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REGISTERED NUMBER: 03948230 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

THE UMBRELLA COMPANY (SHEAF) LIMITED

THE UMBRELLA COMPANY (SHEAF) LIMITED (REGISTERED NUMBER: 03948230)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Balance Sheet 9

Notes to the Financial Statements 10


THE UMBRELLA COMPANY (SHEAF) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S Reeve
J D Fields



SECRETARY:



REGISTERED OFFICE: Portland Business Park
Richmond Park Road
Handsworth
Sheffield
South Yorkshire
S13 8HS



REGISTERED NUMBER: 03948230 (England and Wales)



AUDITORS: Hollis and Co Limited
Chartered Accountants
Statutory Auditor
35 Wilkinson Street
Sheffield
South Yorkshire
S10 2GB



BANKERS: HSBC Bank Plc
Carmel House
49-63 Fargate
Sheffield
South Yorkshire
S1 2HD

THE UMBRELLA COMPANY (SHEAF) LIMITED (REGISTERED NUMBER: 03948230)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The results for the period and financial position of the company are as shown in the annexed financial statements.
For the year ended 31st March 2024, the company achieved a profit before tax of £969,122 (2023 -£1,082,352) on turnover of £7,221,841 (2023 -£6,715,960). Sales are up by 7% on the previous year. The gross profit percentage achieved is 34% compared with 37% in the previous period.. Overall the directors are very satisfied with the performance of the company during this period.

Next year will remain competitive.

PRINCIPAL RISKS AND UNCERTAINTIES
All major customers are covered by credit insurance.

Competitive pressure is a continuing risk which requires the company to produce high quality and affordable products to its loyal customers. Following the vote to leave the EU the directors are well aware of the uncertain trading conditions but will seek to maintain the company's competitiveness and indeed improve its market share.

The company is exposed to fluctuations of both the US Dollar and Euro currencies and the directors seek to mitigate potential losses that may be incurred.

Under the current economic climate, maintaining cashflow is paramount and this will be monitored closely to ensure cashflows are sufficient to enable the company to meet its obligations.

KEY PERFORMANCE INDICATORS
The directors consider EBITDA as the principle KPI used to measure overall company performance and this has increased from£1,146k to £1,149k in 2024.

Other company key financial performance indicators during the period are as follows:


2024 2023
Gross Profit as a percentage of turnover 34% 37%
Operating profit as a percentage of turnover 14% 17%

FUTURE DEVELOPMENTS
The directors will continue to provide high quality and affordable products for its customers at a competitive price.

ON BEHALF OF THE BOARD:





S Reeve - Director


3 February 2025

THE UMBRELLA COMPANY (SHEAF) LIMITED (REGISTERED NUMBER: 03948230)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and sale of promotional umbrellas.

DIVIDENDS
An interim dividend of £55.56 per share on the 'A' Ordinary £1 shares was paid on 25 March 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the 'B' Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the 'C' Ordinary £0.01 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 March 2024 will be £ 500,000 .

RESEARCH AND DEVELOPMENT
During the year, the company continued to reinvest in the research and development of new and innovative processes to gain a competitive advantage in new and existing markets.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

S Reeve
J D Fields

Other changes in directors holding office are as follows:

Mrs J Herring ceased to be a director after 31 March 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 auditors are aware of that information.

THE UMBRELLA COMPANY (SHEAF) LIMITED (REGISTERED NUMBER: 03948230)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Hollis and Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S Reeve - Director


3 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE UMBRELLA COMPANY (SHEAF) LIMITED

Opinion
We have audited the financial statements of The Umbrella Company (Sheaf) Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, 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, 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:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE UMBRELLA COMPANY (SHEAF) LIMITED


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 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

Auditors' 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 a Report of the Auditors 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 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:

- Enquiry of management, those charged with governance and the entity's in-house legal team around actual and potential litigation and claims;
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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 further 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE UMBRELLA COMPANY (SHEAF) LIMITED


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.




Peter Hollis (Senior Statutory Auditor)
for and on behalf of Hollis and Co Limited
Chartered Accountants
Statutory Auditor
35 Wilkinson Street
Sheffield
South Yorkshire
S10 2GB

10 February 2025

THE UMBRELLA COMPANY (SHEAF) LIMITED (REGISTERED NUMBER: 03948230)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 7,221,841 6,715,960

Cost of sales 4,756,521 4,232,009
GROSS PROFIT 2,465,320 2,483,951

Distribution costs 259,152 274,121
Administrative expenses 1,176,550 1,086,848
1,435,702 1,360,969
OPERATING PROFIT 6 1,029,618 1,122,982


Interest payable and similar expenses 7 60,496 40,630
PROFIT BEFORE TAXATION 969,122 1,082,352

Tax on profit 8 238,403 199,438
PROFIT FOR THE FINANCIAL YEAR 730,719 882,914

Retained earnings at beginning of year 6,395,088 5,878,135

Dividends 9 (500,000 ) (365,961 )

RETAINED EARNINGS AT END OF
YEAR

6,625,807

6,395,088

THE UMBRELLA COMPANY (SHEAF) LIMITED (REGISTERED NUMBER: 03948230)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 106,967 124,938

CURRENT ASSETS
Stocks 11 778,431 590,210
Debtors 12 7,300,087 6,931,713
Cash at bank and in hand 389,550 604,004
8,468,068 8,125,927
CREDITORS
Amounts falling due within one year 13 1,817,485 1,719,541
NET CURRENT ASSETS 6,650,583 6,406,386
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,757,550

6,531,324

PROVISIONS FOR LIABILITIES 16 121,742 126,235
NET ASSETS 6,635,808 6,405,089

CAPITAL AND RESERVES
Called up share capital 17 10,001 10,001
Retained earnings 18 6,625,807 6,395,088
SHAREHOLDERS' FUNDS 6,635,808 6,405,089

The financial statements were approved by the Board of Directors and authorised for issue on 3 February 2025 and were signed on its behalf by:





J D Fields - Director


THE UMBRELLA COMPANY (SHEAF) LIMITED (REGISTERED NUMBER: 03948230)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

The Umbrella Company (Sheaf) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The figures in the financial statements are rounded to the nearest £.

These financial statements cover the entity as an individual company.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates
- Key sources of estimation uncertainty.

The Company believes that there are no areas of material estimation uncertainty which affect the financial statements.

- Critical accounting judgements in applying the Company's accounting policies.

The Company believes that the major judgements applied are:

- The use of the going concern principle which is based on the belief that the company will have adequate resources to continue in operational existence for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - 25% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

THE UMBRELLA COMPANY (SHEAF) LIMITED (REGISTERED NUMBER: 03948230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

THE UMBRELLA COMPANY (SHEAF) LIMITED (REGISTERED NUMBER: 03948230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 7,221,841 6,715,960
7,221,841 6,715,960

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 7,185,924 6,461,852
Europe 35,917 254,108
7,221,841 6,715,960

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,588,609 1,440,784
Social security costs 143,147 126,598
Other pension costs 38,154 33,687
1,769,910 1,601,069

The average number of employees during the year was as follows:
2024 2023

Production 43 42
Administration 14 13
Directors 3 3
60 58

2024 2023
£    £   
Directors' remuneration 183,896 178,897

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 33,545 35,059
Depreciation - owned assets 20,309 23,836
Auditors remuneration - audit of the company 3,500 3,500
Auditors remuneration - audit of other group entities 3,250 3,250

THE UMBRELLA COMPANY (SHEAF) LIMITED (REGISTERED NUMBER: 03948230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 1,742 3,671
Invoice finance interest 58,754 36,959
60,496 40,630

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 242,896 196,172

Deferred tax - timing difference (4,493 ) 3,266
Tax on profit 238,403 199,438

UK corporation tax has been charged at 25% (2023 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 969,122 1,082,352
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

242,281

205,647

Effects of:
Expenses not deductible for tax purposes 1,416 999
Capital allowances in excess of depreciation - (4,585 )
Depreciation in excess of capital allowances 4,493 -
Non trading loan relationship losses (5,485 ) (6,220 )
Deferred tax release (4,493 ) 3,266
Expensive leased cars deduction 191 289
Tax for earlier year - 42
Total tax charge 238,403 199,438

9. DIVIDENDS
2024 2023
£    £   
'A' Ordinary shares of £1 each
Interim 500,000 365,961

THE UMBRELLA COMPANY (SHEAF) LIMITED (REGISTERED NUMBER: 03948230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 April 2023 14,230 612,114 177,683 804,027
Additions - 2,338 - 2,338
At 31 March 2024 14,230 614,452 177,683 806,365
DEPRECIATION
At 1 April 2023 14,230 511,496 153,363 679,089
Charge for year - 15,445 4,864 20,309
At 31 March 2024 14,230 526,941 158,227 699,398
NET BOOK VALUE
At 31 March 2024 - 87,511 19,456 106,967
At 31 March 2023 - 100,618 24,320 124,938

11. STOCKS
2024 2023
£    £   
Raw materials 778,431 590,210

The total carrying value of stock is pledged as security to the company's bankers.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,255,657 1,162,463
Amounts owed by group undertakings 5,956,224 5,653,145
Tax - 10,874
Prepayments 88,206 105,231
7,300,087 6,931,713

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 600,425 559,700
Tax 242,896 196,129
Social security and other taxes 42,463 25,622
VAT 162,798 141,332
Other creditors 43,727 10,151
Amounts owed to debt factor 710,176 771,607
Accrued expenses 15,000 15,000
1,817,485 1,719,541

THE UMBRELLA COMPANY (SHEAF) LIMITED (REGISTERED NUMBER: 03948230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 97,042 91,605
Between one and five years 35,859 116,509
132,901 208,114

15. SECURED DEBTS

HSBC Bank plc has a charge over contract monies dated 2 May 2024.

There is a Composite Company Limited Multilateral Guarantee dated 26 August 2016 given by The Umbrella Newco (Sheaf) Ltd, The Umbrella Company (Sheaf) Holdings Limited and The Umbrella Company (Sheaf) Limited to HSBC Bank plc.

There is a general letter of pledge to HSBC Bank plc dated 28 April 2008.

There is a Composite Company Limited Multilateral Guarantee dated 21 October 2011 given by The Umbrella Company (Sheaf) Holdings Limited and The Umbrella Company (Sheaf) Limited to HSBC Bank plc

There is a debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over books and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 07 June 2000 to HSBC Bank plc

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 26,742 31,235
Dilapidation costs 95,000 95,000
121,742 126,235

Deferred
tax
£   
Balance at 1 April 2023 31,235
Transfer to profit and loss (4,493 )
Balance at 31 March 2024 26,742

Other provisions relates to dilapidation provisions arising under property leases.

THE UMBRELLA COMPANY (SHEAF) LIMITED (REGISTERED NUMBER: 03948230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

17. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
9,000 'A' Ordinary £1 9,000 9,000
1,000 'B' Ordinary £1 1,000 1,000
100 'C' Ordinary £0.01 1 1
10,001 10,001

18. RESERVES
Retained
earnings
£   

At 1 April 2023 6,395,088
Profit for the year 730,719
Dividends (500,000 )
At 31 March 2024 6,625,807

19. PENSION COMMITMENTS

During the year, the company has contributed to the personal pension schemes of certain employees.The assets of the schemes are held separately from those of the company in independently administered funds.The contributions payable by the company for the year amounted to £38,154 (2023: £33,687) and outstanding contributions amounted to £21,627 (2023 : £9,537).

20. ULTIMATE PARENT COMPANY

The company's immediate parent undertaking is The Umbrella Company (Sheaf) Holdings Limited, and its ultimate parent undertaking is The Umbrella Newco (Sheaf) Ltd.The registered office address of both undertakings is Unit 20 Portland Business Park, Richmond Park Road, Handsworth, Sheffield, South Yorkshire, S13 8HS. The parent undertaking prepares consolidated financial statements and copies of these can be obtained from the registered office address.

21. RELATED PARTY DISCLOSURES

The directors are considered to be the company's key management personnel and their remuneration is disclosed in note 5.