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 7 Apple Market Hub, 9 Crown Passage, Kingston upon Thames, KT1 1JD.
The presentation currency of the financial statements is in Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
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. The financial statements have been prepared under the historical cost convention.
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 the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.
2.4.
Turnover
It is management's judgement that the company acts as a principal in arrangements when invoicing on behalf of its contractors (who are engaged by the company on permanent employment contracts) to recruitment agencies. As the employment and other risks are borne by the company in holding the contractors as their employees, the company is considered to be a principal in the arrangement in line with FRS 102 section 23.21. Accordingly, turnover represents the amount invoiced and collected from recruitment agencies for fulfilling assignments at their end clients using employees of the company, including arrangements where no commission is directly receivable by the company.
If the company were considered to be acting as an agent, revenue would represent commission receivable relating to supply of temporary workers and would not include remuneration costs of the temporary workers. Whilst the different treatment would impact the quantum of revenue and cost of sales for contracted employees, it would have no effect on the reported earnings before interest, tax, depreciation or amortisation of the company.
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.
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.
No Worries Red Umbrella Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
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.
3.
Other Operating Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Other operating income |
|
|
|
| 44,390 | 13,772 | ||
4.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
No Worries Red Umbrella Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
5.
Staff Costs
|
2024
|
2023
|
||
|
£
|
£
|
||
|
Apprentice Levy
|
34,699
|
35,966
|
|
|
Wages (incl statutory payments)
|
10,429,957
|
10,644,582
|
|
|
Unprocessed Payroll costs
|
(26,862)
|
154,077
|
|
|
Employers NI
|
1,204,976
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|
1,255,030
|
|
|
11,642,770
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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|
12,089,656
|
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Social security costs |
|
|
|
6.
Average Number of Employees
Average number of employees, including directors, during the year was:
| 2024 | 2023 | ||
|---|---|---|---|
| Office and administration |
|
|
|
|
|
|
||
7.
Directors' remuneration
During the year no director received any remuneration, benefits, pension contributions, share options or other incentive arrangements. Accordingly, no amounts are disclosed for directors’ emoluments.
8.
Interest Receivable and Similar Income
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Interest on short term deposits |
|
|
|
9.
Interest Payable and Similar Charges
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | - |
|
|
10.
Tax on Profit
|
The tax charge on the profit for the year was as follows:
|
|||||
| Tax Rate | 2024 | 2023 | |||
|---|---|---|---|---|---|
| 2024 | 2023 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 19.0% | 19.0% |
|
|
|
| Total tax charge for the period |
|
|
|||
|
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:
|
|||||
...CONTINUED
No Worries Red Umbrella Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Profit before tax | 9,978 | 3,996 | |||
| Tax on profit at 19% (UK standard rate) |
|
|
|||
| Total tax charge for the period | 1,896 | 759 | |||
11.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
12.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other creditors | 65,608 | 62,622 | |
| Corporation tax |
|
|
|
| Taxation and social security | 704,338 | 769,205 | |
| Accruals and deferred income | 246,683 | 121,267 | |
|
|
|
||
13.
Share Capital
|
2024
|
2023
|
||
|
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
|
50
|
|
|
100
|
100
|
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 £441,369 (2023: £395,929). Pension contributions of £53,557 (2023: £36,502) 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 £122,400 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.