Issues with loss of power, Please read this guys

[naz5]

Hi guys, having sum issues with my mk5 1.6fsi, recently its lost a lot of power, it don’t cut out or anything, just lost power, if i put my foot down it hesitates for a couple of seconds then the power rushes back to life again, it used to only happen once in a while but recently started happening quite often, don’t matter what gear I’m in, if i accelerate it will lose power after a few seconds it will somehow get power and resume as normal, im just getting a bit worried now its happening more often, spoke 2 a few guys here, was talking about getting one of those fault code readers from fleabay, bout on for like £23 odd quid, scanned it, first time round come with two codes, first P0301 something to do with cylinder 1 misfire detected, second P1031 something about HO2S Heater Current Monitor Control Circuit Banks 1 and 2 Sensor 1,
Erased them, drove the car, same problems, re scanned and it comes back with P1031 about HO2S Heater Current Monitor Control Circuit Banks 1 and 2 Sensor 1, firstly guys does P1031 mean wat i wrote? And if so wat do this all mean? Can this sensor get ma car to react in that manner, wats the price for this sensor, were is it located? Any input please guys,
Thanks

[bartleaj]

The best source of fault code information that I have found is http://wiki.Ross-Tech.com . I would also get yourself a Haynes Workshop Manual if you havn't got one already.