Registration number:
Holker Watkin Limited
for the Year Ended 31 December 2021
Holker Watkin Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Holker Watkin Limited
Company Information
Directors |
L Hartmann S Mainiero |
Registered office |
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Independent Auditors |
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Holker Watkin Limited
(Registration number: 03755403)
Statement of Financial Position as at 31 December 2021
Note |
2021 |
2020 |
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Non current assets |
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Property, plant and equipment |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Equity |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income statement has been taken.
The financial statements of Holker Watkin Limited were approved and authorised for issue by the
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Director
Holker Watkin Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021
General information |
Holker Watkin Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.
Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
In respect of interim placements revenue is recognised when the service has been delivered to the client by the contractor.
In respect of executive search, revenue is recognised on a percentage of completion basis determined by the actual time spent on the search as a proportion of the total expected time multiplied by the estimated fee.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Holker Watkin Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021 (continued)
2 |
Accounting policies (continued) |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% straight line |
Computer equipment |
33% straight line |
Leasehold improvements |
Length of lease straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Receivables
Receivables are amounts due from customers for services performed in the ordinary course of business.
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Holker Watkin Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Holker Watkin Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021 (continued)
Taxation |
Tax charged/(credited) in the income statement
2021 |
2020 |
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Current taxation |
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UK corporation tax |
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The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2020 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2021 |
2020 |
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Profit before tax |
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Corporation tax at standard rate |
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Effect of expense not deductible in determining taxable profit (tax loss) |
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Tax increase/(decrease) from effect of capital allowances and depreciation |
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Tax increase from other short-term timing differences |
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Total tax charge |
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Holker Watkin Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021 (continued)
Property, plant and equipment |
Leasehold improvements |
Furniture, fittings and equipment |
Total |
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Cost |
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At 1 January 2021 |
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Additions |
- |
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At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
- |
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Charge for the year |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Receivables |
Note |
2021 |
2020 |
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Trade receivables |
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Amounts owed by related parties |
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Other receivables |
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Prepayments |
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Accrued income |
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Holker Watkin Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021 (continued)
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Trade payable |
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Social security and other taxes |
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Corporation tax |
93,107 |
79,263 |
Other payables |
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Accruals |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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899.97 |
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899.97 |
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0.03 |
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0.03 |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2021 |
2020 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Holker Watkin Limited
Notes to the Financial Statements
for the Year Ended 31 December 2021 (continued)
Financial commitments, guarantees and contingencies |
Pension commitments |
The company paid pension contributions of £11,775 (31 December 2020: £11,603) and had an outstanding liability of £3,439 at 31 December 2021 (31 December 2020: £1,232).
Related party transactions |
At 31 December 2021 the company was owed £3,638,687 (2020: £3,488,302) by its parent company.
The loan is interest free and has no fixed repayment date or repayment schedule.
Parent and ultimate parent undertaking |
The company's immediate parent is
Audit report |