Company registration number 13986028 (England and Wales)
WGS EXECUTIVE SEARCH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
WGS EXECUTIVE SEARCH LIMITED
COMPANY INFORMATION
Director
Mr R Elvidge
Company number
13986028
Registered office
2nd Floor
201 Haverstock Hill
London
England
NW3 4QG
Accountants
AEL Markhams Ltd
2nd Floor
201 Haverstock Hill
London
England
NW3 4QG
WGS EXECUTIVE SEARCH LIMITED
CONTENTS
Page
Profit and loss account
2
Balance sheet
5
Notes to the financial statements
3 - 7
WGS EXECUTIVE SEARCH LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WGS EXECUTIVE SEARCH LIMITED FOR THE PERIOD ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of WGS Executive Search Limited for the period ended 31 March 2023 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of WGS Executive Search Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of WGS Executive Search Limited and state those matters that we have agreed to state to the board of directors of WGS Executive Search Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WGS Executive Search Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that WGS Executive Search Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of WGS Executive Search Limited. You consider that WGS Executive Search 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 financial statements of WGS Executive Search 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 financial statements.

AEL Markhams Ltd
19 September 2023
Chartered Accountants
2nd Floor
201 Haverstock Hill
London
England
NW3 4QG
WGS EXECUTIVE SEARCH LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
Period
ended
31 March
2023
£
Turnover
154,920
Cost of sales
(7,181)
Gross profit
147,739
Administrative expenses
(67,751)
Profit before taxation
79,988
Tax on profit
(15,322)
Profit for the financial period
64,666

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WGS EXECUTIVE SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

WGS Executive Search Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 201 Haverstock Hill, London, England, NW3 4QG.

1.1
Reporting period

The company has prepared a long period of accounts on the basis that it was incorporated on 18th March 2022 and therefore does not have comparative figures to disclose.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on Cost
Computers
25% on Cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

WGS EXECUTIVE SEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WGS EXECUTIVE SEARCH LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 5 -
2023
Notes
£
£
Fixed assets
Tangible assets
4
688
Current assets
Debtors
5
13,934
Cash at bank and in hand
45,057
58,991
Creditors: amounts falling due within one year
6
(19,782)
Net current assets
39,209
Total assets less current liabilities
39,897
Provisions for liabilities
(131)
Net assets
39,766
Capital and reserves
Called up share capital
100
Profit and loss reserves
39,666
Total equity
39,766

For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 19 September 2023
Mr R Elvidge
Director
Company registration number 13986028 (England and Wales)
WGS EXECUTIVE SEARCH LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 18 March 2022
-
0
Additions
853
At 31 March 2023
853
Depreciation and impairment
At 18 March 2022
-
0
Depreciation charged in the period
165
At 31 March 2023
165
Carrying amount
At 31 March 2023
688
5
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
11,747
Other debtors
2,187
13,934
WGS EXECUTIVE SEARCH LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
944
Corporation tax
15,191
Other creditors
3,647
19,782
7
Directors' transactions

Dividends totalling £25,000 were paid in the period in respect of shares held by the company's directors.

Other creditors includes an amount owed to Mr R Elvidge of £1,397, who is a Director and Shareholder of the company.

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