IRIS Accounts Production v24.3.2.46 11809056 Board of Directors 1.6.23 31.5.24 31.5.24 13/2/2025 false true false false true true true true true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh118090562023-05-31118090562024-05-31118090562023-06-012024-05-31118090562022-05-31118090562022-06-012023-05-31118090562023-05-3111809056ns15:EnglandWales2023-06-012024-05-3111809056ns14:PoundSterling2023-06-012024-05-3111809056ns10:Director12023-06-012024-05-3111809056ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3111809056ns10:SmallEntities2023-06-012024-05-3111809056ns10:Audited2023-06-012024-05-3111809056ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3111809056ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3111809056ns10:FullAccounts2023-06-012024-05-3111809056ns10:Director22023-06-012024-05-3111809056ns10:Director32023-06-012024-05-3111809056ns10:RegisteredOffice2023-06-012024-05-3111809056ns5:CurrentFinancialInstruments2024-05-3111809056ns5:CurrentFinancialInstruments2023-05-3111809056ns5:ShareCapital2024-05-3111809056ns5:ShareCapital2023-05-3111809056ns5:RetainedEarningsAccumulatedLosses2024-05-3111809056ns5:RetainedEarningsAccumulatedLosses2023-05-3111809056ns5:FurnitureFittings2023-05-3111809056ns5:MotorVehicles2023-05-3111809056ns5:ComputerEquipment2023-05-3111809056ns5:FurnitureFittings2023-06-012024-05-3111809056ns5:MotorVehicles2023-06-012024-05-3111809056ns5:ComputerEquipment2023-06-012024-05-3111809056ns5:FurnitureFittings2024-05-3111809056ns5:MotorVehicles2024-05-3111809056ns5:ComputerEquipment2024-05-3111809056ns5:FurnitureFittings2023-05-3111809056ns5:MotorVehicles2023-05-3111809056ns5:ComputerEquipment2023-05-3111809056ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-3111809056ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3111809056ns5:WithinOneYear2024-05-3111809056ns5:WithinOneYear2023-05-3111809056ns5:BetweenOneFiveYears2024-05-3111809056ns5:BetweenOneFiveYears2023-05-3111809056ns5:MoreThanFiveYears2024-05-3111809056ns5:MoreThanFiveYears2023-05-3111809056ns5:AllPeriods2024-05-3111809056ns5:AllPeriods2023-05-3111809056ns5:Secured2024-05-3111809056ns5:Secured2023-05-31
REGISTERED NUMBER: 11809056 (England and Wales)















SPARSHATTS GROUP LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024






SPARSHATTS GROUP LIMITED (REGISTERED NUMBER: 11809056)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SPARSHATTS GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: S C Prebble
L Jones
B M Jellett





REGISTERED OFFICE: Unit 2 Station Industrial Estate
Duncan Road
Park Gate
Southampton
SO31 1BX





REGISTERED NUMBER: 11809056 (England and Wales)





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

SPARSHATTS GROUP LIMITED (REGISTERED NUMBER: 11809056)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 1,183 16,794

CURRENT ASSETS
Stocks 5 4,013,830 4,046,257
Debtors 6 400,472 245,039
Cash at bank 175,397 206,334
4,589,699 4,497,630
CREDITORS
Amounts falling due within one year 7 4,695,557 4,179,958
NET CURRENT (LIABILITIES)/ASSETS (105,858 ) 317,672
TOTAL ASSETS LESS CURRENT
LIABILITIES

(104,675

)

334,466

PROVISIONS FOR LIABILITIES 10 125,306 204,403
NET (LIABILITIES)/ASSETS (229,981 ) 130,063

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (230,081 ) 129,963
SHAREHOLDERS' FUNDS (229,981 ) 130,063

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by:





L Jones - Director


SPARSHATTS GROUP LIMITED (REGISTERED NUMBER: 11809056)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. COMPANY INFORMATION

Sparshatts Group Limited was incorporated on 6 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 Sparshatts Group Limited is the sale and service of second hand vehicles. The address of its head office and registered office is Unit 2, Station Industrial Estate, Duncan Road, Park Gate, Southampton, SO31 1BX.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Finanical Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency is £ sterling.

Going concern
The company is reliant on the continued support from its parent company and the directors, who believe it is appropriate for the financial statements to be prepared on the going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with the parent company of the group.

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 balance sheet.

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 receivable. 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.

SPARSHATTS GROUP LIMITED (REGISTERED NUMBER: 11809056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

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:

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.

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 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 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company'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.

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.

SPARSHATTS GROUP LIMITED (REGISTERED NUMBER: 11809056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2023 - 40 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£ £ £ £
COST
At 1 June 2023
and 31 May 2024 165,369 18,759 46,287 230,415
DEPRECIATION
At 1 June 2023 150,758 18,759 44,104 213,621
Charge for year 13,428 - 2,183 15,611
At 31 May 2024 164,186 18,759 46,287 229,232
NET BOOK VALUE
At 31 May 2024 1,183 - - 1,183
At 31 May 2023 14,611 - 2,183 16,794

5. STOCKS
2024 2023
£ £
Finished goods 4,007,799 4,043,378
Work-in-progress 6,031 2,879
4,013,830 4,046,257

The carrying value of stock includes £3,800,538 (2023: £3,416,498) pledged as security for liabilities.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 178,321 69,044
Other debtors 7,308 2,929
Prepayments and accrued income 214,843 173,066
400,472 245,039

SPARSHATTS GROUP LIMITED (REGISTERED NUMBER: 11809056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Vehicle stocking loan 2,986,192 2,763,510
Trade creditors 307,363 358,071
Amounts owed to group undertakings 211,203 357,251
Corporation tax - 15,000
Social security and other taxes 69,258 51,986
VAT 168,994 219,686
Other creditors 8,604 90,540
Accruals and deferred income 943,943 323,914
4,695,557 4,179,958

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 375,000 442,875
Between one and five years 1,187,500 1,500,000
In more than five years - 62,500
1,562,500 2,005,375

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Other loans 2,986,192 2,763,510
Accruals and deferred income 804,721 179,208
3,790,913 2,942,718

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

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 company.

10. PROVISIONS FOR LIABILITIES

20242023
££
Other provisions
Warranty provision125,306204,403



Warranty
provision
£   

Balance at 31 May 2023204,403
Utilised during the year(79,097)
Balance at 31 May 2024125,306

SPARSHATTS GROUP LIMITED (REGISTERED NUMBER: 11809056)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Richards (Senior Statutory Auditor)
for and on behalf of Rothmans Audit LLP

12. CONTINGENT LIABILITIES

The company has entered into a guarantee arrangement in respect the bank borrowings of its parent company, All About The Buildings Limited. The bank loans are secured by way of a fixed and floating charge over all the company's assets. The total indebtedness at the balance sheet date is £1,930,418 (2023: £2,207,917).

13. RELATED PARTY DISCLOSURES

During the period, purchases of £420,509 (2023: £491,333) 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 £39,272 (2023: £38,548).

14. ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

The company is a subsidiary of All About The Buildings Limited which is the ultimate parent company incorporated in England & Wales. The registered office address is Unit 2, Station Industrial Estate, Duncan Road, Park Gate, Southampton, SO31 1BX.

The largest and smallest group in which the results of the company are consolidated is that headed by All About The Buildings Limited, incorporated in England & Wales. The consolidated accounts of this company are available to the public and may be obtained from Companies House. No other group accounts include the results of the company.

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