Registration number:
Umbrella Requirements Ltd
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 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
(42,582) |
293,563 |
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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:
• |
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• |
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
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Umbrella Requirements Ltd
Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 2 April 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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
Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Umbrella Requirements Ltd
Notes to the Unaudited Financial Statements for the Period from 1 April 2022 to 2 April 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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At 2 April 2023 |
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Depreciation |
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At 1 April 2022 |
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At 2 April 2023 |
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Carrying amount |
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At 2 April 2023 |
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At 31 March 2022 |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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