WR Group Limited 04838590 false 2021-12-31 2022-12-31 2022-12-31 The principal activity of the company is the development, operation and supply of digital recruitment technology solutions. Digita Accounts Production Advanced 6.30.9574.0 true false true true 04838590 2021-12-31 2022-12-31 04838590 2022-12-31 04838590 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-12-31 04838590 core:CurrentFinancialInstruments 2022-12-31 04838590 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 04838590 core:Non-currentFinancialInstruments 2022-12-31 04838590 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 04838590 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04838590 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 04838590 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 04838590 core:OfficeEquipment 2022-12-31 04838590 core:PlantMachinery 2022-12-31 04838590 core:ParentEntities 2022-12-31 04838590 bus:SmallEntities 2021-12-31 2022-12-31 04838590 bus:AuditExemptWithAccountantsReport 2021-12-31 2022-12-31 04838590 bus:FullAccounts 2021-12-31 2022-12-31 04838590 bus:SmallCompaniesRegimeForAccounts 2021-12-31 2022-12-31 04838590 bus:RegisteredOffice 2021-12-31 2022-12-31 04838590 bus:Chairman 2021-12-31 2022-12-31 04838590 bus:Director2 2021-12-31 2022-12-31 04838590 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2021-12-31 2022-12-31 04838590 bus:PrivateLimitedCompanyLtd 2021-12-31 2022-12-31 04838590 1 2021-12-31 2022-12-31 04838590 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 2022-12-31 04838590 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 1 2021-12-31 2022-12-31 04838590 core:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 2022-12-31 04838590 core:PatentsTrademarksLicencesConcessionsSimilar 1 2021-12-31 2022-12-31 04838590 core:ComputerEquipment 2021-12-31 2022-12-31 04838590 core:FurnitureFittings 2021-12-31 2022-12-31 04838590 core:LandBuildings core:LongLeaseholdAssets 2021-12-31 2022-12-31 04838590 core:LeaseholdImprovements 2021-12-31 2022-12-31 04838590 core:OfficeEquipment 2021-12-31 2022-12-31 04838590 core:PlantMachinery 2021-12-31 2022-12-31 04838590 core:ParentEntities 2021-12-31 2022-12-31 04838590 core:Subsidiary1 2021-12-31 2022-12-31 04838590 core:Subsidiary1 1 2021-12-31 2022-12-31 04838590 core:Subsidiary1 countries:NorthernIreland 2021-12-31 2022-12-31 04838590 1 2021-12-31 2022-12-31 04838590 countries:England 2021-12-31 2022-12-31 04838590 2021-12-30 04838590 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-30 04838590 core:PatentsTrademarksLicencesConcessionsSimilar 2021-12-30 04838590 core:CostValuation 2021-12-30 04838590 core:LandBuildings core:LongLeaseholdAssets 2021-12-30 04838590 core:OfficeEquipment 2021-12-30 04838590 core:PlantMachinery 2021-12-30 04838590 core:ParentEntities 2021-12-30 04838590 2020-12-31 2021-12-30 04838590 2021-12-30 04838590 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2021-12-30 04838590 core:CurrentFinancialInstruments 2021-12-30 04838590 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-30 04838590 core:Non-currentFinancialInstruments 2021-12-30 04838590 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-30 04838590 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-30 04838590 core:PatentsTrademarksLicencesConcessionsSimilar 2021-12-30 04838590 core:LandBuildings core:LongLeaseholdAssets 2021-12-30 04838590 core:OfficeEquipment 2021-12-30 04838590 core:PlantMachinery 2021-12-30 04838590 core:ParentEntities core:RenderingOrReceivingServices 2020-12-31 2021-12-30 04838590 core:Subsidiary1 1 2020-12-31 2021-12-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04838590

WR Group Limited

trading as Webrecruit

Unaudited Filleted Financial Statements

for the Period from 31 December 2021 to 31 December 2022

 

WR Group Limited

trading as Webrecruit

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

WR Group Limited

trading as Webrecruit

Company Information

Chairman

Mr James Gray

Director

Mr David Geraint Jones

Registered office

Unit 1 Kew Court
Pynes Hill
Exeter
EX2 5AZ

Accountants

Just Add Tech Ltd
Chartered Certified Accountants
133 Howeth Road
Bournemouth
Dorset
BH10 5NU

 

WR Group Limited

trading as Webrecruit

(Registration number: 04838590)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

1,107,698

819,161

Tangible assets

5

30,495

29,314

Investments

6

370,000

370,000

 

1,508,193

1,218,475

Current assets

 

Debtors

7

876,338

701,750

Cash at bank and in hand

 

26,448

228,969

 

902,786

930,719

Creditors: Amounts falling due within one year

8

(2,228,237)

(2,007,205)

Net current liabilities

 

(1,325,451)

(1,076,486)

Total assets less current liabilities

 

182,742

141,989

Creditors: Amounts falling due after more than one year

8

(145,902)

(170,248)

Provisions for liabilities

(3,063)

(454)

Net assets/(liabilities)

 

33,777

(28,713)

Capital and reserves

 

Called up share capital

9

133

133

Retained earnings

33,644

(28,846)

Shareholders' funds/(deficit)

 

33,777

(28,713)

For the financial period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

 

WR Group Limited

trading as Webrecruit

(Registration number: 04838590)
Balance Sheet as at 31 December 2022

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 September 2023
 

.........................................
Mr David Geraint Jones
Director

 

WR Group Limited

trading as Webrecruit

Notes to the Unaudited Financial Statements for the Period from 31 December 2021 to 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1 Kew Court
Pynes Hill
Exeter
EX2 5AZ

These financial statements were authorised for issue by the director on 27 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover 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.

 

WR Group Limited

trading as Webrecruit

Notes to the Unaudited Financial Statements for the Period from 31 December 2021 to 31 December 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off costs of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold

20% straight line

Fixtures & Fittings

20% straight line

Computer Equipment

33% straight line

 

WR Group Limited

trading as Webrecruit

Notes to the Unaudited Financial Statements for the Period from 31 December 2021 to 31 December 2022

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Development costs

Development expenditure is being capitalised and represents the percentage of time people spend on development of the platform, multiplied by their costs. This is being amortised over the useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development expenditure

20% straight line

Trademarks

25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

WR Group Limited

trading as Webrecruit

Notes to the Unaudited Financial Statements for the Period from 31 December 2021 to 31 December 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors 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 trade debtors 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

 

WR Group Limited

trading as Webrecruit

Notes to the Unaudited Financial Statements for the Period from 31 December 2021 to 31 December 2022

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 35 (2021 - 31).

 

WR Group Limited

trading as Webrecruit

Notes to the Unaudited Financial Statements for the Period from 31 December 2021 to 31 December 2022

4

Intangible assets

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 31 December 2021

11,155

1,802,043

1,813,198

Additions internally developed

-

608,041

608,041

At 31 December 2022

11,155

2,410,084

2,421,239

Amortisation

At 31 December 2021

10,788

983,249

994,037

Amortisation charge

55

319,449

319,504

At 31 December 2022

10,843

1,302,698

1,313,541

Carrying amount

At 31 December 2022

312

1,107,386

1,107,698

At 30 December 2021

367

818,794

819,161

 

WR Group Limited

trading as Webrecruit

Notes to the Unaudited Financial Statements for the Period from 31 December 2021 to 31 December 2022

5

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 31 December 2021

27,445

27,335

5,310

60,090

Additions

-

8,817

-

8,817

At 31 December 2022

27,445

36,152

5,310

68,907

Depreciation

At 31 December 2021

6,005

20,719

4,052

30,776

Charge for the period

2,745

4,475

416

7,636

At 31 December 2022

8,750

25,194

4,468

38,412

Carrying amount

At 31 December 2022

18,695

10,958

842

30,495

At 30 December 2021

21,440

6,616

1,258

29,314

Included within the net book value of land and buildings above is £18,695 (2021 - £21,440) in respect of long leasehold land and buildings.
 

6

Investments

2022
£

2021
£

Investments in subsidiaries

370,000

370,000

 

WR Group Limited

trading as Webrecruit

Notes to the Unaudited Financial Statements for the Period from 31 December 2021 to 31 December 2022

Subsidiaries

£

Cost or valuation

At 31 December 2021

370,000

Provision

Carrying amount

At 31 December 2022

370,000

At 30 December 2021

370,000

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

Web Recruit Ireland Limited

7 Suite 128 Scottish Provident Building, 7 Donegal Square West, Belfast, BT1 6JH

Northern Ireland

Ordinary

100%

100%

Subsidiary undertakings

Web Recruit Ireland Limited

The principal activity of Web Recruit Ireland Limited is Dormant.

7

Debtors

Current

2022
£

2021
£

Trade debtors

584,505

468,437

Prepayments

208,024

120,007

Other debtors

83,809

113,306

 

876,338

701,750

 

WR Group Limited

trading as Webrecruit

Notes to the Unaudited Financial Statements for the Period from 31 December 2021 to 31 December 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

110,005

98,902

Trade creditors

 

201,585

172,121

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

826,522

826,233

Taxation and social security

 

265,629

269,698

Accruals and deferred income

 

617,276

533,879

Other creditors

 

207,220

106,372

 

2,228,237

2,007,205

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

145,902

170,248

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £0.01 each

13,333

133

13,333

133

         
 

WR Group Limited

trading as Webrecruit

Notes to the Unaudited Financial Statements for the Period from 31 December 2021 to 31 December 2022

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

145,902

170,248

2022
£

2021
£

Current loans and borrowings

Bank borrowings

19,543

98,902

Other borrowings

90,462

-

110,005

98,902

11

Related party transactions

 

WR Group Limited

trading as Webrecruit

Notes to the Unaudited Financial Statements for the Period from 31 December 2021 to 31 December 2022

Director's remuneration

The director's remuneration for the period was as follows:

2022
£

2021
£

Remuneration

107,888

121,683

Contributions paid to money purchase schemes

1,321

-

109,209

121,683

Summary of transactions with parent

Webrecruit Holdings Limited is the parent company of WR Group Limited.
 

Income and receivables from related parties

2022

2021

Parent
£

Receipt of services

78,242

Loans from related parties

2022

Parent
£

Total
£

At start of period

826,233

826,233

Advanced

289

289

At end of period

826,522

826,522

Terms of loans from related parties

There were no conditions attached to the loan and it was interest free.
 

12

Parent and ultimate parent undertaking

The company's immediate parent is Webrecruit Holdings Limited, incorporated in England.