IRIS Accounts Production v23.3.0.418 11806378 Board of Directors 31.5.23 1.6.22 31.5.23 31.5.23 the sale and servicing of second hand vehicles. true true true false true true false false false true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh118063782022-05-31118063782023-05-31118063782022-06-012023-05-31118063782021-05-31118063782021-06-012022-05-31118063782022-05-3111806378ns10:Originalns15:EnglandWales2022-06-012023-05-3111806378ns14:PoundSterlingns10:Original2022-06-012023-05-3111806378ns10:Originalns10:Director12022-06-012023-05-3111806378ns10:Original2022-06-012023-05-3111806378ns10:Originalns10:Consolidated2023-05-3111806378ns10:Original2023-05-3111806378ns10:Originalns10:ConsolidatedGroupCompanyAccounts2022-06-012023-05-3111806378ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-3111806378ns10:Originalns10:Consolidatedns10:FRS1022022-06-012023-05-3111806378ns10:Originalns10:Consolidatedns10:Audited2022-06-012023-05-3111806378ns10:Originalns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-06-012023-05-3111806378ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Original2022-06-012023-05-3111806378ns10:Originalns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-06-012023-05-3111806378ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Originalns10:Consolidated2022-06-012023-05-3111806378ns10:Originalns10:FullAccounts2022-06-012023-05-3111806378ns10:Originalns5:Subsidiary12022-06-012023-05-3111806378ns10:Originalns10:OrdinaryShareClass12022-06-012023-05-3111806378ns10:Originalns10:Consolidated2022-06-012023-05-3111806378ns10:Originalns10:Director22022-06-012023-05-3111806378ns10:Originalns10:Director32022-06-012023-05-3111806378ns10:Originalns10:RegisteredOffice2022-06-012023-05-3111806378ns10:Originalns10:Consolidated2021-06-012022-05-3111806378ns10:Original2022-05-3111806378ns10:Originalns5:CurrentFinancialInstruments2023-05-3111806378ns10:Originalns5:CurrentFinancialInstruments2022-05-3111806378ns10:Originalns5:Non-currentFinancialInstruments2023-05-3111806378ns10:Originalns5:Non-currentFinancialInstruments2022-05-3111806378ns5:ShareCapitalns10:Original2023-05-3111806378ns5:ShareCapitalns10:Original2022-05-3111806378ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-3111806378ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3111806378ns5:ShareCapitalns10:Original2021-05-3111806378ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-05-3111806378ns10:Original2021-05-3111806378ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-06-012022-05-3111806378ns10:Original2021-06-012022-05-3111806378ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-012023-05-3111806378ns10:Originalns5:LandBuildings2022-05-3111806378ns10:Originalns5:LandBuildings2022-06-012023-05-3111806378ns10:Originalns5:LandBuildings2023-05-3111806378ns10:Originalns5:LandBuildings2022-05-3111806378ns10:Originalns5:CostValuation2022-05-3111806378ns10:Originalns5:Subsidiary112022-06-012023-05-3111806378ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3111806378ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3111806378ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-05-3111806378ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-05-3111806378ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-05-3111806378ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-05-3111806378ns10:Originalns10:OrdinaryShareClass12023-05-3111806378ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-31
REGISTERED NUMBER: 11806378 (England and Wales)















ALL ABOUT THE BUILDINGS LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023






ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


ALL ABOUT THE BUILDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: S C Prebble
L Jones
B M Jellett





REGISTERED OFFICE: 10-16 Botley Road
Hedge End
Southampton
Hampshire
SO30 2HE





REGISTERED NUMBER: 11806378 (England and Wales)





AUDITORS: Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023


The directors present their strategic report of the company and the group for the year ended 31 May 2023.

REVIEW OF BUSINESS
Poor new car registrations in the last two years and the subsequent sharp reduction of late, along with low mileage part exchanges entering the used car market, caused used car prices to increase. This is reflected in our turnover increasing slightly from £37,403,449 to £37,805,640.

However, older and higher mileage cars require more preparation before sale and this fact, coupled with shortages of parts stock and increased supply chain costs, meant our reconditioning costs increased dramatically. Consequently, our gross profit fell to 4.1% from 4.9% in the previous year.

The group reported a slight decrease in its net assets, from £3,615,943 to £3,538,502.

Rising interest rates (from 1% to 4.5% throughout the period), higher utility costs, and increased staff costs impacted heavily on our overheads which resulted in a small net profit for the year before tax.

In December 2022, we purchased additional properties adjacent to our reconditioning centre. This purchase gives us complete ownership of the trading estate including our own reconditioning centre and it protects the future of existing tenants in those premises with whom we have had business relationships for many years. The properties include commercial units with existing tenants and large office spaces which can be let collectively or separately. The sale allowed the previous owners to remain in the offices for six months at a nominal rent and they subsequently vacated, as agreed, in June 2023. The offices are now being marketed for rent.

In July, we moved our Head Office operation into these new premises which will reduce our overheads as we were previously located in rented accommodation.

We believe interest rates have peaked and so we don't anticipate any further rises. We will benefit from the rent savings made by relocating our Head Office and any income from the renting the office spaces will also improve our figures next year.

We are mindful that new car sales are returning to their previous levels which will result in more used cars entering the market. This will, in turn, cause used car values to drop. This will affect our gross margins but with our high stock turn we expect to sell those cars reasonably quickly.

PRINCIPAL RISKS AND UNCERTAINTIES
The group is subject to a number of risks, the most significant being stock values, and the holding of excess vehicle stock if prices are falling. The directors constantly monitor market conditions and modify stocking and pricing policies to manage and reflect the prevailing economic conditions.

KEY PERFORMANCE INDICATORS
The group's key performance indicators are considered to be turnover and gross profit. These have been discussed within the Review of Business above.

ON BEHALF OF THE BOARD:





L Jones - Director


27 November 2023

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 May 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 May 2023 will be £75,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report.

S C Prebble
L Jones
B M Jellett

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
Price risk
The Group is exposed to the risk of the value of its stock falling due to general economic or industry specific factors, as are all businesses in this industry. The directors mitigate this risk by ensuring they only carry stock of a suitable profile and price range, and closely monitor the ageing of stock to ensure a suitable stock turn is maintained.

Credit risk
Due to the nature of the financial instruments used by the Group there is no exposure to credit risk.

Liquidity risk
This is managed by ensuring that stock levels are carefully controlled and adequate financing arrangements are in place to meet the Group's needs. The company maintains a strong relationship with its bankers.

Cash flow risk
The Group manages its cash flow risk by ensuring sufficient funds are available to meet amounts due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director 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.

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2023


AUDITORS
The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





L Jones - Director


27 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALL ABOUT THE BUILDINGS LIMITED


Opinion
We have audited the financial statements of All About The Buildings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 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 31 May 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALL ABOUT THE BUILDINGS LIMITED


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 Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the group or the parent company or to cease operations, or have 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 obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect of the operations of the Group.
- Understanding how the Group is complying with those regulations by making enquiries with management and those responsible for the legal and compliance procedures, including discussions on risk of litigation and known incidences of non-compliance. The key laws and regulations we considered in this context included the UK Companies Act and Health & Safety regulations.
- Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness of revenue. Audit procedures were designed to ensure all of the risks were addressed.
- Assessing the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur, involved audit procedures including journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, as well as journals made outside of normal working hours. These audit procedures were designed to provide reasonable assurance that the financial statements were free from material fraud or error.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
ALL ABOUT THE BUILDINGS 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.




Kevin Richards (Senior Statutory Auditor)
for and on behalf of Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

27 November 2023

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £ £

TURNOVER 3 37,805,640 37,403,449

Cost of sales 36,246,147 35,583,765
GROSS PROFIT 1,559,493 1,819,684

Administrative expenses 1,434,321 1,347,485
OPERATING PROFIT 5 125,172 472,199


Interest payable and similar expenses 6 103,132 57,455
PROFIT BEFORE TAXATION 22,040 414,744

Tax on profit 7 24,480 89,902
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (2,440 ) 324,842
(Loss)/profit attributable to:
Owners of the parent (2,440 ) 324,842

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £ £

(LOSS)/PROFIT FOR THE YEAR (2,440 ) 324,842


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(2,440

)

324,842

Total comprehensive income attributable to:
Owners of the parent (2,440 ) 324,842

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

CONSOLIDATED BALANCE SHEET
31 MAY 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 11 5,249,596 3,963,185
Investments 12 - -
5,249,596 3,963,185

CURRENT ASSETS
Stocks 13 4,139,346 5,527,942
Debtors 14 274,875 719,668
Cash at bank 337,444 820,881
4,751,665 7,068,491
CREDITORS
Amounts falling due within one year 15 4,306,910 5,906,150
NET CURRENT ASSETS 444,755 1,162,341
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,694,351

5,125,526

CREDITORS
Amounts falling due after more than one
year

16

(1,951,446

)

(1,509,584

)

PROVISIONS FOR LIABILITIES 20 (204,403 ) -
NET ASSETS 3,538,502 3,615,942

CAPITAL AND RESERVES
Called up share capital 21 3,333,000 3,333,000
Retained earnings 22 205,502 282,942
SHAREHOLDERS' FUNDS 3,538,502 3,615,942

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





L Jones - Director


ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

COMPANY BALANCE SHEET
31 MAY 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 11 5,232,803 3,914,312
Investments 12 100 100
5,232,903 3,914,412

CURRENT ASSETS
Stocks 13 142,282 126,833
Debtors 14 387,087 1,555,939
Cash at bank 131,111 97,294
660,480 1,780,066
CREDITORS
Amounts falling due within one year 15 484,204 639,444
NET CURRENT ASSETS 176,276 1,140,622
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,409,179

5,055,034

CREDITORS
Amounts falling due after more than one
year

16

1,951,446

1,509,584
NET ASSETS 3,457,733 3,545,450

CAPITAL AND RESERVES
Called up share capital 21 3,333,000 3,333,000
Retained earnings 22 124,733 212,450
SHAREHOLDERS' FUNDS 3,457,733 3,545,450

Company's (loss)/profit for the financial year (12,717 ) 28,870

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





L Jones - Director


ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023

Called up
share Retained Total
capital earnings equity
£ £ £

Balance at 1 June 2021 3,333,000 72,100 3,405,100

Changes in equity
Dividends - (114,000 ) (114,000 )
Total comprehensive income - 324,842 324,842
Balance at 31 May 2022 3,333,000 282,942 3,615,942

Changes in equity
Dividends - (75,000 ) (75,000 )
Total comprehensive income - (2,440 ) (2,440 )
Balance at 31 May 2023 3,333,000 205,502 3,538,502

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023

Called up
share Retained Total
capital earnings equity
£ £ £

Balance at 1 June 2021 3,333,000 297,580 3,630,580

Changes in equity
Dividends - (114,000 ) (114,000 )
Total comprehensive income - 28,870 28,870
Balance at 31 May 2022 3,333,000 212,450 3,545,450

Changes in equity
Dividends - (75,000 ) (75,000 )
Total comprehensive income - (12,717 ) (12,717 )
Balance at 31 May 2023 3,333,000 124,733 3,457,733

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,297,430 (1,713,096 )
Interest paid (103,132 ) (57,455 )
Tax paid (89,266 ) (59,980 )
Net cash from operating activities 1,105,032 (1,830,531 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,369,083 ) (62,121 )
Net cash from investing activities (1,369,083 ) (62,121 )

Cash flows from financing activities
New bank loans in year 750,000 -
Bank loan repayments in year (258,138 ) (225,081 )
Stocking loan movement (636,248 ) 1,471,257
Equity dividends paid (75,000 ) (114,000 )
Net cash from financing activities (219,386 ) 1,132,176

Decrease in cash and cash equivalents (483,437 ) (760,476 )
Cash and cash equivalents at beginning
of year

2

820,881

1,581,357

Cash and cash equivalents at end of year 2 337,444 820,881

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£ £
Profit before taxation 22,040 414,744
Depreciation charges 82,672 94,729
Movement in provisions 52,198 -
Finance costs 103,132 57,455
260,042 566,928
Decrease/(increase) in stocks 1,388,596 (2,229,811 )
Decrease/(increase) in trade and other debtors 444,793 (411,596 )
(Decrease)/increase in trade and other creditors (796,001 ) 361,383
Cash generated from operations 1,297,430 (1,713,096 )

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 31 May 2023
31/5/23 1/6/22
£ £
Cash and cash equivalents 337,444 820,881
Year ended 31 May 2022
31/5/22 1/6/21
£ £
Cash and cash equivalents 820,881 1,581,357


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/6/22 Cash flow changes At 31/5/23
£ £ £ £
Net cash
Cash at bank 820,881 (483,437 ) 337,444
820,881 (483,437 ) 337,444
Debt
Debts falling due
within 1 year (3,637,258 ) 894,386 (308,138 ) (3,051,010 )
Debts falling due
after 1 year (1,509,584 ) (750,000 ) 308,138 (1,951,446 )
(5,146,842 ) 144,386 - (5,002,456 )
Total (4,325,961 ) (339,051 ) - (4,665,012 )

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. COMPANY INFORMATION

All About The Buildings Limited was incorporated on 5 February 2019 under the Companies Act 2006, as a private company limited by shares and is registered in England and Wales. The principal activity of the Group is that of the sale and service of second hand vehicles. The address of its head office and registered office is 10-16 Botley Road, Hedge End, Southampton, Hampshire, SO30 2HE.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency is £ sterling.

Going concern
The finanical statements have been prepared on the going concern basis.

Financial reporting standard 102 - reduced disclosure exemptions
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

o the requirement of paragraph 3.17(d);
o the requirements of Section 7 Statement of Cash Flows;
o the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
o the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
o the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
o the requirement of paragraph 33.7.

Basis of consolidation
The group financial statements consolidate the accounts of All About The Buildings Limited and its subsidiary company. These financial statements are made up to 31 May 2023.

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.

Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method the results of subsidiary companies acquired or disposed of in the year are included in the consolidated Income Statement from the date of acquisition or up to the date of disposal.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

1) Leases
A lease that does not transfer substantially all of the risks and rewards of ownership is classified as an operating lease and is therefore not included in the statement of financial position.

2) Warranty provision
Estimates are based on management's expectations for the costs to be incurred in order to repair the used vehicle.

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents net sales during the year (excluding value added tax and discounts) adjusted for accrued and deferred income where applicable.

Turnover relates to the sale and servicing of vehicles and commissions. Vehicle sales are recognised when the goods are delivered to or collected by the customer. Turnover from the service of vehicles is recognised when the work is complete. Turnover arising from commissions is recognised when the customer is in receipt of the goods the commission relates to.

Tangible fixed assets
All fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows:

Freehold property (excluding land)50 years straight line
Fixtures and fittings12-36 months straight line
Motor vehicles12-36 months straight line
Computer equipment12-36 months straight line

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Income Statement.

No depreciation is provided on freehold land.

The directors have elected to classify properties rented to group companies as freehold properties within the parent company's accounts as permitted by FRS 102.

Stocks
Stock is stated at the lower of cost and net realisable value.

Vehicle stock is based on the purchase price of the vehicle plus any costs in bringing the vehicle to a suitable condition to sell. Provisions against cost are made where appropriate where the directors assess the estimated selling price to be lower than cost.

Work in progress is measured at the cost of labour and materials.

Taxation
Taxation for the period 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 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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date except that the recognition of deferred tax assets is limited to the extent that the company anticipates generating sufficient taxable profits in the future to fully absorb the reversal of the underlying timing differences.

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.

Operating lease commitments
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued

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 the Income Statement in the period to which they relate.

Financial instruments
Basic financial instruments are measured at amortised cost.

Warranty provision
The warranty provision represents the expected future costs to be incurred in order to repair vehicles under the period of the warranty.

Finance costs
Finance costs relate to the effective interest rates on the loans and have been charged directly to the Income Statement.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held on call with other banks and other short-term liquid investments with original maturities of three months or less.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2023 2022
£ £
Vehicles 37,366,068 36,999,397
Other associated sales 431,239 404,052
Rental income 8,333 -
37,805,640 37,403,449

4. EMPLOYEES AND DIRECTORS
2023 2022
£ £
Wages and salaries 1,568,117 1,510,437
Social security costs 172,831 175,316
Other pension costs 33,467 31,755
1,774,415 1,717,508

The average number of employees during the year was as follows:
2023 2022

Selling and other direct activities 33 36
Administration 7 9
40 45

The average number of employees by undertakings that were proportionately consolidated during the year was 40 (2022 - 45 ) .

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£ £
Directors' remuneration 243,453 240,287
Directors' pension contributions to money purchase schemes 3,963 3,963

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2023 2022
£ £
Emoluments etc 89,215 81,815
Pension contributions to money purchase schemes 1,321 1,321

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£ £
Hire of plant and machinery 1,206 1,363
Depreciation - owned assets 82,672 125,224
Auditors' remuneration 20,950 16,750

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£ £
Bank interest 934 1,046
Bank loan interest 102,198 56,409
103,132 57,455

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 25,000 90,000
Over/under provision in prior
year (520 ) (98 )

Tax on profit 24,480 89,902

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 22,040 414,744
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

4,188

78,801

Effects of:
Expenses not deductible for tax purposes 9,148 8,378
Adjustments to tax charge in respect of previous periods (520 ) (98 )
Movement in deferred tax unprovided 8,496 2,821
Other timing differences 2,508 -
Impact of super deduction (145 ) -
Impact of change in tax rates 805 -
Total tax charge 24,480 89,902

8. 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.


9. DIVIDENDS
2023 2022
£ £
Ordinary shares of £1 each
Final 75,000 114,000

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


10. OPERATING LEASES

Minimum lease payments are receivable as follows:

Group

2023 2022
£ £

Within one year 15,233 -
Between one and five years - -
In more than five years - -
15,233 -

Company

2023 2022
£ £

Within one year 390,233 375,000
Between one and five years 1,442,000 1,500,000
In more than five years 120,500 437,500
1,937,500 2,698,500

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 June 2022 4,026,120 163,907 18,759 44,697 4,253,483
Additions 1,366,031 1,462 - 1,590 1,369,083
At 31 May 2023 5,392,151 165,369 18,759 46,287 5,622,566
DEPRECIATION
At 1 June 2022 111,808 122,760 17,812 37,918 290,298
Charge for year 47,540 27,999 947 6,186 82,672
At 31 May 2023 159,348 150,759 18,759 44,104 372,970
NET BOOK VALUE
At 31 May 2023 5,232,803 14,610 - 2,183 5,249,596
At 31 May 2022 3,914,312 41,147 947 6,779 3,963,185

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


11. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£
COST
At 1 June 2022 4,026,120
Additions 1,366,031
At 31 May 2023 5,392,151
DEPRECIATION
At 1 June 2022 111,808
Charge for year 47,540
At 31 May 2023 159,348
NET BOOK VALUE
At 31 May 2023 5,232,803
At 31 May 2022 3,914,312

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 June 2022
and 31 May 2023 100
NET BOOK VALUE
At 31 May 2023 100
At 31 May 2022 100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Sparshatts Group Limited
Registered office: 10-16 Botley Road, Hedge End, Southampton, Hampshire, SO30 2HE
Nature of business: Sale and service of second hand vehicles
%
Class of shares: holding
Ordinary 100.00


ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


13. STOCKS

Group Company
2023 2022 2023 2022
£ £ £ £
Finished goods 4,136,467 5,519,497 142,282 126,833
Work-in-progress 2,879 8,445 - -
4,139,346 5,527,942 142,282 126,833

The carrying value of stock includes £3,416,498 (2022: £4,054,281) pledged as security for liabilities.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Trade debtors 83,507 18,642 14,463 -
Amounts owed by group undertakings - - 357,101 1,097,102
Other debtors 9,843 15,770 7,064 7,064
Directors' current accounts 4,024 446,985 4,024 446,985
Prepayments and accrued income 177,501 238,271 4,435 4,788
274,875 719,668 387,087 1,555,939

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts (see note 17) 287,500 237,500 287,500 237,500
Other loans (see note 17) 2,763,510 3,399,758 - -
Trade creditors 480,575 489,922 122,505 31,313
Corporation tax 25,000 89,786 10,000 18,000
Social security and other taxes 51,986 39,370 - -
VAT 256,808 710,773 37,122 290,340
Other creditors 90,540 92,866 - -
Directors' current accounts 16,592 2,394 16,592 2,394
Accruals and deferred income 334,399 843,781 10,485 59,897
4,306,910 5,906,150 484,204 639,444

The prior year Group figures have been amended to correctly reflect the nature of an advanced commission facility. This has led to 'other creditors' being reduced by £481,211 and 'Accruals and deferred income' being increased by £481,211.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans (see note 17) 1,951,446 1,509,584 1,951,446 1,509,584

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans 287,500 237,500 287,500 237,500
Vehicle stocking loan 2,763,510 3,399,758 - -
3,051,010 3,637,258 287,500 237,500
Amounts falling due between one and two years:
Bank loans - 1-2 years 287,500 237,500 287,500 237,500
Amounts falling due between two and five years:
Bank loans - 2-5 years 843,528 703,333 843,528 703,333
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more than 5 years 820,418 568,751 820,418 568,751

£1,478,943 of the bank loans are due for repayment in November 2029. Interest is charged at 2.5% above Finance House Bank Rate.

£729,170 of the bank loans are due for repayment in December 2037. Interest is charged at 2.5% above Finance House Bank Rate.

£30,833 of the bank loans are due for repayment in June 2026. Interest is charged at 2.5%.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable
operating leases
2023 2022
£ £
Within one year 67,875 70,654
Between one and five years - 67,875
67,875 138,529

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


19. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £

Other loans 2,763,510 3,399,758
Bank loans 2,208,113 1,706,250
Accruals and deferred income 179,208 481,211
5,150,831 5,587,219

The vehicle stocking loan (included in other loans) falling due within one year is secured against the stock items to which they relate.

The bank loans are secured by way of a fixed and floating charge over all the assets of the group.

Within accruals and deferred income falling due within one year is an advance commission facility. This is secured against the property and assets of the group.

20. PROVISIONS FOR LIABILITIES

2023 2022
£ £
Other provisions
Warranty provision 204,403 -



Warranty
provision
£

Provided during the year 52,198
Transferred from creditors 152,205
Balance at 31 May 2023 204,403

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
3,333,000 Ordinary £1 3,333,000 3,333,000

The ordinary shares are irredeemable and have full rights in the company with regard to voting, dividend and capital distribution.

ALL ABOUT THE BUILDINGS LIMITED (REGISTERED NUMBER: 11806378)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


22. RESERVES

Group
Retained
earnings
£

At 1 June 2022 282,942
Deficit for the year (2,440 )
Dividends (75,000 )
At 31 May 2023 205,502

Company
Retained
earnings
£

At 1 June 2022 212,450
Deficit for the year (12,717 )
Dividends (75,000 )
At 31 May 2023 124,733

Retained earnings are the accumulated profits and losses to date.

23. ULTIMATE CONTROLLING PARTY

The directors do not consider there to be any one individual controlling party.

24. RELATED PARTY DISCLOSURES

During the year purchases of £500,222 (2022: £410,135) were made from MediaQuest Ltd, a company in which Mr L Jones is a shareholder and director. The balance due to MediaQuest Ltd at the year end was £40,097 (2022: £43,150).

During the period, a loan was advanced to the company by Mr S Prebble, a director and shareholder of the company. The balance outstanding at the period end was £14,197 (2022: £151 was owed by Mr S Prebble) and is included within 'Creditors: amounts falling due within one year'.

During the period, a loan was advanced to by Mr L Jones by the company, a director and shareholder of the company. The balance outstanding at the period end was £4,024 (2022: £446,834) and is included within 'Debtors: amounts falling due within one year'.

During the period, a loan was advanced to the company by Mr B Jellett, a director and shareholder of the company. The balance outstanding at the period end was £2,394 (2022: £2,394) and is included within 'Creditors: amounts falling due within one year'.

The directors of the company have provided personal guarantees in relation to the bank loans taken out by All About The Buildings Limited.

During the period, a total of key management personnel compensation of £247,416 (2022: £244,249) was paid.