July 2024.