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Registered number: 04144007
Inside Out Estates Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Athena Accountants & Business Advisors Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04144007
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 997,500 997,500
Investments 5 1 1
997,501 997,501
CURRENT ASSETS
Debtors 6 9,538 8,453
Cash at bank and in hand 140,492 154,169
150,030 162,622
Creditors: Amounts Falling Due Within One Year 7 (722,279 ) (765,119 )
NET CURRENT ASSETS (LIABILITIES) (572,249 ) (602,497 )
TOTAL ASSETS LESS CURRENT LIABILITIES 425,252 395,004
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (60,019 ) (60,019 )
NET ASSETS 365,233 334,985
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 365,133 334,885
SHAREHOLDERS' FUNDS 365,233 334,985
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Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Colin Woodhams
Director
15/01/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Inside Out Estates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04144007 . The registered office is Unit 1 - 3 1 Wedgwood Road, Bicester, OX26 4UL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable for land and property rented.
2.3. Investment Properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit and loss account.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Investment Property
2024
£
Fair Value
As at 1 June 2023 and 31 May 2024 997,500
5. Investments
Unlisted
£
Cost
As at 1 June 2023 1
As at 31 May 2024 1
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 1
As at 1 June 2023 1
The unlisted investment represents 100% of the ordinary share capital of Inside Out Tile Supplies Limited, a wholly owned dormant subsidiary. 
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 821 -
Amounts owed by subsidiaries 7,723 7,459
Amounts due from related parties 994 994
9,538 8,453
Amounts owed by subsidiaries is a loan to Inside Out Tile Supplies Limited. The loan is unsecured, interest free with no fixed date of repayment.
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 222 382
Corporation tax - 6,593
Director's loan account 721,856 757,943
Amounts owed to related parties 201 201
722,279 765,119
The amounts owed to subsidiaries represents a loan from Inside Out Tile Supplies Limited. The loan was interest free, unsecured and repayable as cashflow permits. Due to a financial restructure during the year, this amount was settled in full by the Director of the Company. The loan remains interest free, unsecured and repayable as cashflow permits. 
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8. Deferred Taxation
The following are the deferred tax liabilites, resulting from timing differences, recognised by the company:

2024 2023
£ £
Other timing differences 60,019 60,019
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Ultimate Controlling Party
The company's ultimate controlling party is Colin Woodhams by virtue of his ownership of 99% of the issued share capital in the company.
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