Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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WILSONHCG-EMEA LIMITED
COMPANY INFORMATION
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WILSONHCG-EMEA LIMITED
CONTENTS
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WILSONHCG-EMEA LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director presents his Strategic Report for the year ended 31 December 2023.
During 2023 revenues continued at the level of the second half of 2022, due to clients reducing their recruitment activities as a result of Worldwide economic circumstances.
The acquisition in South Africa and the office opened in Spain during 2022 continue to perform well and provide support to other Group Companies, at an advantageous cost structure. WilsonHCG-EMEA Limited has maintained strong Gross Profit across both the RPO and Executive Search lines of business, and we are seeing that continue, due to careful management of the client relationships, and the cost of delivering these services. During 2023 headcount has been carefully managed to ensure support to clients can be provided when required, whilst monitoring costs and revenues. Key staff have been retained, to ensure client relationships are maintained, and can support the further growth of the business, when improvement in the economic circumstances allow. However, due to the economic circumstances and client demands, staff numbers have been reduced during 2023. A continued focus on both the RPO and Executive Search lines of business will support the business with its near-term growth plans. Expansion into Human Resource process and technology consulting is the next strategic initiative that WilsonHCG-EMEA Limited will undertake in the upcoming years.
The Company has adopted risk management policies that seek to mitigate the financial risks as follows:
Financial assets and liabilities that expose the Company to financial risk consist principally of cash, amounts owed by group undertakings and trade creditors. The credit risk associated with the amounts due by group undertakings is considered minimal and the parent company has confirmed its ongoing support of WilsonHCG- EMEA Limited. The financial instruments associated with cash and trade creditors are considered minimal. The carrying amounts of bank balances and trade creditors approximate their respective fair value due to the relatively short-term maturing of these financial instruments. The director is of the view that the Company is not exposed to any significant interest rate or inflation rate risks. WilsonHCG-EMEA Limited does not hold any commercial debt and has not seen significant wage inflation for either current or newly hired employees. The Company does not hold any interest rate derivatives. The director does not see any risks or inability to perform services for existing or future clients. We have supported and maintained an appropriate level of employees and have seen no risk in hiring additional employees to support future clients.
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WILSONHCG-EMEA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The key financial and other performance indicators during the year were as follows:
WilsonHCG-EMEA Limited maintained turnover at levels consistent with 2022, costs and headcount have been carefully managed to ensure the future of WilsonHCG-EMEA remains positive, and ready to respond when the economic conditions allow.
As a result, turnover and average employees are used to track the growth of the business and we continue to monitor to ensure that we can effectively and efficiently support our existing client base as well as new client additions. This is a key area of strategic focus for the Board. Operating profit and profit after tax are used to track the underlying performance of the business.
To ensure that the Company continued to maintain sufficient working capital, the Company continues to take numerous steps, including:
• Monitoring the usage of offices, to reduce costs and minimise any effects of the Covid019 epidemic and subsequent variants of the virus. • Allowing all employees to work from home and minimizing business travel both in the US and the UK to only critical trips. • Reviewing our existing expenditure and minimizing the ongoing costs where appropriate, while improving margins where possible. • The Company has the full support of its US parent organisation due to services delivered from the UK to support other group companies. To this end, any financial support that is required, will be provided as recently demonstrated by the recent South African acquisition.
This report was approved by the board and signed on its behalf.
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WILSONHCG-EMEA LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
The director is responsible for preparing the Strategic Report, the Director's 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The loss for the year, after taxation, amounted to £428,488 (2022 - loss £1,065,282).
No dividends were paid or proposed in the current period or in the prior period.
The director who served during the year was:
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WILSONHCG-EMEA LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
WilsonHCG EMEA Limited is focused on the expansion of its Total Talent offerings in the markets it serves by providing innovative, customized, and scalable solutions in Recruitment Process Outsourcing (RPO), Contingent Workforce, Executive Search, and Talent Consulting and by offering real-time labour market data and analytics through Claro Analytics, a recently acquired Group company in the United States.
These offerings will help round out the talent focused solutions with our clients, and further support the front-end of the client relationship. We also see this as an opportunity to partner with existing and future clients in their strategic discussions related to talent, diversity, hiring and technology. In future years, WilsonHCG EMEA Limited, will continue to seek opportunities to open offices in strategic locations, to serve clients and continued growth across EMEA. The above strategy is beginning to show benefit during 2024, where the EMEA markets are beginning the early stages of a recovery and are performing well compared to other Group regions
As permitted by Section 414c(11) of the Companies Act 2006, the director has elected to disclose information required to be in the Directors' report by Schedule 7 of the 'Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008', in the Strategic report.
The auditor, Nortons Assurance Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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WILSONHCG-EMEA LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILSONHCG-EMEA LIMITED
We have audited the financial statements of WilsonHCG-EMEA Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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WILSONHCG-EMEA LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILSONHCG-EMEA LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
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 Director's Report.
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WILSONHCG-EMEA LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILSONHCG-EMEA LIMITED (CONTINUED)
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 an Auditor's Report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: • We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK. • We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. • We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by discussing with management where it considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error. • Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.
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 Auditor's Report.
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WILSONHCG-EMEA LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILSONHCG-EMEA LIMITED (CONTINUED)
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 an Auditor's Report 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.
for and on behalf of
Chartered Accountants and Statutory Auditor
Second Floor
NOW Building
Thames Valley Park
Berkshire
RG6 1RB
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WILSONHCG-EMEA LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
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WILSONHCG-EMEA LIMITED
REGISTERED NUMBER: 05544845
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 27 form part of these financial statements.
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WILSONHCG-EMEA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WilsonHCG-EMEA Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The registered office is detailed on the company information page.
The principal activity of the Company in the year under review continued to be that of a premier global talent solutions provider offering innovative recruitment process outsourcing, talent consulting, and executive search.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of WHCG BIDCO, LLC and subsidiaries as at 31 December 2023 and these financial statements may be obtained from 400 Ashley Dr, Ste 3000, Tampa, FL 33602, USA.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of an intermediate parent undertaking established under the law of a non-EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
During 2023 the Company continued the actions detailed below and continues to utilise the opportunity to reduce costs by using the most efficient methods and locations within EMEA, to deliver services to our clients.
During the end of 2023 and into 2024 the Company has identified that clients are increasing their recruitment activities, and we expect this to continue during 2024 and onwards. Various other initiatives have taken place to maintain working capital, including:
∙Elimination of unnecessary expenses, and an increased focus on maximising margins earned from existing new clients.
∙Reduction in headcount where this will not impact on the ability to maximise the upturn in the economy and key staff are retained.
∙Continuing to focus on the collection of debts in a timely and efficient manner, and limit credit terms offered where possible.
∙The Company has the full support of its US parent organisation due to services delivered from the EMEA that support other group companies in the US and APAC regions.
Functional and presentation currency
Transactions and balances
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Revenue is measured at the fair value of the consideration the Company is expected to be entitled to, in exchange for providing services to our customers and is recognised when the significant risks and rewards are transferred to customers. The Company accounts for contracts with customers when both parties have approved the contract and are committed to performing their respective obligation, each parties rights regarding services to be transferred are identified, payment terms identified and agreed, the contract has commercial substance and it is probable that the consideration due under the contact will be received. Consideration and recognition of revenue is also given to the stage of completion of the contract at the end of the reporting period and that this can be measured as can any costs incurred and further costs to complete. The Company’s revenue is generated primarily through different streams that form part of the overall principal activity of the Company and are detailed below: Recruitment Process Outsourcing(“RPO”) Under RPO contracts, the Company provides its clients with resources to take on the responsibility of a client’s internal recruitment function. The services performed under these contracts include employment branding, workforce planning, market research solutions and talent acquisition. These contracts include transaction prices that contain both fixed fee and outcome-based consideration. The Company recognizes revenue from its fixed fee and outcome-based services over time as the client simultaneously receives and consumes the services provided. The Company has applied the practical expedient to recognize revenue for these services over the term of the agreement in proportion to the amount of their right to invoice the client. Contingent Talent Solutions (“CTS”) CTS contracts include temporary staffing services and permanent placement. Temporary staffing service revenues are recognized over time as the client simultaneously receives and consumes the services the Company provides. Revenues are recorded in the amount the Company has a right to invoice, which is generally calculated as hours worked multiplied by the agreed-upon hourly bill rate. Permanent placement revenue is recorded at the point in time permanent placement candidates accept employment offers. On this date, the client accepts the candidate and can direct the use of the candidate as well as obtains the significant risk and rewards of the candidate. The Company considers this the point the control transfers to their client. Fees to clients are generally calculated as a percentage of the new employee’s annual compensation. Cost to Obtain or Fulfil Contracts The Company does not incur incremental costs to obtain contracts. The costs to fulfill these contracts are expensed as incurred.
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The timing of revenue recognition, billings and cash collections results in billed and unbilled accounts receivables, contract assets and customer advances and deposits. Accounts receivable includes billed amounts where the right to receive payment is unconditional and only subject to the passage of time. Contract assets include amounts where revenue recognized exceeds the amount billed to the customer and the right to payment is not solely subject to the passage of time. Contracts assets, which include unbilled revenue, respectively are included within debtors. Deferred revenue includes advanced payments and billings in excess of revenue recognized. Contract assets are classified as current based on the timing of when we expect to complete the related performance obligations and bill the customer. Deferred revenue is classified as current based on the timing of when the Company expects to recognize revenue and is included within creditors.
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to the accounting estimates are recognised in the period in which the estimate is revised if the revision affects only the period, or in the period of revision and future periods if the revision affects both current and future periods.
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
9.Taxation (continued)
There were no factors that may affect future tax charges.
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £338,008 (2022 - £414,427) . Contributions totalling £4,204 (2022 - £24,694) were payable to the fund at the balance sheet date and are included in creditors.
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WILSONHCG-EMEA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
During the year the immediate parent undertaking was
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