REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
SG UMBRELLA LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
SG UMBRELLA LIMITED |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 6 |
Statement of Directors' Responsibilities | 8 |
Report of the Independent Auditors | 9 |
Income Statement | 12 |
Other Comprehensive Income | 13 |
Balance Sheet | 14 |
Statement of Changes in Equity | 15 |
Cash Flow Statement | 16 |
Notes to the Cash Flow Statement | 17 |
Notes to the Financial Statements | 18 |
SG UMBRELLA LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
A key strength of SG Umbrella Limited is the personal service offered to each of our clients, tailored accordingly to their individual needs. This commitment is demonstrated by a considerable proportion of new business generated from referrals and consistently positive online reviews. |
OPERATING RESULTS |
In the year ended 30th June 2024 the Company generated turnover of £75.2m (2023: £61.3m), a 23% increase, as a result of a continued focus on the marketing activities of the Company. Gross profit for the year increased by 14% to £383k (2023: £336k) whilst admin expenses remained consistent with the previous year resulting in EBITDA of £135k (2023: £118k), a 14% increase on the previous year. |
FINANCIAL POSITION |
The Directors expect the trading entity to remain cash generative and sufficiently profitable to satisfy liabilities as they fall due. Trade debtors increased by 31% to £4.7m (2023: £3.6m) and creditors increased by 31% to £9.7m (2023: £7.4m). |
CASHFLOW |
The Company's year end cash balance increased from £3.8m in 2023 to £4.6m in 2024. |
The Directors consider the measurements above to be sufficient in providing an understanding of the performance and position of the Company and that no further KPIs would be of benefit to this report. As part of the wider group initiative, the Company has invested significantly in improving efficiencies and preparing the infrastructure required for further growth of the business. |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Company has a process in place to manage strategic operational risks that could impact the business that are clearly identified and monitored on an ongoing basis. The key risks and uncertainties currently facing the business are as follows: |
- Fraud risk management - The Company implements policies and controls designed to minimise the risk of fraudulent activity within the business. Staff are trained to ensure they are aware of potential red flags and what procedures to follow in case of any doubt. Whilst effective procedures are maintained, it is only possible to minimise the risk of fraudulent activity as opposed to remove it entirely. |
- Regulatory risk - the Company operates in a heavily regulated industry that experiences ongoing change. The Company maintains procedures and controls to ensure compliance with all relevant laws and regulations by way of continual regulatory reviews and updates. |
- Financial, operational and management information systems - the Company is reliant on effective software for the efficient operation and control of the business. A failure in its systems could result in a loss of key information and have an adverse impact on Company operations. The Company adopts a regular assessment of all information systems and ensures controls are in place to minimise any failure in their operation. The Company is in its final stages of an operational IT system overhaul. |
- Key personnel - the Company has in place a strong and experienced senior management team that are key to the ongoing success of the business. A loss of a significant number of key personnel could impact the Company's ability to operate effectively and damage key stakeholder relationships. |
- Competition risk - the Company typically operates via rolling contracts and maintains long-term relationships with its customers. The market within which the Company operates is competitive but with the effective management of customer relationships and targeted marketing, existing contracts are maintained whilst new business is generated. |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
SECTION 172(1) STATEMENT |
The Board promotes the success of the Company for the benefit of its members and all stakeholders that are key to the long-term success of the business. The impact on all stakeholders are considered throughout all decision making processes including recognition that some decisions required to benefit a particular stakeholder group may not be in the interest of another. The Board ensures all stakeholder groups are treated fairly to ensure the continual success of the Company. |
Culture and Company Values |
The Board have developed a set of core business values that are used to drive the behaviour within the business for the benefit of all stakeholder relationships. |
Put clients first |
We believe that being the best in business means truly understanding the needs of our clients and employees and delivering what they need to the highest standards. When they are happy, our business grows so we listen, we empathise, we support and we value our people and clients |
. |
Think big |
We're ambitious, identifying opportunities to grow, both as individuals and as a group. Never settling, we believe in the power of perseverance and continuous improvement, always aiming to be the best that we can be. |
Work as a team |
We recognise that difficult problems are best solved by people with different views, perspectives and backgrounds. We tackle problems head on, we're non-judgemental and embrace our differences as a team, using these to drive towards our common goals. |
Act with integrity |
Leading by example, we always do what we say we're going to do, with no tolerance for hidden agendas or politics. We are honest and ethical in our approach to all we do, welcoming feedback from all avenues, both internal and external in order to identify areas to improve. |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
ENGAGEMENT WITH EMPLOYEES |
The greatest asset of the Company are the people and it maintains ongoing relationships ensuring they are included in all of its industry relevant literature whilst responding to their queries in a timely fashion. The Company has ensured continued work in preventing modern slavery and has maintained thorough policies and procedures throughout. |
DISABLED EMPLOYEES |
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitude of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. |
ON BEHALF OF THE BOARD: |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of an umbrella company. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
CLIENTS |
The primary focus of the Company is to meet the needs of clients in a sustainable and satisfactory manner to ensure continuing contracts. In order to understand their requirements, the Company issues regular feedback surveys and endeavours to adapt in line with client needs. Queries are dealt with immediately and clients are provided with regular updates through email literature and social media postings to keep them informed of changes affecting the industry. |
REGULATORS |
The Board recognises the importance of demonstrating to contractors and recruitment businesses that it adheres to rigorous compliance standards and acts both professionally and ethically within the UK tax, employment and regulatory laws. The Company is an accredited member of The Freelancer and Contractor Services Association (FCSA). |
STREAMLINED ENERGY AND CARBON REPORTING |
For the year ended 30 June 2024 the company had UK energy consumption and related emissions of carbon dioxide as follows: |
Combustion of gas and heating oil (Scope 1) - 0 tonnes (2023 - 0 tonnes) |
Consumption of fuel for the purpose of transport (Scope 1 & 3) - 30.7 tonnes (2023 - 24.5 tonnes) |
Purchase of electricity for own use, including for the purpose of transport (Scope 2 & 3) - 0 tonnes (2023 - 0 tonnes) |
The Company's emissions of carbon dioxide equivalent per full time equivalent person was 0.04 tonnes (2023 - 0.04 tonnes). |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The aggregate annual quantity of energy consumed for activities for which the Company is responsible was 148,370 kWh (2023 - 118.187 kWh). |
Greenhouse gas emissions are reported in gross tonnes Co2e in line with the requirements set out in the UK Government's Environmental Reporting Guidelines (March 2019 version) and use the UK Government Green House Gas Conversion Factors for Company Reporting (2024 version 1.1). The operational control approach for the group's UK activities has been applied and is guided by the Green House Gas Protocol - Corporate Standard (revised edition). |
Consumption of fuel for the purpose of transport includes fuel used in company owned vehicles (Scope 1) directors' and employees' vehicles for business purposes (Scope 3). Energy consumption and emissions are estimated and based on mileage. As vehicle details are unrecorded, emissions factors and conversion from miles to kWh is based on an 'Average Car and 'Unknown' fuel. |
ENERGY EFFICIENCY ACTION |
The Company is in the process of implementing an energy efficiency strategy, which will form part of the wider Environmental, Social and Governance strategy which will include provisions to reduce waste (both fuel and landfill) and improve efficiency. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Carter & Coley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
FOR THE YEAR ENDED 30 JUNE 2024 |
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; |
- | state whether applicable 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SG UMBRELLA LIMITED |
Opinion |
We have audited the financial statements of SG Umbrella Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 June 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, the Report of the Directors and the Statement of Directors' Responsibilities, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SG UMBRELLA LIMITED |
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. |
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 eight, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SG UMBRELLA LIMITED |
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: |
Our audit work included testing complete populations of certain transactions and balances, and using data auditing techniques. In other areas our procedures comprise investigating a limited number of items for testing, rather than testing complete populations. |
We based our audit samples following a comprehensive audit plan after reviewing the accounts and discussing them with the directors. The level of testing is then based on our observations of controls and responses with the work targeting particular items for testing based on their size or risk characteristics. |
In other cases, we used audit sampling to enable us to draw a conclusion about the population from which the sample is selected. |
We make enquiries of management concerning compliance with laws and regulations affecting the industry in which the company operates. |
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. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
185,925 | 122,530 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
5,389,500 |
Cash and cash equivalents at end of year |
2 |
4,578,138 |
3,848,359 |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Finance costs | 2,345 | 57,830 |
Finance income | (51,365 | ) | (4,772 | ) |
134,560 | 117,758 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30/6/24 | 1/7/23 |
£ | £ |
Cash and cash equivalents | 4,578,138 | 3,848,359 |
Year ended 30 June 2023 |
30/6/23 | 1/7/22 |
£ | £ |
Cash and cash equivalents | 3,848,359 | 5,389,500 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/7/23 | Cash flow | At 30/6/24 |
£ | £ | £ |
Net cash |
Cash at bank | 3,848,359 | 729,779 | 4,578,138 |
3,848,359 | 4,578,138 |
Total | 3,848,359 | 729,779 | 4,578,138 |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
SG Umbrella Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Staff |
2024 | 2023 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest |
6. | 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 |
Tax on profit |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
6. | TAXATION - continued |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Utilisation of tax losses | ( |
) |
Effect of change in main rate of corporation tax | - | (5,519 | ) |
Total tax charge | 45,707 | 25,114 |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Corporation tax |
Social security and other taxes |
VAT | 2,695,369 | 1,990,949 |
Other creditors |
Accruals and deferred income |
SG UMBRELLA LIMITED (REGISTERED NUMBER: 10067877) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2024 |
12. | RELATED PARTY DISCLOSURES |
TRANSACTIONS WITH COMPANIES IN WHICH A DIRECTOR HAS AN INTEREST |
During the year a loan was advanced to a company in which a director has an interest. The amount due from the related party at the balance sheet date amounted to £534,635. Interest is payable at 1.5% per annum and the loan is repayable on demand. No interest was received in the current year. |
13. | ULTIMATE PARENT COMPANY |
In the opinion of the directors, the company's ultimate parent company throughout the current and previous period was The Affinity Professional Services Group Limited, a company registered in England and Wales with company number 09636263. |