Registered number |
WIS Umbrella | |
Report and accounts | |
Contents | |
Page | |
Company information | 1 |
Directors' report | 2 |
Strategic report | 4 |
Independent auditor's report | 5 |
Income statement | 6 |
Statement of financial position | 7 |
Statement of changes in equity | 8 |
Statement of cash flows | 9 |
Notes to the financial statements | 10 |
Company Information |
Directors |
Auditors |
269 Farnborough Road |
Farnborough |
Hampshire |
GU14 7LY |
Registered office |
C/O Wis Accountancy Ltd - No 4 Imperial Place |
Maxwell Road |
Borehamwood |
Hertfordshire |
WD6 1JN |
Registered number |
Registered number: | |||||||
Directors' Report | |||||||
The directors present their report and financial statements for the year ended |
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Principal activities | |||||||
Directors | |||||||
The following persons served as directors during the year: | |||||||
Directors' responsibilities |
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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: | |||||||
● | select suitable accounting policies and then apply them consistently; | ||||||
● | make judgements and estimates that are reasonable and prudent; | ||||||
● | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; | ||||||
● | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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. |
Disclosure of information to auditors |
Each person who was a director at the time this report was approved confirms that: | |||||||
● | so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and | ||||||
● | he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. |
This report was approved by the board on |
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Wijay Kanagasundaram | |||||||
Director | |||||||
Strategic Report | ||
The directors present the strategic report for the year ended 31 October 2023. Review of the business The company's principal activity is that payroll services in the contractor sector. During the year turnover has increased from £9,932k to £12,233k due to the increase activity and wage inflation. Principal risks and uncertainties The directors have assessed the main risks facing the company as being legislative and tax changes in the contractor sector, along with the following: Regulatory risk: Changes in employment law and tax legislation are the primary regulatory risk that the business faces. The company reviews any proposed changes to legislation and plans accordingly to ensure that systems and processes are developed to ensure ongoing compliance. Credit risk: The risk that customers or counterparties will not be able to meet their obligations is managed by specific policies and procedures which ensure that payment terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. Operational risk: The nature of the company's business requires the processing of large numbers of transactions quickly, efficiently and accurately. The key risks which arise as a result are fraud, error, incomplete documentation, system failure or shortage of capacity or resource. The company invests in technology, develops efficient processes, undertakes staff training and implements risk control procedures to mitigate these risks. The directors believe that the diverse business strategy will mitigate the risk. Development and performance At the year end the company had shareholders' funds of £30,951 (2022: £8,054). The cash position stood at £817k (2022: £750k). Key performance indicators The directors monitor the performance of the company against annual budgets, re-forecasts and sector competitors. Debtors Day are 21.72 which is an acceptable result. The current ratio is 1.03:1, which is an acceptable level of liquidity. Future developments The directors believe the quality of our services will help to see growth and satisfactory trading results for the coming year. Financial risk management objectives and policies The company makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities and financial position and profit or loss of the company 172 statement Section 172 of the Companies Act. 2006 requires the directors of WIS Umbrella Ltd to act in a way which they consider promotes the long-term benefit of its members as a whole. In doing so, the directors take due consideration, amongst other matters, to: • the likely consequences of any decision in the long term The Board of directors are committed to promoting the success of the company for the benefit of its stakeholders, including shareholders; employees and their families; customers; suppliers; and the community. The company conducts regular board meetings to monitor and appraise the company's progress against its strategic priorities. • the interests of the company's employees Information about matters of concern to colleagues 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. • the need to foster the company's business relationships with suppliers, customers and others The company actively reviews its approach to fostering long term business relationships with its customers, suppliers, and other stakeholders, always seeking to operate in a manner aligned with its values and with integrity. The company regards regulatory compliance with the utmost importance, and we seek to foster open and productive relationships with all relevant regulatory bodies. • the impact of the company's operations on the community and the environment The Board also regularly considers its environmental, corporate social responsibility, and risk management approach. • the desirability of the company maintaining a reputation for high standards of business conduct Training is provided to directors and senior managers on corporate governance and covers such areas as Responsibilities of Directors, GDPR, Bribery Act and Health and Safety requirements. |
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This report was approved by the board on 31 July 2024 and signed on its behalf. | ||
Wijay Kanagasundaram | ||
Director | ||
WIS Umbrella | ||
Independent auditor's report | ||
to the members of WIS Umbrella | ||
Opinion |
We have audited the financial statements of WIS Umbrella (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the 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 the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). | ||
In our opinion the financial statements: | ||
● | give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended; | |
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; | |
● | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion | ||
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 matters which we are required to address | ||
The financial statements of the company for the year ended 31 October 2022 were unaudited. We have followed auditing standards in accordance with ISA (UK) 705 in obtaining sufficient appropriated audit evidence regarding the opening balances. | ||
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 the audit: | ||
● | the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and | |
● | the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. | |
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: | ||
● | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | |
● | the financial statements are not in agreement with the accounting records and returns; or | |
● | certain disclosures of directors’ remuneration specified by law are not made; or | |
● | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors | ||
As explained more fully in the 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. | ||
Irregularities – ability to detect Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general auditing and accounting experience and through discussion with the directors and other management (as required by auditing standards), the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statement, for instance through the imposition of fines or litigation. We identified areas as those most likely to have such an effect such as anti-bribery and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
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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. | ||
(Senior Statutory Auditor) | ||
for and on behalf of | 269 Farnborough Road | |
Farnborough | ||
Statutory Auditor | Hampshire | |
GU14 7LY | ||
Income Statement | ||||||||
for the year ended |
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Notes | 2023 | 2022 | ||||||
£ | £ | |||||||
Turnover | 3 | |||||||
Cost of sales | ( |
( |
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Gross profit | ||||||||
Administrative expenses | ( |
( |
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Operating profit | 4 | |||||||
Interest receivable | - | |||||||
Profit on ordinary activities before taxation | ||||||||
Tax on profit on ordinary activities | 6 | ( |
( |
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Profit for the financial year | ||||||||
Statement of Financial Position | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 7 | ||||||
Current assets | |||||||
Debtors | 8 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 9 | ( |
( |
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Net current assets | |||||||
Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | 10 | ||||||
Profit and loss account | 11 | ||||||
Total equity | |||||||
Wijay Kanagasundaram | |||||||
Director | |||||||
Approved by the board on |
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Statement of Changes in Equity | ||||||||||
for the year ended |
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Share | Share | Other | Profit | Total | ||||||
capital | premium | reserves | and loss | |||||||
account | ||||||||||
£ | £ | £ | £ | £ | ||||||
At 1 November 2021 | - | - | ||||||||
Profit for the financial year | 790 | 790 | ||||||||
At 31 October 2022 | 300 | - | - | 7,754 | 8,054 | |||||
At 1 November 2022 | - | - | ||||||||
Profit for the financial year | ||||||||||
At 31 October 2023 | - | - | ||||||||
Statement of Cash Flows | |||||
for the year ended |
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Notes | 2023 | 2022 | |||
£ | £ | ||||
Operating activities | |||||
Profit for the financial year | 22,897 | 790 | |||
Adjustments for: | |||||
Interest receivable | (4,397) | - | |||
Tax on profit on ordinary activities | 6,094 | 228 | |||
Depreciation | 180 | - | |||
Increase in debtors | (223,014) | - | |||
Increase in creditors | 261,128 | - | |||
Interest received | - | ||||
Corporation tax paid | ( |
- | |||
Cash generated by operating activities | |||||
Investing activities | |||||
Proceeds from sale of tangible fixed assets | - | - | |||
Cash generated by investing activities | - | - | |||
Net cash generated | |||||
Cash generated by operating activities | |||||
Cash generated by investing activities | - | - | |||
Net cash generated | |||||
Cash and cash equivalents at 1 November | 750,651 | 749,633 | |||
Cash and cash equivalents at 31 October | 817,709 | 750,651 | |||
Cash and cash equivalents comprise: | |||||
Cash at bank | |||||
WIS Umbrella | ||||||||
Notes to the Accounts | ||||||||
for the year ended 31 October 2023 | ||||||||
1 | Summary of significant accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: | ||||||||
Plant and machinery | over 5 years |
Taxation | ||||||||
Provisions | ||||||||
Foreign currency translation | ||||||||
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions | ||||||||
2 | Critical accounting estimates and judgements | |||||||
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. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Employee cost accrual Turnover and the associated costs on employees are recognised as the work is carried out which is verified by the employee timesheet. Turnover and the associated costs are estimated as the proportion of the workforce which is expected to perform weekly work which have not submitted a timesheet at the year end date. |
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3 | Analysis of turnover | 2023 | 2022 | |||||
£ | £ | |||||||
Services rendered | ||||||||
By geographical market: | ||||||||
UK | ||||||||
Europe | - | |||||||
4 | Operating profit | 2023 | 2022 | |||||
£ | £ | |||||||
This is stated after charging: | ||||||||
Depreciation of owned fixed assets | ||||||||
5 | Staff | 2023 | 2022 | |||||
Average number of employees during the year | Number | Number | ||||||
Contractors | ||||||||
6 | Taxation | 2023 | 2022 | |||||
£ | £ | |||||||
Analysis of charge in period | ||||||||
Current tax: | ||||||||
UK corporation tax on profits of the period | ||||||||
Tax on profit on ordinary activities | ||||||||
Factors affecting tax charge for period | ||||||||
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Profit on ordinary activities before tax | ||||||||
£ | £ | |||||||
Profit on ordinary activities multiplied by the standard rate of corporation tax | ||||||||
Effects of: | ||||||||
Expenses not deductible for tax purposes | ||||||||
Current tax charge for period | ||||||||
Factors that may affect future tax charges | ||||||||
7 | Tangible fixed assets | |||||||
Plant and machinery | ||||||||
At cost | ||||||||
£ | ||||||||
Cost or valuation | ||||||||
At 1 November 2022 | ||||||||
At 31 October 2023 | ||||||||
Depreciation | ||||||||
Charge for the year | ||||||||
On disposals | - | |||||||
At 31 October 2023 | ||||||||
Carrying amount | ||||||||
At 31 October 2023 | ||||||||
At 31 October 2022 | ||||||||
8 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | - | |||||||
9 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Corporation tax | ||||||||
Other taxes and social security costs | ||||||||
Other creditors | ||||||||
Accruals and deferred income | - | |||||||
10 | Share capital | Nominal | 2023 | 2023 | 2022 | |||
value | Number | £ | £ | |||||
Allotted, called up and fully paid: | ||||||||
£ |
- | |||||||
11 | Profit and loss account | 2023 | 2022 | |||||
£ | £ | |||||||
At 1 November | ||||||||
Profit for the financial year | ||||||||
At 31 October | ||||||||
12 | Related party transactions | |||||||
13 | Share Transfer | |||||||
During the financial year ended 31st October 2023, the company executed a transfer of shares, originally held by the parent company, to its directors. This transaction was conducted as part of the company's internal restructuring. The share transfer has been recorded in accordance with FRS 102, and all necessary documentation, including board resolutions and updated share registers, has been maintained for verification. | ||||||||
14 | Presentation currency | |||||||
15 | Legal form of entity and country of incorporation | |||||||
WIS Umbrella is a private company limited by shares and incorporated in England. | ||||||||