Umbrella Requirements Ltd 08184119 false 2022-04-01 2023-04-02 2023-04-02 The principal activity of the company is Employment placement agency and business support services Digita Accounts Production Advanced 6.30.9574.0 true true 08184119 2022-04-01 2023-04-02 08184119 2023-04-02 08184119 core:CurrentFinancialInstruments 2023-04-02 08184119 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-02 08184119 core:FurnitureFittingsToolsEquipment 2023-04-02 08184119 bus:SmallEntities 2022-04-01 2023-04-02 08184119 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-04-02 08184119 bus:FullAccounts 2022-04-01 2023-04-02 08184119 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-04-02 08184119 bus:RegisteredOffice 2022-04-01 2023-04-02 08184119 bus:Director2 2022-04-01 2023-04-02 08184119 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-04-02 08184119 core:FurnitureFittings 2022-04-01 2023-04-02 08184119 countries:EnglandWales 2022-04-01 2023-04-02 08184119 2022-03-31 08184119 core:FurnitureFittingsToolsEquipment 2022-03-31 08184119 2021-04-01 2022-03-31 08184119 2022-03-31 08184119 core:CurrentFinancialInstruments 2022-03-31 08184119 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 08184119 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 08184119

Umbrella Requirements Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2022 to 2 April 2023

 

Umbrella Requirements Ltd

(Registration number: 08184119)
Statement of Financial Position as at 2 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2

2

Current assets

 

Debtors

5

198,728

505,740

Cash at bank and in hand

 

78,282

273,919

 

277,010

779,659

Creditors: Amounts falling due within one year

6

(319,593)

(486,097)

Net current (liabilities)/assets

 

(42,583)

293,562

Net (liabilities)/assets

 

(42,581)

293,564

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(42,582)

293,563

Shareholders' (deficit)/funds

 

(42,581)

293,564

For the financial period ending 2 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 15 August 2024
 

.........................................
Helen Little
Director

 

Umbrella Requirements Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 2 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Grosvenor St Pauls
St. Pauls Square
Birmingham
B3 1RB
England

These financial statements were authorised for issue by the director on 15 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of FRS102. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. After making enquiries, the Director has a reasonable expectation that the Company has adequate resources to continue in operation existence for the foreseeable future.

 

Umbrella Requirements Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 2 April 2023

Key sources of estimation uncertainty

The director considers that accruals are a key source of estimation uncertainty. This balance is material and is
key to the financial statements. The estimate is based on actual costs when calculating the above accrued income
adjustment and is reviewed to ensure that it is materially correct based on the margin achieved on that income..
The directors consider accrued income to be a key source of estimation uncertainty. This balance is material and
is key to the financial statements. The estimate is based on actual hours worked which are then billed to the end
client. As such the estimation element in this is reduced by the availability of factual information to support the
adjustment..

Revenue recognition

Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and Value Added Tax. Turnover represents revenue measured by reference to the stage of completion of the contract activity or the service transaction at the end of the reporting
period.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity. The company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period.The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered.

Government grants

Government grants relate to COVID-19 support under the Coronavirus Job Retention Scheme and are accounted for on the accruals basis. Government grants are recognised when there is reasonable assurance that the company will comply with the conditions and that the grant will be received. The grant is recognised in profit or loss on a systematic basis, over the periods in which the company recognises as expenses the related costs for which the grant is intended to compensate.

Tax

The tax expense for the year comprises current tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fixtures and fittings

33.3% Straight Line

 

Umbrella Requirements Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 2 April 2023

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Trade creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Defined contribution pension obligation

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in profit and loss account when due.

Financial instruments

Classification
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit of loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 51 (2022 - 87).

 

Umbrella Requirements Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 2 April 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

37,087

37,087

At 2 April 2023

37,087

37,087

Depreciation

At 1 April 2022

37,085

37,085

At 2 April 2023

37,085

37,085

Carrying amount

At 2 April 2023

2

2

At 31 March 2022

2

2

5

Debtors

Current

2023
£

2022
£

Trade debtors

1,886

42,098

Prepayments

3,911

3,912

Other debtors

192,931

459,730

 

198,728

505,740

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

2,044

Taxation and social security

216,066

123,244

Accruals and deferred income

97,584

335,903

Other creditors

5,943

24,906

319,593

486,097