REGISTERED NUMBER: |
Report of the Director and |
Financial Statements |
for the Year Ended 31st December 2023 |
for |
GO HOLDINGS (SCHOOL LANE) LIMITED |
REGISTERED NUMBER: |
Report of the Director and |
Financial Statements |
for the Year Ended 31st December 2023 |
for |
GO HOLDINGS (SCHOOL LANE) LIMITED |
GO HOLDINGS (SCHOOL LANE) LIMITED (REGISTERED NUMBER: 11495994) |
Contents of the Financial Statements |
for the year ended 31st December 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Report of the Independent Auditors | 3 |
Income Statement | 6 |
Other Comprehensive Income | 7 |
Balance Sheet | 8 |
Statement of Changes in Equity | 9 |
Cash Flow Statement | 10 |
Notes to the Cash Flow Statement | 11 |
Notes to the Financial Statements | 12 |
GO HOLDINGS (SCHOOL LANE) LIMITED |
Company Information |
for the year ended 31st December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
1 Tower House |
Tower Centre |
Hoddesdon |
Hertfordshire |
EN11 8UR |
GO HOLDINGS (SCHOOL LANE) LIMITED (REGISTERED NUMBER: 11495994) |
Report of the Director |
for the year ended 31st December 2023 |
The director presents his report with the financial statements of the company for the year ended 31st December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of residential property sales. |
DIRECTOR |
SMALL COMPANIES NOTE |
In preparing this report, the Director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information. |
AUDITORS |
The auditors, Attenboroughs (Accountants) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Go Holdings (School Lane) Limited |
Opinion |
We have audited the financial statements of Go Holdings (School Lane) Limited (the 'company') for the year ended 31st December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31st December 2023 and of its profit 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 company 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 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 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Go Holdings (School Lane) Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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; or |
- | the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page two, 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 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 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. |
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 Holdings (School Lane) Limited |
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 HOLDINGS (SCHOOL LANE) LIMITED (REGISTERED NUMBER: 11495994) |
Income Statement |
for the year ended 31st December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT |
Interest payable and similar expenses | 4 |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
GO HOLDINGS (SCHOOL LANE) LIMITED (REGISTERED NUMBER: 11495994) |
Other Comprehensive Income |
for the year ended 31st December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
GO HOLDINGS (SCHOOL LANE) LIMITED (REGISTERED NUMBER: 11495994) |
Balance Sheet |
31st December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
GO HOLDINGS (SCHOOL LANE) LIMITED (REGISTERED NUMBER: 11495994) |
Statement of Changes in Equity |
for the year ended 31st December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st January 2022 |
Changes in equity |
Balance at 31st December 2022 |
Changes in equity |
Balance at 31st December 2023 |
GO HOLDINGS (SCHOOL LANE) LIMITED (REGISTERED NUMBER: 11495994) |
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 | ( |
) |
Interest paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Change in group balances | 757,470 | 2,039,676 |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
- |
Cash and cash equivalents at end of year | - | - |
GO HOLDINGS (SCHOOL LANE) LIMITED (REGISTERED NUMBER: 11495994) |
Notes to the 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 |
Finance costs | 1,574 | - |
1,574 | - |
(Increase)/decrease in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Debt |
Debts falling due within 1 year | (179,933 | ) | 179,933 | - |
(179,933 | ) | 179,933 | - |
Total | (179,933 | ) | 179,933 | - |
GO HOLDINGS (SCHOOL LANE) LIMITED (REGISTERED NUMBER: 11495994) |
Notes to the Financial Statements |
for the year ended 31st December 2023 |
1. | STATUTORY INFORMATION |
Go Holdings (School Lane) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
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. |
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. |
GO HOLDINGS (SCHOOL LANE) LIMITED (REGISTERED NUMBER: 11495994) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
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 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 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
Borrowing costs |
All borrowing costs are recognised in profit or loss in the year in which they are incurred. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31st December 2023 nor for the year ended 31st December 2022. |
GO HOLDINGS (SCHOOL LANE) LIMITED (REGISTERED NUMBER: 11495994) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31/12/23 | 31/12/22 |
Directors |
31/12/23 | 31/12/22 |
£ | £ |
Director's remuneration |
4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/12/23 | 31/12/22 |
£ | £ |
Loan interest |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31st December 2023 nor for the year ended 31st December 2022. |
6. | STOCKS |
31/12/23 | 31/12/22 |
£ | £ |
Work-in-progress |
The land of the Company is subject to a charge dated 27/11/2023 in favour of Neil Adlington and Nigel Tedder (lenders) by way of security in case of default on amount owed to the lenders. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
GO HOLDINGS (SCHOOL LANE) LIMITED (REGISTERED NUMBER: 11495994) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31/12/23 | 31/12/22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/12/23 | 31/12/22 |
£ | £ |
Bank loans |
The bank loans are secured by a fixed and floating charge over the Company's work in progress. These were satisfied on 17 November 2023. These loans also include personal guarantees provided by the main shareholder of the ultimate parent Company. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/23 | 31/12/22 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
12. | RESERVES |
Retained |
earnings |
£ |
Profit for the year |
At 31st December 2023 |
13. | RELATED PARTY DISCLOSURES |
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. |
During the year ended 31 December 2023 the Company made payments of £572,858 (2022 - £481,755) on behalf of Sunstone House Development Limited, a related private limited company, incorporated in England and Wales, relating to Go Planning Ltd costs, a member of the Group of which this Company is part of. At the Balance Sheet date the Company was owed from Sunstone House Development Limited £2,487,177 (2022 - £1,914,319). The company was related through a common Director. |
The Director, O Hookway, has given personal guarantees of £NIL (2022 - £900,000) over the bank |
loans. |
GO HOLDINGS (SCHOOL LANE) LIMITED (REGISTERED NUMBER: 11495994) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
14. | ULTIMATE CONTROLLING PARTY |
Go Homes Family Ltd holds 100% of the issued share capital of Go Holdings (School Lane) Ltd. Go Homes Family Ltd is the parent of the smallest and largest Group for which consolidated financial statements are drawn up. Go Homes Family Ltd has included the Company in its Group financial statements which are publicly available. Go Homes Family Ltd is a private Company limited by shares incorporated in England and Wales. The Company registered number is 06281086. The registered office is Bonks Hill House, High Wych Road, Sawbridgeworth, Hertfordshire, United Kingdom, CM21 9HT. |