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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 30 September 2017 |
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FPS Umbrella Payroll Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 30 September 2017 |
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for |
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FPS Umbrella Payroll Limited |
FPS Umbrella Payroll Limited (Registered number: 08684204) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2017 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Statement of Income and Retained Earnings | 8 |
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Statement of Financial Position | 9 |
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Statement of Cash Flows | 10 |
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Notes to the Statement of Cash Flows | 11 |
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Notes to the Financial Statements | 12 |
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FPS Umbrella Payroll Limited |
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Company Information |
for the Year Ended 30 September 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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FPS Umbrella Payroll Limited (Registered number: 08684204) |
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Strategic Report |
for the Year Ended 30 September 2017 |
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The Directors present their strategic report for the year ended 30 September 2017. |
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Business review |
As the company is not for profit and run for the best interest of its employees there is no profit for the year. |
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The company's key financial and other performance indicators during the year were as follows: |
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2017 | 2016 | Change |
£'000 | £'000 | % |
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Turnover | 13,022 | 3,945 | 230 |
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Average no. of
employees |
446 |
103 |
333 |
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Turnover for this business in the next financial year is expected to be significantly higher than that achieved |
this year. |
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FPS Umbrella Payroll Limited aims to become the premier employment solution to the contractor sector |
encompassing payroll and financial products whilst maintaining its heritage for excellence in client care. |
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Our mission is to grow the business by 30% in volume terms within the next 2 years through the acquisition |
of new clients by focusing on being their trusted partner and delivering better services & support than our |
competitors. |
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ON BEHALF OF THE BOARD: |
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FPS Umbrella Payroll Limited (Registered number: 08684204) |
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Report of the Directors |
for the Year Ended 30 September 2017 |
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The directors present their report with the financial statements of the company for the year ended 30 September 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of Consultancy. |
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DIVIDENDS |
No dividends will be distributed for the year ended 30 September 2017. |
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DIRECTORS |
The directors who served during the year and to the date of this report are as follows: |
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Mr M Parsons, appointed 2nd October 2017 |
Mr B Mellor, appointed 2nd October 2017 |
Mr M Huddleston, resigned 2nd October 2017 |
Mrs L Wall, resigned 2nd October 2017 |
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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. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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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. |
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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. |
FPS Umbrella Payroll Limited (Registered number: 08684204) |
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Report of the Directors |
for the Year Ended 30 September 2017 |
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AUDITORS |
Sedulo Audit Limited were appointed during the year. Sedulo Audit Limited will be proposed for |
re-appointment in accordance with the provisions of the Companies Act 2006 relating to small companies. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 |
relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
FPS Umbrella Payroll Limited |
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Opinion |
We have audited the financial statements of FPS Umbrella Payroll Limited (the 'company') for the year |
ended 30 September 2017 which comprise the Statement of Income and Retained Earnings, Statement of |
Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 30 September 2017 and of its profit for
the year then ended; |
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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. |
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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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us |
to report to you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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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. |
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Our opinion on the financial statements does not cover the other information and we do not express any |
form of assurance conclusion thereon. |
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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, 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 |
FPS Umbrella Payroll Limited |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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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 |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable
legal requirements. |
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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. |
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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: |
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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. |
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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. |
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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. |
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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. |
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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. |
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Other Matters |
The prior year's figures are unaudited. |
Report of the Independent Auditors to the Members of |
FPS Umbrella Payroll Limited |
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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. |
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for and on behalf of
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Statutory Auditors |
Regency Court |
62 - 66 Deansgate |
Manchester |
M3 2EN |
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FPS Umbrella Payroll Limited (Registered number: 08684204) |
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Statement of Income and Retained Earnings |
for the Year Ended 30 September 2017 |
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2017 | 2016 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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OPERATING LOSS | ( |
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Interest receivable and similar income |
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PROFIT BEFORE TAXATION |
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Tax on profit | 4 |
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PROFIT FOR THE FINANCIAL
YEAR |
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FPS Umbrella Payroll Limited (Registered number: 08684204) |
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Statement of Financial Position |
30 September 2017 |
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2017 | 2016 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
behalf by: |
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FPS Umbrella Payroll Limited (Registered number: 08684204) |
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Statement of Cash Flows |
for the Year Ended 30 September 2017 |
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2017 | 2016 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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( |
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Net cash from operating activities |
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Cash flows from investing activities |
Interest received |
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Net cash from investing activities |
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Increase/(decrease) in cash and cash equivalents |
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Cash and cash equivalents at
beginning of year |
2 |
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245,144 |
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Cash and cash equivalents at end of
year |
2 |
1,559,511 |
146,404 |
FPS Umbrella Payroll Limited (Registered number: 08684204) |
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Notes to the Statement of Cash Flows |
for the Year Ended 30 September 2017 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2017 | 2016 |
£ | £ |
Profit before taxation |
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Finance income | (6,279 | ) | - |
(6,279 | ) | - |
(Increase)/decrease in trade and other debtors | ( |
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Increase/(decrease) in trade and other creditors |
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( |
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Cash generated from operations |
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( |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in |
respect of these Statement of Financial Position amounts: |
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Year ended 30 September 2017 |
30.9.17 | 1.10.16 |
£ | £ |
Cash and cash equivalents | 1,559,511 | 146,404 |
Year ended 30 September 2016 |
30.9.16 | 1.10.15 |
£ | £ |
Cash and cash equivalents | 146,404 | 245,144 |
FPS Umbrella Payroll Limited (Registered number: 08684204) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2017 |
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1. | STATUTORY INFORMATION |
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FPS Umbrella Payroll Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation and functional currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) |
These financial statements for the year ended 30 September 2017 are the first that are prepared in |
accordance with FRS 102. The previous financial statements were prepared in accordance with UK |
GAAP, the date of transition to FRS 102 is 1 October 2015. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
2017 | 2016 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2017 | 2016 |
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Employees | 446 | 103 |
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2017 | 2016 |
£ | £ |
Directors' remuneration |
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FPS Umbrella Payroll Limited (Registered number: 08684204) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2017 |
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4. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 30 September 2017 nor for the year ended |
30 September 2016. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1.00 | 1 | 1 |
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8. | RELATED PARTY DISCLOSURES |
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The company paid administration fees of £163,662 (2016: £70,469) to Freelance Professional |
Services Limited during the year. No balance was outstanding at the year end between the companies. |
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There is no single beneficial owner of the company. |
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The share in the company is held in nominee under a declaration of trust to the benefit of the |
employees of the company. Should there be no employees, the ownership of the company will be to |
the benefit of a charitable foundation. |
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By virtue of the common directorship of Mr M Parsons, Freelance Professional Services Limited is |
considered to be a related party. |