| WIS UMBRELLA LTD |
| Notes to the Accounts |
| for the year ended 31 October 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Critical Accounting estimates and judgements |
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In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Employee cost accrual Turnover and the associated costs on employees are recognised as the work is carried out which is verified by the employee timesheet. Turnover and the associated costs are estimated as the proportion of the workforce which is expected to perform weekly work which have not submitted a timesheet at the year end date. |
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| 3 |
Employee Benefits |
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The Costs of Short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
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| 4 |
Retirement Benefits |
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Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
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| 5 |
Employees |
2024 |
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2023 |
| Number |
Number |
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Average number of persons employed by the company |
78 |
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109 |
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| 6 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 November 2023 |
900 |
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At 31 October 2024 |
900 |
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Depreciation |
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At 1 November 2023 |
540 |
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Charge for the year |
180 |
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At 31 October 2024 |
720 |
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Net book value |
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At 31 October 2024 |
180 |
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At 31 October 2023 |
360 |
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| 7 |
Debtors |
2024 |
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2023 |
| £ |
£ |
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Trade debtors |
139,154 |
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492,514 |
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| 8 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Trade creditors |
366 |
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4,800 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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(10,000) |
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- |
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Taxation and social security costs |
431,480 |
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1,053,028 |
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Accruals and deferred income |
- |
|
4,000 |
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Other creditors |
101,627 |
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217,803 |
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523,473 |
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1,279,631 |
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| 9 |
Related party transactions |
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A sum of £30,000 was paid into the related party company "WIS Accountancy Ltd" as management recharge. |
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| 10 |
Other information |
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WIS UMBRELLA LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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C/O Wis Accountancy Ltd - No 4 Imperial Place |
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Maxwell Road |
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Borehamwood |
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WD6 1JN |