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Registered number: 09320753
No Worries Red Umbrella Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—7
Profit and Loss Account 8
Statement of Comprehensive Income 9
Balance Sheet 10
Statement of Changes in Equity 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14—18
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Principal Risks and Uncertainties
Here we outlines the principal risks and uncertainties facing No Worries Red Umbrella Limited for the foreseeable future (at least the next 12 months). We have identified and assessed these risks based on their potential impact on our business, the likelihood of occurrence, and our ability to mitigate them.
1. Legislative and Regulatory Changes:
Risk: Changes to UK tax legislation, employment law, and regulations governing umbrella companies could significantly impact our operations, financial performance, and compliance obligations. Examples include changes to IR35 legislation, National Minimum Wage regulations, or the introduction of new tax reporting requirements.
Likelihood: High, given the dynamic nature of the regulatory environment surrounding umbrella companies.
Mitigation: We actively monitor legislative and regulatory developments, engage with industry bodies, and seek professional advice to ensure compliance and adapt our business practices as necessary. We also maintain robust internal controls and procedures to mitigate compliance risks.
2. Competition and Market Volatility:
Risk: The umbrella company market is highly competitive. New entrants and changing market dynamics could impact our market share and pricing strategies. Economic downturns or instability in specific sectors could also affect demand for our services.
Likelihood: Medium to High, considering the competitive landscape and potential economic fluctuations.
Mitigation: We focus on providing high-quality, compliant services and building strong relationships with both our agency partners and contractors. We continuously review our pricing and service offerings to remain competitive and attractive to the market.
3. Operational Risks:
Risk: Operational risks include potential failures in our payroll and administrative systems, data breaches, and disruptions to our business continuity.
Likelihood: Medium, as we have implemented robust systems and processes, but the risk of unforeseen events remains.
Mitigation: We invest in secure and reliable IT infrastructure, regularly back up our data, and have disaster recovery plans in place to minimize disruptions. We also maintain appropriate insurance coverage to protect against potential financial losses.
4. Reputation Risk:
Risk: Negative publicity or reputational damage associated with the wider umbrella company sector could negatively impact our brand image and attract increased scrutiny from regulators.
Likelihood: Medium, given the heightened focus on compliance and ethical practices within the industry.
Mitigation: We prioritize ethical and transparent business practices, maintain open communication with our contractors and agency partners, and actively engage with industry initiatives to promote best practice within the sector.
5. Economic Downturn:
Risk: A significant economic downturn could lead to reduced demand for temporary workers, impacting the number of contractors using our services.
Likelihood: Medium, depending on the overall economic climate and stability of key sectors.
Mitigation: We diversify our client base across different industries and maintain a healthy financial position to navigate potential economic fluctuations.
Future Developments
Looking forward, No Worries Red Umbrella Limited is committed to ensuring sustainable growth and expansion of our services. We aim to leverage technological advancements and emerging market trends to solidify our position in the industry.
Adoption of Advanced Technology:
   - We plan to invest in sophisticated payroll and administrative software to enhance our operational efficiency and service delivery.
   - Automation and AI-driven tools will be incorporated to minimize human error and promote accuracy in our processes.
Market Expansion:
   - We are exploring opportunities to expand our services to new geographical regions within the UK and potentially abroad, ensuring compliance with local regulations.
   - We seek to identify and penetrate new sectors that require temporary and contract workers, diversifying our client base.
Service Innovation:
   - By continuously monitoring market trends and client feedback, we intend to introduce new service offerings that cater to the evolving needs of contractors and agencies.
   - We aim to provide value-added services such as financial planning and career development resources to our contractors.
Key Performance Indicators (KPIs)
To measure and evaluate our performance, we monitor the following Key Performance Indicators (KPIs):
1. Revenue Growth:
   - KPI Definition: Year-over-year revenue increase.
...CONTINUED
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Principal Risks and Uncertainties - continued
   - Target: Achieve at least a 15% annual growth rate.
2. Compliance Rate:
   - KPI Definition: Percentage of operations compliant with regulatory requirements.
   - Target: 100% compliance with all relevant legislation and regulations.
4. Operational Efficiency:
   - KPI Definition: Time taken to process payroll and administrative tasks.
   - Target: Reduce processing time by 20% through automation and process improvement initiatives.
5. Employee Satisfaction:
   - KPI Definition: Employee satisfaction score based on annual surveys.
   - Target: Achieve an employee satisfaction score of 85% or higher.
6. Agency / End Client Satisfaction:
   - KPI Definition: Customer satisfaction score based on feedback and surveys.
   - Target: Maintain a customer satisfaction score of 85% or higher.
Conclusion:
No Worries Red Umbrella Limited acknowledges these risks and uncertainties and is committed to proactive risk management. We regularly review and update our risk assessment and mitigation strategies to ensure their effectiveness and adapt to the evolving landscape of the industry. By focusing on future developments and closely monitoring our KPIs, we are confident in our ability to achieve sustainable growth and continue providing exceptional service to our clients and contractors.
On behalf of the board
Mr Gregory Hanton
Director
20/06/2024
Page 2
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Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal Activity
The principal activity of the company in the year under review was that of an Umbrella company.
Directors
The directors who held office during the year were as follows:
Mr Gregory Hanton
Mrs Candice Fourie
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' 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 the financial statements the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Independent Auditors
Pursuant to Section 487(2) of the Companies Act 2006, the auditor will be deemed to be reappointed and Keelings Limited will therefore continue in office.
Employee Information
The directors recognise the importance of human resources. Employee views are taken into consideration when decisions are made that affect them, through real-time communication and feedback. Employees are treated fairly and equally, as monitored by regular employee surveys.
Indemnity Provision for Directors
No qualifying third party indemnity provision for the benefit of one or more directors was in force at any time during the financial period or to the date of approval of this report.
On behalf of the board
Mr Gregory Hanton
Director
13/09/2024
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Independent Auditor's Report
Opinion
We have audited the financial statements of No Worries Red Umbrella Ltd for the year ended 31 December 2023 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • 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 entity's ability to continue as a going concern for a period of at least 12 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. 
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. 
In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Report of the Directors has been prepared in accordance with applicable legal requirements.
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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 Report of the Directors. 
We have nothing to report in respect of the following matters where 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; or
  • the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page two, 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 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: 
We gained an understanding of the legal and regulatory framework applicable to the Entity and the industry in which it operates and considered the risk of acts by Management which were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, compliance with Financial Reporting Framework FRS 102, Companies Act 2006, General Data Protection Regulations, and applicable Health and Safety and Employment Legislation. We made enquiries of the Directors of the Company to obtain further understanding of the risks of non-compliance. We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:
  • agreement of the financial statement disclosures to underlying supporting documentation;
  • enquiries of Management regarding known or suspected instances of non-compliance with laws and regulations;
  • review of minutes of the Board meetings throughout the year; and
  • obtaining an understanding of the control environment in place to prevent and detect irregularities.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. 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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
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 a Report of the Auditors 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. 
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Domenico Maurello (Senior Statutory Auditor)
for and on behalf of Keelings Limited (Broad House, 1 The Broadway, Hertfordshire AL9 5BG) , Statutory Auditor
13/09/2024
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Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 12,230,118 11,048,806
Cost of sales (12,089,656 ) (10,991,932 )
GROSS PROFIT 140,462 56,874
Administrative expenses (153,392 ) (75,466 )
Other operating income 13,772 21,224
OPERATING PROFIT 842 2,632
Other interest receivable and similar income 8 3,579 47
Interest payable and similar charges 9 (425 ) (4 )
PROFIT BEFORE TAXATION 3,996 2,675
Tax on Profit 10 (759 ) (508 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 3,237 2,167
The notes on pages 13 to 18 form part of these financial statements.
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Statement of Comprehensive Income
2023 2022
£ £
PROFIT FOR THE FINANCIAL YEAR 3,237 2,167
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 3,237 2,167
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Balance Sheet
Registered number: 09320753
2023 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 11 143,115 267,451
Cash at bank and in hand 1,135,772 1,237,576
1,278,887 1,505,027
Creditors: Amounts Falling Due Within One Year 12 (1,093,653 ) (1,323,030 )
NET CURRENT ASSETS (LIABILITIES) 185,234 181,997
TOTAL ASSETS LESS CURRENT LIABILITIES 185,234 181,997
NET ASSETS 185,234 181,997
CAPITAL AND RESERVES
Called up share capital 13 100 100
Profit and Loss Account 185,134 181,897
SHAREHOLDERS' FUNDS 185,234 181,997
On behalf of the board
Mr Gregory Hanton
Director
20/06/2024
The notes on pages 13 to 18 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 100 179,730 179,830
Profit for the year and total comprehensive income - 2,167 2,167
As at 31 December 2022 and 1 January 2023 100 181,897 181,997
Profit for the year and total comprehensive income - 3,237 3,237
As at 31 December 2023 100 185,134 185,234
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Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash (used in)/generated from operations 1 (104,450 ) 361,125
Interest paid (425 ) (4 )
Tax paid (508 ) (14,673 )
Net cash (used in)/generated from operating activities (105,383 ) 346,448
Cash flows from investing activities
Interest received 3,579 47
(Decrease)/increase in cash and cash equivalents (101,804 ) 346,495
Cash and cash equivalents at beginning of year 2 1,237,576 891,081
Cash and cash equivalents at end of year 2 1,135,772 1,237,576
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash (used in)/generated from operations
2023 2022
£ £
Profit for the financial year 3,237 2,167
Adjustments for:
Tax on profit 759 508
Interest expense 425 4
Interest income (3,579 ) (47 )
Movements in working capital:
Decrease/(increase) in trade and other debtors 124,336 (267,451 )
(Decrease)/increase in trade and other creditors (229,628 ) 625,944
Net cash (used in)/generated from operations (104,450 ) 361,125
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 1,135,772 1,237,576
3. Analysis of changes in net funds
As at 1 January 2023 Cash flows As at 31 December 2023
£ £ £
Cash at bank and in hand 1,237,576 (101,804) 1,135,772
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Notes to the Financial Statements
1. General Information
No Worries Red Umbrella Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09320753 . The registered office is Suite 3, Grapes House, 79A High Street, Esher, KT10 9QA.
The presentation currency of the financial statements is in Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
Last year the accounts have were prepared under FRS 102 Section 1A, for this year the accounts will be prepared in accordance with the full FRS 102.
The financial statements have been prepared under he historical cost convention. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
Based on current and projected performance, the directors have a reasonable expectation that the Company will continue to operate and meet its liabilities as they fall due for at least the twelve months following the date of approval of these accounts.  Nonetheless, the company directors have undertaken to provide the Company with any financial support it might need to meet its liabilities in this period.  Consequently, these financial statements are again prepared on the going concern basis.
2.3. Significant judgements and estimations
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates.  It also requires management to exercise judgement in applying the company's accounting policies.  These estimates and judgements are made in the light of historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstance.  However, actual results may differ from those anticipated.
In the preparation of these financial statements, the company's critical accounting judgements and estimates are in respect of the recoverability of debts, impairment of assets, depreciation and the provision for doubtful debts.  Details of these judgements and estimates are described in the relevant accounting policy, the notes to the financial statements and below:
  • Impairment of the company's tangible fixed assets: factors taken into consideration include the economic viability and expected future financial performance of the asset and, where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
  • Depreciation of tangible fixed assets: these are depreciated over their useful lives, taking into account residual values.  The useful lives and residual values are assessed annually and depend on a number of factors.  As regards useful lives, considerations include technological innovation and maintenance programmes, while residual value assessments review matters such as future market conditions, the remaining life of the asset and projected disposal values.
  • Doubtful debts: a provision is made when the directors consider that collection of the full amount due is no longer probable.  Their assessment is based on the age of the debt, the likely success of any action taken to recover it and the costs of such action.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.6. Financial Instruments
The entity has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the entity's balance sheet when the entity 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 assets 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.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Equity
Equity comprises the following:
  • share capital, which represents the nominal value of equity shares;
  • profit and loss reserves, which represent retained profits; and
  • the revaluation reserve, which represents the cumulative gains less losses arising on the revaluation of fixed assets.
An equity share is a contract that evidences a residual interest in the assets of the company after deducting all its liabilities.  Equity shares issued by the company are recorded at the proceeds received, net of direct issue costs.  Dividends payable on equity shares are recognised as liabilities once they are no longer at the discretion of the company.
2.10. Related parties
For the purpose of these financial statements, a related party is as defined by FRS 102.
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3. Other Operating Income
2023 2022
£ £
Other operating income 13,772 21,224
13,772 21,224
4. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 10,000 -
5. Staff Costs
2023
2022
£
£
Apprentice Levy
35,966
29,856
Wages (incl statutory payments)
10,644,582
9,535,932
Unprocessed Payroll costs
154,077
image
221,202
image
10,834,625
image
9,786,990
image
2023 2022
£ £
Social security costs 1,255,030 1,204,942
6. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 125 114
125 114
7. Directors' remuneration
2023
2022
£
£
Directors' remuneration
0
0
image
image
0
image
0
image
8. Interest Receivable and Similar Income
2023 2022
£ £
Interest on short term deposits 3,579 47
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9. Interest Payable and Similar Charges
2023 2022
£ £
Bank loans and overdrafts 425 4
10. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 19.0% - 759 508
Total tax charge for the period 759 508
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax 3,996 2,675
Tax on profit at 19% (UK standard rate) 759 -
Total tax charge for the period 759 -
11. Debtors
2023 2022
£ £
Due within one year
Trade debtors 143,115 267,451
12. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 139,800 60,001
Other creditors 62,622 276,723
Corporation tax 759 508
Taxation and social security 769,205 985,798
Accruals and deferred income 121,267 -
1,093,653 1,323,030
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13. Share Capital
2023
2022
Allotted, called up and fully paid
£
£
50 Ordinary A shares of £1.000 each
50
50
50 Ordinary B shares of £1.000 each
50
image
50
image
100
image
100
image
The A Ordinary and B Ordinary shares rank equally in all respects in dividends, return of capital on winding-up and voting rights.
14. Pension Commitments
The company contributes to pension schemes for the benefit of its employees. These schemes operate on the money
purchase principle, which ensures that their liabilities cannot exceed their assets. The assets of the schemes are held
in independent funds. The pension charge represents contributions payable for the year by the company and amounts to £395,929 (2022: £139,963). Pension contributions of £36,502 (2022: £32,817) were owed at the balance sheet date.
15. Related Party Disclosures
During the period:
  • No Worries Company Services Limited, a company jointly controlled by the director, Mr G Hanton, was invoiced £139,800 for payroll services, with this sum being outstanding at the balance sheet date.
16. Controlling Parties
The company is jointly controlled by the director, Mr G Hanton, and Mrs H McMurtrie. There is no ultimate controlling party.
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