Company registration number 07816859 (England and Wales)
CARRINGTON UMBRELLA LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CARRINGTON UMBRELLA LTD
COMPANY INFORMATION
Directors
Ms N Owen
Mr J Mumford
Company number
07816859
Registered office
Birchin Court
20 Birchin Lane
London
EC3V 9DU
Auditor
Streets Audit LLP
Tower House
Lucy Tower Street
Lincoln
LN1 1XW
CARRINGTON UMBRELLA LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 18
CARRINGTON UMBRELLA LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The business strategy which the directors have applied during the year ended 31 March 2023 and which the directors continue to apply is laid out as follows;

 

- To ensure that the business adheres to all applicable laws and regulations.

 

- To conduct its business in a manner which ensures compliance with the FCSA code.

 

- To conduct business always with a view of making a profit.

 

- To treat workers and business partners fairly.

 

- To protect the business by not taking un-necessary risks. For instances, we have not set up an online portal (as many competitors have) in order to reduce the risk of the business being hacked.

 

- To maintain a size of operation that enables the current management to manage the business well and to avoid the over-regulation that would come with expansion.

 

- To continue to run the business with no outside funding requirement.

 

- To keep the business strategy simple.

 

We note that the umbrella market is undergoing government review relating to how the market is regulated. We believe that the above strategy will put the company in a good position to trade through any regulatory changes.

Review of the business

Profit before tax has increased in the year ended 31 March 2023 by 48% and the directors are happy with the way that the company has been able to manage the increased level of business with its existing staff. It is expected that sales will reduce in year ended 31/03/24 but the company expects to remain in profit.

Key performance indicators

The directors consider that the company has a very simple business model and Key Performance Indicators are;

Sales                     increase of 57%

Profit before tax             increase of 48%

Average employee numbers         288 (y/e 31/03/22 : 231)

Cash at bank                 increase of 35%

CARRINGTON UMBRELLA LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Promoting the success of the company

The directors are aware of their duties to promote the success of the company, based on the following six factors;

 

  1. Long term consequences of decisions – the directors believe that no decisions have been taken that would cause long term negative consequences for any stakeholders. The directors believe that the long term success of the company can be achieved by forging strong long term relationships with all key stakeholders.

     

  2. Interests of the company’s employees (including disabled employees) – the company is very much a people based company and dealing with its employees and workers fairly is central to all decision-making. The company will, wherever possible, continue to employ staff who may become disabled and will offer and provide additional training as necessary. The directors ensure there is regular lines of communication with staff, particularly in relation to holiday pay, pension arrangements and, where necessary, statutory pay.

     

  3. The need to foster the company’s business relationships with suppliers, customers and others – the directors have developed good long term relationships with both customers and suppliers and keep in regular contact with them. Treating them fairly and with respect is good business practice which the directors actively promote.

     

  4. Impact of the company’s operations on the community and the environment – the company’s workforce is extremely widely spread geographically, exclusively working on client sites, making it very difficult to assess community impacts. Staff are encouraged to respect the environment as much as possible.

     

  5. Reputation for a high standard of business conduct – the directors are very aware that high standards and good reputations are crucial in a people-centric business. Membership of the FCSA requires annual monitoring of a fit and proper test for the directors and this is welcomed. The directors ensure that compliance procedures are followed including UK legislation under the Bribery Act and Modern Slavery Act.

     

  6. The need to act fairly as between members of the company – the company is 100% owned by Alkaios Ltd and the directors consider that the member is treated very fairly, particularly in relation to payment of dividends, which are paid on a regular basis.

On behalf of the board

Ms N Owen
Director
17 November 2023
CARRINGTON UMBRELLA LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company continued to be that of Umbrella payroll company.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £31,000. 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:

Ms N Owen
Mr J Mumford
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

CARRINGTON UMBRELLA LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Statement of directors' responsibilities

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Ms N Owen
Director
17 November 2023
CARRINGTON UMBRELLA LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARRINGTON UMBRELLA LTD
- 5 -
Opinion

We have audited the financial statements of Carrington Umbrella Ltd (the 'company') for the year ended 31 March 2023 which comprise the statement of income and retained earnings, the balance sheet 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 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 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.

CARRINGTON UMBRELLA LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CARRINGTON UMBRELLA LTD
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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 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 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.

 

 

 

CARRINGTON UMBRELLA LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CARRINGTON UMBRELLA LTD
- 7 -

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

 

We have assessed that there is a significant risk of material misstatement relating to revenue recognition which is pinpointed to the cut off assertion specifically around the year-end. To address this risk:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

 

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

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.

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.

Other matters which we are required to address

The financial statements of the company for the year ended 31 March 2022, forming the corresponding figures in these financial statements for the year ended 31 March 2023, are not audited because the company took advantage of S477 small company audit exemption in the prior period.

CARRINGTON UMBRELLA LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CARRINGTON UMBRELLA LTD
- 8 -

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.

Daniel Insley BA ACA
Senior Statutory Auditor
For and on behalf of Streets Audit LLP
17 November 2023
Chartered Accountants
Statutory Auditor
Tower House
Lucy Tower Street
Lincoln
LN1 1XW
CARRINGTON UMBRELLA LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
41,402,656
26,402,428
Cost of sales
(41,156,481)
(26,165,506)
Gross profit
246,175
236,922
Administrative expenses
(219,587)
(204,736)
Operating profit
4
26,588
32,186
Interest receivable and similar income
8
23,487
1,595
Profit before taxation
50,075
33,781
Tax on profit
9
(9,747)
(6,403)
Profit for the financial year
40,328
27,378
Retained earnings brought forward
14,465
11,587
Dividends
10
(31,000)
(24,500)
Retained earnings carried forward
23,793
14,465

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CARRINGTON UMBRELLA LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
671
343
Current assets
Debtors
12
429,491
2,168,347
Cash at bank and in hand
3,441,133
2,536,748
3,870,624
4,705,095
Creditors: amounts falling due within one year
13
(3,847,501)
(4,690,972)
Net current assets
23,123
14,123
Net assets
23,794
14,466
Capital and reserves
Called up share capital
15
1
1
Profit and loss reserves
23,793
14,465
Total equity
23,794
14,466
The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
Ms N  Owen
Director
Company registration number 07816859 (England and Wales)
CARRINGTON UMBRELLA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
1
Accounting policies
Company information

Carrington Umbrella Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Birchin Court, 20 Birchin Lane, London, EC3V 9DU.

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.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of Alkaios Ltd. These consolidated financial statements are available from its registered office, Birchin Court, Birchin Lane, London, EC3V 9DU.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

1.4
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.

CARRINGTON UMBRELLA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 12 -

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:

Computers
3 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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

1.6
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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 instruments are initially recognised at transaction value and subsequently measured at amortised cost.

 

Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital.

 

Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, 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.

CARRINGTON UMBRELLA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 13 -
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 company 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.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Taxation

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

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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CARRINGTON UMBRELLA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
1.8
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.

1.9
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’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

We do not believe the accounts to contain any significant accounting estimates or judgements.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Fees
41,402,656
26,402,428
2023
2022
£
£
Other revenue
Interest income
23,487
1,595

All turnover relates to sales of services within the United Kingdom.

CARRINGTON UMBRELLA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
297
47
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
4,850
4,500
For other services
All other non-audit services
500
500
6
Employees

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

2023
2022
Number
Number
288
231

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
32,337,658
20,653,157
Social security costs
4,464,201
2,705,904
Pension costs
4,510,934
2,924,885
41,312,793
26,283,946
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
13,714
4,166
CARRINGTON UMBRELLA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
23,487
1,595
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
9,747
6,403

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:

2023
2022
£
£
Profit before taxation
50,075
33,781
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
9,514
6,418
Tax effect of expenses that are not deductible in determining taxable profit
216
12
Under/(over) provided in prior years
172
47
Capital allowances
(155)
(74)
Taxation charge for the year
9,747
6,403
10
Dividends
2023
2022
£
£
Final paid
31,000
24,500
CARRINGTON UMBRELLA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
11
Tangible fixed assets
Computers
£
Cost
At 1 April 2022
390
Additions
625
At 31 March 2023
1,015
Depreciation and impairment
At 1 April 2022
47
Depreciation charged in the year
297
At 31 March 2023
344
Carrying amount
At 31 March 2023
671
At 31 March 2022
343
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
308,722
1,993,813
Amounts owed by group undertakings
93,424
119,455
Other debtors
21,378
48,702
Prepayments and accrued income
5,967
6,377
429,491
2,168,347
13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
417,280
1,802,104
Corporation tax
9,747
6,403
Other taxation and social security
1,556,971
1,494,914
Other creditors
1,858,093
1,382,551
Accruals and deferred income
5,410
5,000
3,847,501
4,690,972
CARRINGTON UMBRELLA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
14
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
4,510,934
2,924,885

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
1
1
16
Financial commitments, guarantees and contingent liabilities

As at the balance sheet date the directors were not aware of any contingent liabilities.

17
Directors' transactions

Dividends totalling £21,700 (2022 - £17,150) were paid in the year in respect of shares held by the company's directors.

18
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

At the year the following balances were due/payable to other group companies.

 

Carrington Corporate Services amounts payable of £12,892.66 (2022: amounts due £24,973.05).

 

Carrington Management Services amounts due of £93,274.35 (2022: £94,332.02)

 

Alkaios Ltd amounts due of £150 (2022: £150).

19
Ultimate controlling party

The company is a wholly owned subsidiary of Alkaios Limited, a company controlled by the directors of Alkaios Limited. The company is incorporated in England and Wales. The registered office is Birchin Court, 20 Birchin Lane, London, EC3V 9DU. Consolidated group accounts are prepared, and are available from Companies House (https://www.gov.uk/get-information-about-a-company).

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