FOR THE YEAR ENDED 31 MARCH 2026
PEOPLE UMBRELLA LIMITED
COMPANY INFORMATION
PEOPLE UMBRELLA LIMITED
CONTENTS
PEOPLE UMBRELLA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
People Umbrella Limited specialises in providing a range of payroll services to the contingent workforce industry via a portfolio of specialist products that are transparent to both Agencies and Contractors and fully compliant with both the letter and intent of HMRC laws and regulations. The products enable contractors to be paid in a timely and efficient manner while also providing peace of mind for both Agencies and Contractors that they are fully tax compliant.
The Company is a subsidiary of People Group Operations Limited and forms part of a group of companies (together, the 'Group') that offer a variety of different products to the contingent workforce sector, including payroll, compliance and workforce management, all backed by industry leading technology.
The Group remains positively placed to provide the respective Group companies with the necessary tools to not only meet the future challenges of the industry, but also to take full advantage to the opportunities now presenting themselves following legislative changes from April 2026.
During the year the Company achieved turnover of £29,026,090 (2025: £29,911,287) and operating profit of £590,796 (2025: operating loss of £2,079).
The Balance Sheet as at 31 March 2026 showed total net liabilities of £228,991 (2025: £752,672).
The Group within which this company forms a part, achieved turnover of £55,258,837 (2025: £56,987,061) and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of £51,733 (2025: £182,895).
The reduction in turnover in comparison to the prior year is predominantly due to a reduction in the number of payslips processed. The Group has been impacted by the increase in employers national insurance tax, and resultantly gross margin per unit fell. However, mitigating factors exist, and the Group has had a corresponding reduction in overhead costs, and on this basis, the directors remain confident that the Group will be operationally profitable in the coming year.
The Group Balance Sheet as at 31 March 2026 showed total net liabilities of £654,825 (2025: £403,307). The directors expect the Group to return to a net asset position in the coming years following a return to operational profitability.
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PEOPLE UMBRELLA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
GOING CONCERN
During the year ended 31 March 2026 the Company made a profit after tax of £523,681 and as at 31 March 2026 had net liabilities of £228,991. Since the year-end, the Company has traded satisfactorily with Group Sales performing to forecasted levels and the Company remains on target to deliver at indicated performance levels. The Company continues to be reliant on the ongoing support of its fellow group companies, and in turn its funders and shareholders.
Having regard to the financial statements contained herein the director has considered the financial position of the company and events since balance sheet date up to and including the date of the signing of the Financial Statements and the Director's Report.
The director has prepared cashflow forecasts, as well as budgeted trading and profit & loss figures for the same period, which have been prudently prepared. These forecasts demonstrate that the Group will retain an ability to successfully manage cash flows and discharge all liabilities when due over the next 12 months and beyond. Should any additional funding be required the director is confident any requirements for additional funding will be met by the support from the shareholder and the Group's funders.
In addition to the above, the Group has entered into a legally binding agreement whereby each “Group” company agrees to financially support and not withdraw funding to fellow group companies. This confirms support to all group companies such that intercompany balances cannot be withdrawn and funding will be provided to support the going concern basis of accounting of each company, as well as the Group as a whole. In addition management have obtained a letter of support from the ultimate controlling party, Terence Hillier, to provide additional appropriate financial support should it be required.
As such, the director considers it appropriate to prepare the accounts on the going concern basis.
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PEOPLE UMBRELLA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
The Company director considers, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and having regard (amongst other matters) to factors (a) to (f) S172 Companies Act 2006, in the decisions taken during the year ended 31 March 2026. Specifically, the Board ensure in all decisions taken that:
∙Business is conducted morally and ethically, in line with the Company’s Code of Conduct
∙Short-term gains do not have an adverse consequence on the Company’s long-term strategy, success and benefits
∙Employee welfare, training and interests are taken care of
∙Customer and supplier relationships are strong, mutually beneficial and comply with Company’s policies (such as anti-bribery and corruption, anti-slavery and human trafficking and corporate social responsibility)
∙Any community and environmental impacts as a result of the Company’s operations are considered
During the financial year, the Company:
∙Worked closely with its suppliers and customers to ensure that the cashflow impact of Covid was mitigated to the greatest extent possible for the benefit of all parties.
∙Continued to invest in its infrastructure throughout the last financial year, notwithstanding the significant financial pressures, in order to improve the customer experience.
∙Informally and formally consulted with its employees to ensure staff felt safe in their working environment, be that at home, the office or elsewhere, and on staff’s mental wellbeing.
This report was approved by the board and signed on its behalf.
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PEOPLE UMBRELLA LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The director presents his report and the financial statements for the year ended 31 March 2026.
The profit for the year, after taxation, amounted to £523,681 (2025: loss £2,710).
No dividends were paid during the year.
The director who served during the year was:
The Company continues to invest in new technology and product development. This includes ongoing remodelling of products.
The Company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the company. This is achieved through formal and informal meetings. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests.
The Company also places considerable value on the relationship it holds with suppliers, customers and other stakeholders.
Our customers are essential to our business and the Company works openly and transparently in fostering long term customer relationships. Our business decisions and priorities are based on a good understanding of our customers and their requirements. We hold regular meetings with most of our customers at all levels within the business including the supply chain and commercial teams. The Director is involved in many of these meetings as and when required.
The Company fosters open and transparent dialogue with the regulatory and industry bodies relevant to the Company’s business operations and products it produces. This also applies in its relationship with other key stakeholders such as its bankers, other funders, and external advisors.
The Company is a low energy user, and therefore is exempt from the requirement to disclose actual energy usage.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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PEOPLE UMBRELLA LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
This report was approved by the board and signed on its behalf.
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PEOPLE UMBRELLA LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2026
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
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PEOPLE UMBRELLA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEOPLE UMBRELLA LIMITED
We have audited the financial statements of People Umbrella Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity 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, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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PEOPLE UMBRELLA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEOPLE UMBRELLA LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
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 Director's report.
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PEOPLE UMBRELLA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEOPLE UMBRELLA LIMITED (CONTINUED)
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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:
∙We have considered the nature of the industry and sector, control environment, and business performance;
∙We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks of irregularities within the entity; and
∙For any matters identified we have considered the Group’s policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
°The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙We have considered key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating effectively.
As a result of these procedures, we have considered the opportunities and incentives that may exist within an organisation for fraud and identified the highest risk area to be in relation to revenue recognition, with a particular risk in relation to year end cut-off.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included data protection legislation, health and safety regulations, and employment law.
Our procedures to respond to risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included data protection legislation, health and safety regulations, and employment law.
Our procedures to respond to risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Enquiring of management in relation to actual and potential claims or litigation;
∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board meeting minutes;
∙Performing detailed testing in relation to the recognition of revenue with a particular focus around the year end cut off; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of
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PEOPLE UMBRELLA LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEOPLE UMBRELLA LIMITED (CONTINUED)
journal entries and other adjustments; assessing whether the judgments made in accounting estimates are indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
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 Auditors' 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 an Auditors' report 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
Statutory Auditors
10 Temple Back
BS1 6FL
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PEOPLE UMBRELLA LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE UMBRELLA LIMITED
REGISTERED NUMBER:10831716
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 23 form part of these financial statements.
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PEOPLE UMBRELLA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE UMBRELLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
People Umbrella Limited is a limited liability company incorporated in England and Wales. The registered office is People Group House, Three Horseshoes Walk, Warminster, Wiltshire, BA12 9BT.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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 (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these
financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in
the UK and Republic of Ireland":
financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in
the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of People Group Operations Limited as at 31 March 2026 and these financial statements may be obtained from Companies House.
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PEOPLE UMBRELLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
During the year ended 31 March 2026 the Company made a profit after tax of £523,681 and as at 31 March 2026 had net liabilities of £228,991. Since the year-end, the Company has traded satisfactorily with Group Sales performing to forecasted levels and the Company remains on target to deliver at indicated performance levels. The Company continues to be reliant on the ongoing support of its fellow group companies, and in turn its funders and shareholders.
Having regard to the financial statements contained herein the director has considered the financial position of the Company and performance post year-end.
Having regard to the financial statements contained herein the director has considered the financial position of the Company and performance post year-end.
The director has prepared cashflow forecasts, as well as budgeted trading and profit & loss figures, which have been prudently prepared. These forecasts demonstrate that the Group will retain an ability to successfully manage cash flows and discharge all liabilities as they fall due, for a minimum period of at least 12 months from signing of these financial statements. Whilst the Director does not anticipate any need for further funding, if any funding was required the director is confident any requirements for additional funding will be met by the support from the shareholder and the Group's funders.
In addition to the above, the Group has entered into a legally binding agreement whereby each group company agrees to financially support and not withdraw funding to fellow group companies. This confirms support to all group companies such that intercompany balances cannot be withdrawn and funding will be provided to support the going concern basis of accounting of each company, as the Group as a whole. In addition, management have obtained a letter of support from the ultimate controlling party, Terence Hillier, to provide additional appropriate financial support should it be required.
As such, the director considers it appropriate to prepare the accounts on the going concern basis.
In addition to the above, the Group has entered into a legally binding agreement whereby each group company agrees to financially support and not withdraw funding to fellow group companies. This confirms support to all group companies such that intercompany balances cannot be withdrawn and funding will be provided to support the going concern basis of accounting of each company, as the Group as a whole. In addition, management have obtained a letter of support from the ultimate controlling party, Terence Hillier, to provide additional appropriate financial support should it be required.
As such, the director considers it appropriate to prepare the accounts on the going concern basis.
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PEOPLE UMBRELLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
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PEOPLE UMBRELLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company 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 Company's Statement of financial position when the Company 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
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
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PEOPLE UMBRELLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.ACCOUNTING POLICIES (CONTINUED)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Trade debt provision
Management have considered risk of bad debts, and review debtor recovery positions monthly, any suspected bad debts based upon client knowledge and historical outcomes are provided for immediately.
Recoverability of intercompany debt
Management have assessed the recoverability of intercompany debt, taking into account the financial position of the counterparties and the fact that all balances are with entities wholly owned by People Group Operations Limited. This assessment includes consideration of the ability of each entity to continue as a going concern and the availability of group support where required (see note 2.3). Based on this assessment, management consider the intercompany balances to be recoverable.
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PEOPLE UMBRELLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE UMBRELLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
7.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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PEOPLE UMBRELLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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PEOPLE UMBRELLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £652,315 (2024: £706,292). Contributions totalling £82,919 (2025: £94,441) were payable to the fund at the reporting date and are included in 'Other creditors'.
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PEOPLE UMBRELLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The immediate parent undertaking is People Group Operations Limited and ultimate controlling party is
T Hillier.
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