REGISTERED NUMBER: 06281086 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 31st December 2023 |
for |
GO HOMES FAMILY LTD |
REGISTERED NUMBER: 06281086 (England and Wales) |
Group Strategic Report, |
Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 31st December 2023 |
for |
GO HOMES FAMILY LTD |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Contents of the Consolidated Financial Statements |
for the year ended 31st December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
GO HOMES FAMILY LTD |
Company Information |
for the year ended 31st December 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
1 Tower House |
Tower Centre |
Hoddesdon |
Hertfordshire |
EN11 8UR |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Group Strategic Report |
for the year ended 31st December 2023 |
The director presents his strategic report of the company and the group for the year ended 31st December 2023. |
The Director presents the Group Strategic Report of Go Homes Family Limited (the "Company") and its subsidiaries for the year ended 31 December 2023. |
Our family has enabled us to build on our customer satisfaction and the quality of our homes. We are proud of our brand that allows us to stand-up and be proud of being a good force within the UK property industry. |
PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS |
The principal activity of the Group during the year ended 31 December 2023 continued to be that of residential property sales. |
The industry has encountered numerous challenges over the last few of years. The UK has targeted the reduction of inflation with higher interest rates and therefore mortgage rates remain high. Higher mortgage rates have slowed |
house sales across the UK. |
The planning system remains slow producing a lack of new development sites. However, we are now seeing a |
slow in new sites acquisitions and therefore the rebalancing supply and demand that will present opportunities in |
2024 and beyond. |
PRINCIPAL RISKS AND UNCERTAINTIES |
We see the below as the key risks to the business operating within the housebuilding industry, but is not limited to only these: |
Housing market: The housing market will always have an element of fluctuation within it based on both supply and demand as well as affordability. |
House prices: There is risks to achievable prices both from a general market value and competitors pricing and location to our site. |
Land: Ability to source both developable and affordable land. |
Planning: Delays in the planning being approved and the increased complexity of providing planning applications. |
Health & safety: There is an inherent risk within the construction business, we make sure we have very strong systems in place to mitigate as far as possible any risk. |
Personnel: Attracting and retaining long term personnel is very important to the long-term success of the Group. |
Business risk: The Group has appropriate disaster recovery plans in place. |
Mortgage rates: The risk of continued increases in mortgage rates. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The Directors use the following key performance indicators to measure the performance of the Group: |
31/12/23 | 31/12/22 |
£ | £ |
Turnover | 7,230,264 | 13,805,708 |
Gross profit | 814,144 | 1,921,381 |
Gross profit margin (%) | 11 | 14 |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Group Strategic Report |
for the year ended 31st December 2023 |
OTHER KEY PERFORMANCE INDICATORS |
We consider customer satisfaction to be a key non-financial performance indicator and the Directors are confident this has been achieved this year. |
We are a family managed business and continue to operate with this in mind. For us, it’s our shared values that make us a family. Whether working internally or helping customers, our values always shine through. |
ON BEHALF OF THE BOARD: |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Report of the Director |
for the year ended 31st December 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31st December 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31st December 2023. |
DIRECTOR |
MATTERS COVERED IN THE GROUP STRATEGIC REPORT |
In accordance with Section 414c (ii) of the Companies Act 2006, the Directors have chosen to include the following items in the Group Strategic Report: |
* Principal activity and Business review |
* Principal risks and uncertainties |
* Future developments |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Report of the Director |
for the year ended 31st December 2023 |
AUDITORS |
The auditors, Attenboroughs (Accountants) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
GO HOMES FAMILY LTD |
Opinion |
We have audited the financial statements of GO HOMES FAMILY LTD (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2023 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
GO HOMES FAMILY LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities (non-compliance with laws and regulations), including fraud. |
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: |
We have made enquires of management around actual and potential litigation claims. |
The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation, taxation legislation and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
We have reviewed the financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations. |
We have considered the risks of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
GO HOMES FAMILY LTD |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
1 Tower House |
Tower Centre |
Hoddesdon |
Hertfordshire |
EN11 8UR |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Consolidated |
Income Statement |
for the year ended 31st December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
TURNOVER | 7,259,097 | 13,805,708 |
Cost of sales | 6,461,120 | 11,884,327 |
GROSS PROFIT | 797,977 | 1,921,381 |
Administrative expenses | 769,289 | 449,106 |
OPERATING PROFIT | 28,688 | 1,472,275 |
Interest receivable and similar income | 143 | 55 |
28,831 | 1,472,330 |
Interest payable and similar expenses | 5 | 15,739 | - |
PROFIT BEFORE TAXATION | 13,092 | 1,472,330 |
Tax on profit | 6 | 32,310 | (503,776 | ) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (19,218 | ) | 1,976,106 |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Consolidated |
Other Comprehensive Income |
for the year ended 31st December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | (19,218 | ) | 1,976,106 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(19,218 |
) |
1,976,106 |
Total comprehensive income attributable to: |
Owners of the parent | (19,218 | ) | 1,976,106 |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Consolidated Balance Sheet |
31st December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 5,000 | 68,000 |
Investments | 9 | - | - |
5,000 | 68,000 |
CURRENT ASSETS |
Stocks | 10 | 8,555,645 | 9,119,197 |
Debtors | 11 | 11,105,168 | 7,573,432 |
Cash at bank | 288,197 | 1,205,927 |
19,949,010 | 17,898,556 |
CREDITORS |
Amounts falling due within one year | 12 | 12,065,548 | 8,530,668 |
NET CURRENT ASSETS | 7,883,462 | 9,367,888 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,888,462 |
9,435,888 |
CREDITORS |
Amounts falling due after more than one year | 13 | (1,219,156 | ) | (1,747,364 | ) |
PROVISIONS FOR LIABILITIES | 16 | - | (1,000,000 | ) |
NET ASSETS | 6,669,306 | 6,688,524 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 1,056 | 1,056 |
Share premium | 18 | 1,222 | 1,222 |
Retained earnings | 18 | 6,666,752 | 6,685,970 |
SHAREHOLDERS' FUNDS | 6,669,030 | 6,688,248 |
NON-CONTROLLING INTERESTS | 276 | 276 |
TOTAL EQUITY | 6,669,306 | 6,688,524 |
The financial statements were approved by the director and authorised for issue on 15th November 2024 and were signed by: |
O Hookway - Director |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Company Balance Sheet |
31st December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Share premium | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | 1,000,000 |
The financial statements were approved by the director and authorised for issue on |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Consolidated Statement of Changes in Equity |
for the year ended 31st December 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1st January 2022 | 1,056 | 4,709,864 | 1,222 |
Changes in equity |
Total comprehensive income | - | 1,976,106 | - |
Balance at 31st December 2022 | 1,056 | 6,685,970 | 1,222 |
Changes in equity |
Total comprehensive income | - | (19,218 | ) | - |
Balance at 31st December 2023 | 1,056 | 6,666,752 | 1,222 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1st January 2022 | 4,712,142 | 276 | 4,712,418 |
Changes in equity |
Total comprehensive income | 1,976,106 | - | 1,976,106 |
Balance at 31st December 2022 | 6,688,248 | 276 | 6,688,524 |
Changes in equity |
Total comprehensive income | (19,218 | ) | - | (19,218 | ) |
Balance at 31st December 2023 | 6,669,030 | 276 | 6,669,306 |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Company Statement of Changes in Equity |
for the year ended 31st December 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1st January 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31st December 2022 |
Changes in equity |
Balance at 31st December 2023 |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Consolidated Cash Flow Statement |
for the year ended 31st December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 5,741 | 3,598,745 |
Interest paid | (15,739 | ) | - |
Tax paid | (32,115 | ) | (107,370 | ) |
Net cash from operating activities | (42,113 | ) | 3,491,375 |
Cash flows from investing activities |
Purchase of tangible fixed assets | - | (8,000 | ) |
Sale of tangible fixed assets | 18,000 | - |
Interest received | 143 | 55 |
Net cash from investing activities | 18,143 | (7,945 | ) |
Cash flows from financing activities |
Loan repayments in year | (893,760 | ) | (4,305,018 | ) |
Net cash from financing activities | (893,760 | ) | (4,305,018 | ) |
Decrease in cash and cash equivalents | (917,730 | ) | (821,588 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,205,927 |
2,027,515 |
Cash and cash equivalents at end of year | 2 | 288,197 | 1,205,927 |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Notes to the Consolidated Cash Flow Statement |
for the year ended 31st December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/12/23 | 31/12/22 |
£ | £ |
Profit before taxation | 13,092 | 1,472,330 |
Depreciation charges | 45,000 | - |
Increase/(Decrease) in provisions | (1,000,000 | ) | (1,000,000 | ) |
Finance costs | 15,739 | - |
Finance income | (143 | ) | (55 | ) |
(926,312 | ) | 472,275 |
Decrease in stocks | 563,552 | 2,657,376 |
Increase in trade and other debtors | (3,531,736 | ) | (4,770,658 | ) |
Increase in trade and other creditors | 3,900,237 | 5,239,752 |
Cash generated from operations | 5,741 | 3,598,745 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 288,197 | 1,205,927 |
Year ended 31st December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 1,205,927 | 2,027,515 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,205,927 | (917,730 | ) | 288,197 |
1,205,927 | (917,730 | ) | 288,197 |
Debt |
Debts falling due within 1 year | (365,552 | ) | 365,552 | - |
Debts falling due after 1 year | (1,747,364 | ) | 528,208 | (1,219,156 | ) |
(2,112,916 | ) | 893,760 | (1,219,156 | ) |
Total | (906,989 | ) | (23,970 | ) | (930,959 | ) |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Notes to the Consolidated Financial Statements |
for the year ended 31st December 2023 |
1. | STATUTORY INFORMATION |
GO HOMES FAMILY LTD is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2023 |
3. | EMPLOYEES AND DIRECTORS |
31/12/23 | 31/12/22 |
£ | £ |
Wages and salaries | 277,079 | 271,529 |
Social security costs | 25,794 | 50,075 |
Other pension costs | 7,124 | 9,951 |
309,997 | 331,555 |
The average number of employees during the year was as follows: |
31/12/23 | 31/12/22 |
Management and administration |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL). |
31/12/23 | 31/12/22 |
£ | £ |
Director's remuneration | - | - |
4. | AUDITORS' REMUNERATION |
31/12/23 | 31/12/22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
8,933 |
- |
Total audit fees | 8,933 | - |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/12/23 | 31/12/22 |
£ | £ |
Bank interest | 14,165 | - |
Loan interest | 1,574 | - |
15,739 | - |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
31/12/23 | 31/12/22 |
£ | £ |
Current tax: |
UK corporation tax | 32,310 | (503,776 | ) |
Tax on profit | 32,310 | (503,776 | ) |
UK corporation tax has been charged at 23.50 % (2022 - 19 %). |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2023 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | TANGIBLE FIXED ASSETS |
Group |
Plant and |
Land | machinery | Totals |
£ | £ | £ |
COST |
At 1st January 2023 | 68,000 | 34,415 | 102,415 |
Disposals | (18,000 | ) | - | (18,000 | ) |
Impairments | (45,000 | ) | - | (45,000 | ) |
At 31st December 2023 | 5,000 | 34,415 | 39,415 |
DEPRECIATION |
At 1st January 2023 |
and 31st December 2023 | - | 34,415 | 34,415 |
NET BOOK VALUE |
At 31st December 2023 | 5,000 | - | 5,000 |
At 31st December 2022 | 68,000 | - | 68,000 |
The impairment relates to the reduction in land value of the ransom strips. |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Go Homes Ltd |
Registered office: Bonks Hill House, Bonks Hill, High Wych Road, Sawbridgeworth, Hertfordshire, CM21 9HT |
Nature of business: Sale of residential property |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves | 6,333,132 | 6,304,931 |
Profit for the year | 28,201 | 981,228 |
Go Planning Ltd |
Registered office: Bonks Hill House, Bonks Hill, High Wych Road, Sawbridgeworth, Hertfordshire, CM21 9HT |
Nature of business: Design and planning services |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves | 658 | 55,792 |
Loss for the year | (55,134 | ) | (5,122 | ) |
Go Holdings (School Lane) Limited |
Registered office: Bonks Hill House, Bonks Hill, High Wych Road, Sawbridgeworth, Hertfordshire, CM21 9HT |
Nature of business: Property transactions |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves | 1 | 1 |
Go Family Homes Ltd |
Registered office: Bonks Hill House, Bonks Hill, High Wych Road, Sawbridgeworth, Hertfordshire, CM21 9HT |
Nature of business: Dormant company |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves | 100 | 100 |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
Go Land and New Homes Ltd |
Registered office: Bonks Hill House, Bonks Hill, High Wych Road, Sawbridgeworth, Hertfordshire, CM21 9HT |
Nature of business: Dormant company |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves | 1 | 1 |
Heckfords Road Great Bentley Management |
Registered office: Bonks Hill House, Bonks Hill, High Wych Road, Sawbridgeworth, Hertfordshire, CM21 9HT |
Nature of business: Dormant company |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves | 49 | 49 |
Heckfords Road Great Bentley Ltd |
Registered office: Bonks Hill House, Bonks Hill, High Wych Road, Sawbridgeworth, Hertfordshire, CM21 9HT |
Nature of business: Property transactions |
% |
Class of shares: | holding |
Ordinary | 74.75 |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves | 400 | 400 |
Go Move Ltd |
Registered office: Bonks Hill House, Bonks Hill, High Wych Road, Sawbridgeworth, Hertfordshire, CM21 9HT |
Nature of business: Dormant company |
% |
Class of shares: | holding |
Ordinary | 85.00 |
Go Oaklands Great Dunmow Ltd |
Registered office: Bonks Hill House, Bonks Hill, High Wych Road, Sawbridgeworth, Hertfordshire, CM21 9HT |
Nature of business: Property transactions |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31/12/23 | 31/12/22 |
£ | £ |
Aggregate capital and reserves | 100 | 100 |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2023 |
10. | STOCKS |
Group |
31/12/23 | 31/12/22 |
£ | £ |
Work-in-progress | 8,555,645 | 9,119,197 |
The difference between purchase price or production cost of stocks and their replacement cost is not material. |
The Company held no stock at the period end for both the current and previous periods. |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31/12/23 | 31/12/22 | 31/12/23 | 31/12/22 |
£ | £ | £ | £ |
Trade debtors | 1 | 1 |
Amounts owed by group undertakings | - | - |
Other debtors | 11,076,334 | 7,573,431 |
Accrued income | 28,833 | - |
11,105,168 | 7,573,432 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31/12/23 | 31/12/22 | 31/12/23 | 31/12/22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 14) | - | 365,552 |
Trade creditors | 17,919 | 147,331 |
Tax | 90,639 | 90,444 |
Social security and other taxes | 8,425 | 16,463 |
Other creditors | 6,168,387 | 13,461 |
Accruals and deferred income | 5,780,178 | 7,897,417 |
12,065,548 | 8,530,668 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31/12/23 | 31/12/22 |
£ | £ |
Other loans (see note 14) | 1,219,156 | 1,747,364 |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2023 |
14. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31/12/23 | 31/12/22 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | - | 365,552 |
Amounts falling due between one and two | years: |
Other loans - 1-2 years | 1,219,156 | 1,747,364 |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31/12/23 | 31/12/22 |
£ | £ |
Bank loans | - | 365,552 |
Loans are secured against the land to which the financing relates and incur interest at rates between 6.5% and 12% and are repayable in line with the sale of properties. These loans also include personal guarantees provided by the main shareholder. |
The Company held no bank loans at the period end for both the current and previous periods. |
16. | PROVISIONS FOR LIABILITIES |
Group |
31/12/23 | 31/12/22 |
£ | £ |
Other provisions | - | 1,000,000 |
Aggregate amounts | - | 1,000,000 |
Company |
Settlementcosts |
£ |
Balance at 1st January 2023 |
Utilised during year | ( |
) |
Balance at 31st December 2023 |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31/12/23 | 31/12/22 |
value: | £ | £ |
Ordinary | £1 | 1,052 | 1,052 |
B Ordinary | £1 | 4 | 4 |
1,056 | 1,056 |
18. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st January 2023 | 6,685,970 | 1,222 | 6,687,192 |
Deficit for the year | (19,218 | ) | (19,218 | ) |
At 31st December 2023 | 6,666,752 | 1,222 | 6,667,974 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1st January 2023 | 328,782 |
Profit for the year |
At 31st December 2023 | 328,782 |
Share premium account |
The share premium account represents the premium paid for shares above their nominal value. The share premium account is a non-distributable reserve. |
Profit and loss account |
The profit and loss account represents the accumulation of retained profits, net of dividends, which are in the form of distributable reserves. |
GO HOMES FAMILY LTD (REGISTERED NUMBER: 06281086) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31st December 2023 |
19. | RELATED PARTY DISCLOSURES |
The parent Company and Group have taken the exemption afforded by Section 33 of FRS 102 not to disclose transactions with other wholly owned companies of the Group. |
In relation to non-wholly owned companies there are the following transactions between those entities and wholly owned subsidiaries of the Group: |
Go Planning Ltd made sales of £746,423 (2022 - £2,587,086) to Heckfords Road Great Bentley Ltd during the period. As at 31 December 2023, Go Planning Ltd had a debtor balance due within one year with Heckfords Road Great Bentley Ltd of £746,423 (2022 - £2,587,086). |
Go Homes Family Ltd had a year end debtor balance due within one year with Heckfords Road Great Bentley Ltd of £461,534 (2022 - £2,302,197). |
Go Homes Ltd received management recharges of £30,692 (2022 - £546,374) from Heckfords Road Great Bentley Ltd during the period. As a t 31 December 2023, Go Homes Ltd had a debtor balance due within one year with Heckfords Road Great Bentley Ltd of £1,097,928 (2022 - £1,067,236). |
The Group also has the following other related party transactions in the year: |
As at 31 December 2023, the Group owed O Hookway £5,179 (2021 - £5,179). This amount is included within other creditors falling due in less than one year. |
As at 31 December 2023, the Group was owed £NIL (2022 - £103,495) by N Adlington, a former Director, in respect of his loan account. This amount is included within other debtors falling due in less than one year. |
As at 31 December 2023, the Group was owed £NIL (2022 - £68,374) by N Tedder, a former Director, in respect of his loan account. This amount is included within other debtors falling due in less than one year. |
During the year ended 31 December 2022 there were purchases made of £8,601,717 (2021 - £7,875,000) from Sunstone House Development Ltd, a related private limited company, incorporated in England and Wales. As at 31 December 2022, the Group owed Sunstone House Development Ltd £468,356 (2021 - £765,095). The company was related through a common Director. |
The Director, O Hookway, has given personal guarantees over the bank and other loans of £1,825,000 (2022 - £4,240,000). |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is considered to be O Hookway, by virtue of his shareholding in the |
Company. |