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Registration number: 08365156

Webrecruit Holdings Limited

Annual Report and Consolidated Financial Statements

for the Period from 31 December 2021 to 31 December 2022

 

Webrecruit Holdings Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Statement of Director's Responsibilities

4

Accountants' Report

5

Consolidated Profit and Loss Account

6

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

8

Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Statement of Changes in Equity

11

Consolidated Statement of Cash Flows

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 25

 

Webrecruit Holdings Limited

Company Information

Chairman

Mr James Gray

Director

Mr David Geraint Jones

Company secretary

Mrs Katrin Gray

Registered office

Unit 1 Kew Court
Pynes Hill
Exeter
EX2 5AZ

 

Webrecruit Holdings Limited

Strategic Report for the period from 31 December 2021 to 31 December 2022

The director presents his strategic report for the period from 31 December 2021 to 31 December 2022.

Principal activity

The principal activity of the group is the development, operation and supply of digital recruitment technology solutions delivered through our smart, AI driven, technology platform.

Fair review of the business

In the year to 30 December 2022, the Company’s turnover grew for the second year in succession following the downturn experienced in 2020 as a result of the Covid-19 pandemic. Revenues grew in 2022 through a combination of improved market conditions as well as through a series of major public sector and higher education tender wins, the latter being an area that Webrecruit has developed a high degree of expertise. Webrecruit’s leadership team embarked on a strategic review of the business to plan for significant growth, which is due to run into the following year. Despite the second half of the 2022 showing signs of revenue growth being impacted by recessionary headwinds as a result of the war in Ukraine and high inflation, business development activity is high and any downturn in revenue from its core customer base is expected to be offset by new customer acquisition. The recruitment technology and marketing industry is poised for continued growth and the recruitment market in general remains ripe for digital disruption to help organisations reduce HR administration costs, to attract talent and improve the employer brand. We believe Webrecruit is well positioned to continue to benefit from this evolving landscape and capitalise on significant market opportunities given our expertise, agility, strength of product/service and talented team.

Principal risks and uncertainties

The principal activities of the Company, which are to generate revenue through digital recruitment technology and marketing solutions, are primarily at risk of a downturn in hiring activity due to macroeconomic factors, such as a recession, where organisations often respond by tightening their budgets and reducing expenditure, with recruitment activity being susceptible to this impact. A secondary risk for the Company is high customer concentration. The Company is confident in navigating a path through any future crisis such as recession by a) continuing to invest in product development to derive revenues in areas that are less prone to peak and trough, b) to focus on sectors where there hiring activity is more consistent with contracted, recurring revenue streams, c) to divert resources to broaden its customer base, and d) by investing in experienced personnel who are capable of helping with the continued evolution of the business and managing our growth and development.

Approved and authorised by the director on 27 September 2023
 

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

 

Webrecruit Holdings Limited

Director's Report for the Period from 31 December 2021 to 31 December 2022

The director presents his report and the for the period from 31 December 2021 to 31 December 2022.

Director of the group

The directors who held office during the period were as follows:

Mr James Gray - Chairman

Mr David Geraint Jones

Approved and authorised by the director on 27 September 2023
 

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

 

Webrecruit Holdings Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and 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; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Webrecruit Holdings Limited
for the Period Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Webrecruit Holdings Limited for the period ended 31 December 2022 as set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Webrecruit Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 1 December 2022. Our work has been undertaken solely to prepare for your approval the accounts of Webrecruit Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Webrecruit Holdings Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Webrecruit Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Webrecruit Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Webrecruit Holdings Limited. You consider that Webrecruit Holdings Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Webrecruit Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

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

26 September 2023

 

Webrecruit Holdings Limited

Consolidated Profit and Loss Account for the Period from 31 December 2021 to 31 December 2022

Note

2022
£

2021
£

Turnover

3

4,382,363

3,718,151

Cost of sales

 

(2,188,238)

(1,670,599)

Gross profit

 

2,194,125

2,047,552

Administrative expenses

 

(2,168,641)

(1,927,518)

Other operating income

4

25,408

35,513

Operating profit

5

50,892

155,547

Income from shares in group undertakings

 

-

63,263

Other interest receivable and similar income

6

76

56

Interest payable and similar expenses

7

(39,527)

(59,207)

   

(39,451)

4,112

Profit before tax

 

11,441

159,659

Tax on profit

10

(10,010)

23,667

Profit for the financial period

 

1,431

183,326

Profit/(loss) attributable to:

 

Owners of the company

 

1,431

183,326

The group has no recognised gains or losses for the period other than the results above.

 

Webrecruit Holdings Limited

Consolidated Statement of Comprehensive Income for the Period from 31 December 2021 to 31 December 2022

2022
£

2021
£

Profit for the period

1,431

183,326

Total comprehensive income for the period

1,431

183,326

Total comprehensive income attributable to:

Owners of the company

1,431

183,326

 

Webrecruit Holdings Limited

(Registration number: 08365156)
Consolidated Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

11

1,563,456

1,327,265

Tangible assets

12

30,495

29,314

 

1,593,951

1,356,579

Current assets

 

Debtors

13

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

15

(1,410,716)

(1,180,971)

Net current liabilities

 

(507,930)

(250,252)

Total assets less current liabilities

 

1,086,021

1,106,327

Creditors: Amounts falling due after more than one year

15

(145,902)

(170,248)

Provisions for liabilities

(3,063)

(454)

Net assets

 

937,056

935,625

Capital and reserves

 

Called up share capital

17

1,002,616

1,002,616

Retained earnings

(65,560)

(66,991)

Equity attributable to owners of the company

 

937,056

935,625

Shareholders' funds

 

937,056

935,625

Approved and authorised by the director on 27 September 2023
 

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

 

Webrecruit Holdings Limited

(Registration number: 08365156)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

11

122,878

138,237

Current assets

 

Debtors

13

826,522

826,233

Creditors: Amounts falling due within one year

15

(9,001)

1

Net current assets

 

817,521

826,234

Net assets

 

940,399

964,471

Capital and reserves

 

Called up share capital

17

1,002,616

1,002,616

Retained earnings

(62,217)

(38,145)

Shareholders' funds

 

940,399

964,471

The company made a loss after tax for the financial period of £24,072 (2021 - loss of £38,145).

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.

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.

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.

Approved and authorised by the director on 27 September 2023
 

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

 

Webrecruit Holdings Limited

Consolidated Statement of Changes in Equity for the Period from 31 December 2021 to 31 December 2022
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 31 December 2021

1,002,616

(66,991)

935,625

935,625

Profit for the period

-

1,431

1,431

1,431

At 31 December 2022

1,002,616

(65,560)

937,056

937,056

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 31 December 2020

152

(250,317)

(250,165)

(250,165)

Profit for the period

-

183,326

183,326

183,326

New share capital subscribed

1,002,464

-

1,002,464

1,002,464

At 30 December 2021

1,002,616

(66,991)

935,625

935,625

 

Webrecruit Holdings Limited

Statement of Changes in Equity for the Period from 31 December 2021 to 31 December 2022

Share capital
£

Retained earnings
£

Total
£

At 31 December 2021

1,002,616

(38,145)

964,471

Loss for the period

-

(24,072)

(24,072)

At 31 December 2022

1,002,616

(62,217)

940,399

Share capital
£

Retained earnings
£

Total
£

At 31 December 2020

152

-

152

Loss for the period

-

(38,145)

(38,145)

New share capital subscribed

1,002,464

-

1,002,464

At 30 December 2021

1,002,616

(38,145)

964,471

 

Webrecruit Holdings Limited

Consolidated Statement of Cash Flows for the Period from 31 December 2021 to 31 December 2022

Note

2022
£

2021
£

Cash flows from operating activities

Profit for the period

 

1,431

183,326

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

379,486

251,003

Finance income

6

(76)

(63,319)

Finance costs

7

33,334

53,245

Income tax expense

10

10,010

(23,667)

 

424,185

400,588

Working capital adjustments

 

Increase in trade debtors

13

(206,383)

(225,044)

Increase/(decrease) in trade creditors

15

218,642

(753,016)

Cash generated from operations

 

436,444

(577,472)

Income taxes received

10

24,394

136,057

Net cash flow from operating activities

 

460,838

(441,415)

Cash flows from investing activities

 

Interest received

76

63,319

Acquisitions of tangible assets

(8,817)

(6,316)

Acquisition of intangible assets

11

(608,041)

(738,298)

Proceeds from sale of intangible assets

 

-

400,000

Net cash flows from investing activities

 

(616,782)

(281,295)

Cash flows from financing activities

 

Interest paid

7

(33,334)

(53,245)

Proceeds from issue of ordinary shares, net of issue costs

 

-

1,002,464

Proceeds from bank borrowing draw downs

 

(103,705)

(165,402)

Repayment of other borrowing

 

90,462

-

Net cash flows from financing activities

 

(46,577)

783,817

Net (decrease)/increase in cash and cash equivalents

 

(202,521)

61,107

Cash and cash equivalents at 31 December

 

228,969

167,862

Cash and cash equivalents at 31 December

 

26,448

228,969

 

Webrecruit Holdings Limited

Statement of Cash Flows for the Period from 31 December 2021 to 31 December 2022

Note

2022
£

2021
£

Cash flows from operating activities

Loss for the period

 

(24,072)

(38,145)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

15,359

15,360

Finance costs

9,001

-

 

288

(22,785)

Working capital adjustments

 

Increase in trade debtors

13

(289)

(826,233)

Increase/(decrease) in trade creditors

15

9,002

(553,446)

Net cash flow from operating activities

 

9,001

(1,402,464)

Cash flows from investing activities

 

Proceeds from sale of intangible assets

 

-

400,000

Cash flows from financing activities

 

Interest paid

(9,001)

-

Proceeds from issue of ordinary shares, net of issue costs

 

-

1,002,464

Net cash flows from financing activities

 

(9,001)

1,002,464

Net increase/(decrease) in cash and cash equivalents

 

-

-

Cash and cash equivalents at 31 December

 

-

-

Cash and cash equivalents at 31 December

 

-

-

 

Webrecruit Holdings Limited

Notes to the 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and 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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2022.

 

Webrecruit Holdings Limited

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

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group 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 group's activities.

 

Webrecruit Holdings Limited

Notes to the 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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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 the cost 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

 

Webrecruit Holdings Limited

Notes to the 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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

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

Goodwill

10% 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.

 

Webrecruit Holdings Limited

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

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.

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 group 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 group 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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Webrecruit Holdings Limited

Notes to the 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 group 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

Turnover

The analysis of the group's turnover for the period from continuing operations is as follows:

2022
£

2021
£

Sale of goods

4,382,363

3,718,151

4

Other operating income

The analysis of the group's other operating income for the period is as follows:

2022
£

2021
£

Government grants

25,408

35,513

5

Operating profit

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

7,636

6,883

Amortisation expense

371,850

244,120

6

Other interest receivable and similar income

2022
£

2021
£

Interest income on bank deposits

76

56

 

Webrecruit Holdings Limited

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

7

Interest payable and similar expenses

2022
£

2021
£

Interest on bank overdrafts and borrowings

24,333

50,776

Interest expense on other finance liabilities

9,001

2,469

Foreign exchange gains

6,193

5,962

39,527

59,207

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2022
£

2021
£

Wages and salaries

1,392,450

1,089,957

Social security costs

161,494

871

Pension costs, defined contribution scheme

24,913

1,802

Other employee expense

14,924

9,374

1,593,781

1,102,004

The average number of persons employed by the group (including the director) during the period, analysed by category was as follows:

2022
No.

2021
No.

Production

12

11

Administration and support

6

6

Sales

9

6

Marketing

2

1

Other departments

6

7

35

31

9

Director's remuneration

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

 

Webrecruit Holdings Limited

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

2022
£

2021
£

Remuneration

107,888

121,683

Contributions paid to money purchase schemes

1,321

-

109,209

121,683

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2022
£

2021
£

Current taxation

UK corporation tax

-

(24,262)

UK corporation tax adjustment to prior periods

7,401

-

7,401

(24,262)

Deferred taxation

Arising from origination and reversal of timing differences

2,609

595

Tax expense/(receipt) in the income statement

10,010

(23,667)

11

Intangible assets

Group

 

Webrecruit Holdings Limited

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

Goodwill
 £

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 31 December 2021

523,464

11,155

1,802,043

2,336,662

Additions internally developed

-

-

608,041

608,041

At 31 December 2022

523,464

11,155

2,410,084

2,944,703

Amortisation

At 31 December 2021

15,360

10,788

983,249

1,009,397

Amortisation charge

52,346

55

319,449

371,850

At 31 December 2022

67,706

10,843

1,302,698

1,381,247

Carrying amount

At 31 December 2022

455,758

312

1,107,386

1,563,456

At 30 December 2021

508,104

367

818,794

1,327,265

Company

Goodwill
 £

Total
£

Cost or valuation

At 31 December 2021

153,597

153,597

At 31 December 2022

153,597

153,597

Amortisation

At 31 December 2021

15,360

15,360

Amortisation charge

15,359

15,359

At 31 December 2022

30,719

30,719

Carrying amount

At 31 December 2022

122,878

122,878

At 30 December 2021

138,237

138,237

12

Tangible assets

Group

 

Webrecruit Holdings Limited

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

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.
 

13

Debtors

   

Group

Company

Current

Note

2022
£

2021
£

2022
£

2021
£

Trade debtors

 

584,505

468,437

-

-

Amounts owed by related parties

-

-

826,522

826,233

Other debtors

 

83,809

81,511

-

-

Prepayments

 

208,024

120,007

-

-

Income tax asset

10

-

31,795

-

-

   

876,338

701,750

826,522

826,233

 

Webrecruit Holdings Limited

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

14

Cash and cash equivalents

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Cash at bank

26,448

228,969

-

-

15

Creditors

   

Group

Company

Note

2022
£

2021
£

2022
£

2021
£

Due within one year

 

Loans and borrowings

18

110,005

98,902

-

-

Trade creditors

 

201,585

172,121

-

-

Amounts due to related parties

15,000

-

-

-

Social security and other taxes

 

265,629

269,698

-

-

Other payables

 

201,221

106,371

9,001

(1)

Accruals

 

617,276

533,879

-

-

 

1,410,716

1,180,971

9,001

(1)

Due after one year

 

Loans and borrowings

18

145,902

170,248

-

-

 

Webrecruit Holdings Limited

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

16

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £24,913 (2021 - £1,802).

17

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £0.01 each

15,153

152

15,153

152

Ordinary A of £1 each

552,411

552,411

552,411

552,411

Ordinary B of £1 each

450,053

450,053

450,053

450,053

 

1,017,617

1,002,616

1,017,617

1,002,616

18

Loans and borrowings

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

145,902

170,248

-

-

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Current loans and borrowings

Bank borrowings

19,543

98,902

-

-

Other borrowings

90,462

-

-

-

110,005

98,902

-

-