Company registration number 13696534 (England and Wales)
INSIDE OUT HOLDINGS LIMITED
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
INSIDE OUT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr C Woodhams
Mr L Vickers
Mr D Barrett
Mr N Brock
Company number
13696534
Registered office
Unit 1-3
Wedgwood Road
Bicester
OX26 4UL
Auditor
Ellacotts Audit Services Limited
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Bankers
Barclays Bank PLC
36 Market Square
Bicester
Oxfordshire
OX26 6AQ
INSIDE OUT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
INSIDE OUT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The directors present the strategic report for the year ended 31 May 2024.

Fair review of business

The business performance has remained strong. The group's order book is full at the moment as it continues to work with a diverse base of customers and suppliers. The group's current financial standing and order book leaves it in good stead to counter any exceptional market situations.

Principal risks and uncertainties

Market risk:

 

Not much has changed with respect to the risk factor in the contracting sector, if anything risks have got greater. This being the case, attention will be given to the monitoring of all areas of the market. Our work is principally based on continued strong relationships and new ones are critical.

 

Credit risk:

 

The business needs to continually monitor its customers and their financial position, where possible working closely with customers previously proven with respect to good working relationships and the ability to pay on time. Our work is principally based on strong existing relationships and any new projects with new customers are critically assessed before significant time and material investment.

 

Management of financial and non-financial risks;

 

The group recognises the importance of effective risk management systems and over the years has established procedures to monitor risks associated with our area of business. We will continue to improve and develop these procedures by implementing a specific risk board meeting that will review all financial and non-financial risks reported throughout the group.

 

Customer satisfaction:

 

The retention of customers and the ability to secure new work through that is the cornerstone of the success of the business. The group's philosophy is to invest in long term relationships which are reflected in the success of our top customers. We believe that customer satisfaction is imperative to make our business succeed and therefore a massive emphasis is attributed to monitoring and ensuring that our customers are satisfied.

INSIDE OUT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Development and performance

Profit margins are recovering post the economic downturn, but still not at the same levels, meaning we continue to push the need for better purchasing, and stronger, more focused management of individual jobs to ensure we maintain and grow profit margins.

 

It is also a priority to continue to maintain the strong held belief that has held the group in good stead and in doing so maintain and expand on the nucleus of our reliable and dependant client base in particular when it comes to payment terms.

 

Employment and subcontractors:

 

The group currently engages around 90 personnel including directors. In addition to this the group utilises the services of subcontractors where necessary. The intention is to maintain a realistic level of staff turnover; we have always focused on keeping a manageable and affordable workforce, in particular subcontractors, whilst increasing growth and maintaining our pristine work quality, so as to combat the squeeze on profit margins as a consequence of the current economic market.

 

The business is committed to continuing communication and dialogue with its employees. It believes there is a strong link between informed, motivated staff and operational effectiveness. The employees are encouraged to share and discuss experiences (positive and negative) and this is being achieved through an open and friendly environment.

 

The business is committed to providing equal opportunities to all employees, irrespective of their sex, sexual orientation, marital status, creed, colour, race, ethnic origin or disability. The commitment extends to recruitment and election, training, career development, flexible working arrangements, promotion and performance appraisal.

 

Health and safety:

 

The Inside Out group values the welfare of its employees and sub-contractors and is therefore totally committed to reducing risks and improving working conditions. Safety planning is an integral part of our Quality Assurance procedure.

 

Position of the business at the end of the year:

 

At the end of the year the order book looks healthy and we anticipate turnover next year to be on par with this year's, if not higher. It is our intention to maintain the diversity across sectors ensuring work is available if and when an individual sector slumps in the market.

Key performance indicators

Two of the performance indicators used by the group are turnover and gross profit. Turnover has increased by 0.2% this year. The gross profit margin for 2024 was 23.2% compared to 20.89% for 2023. The results each year remain dependant on the degree of completion of contracts around the balance sheet date.

 

A further indicator is net profit before tax of £1,322,730, which has again been strong this year. Net profit before tax for this year is 6.6% of turnover compared to 6.4% last year.

On behalf of the board

Mr L Vickers
Director
25 February 2025
INSIDE OUT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the group continued to be that of a specialist construction and building contractor. The principal activity of the company was that of a holding company.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr C Woodhams
Mr L Vickers
Mr D Barrett
Mr N Brock
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr L Vickers
Director
25 February 2025
INSIDE OUT HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 4 -

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INSIDE OUT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INSIDE OUT HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Inside Out Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

INSIDE OUT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INSIDE OUT HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK),we exercise professional judgment and maintain professional scepticism throughout the audit. We also performed the following procedures:

 

 

INSIDE OUT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INSIDE OUT HOLDINGS LIMITED
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Leigh Dudley FCCA (Senior Statutory Auditor)
For and on behalf of Ellacotts Audit Services Limited
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
25 February 2025
INSIDE OUT HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
20,134,692
20,091,986
Cost of sales
(15,461,491)
(15,894,144)
Gross profit
4,673,201
4,197,842
Administrative expenses
(3,363,016)
(2,847,247)
Other operating income
38,960
-
Operating profit
4
1,349,145
1,350,595
Interest receivable and similar income
6
46,595
207
Interest payable and similar expenses
7
(73,010)
(64,872)
Profit before taxation
1,322,730
1,285,930
Tax on profit
8
(446,131)
(323,737)
Profit for the financial year
20
876,599
962,193
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
INSIDE OUT HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
1,715,371
1,946,657
Tangible assets
10
1,286,911
1,249,235
Investment property
11
926,180
962,857
3,928,462
4,158,749
Current assets
Stocks
14
542,239
401,443
Debtors
15
4,870,391
3,163,866
Cash at bank and in hand
1,762,579
2,629,317
7,175,209
6,194,626
Creditors: amounts falling due within one year
16
(4,395,279)
(4,241,479)
Net current assets
2,779,930
1,953,147
Total assets less current liabilities
6,708,392
6,111,896
Provisions for liabilities
Deferred tax liability
17
37,982
37,982
(37,982)
(37,982)
Net assets
6,670,410
6,073,914
Capital and reserves
Called up share capital
19
10
10
Other reserves
20
3,724,220
3,724,220
Profit and loss reserves
20
2,946,180
2,349,684
Total equity
6,670,410
6,073,914

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
25 February 2025
Mr L Vickers
Director
Company registration number 13696534 (England and Wales)
INSIDE OUT HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
2,100,000
2,100,000
Current assets
Debtors
15
100,000
100,000
Creditors: amounts falling due within one year
16
(2,269,047)
(2,196,093)
Net current liabilities
(2,169,047)
(2,096,093)
Net (liabilities)/assets
(69,047)
3,907
Capital and reserves
Called up share capital
19
10
10
Profit and loss reserves
20
(69,057)
3,897
Total equity
(69,047)
3,907

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £72,954 (2023 - £174 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
25 February 2025
Mr L Vickers
Director
Company registration number 13696534 (England and Wales)
INSIDE OUT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
Share capital
Consolidation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2022
10
3,724,220
1,387,491
5,111,721
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
962,193
962,193
Balance at 31 May 2023
10
3,724,220
2,349,684
6,073,914
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
876,599
876,599
Dividends
-
-
(280,103)
(280,103)
Balance at 31 May 2024
10
3,724,220
2,946,180
6,670,410
INSIDE OUT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2022
10
3,723
3,733
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
174
174
Balance at 31 May 2023
10
3,897
3,907
Year ended 31 May 2024:
Profit and total comprehensive income
-
(72,954)
(72,954)
Balance at 31 May 2024
10
(69,057)
(69,047)
INSIDE OUT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(219,038)
1,346,449
Interest paid
(73,010)
(64,872)
Income taxes paid
(178,851)
(629,486)
Net cash (outflow)/inflow from operating activities
(470,899)
652,091
Investing activities
Purchase of tangible fixed assets
(340,195)
(501,205)
Proceeds from disposal of tangible fixed assets
14,350
56,665
Purchase of investment property
-
(408,797)
Repayment of loans
126,837
(64,897)
Interest received
46,595
207
Other income received from investments
36,677
-
0
Net cash used in investing activities
(115,736)
(918,027)
Financing activities
Dividends paid to equity shareholders
(280,103)
-
0
Net cash used in financing activities
(280,103)
-
Net decrease in cash and cash equivalents
(866,738)
(265,936)
Cash and cash equivalents at beginning of year
2,629,317
2,895,253
Cash and cash equivalents at end of year
1,762,579
2,629,317
INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
1
Accounting policies
Company information

Inside Out Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 1-3, Wedgwood Road, Bicester, OX26 4UL.

1.1
Accounting convention

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.

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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Inside Out Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 May 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 

Amounts recoverable on contracts

 

Amounts recoverable on long term contracts, which are included within debtors, reflect the value of the work included in revenue les invoices to date.

 

Payments on account

 

To the extent that payments received exceed work in progress the excess progress payments are included creditors due within one year as payments received on account.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
50 years straight line
Plant and machinery
3 - 6 years straight line or 4 - 5 years reducing balance
Fixtures and fittings
4 years straight line
Motor vehicles
4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

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 or loss.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank and in hand with original maturities of three months or less.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Critical judgements

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

Recognition of profit on long term contracts

Profit recognition is based on an assessment of the overall profitability forecast on individual contracts. Losses are recognised as soon as they are reliably foreseen. Profits are recognised by the directors when the outcome of the contract can be assessed with reasonable certainty. The profit recognised reflects that part of the total profit currently estimated to arise over the duration of the contract that fairly represents the profit attributable to work performed at the accounting date.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction contracts
20,134,692
20,051,414
Other revenue
-
40,572
20,134,692
20,091,986
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
20,134,692
20,091,986
2024
2023
£
£
Other revenue
Interest income
46,595
207
INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 21 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
6,000
6,000
Depreciation of owned tangible fixed assets
281,997
182,831
Loss on disposal of tangible fixed assets
6,172
13,077
Amortisation of intangible assets
231,286
231,286
Operating lease charges
13,037
13,037
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
12
12
-
-
77
70
-
-
Total
89
82
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,799,260
3,343,714
-
0
-
0
Social security costs
473,303
366,264
-
-
Pension costs
118,685
66,081
-
0
-
0
4,391,248
3,776,059
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
46,595
207
INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
56
46
Other interest on financial liabilities
72,954
64,826
Total finance costs
73,010
64,872
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
446,131
347,979
Deferred tax
Origination and reversal of timing differences
-
0
(24,242)
Total tax charge
446,131
323,737

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,322,730
1,285,930
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
330,683
257,186
Tax effect of expenses that are not deductible in determining taxable profit
4,886
20,248
Permanent capital allowances in excess of depreciation
52,740
25,685
Amortisation on assets not qualifying for tax allowances
57,822
46,257
Tax at marginal rate
-
0
(25,639)
Taxation charge
446,131
323,737
INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
2,312,860
Amortisation and impairment
At 1 June 2023
366,203
Amortisation charged for the year
231,286
At 31 May 2024
597,489
Carrying amount
At 31 May 2024
1,715,371
At 31 May 2023
1,946,657
The company had no intangible fixed assets at 31 May 2024 or 31 May 2023.
10
Tangible fixed assets
Group
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
860,835
144,196
2,298
1,006,086
2,013,415
Additions
-
0
12,310
-
0
327,885
340,195
Disposals
-
0
-
0
-
0
(70,190)
(70,190)
At 31 May 2024
860,835
156,506
2,298
1,263,781
2,283,420
Depreciation and impairment
At 1 June 2023
188,741
141,006
1,637
432,796
764,180
Depreciation charged in the year
15,196
3,872
166
262,763
281,997
Eliminated in respect of disposals
-
0
-
0
-
0
(49,668)
(49,668)
At 31 May 2024
203,937
144,878
1,803
645,891
996,509
Carrying amount
At 31 May 2024
656,898
11,628
495
617,890
1,286,911
At 31 May 2023
672,094
3,190
661
573,290
1,249,235
The company had no tangible fixed assets at 31 May 2024 or 31 May 2023.
INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
10
Tangible fixed assets
(Continued)
- 24 -

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
656,898
672,094
-
0
-
0
11
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 June 2023 and 31 May 2024
962,857
-
Net gains or losses through fair value adjustments
(36,677)
-
At 31 May 2024
926,180
-

The investment property was purchased in the year and, in the opinion of the directors, the value has not materially changed during the period of acquisition up to the year end.

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2,100,000
2,100,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023 and 31 May 2024
2,100,000
Carrying amount
At 31 May 2024
2,100,000
At 31 May 2023
2,100,000
13
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
13
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Inside Out Developments Limited
Unit 1 - 3 1 Wedgwood Road, Bicester, England, OX26 4UL
Ordinary Shares
100.00
4 Way Developments Holdings Limited
Unit 1 - 3 1 Wedgwood Road, Bicester, England, OX26 4UL
Ordinary Shares
100.00
Inside Out Bathrooms Limited
Unit 1 - 3 1 Wedgwood Road, Bicester, England, OX26 4UL
Ordinary Shares
100.00
Inside Out Tile Supplies Limited
Unit 1 - 3 1 Wedgwood Road, Bicester, England, OX26 4UL
Ordinary Shares
100.00
Inside Out Group Limited
Unit 1 - 3 1 Wedgwood Road, Bicester, England, OX26 4UL
Ordinary Shares
100.00

Section 479A parent company guarantee

For the financial year ended 31 May 2023, one of the company's subsidiaries, 4 Way Development Holdings Limited, has taken the audit exemption in their individual accounts under Section 479A of the Companies Act 2006. The outstanding liabilities at the balance sheet date of 4 Way Development Holdings Limited have been guaranteed by the company pursuant to Section 479A and Section 479C of the Companies Act 2006.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
512,239
371,443
-
-
Finished goods and goods for resale
30,000
30,000
-
0
-
0
542,239
401,443
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,143,174
1,826,652
-
0
-
0
Gross amounts owed by contract customers
2,386,755
872,521
-
0
-
0
Other debtors
313,265
453,447
100,000
100,000
Prepayments and accrued income
27,197
11,246
-
0
-
0
4,870,391
3,163,866
100,000
100,000
INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
803,581
666,985
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,522,593
1,626,407
Corporation tax payable
502,231
234,951
-
0
-
0
Other taxation and social security
295,280
359,398
-
-
Other creditors
1,009,585
895,257
746,454
569,686
Accruals and deferred income
1,784,602
2,084,888
-
0
-
0
4,395,279
4,241,479
2,269,047
2,196,093
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
9,558
9,558
Revaluations
31,975
31,975
Retirement benefit obligations
(3,551)
(3,551)
37,982
37,982
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.

The deferred tax liability set out above that is in relation to accelerated capital allowances is expected to reverse within 12 months as the capital allowances are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
118,685
66,081

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,000
1,000
10
10
INSIDE OUT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 28 -
20
Reserves
Consolidation reserve

The consolidation reserve included within the statement of changes in equity relates to the uplift of the investment in the subsidiary to fair value at the date of acquisition which is required for consolidation purposes according to the acquisition method of accounting for business combinations which is being used in these financial statements.

21
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year/period after tax
876,599
962,193
Adjustments for:
Taxation charged
446,131
323,737
Finance costs
73,010
64,872
Investment income
(46,595)
(207)
Loss on disposal of tangible fixed assets
6,172
13,077
Amortisation and impairment of intangible assets
231,286
231,286
Depreciation and impairment of tangible fixed assets
281,997
182,831
Movements in working capital:
Increase in stocks
(140,796)
(121,624)
(Increase)/decrease in debtors
(1,833,362)
659,661
Decrease in creditors
(113,480)
(969,377)
Cash (absorbed by)/generated from operations
(219,038)
1,346,449
22
Analysis of changes in net funds - group
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
2,629,317
(866,738)
1,762,579
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