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Registered number: 05544845









WILSONHCG-EMEA LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WILSONHCG-EMEA LIMITED
 
 
COMPANY INFORMATION


Director
J Wilson 




Company secretary
M Hughes



Registered number
05544845



Registered office
Suite 2 First Floor
10 Temple Back

Bristol

England

BS1 6FL




Independent auditor
Nortons Assurance Limited
Chartered Accountants and Statutory Auditor

Second Floor

NOW Building

Thames Valley Park

Reading

Berkshire

RG6 1RB





 
WILSONHCG-EMEA LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditor's Report
5 - 8
Profit and Loss Account
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 27


 
WILSONHCG-EMEA LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The director presents his Strategic Report for the year ended 31 December 2023.

Business review
 
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.

Principal risks and uncertainties
 
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.

Page 1

 
WILSONHCG-EMEA LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Postion at the year end
 
The key financial and other performance indicators during the year were as follows:


2023
2022
Change

£'000
£'000
%
Turnover
14,195
13,432
5.68
Operating profit/(loss)
(632)
(2,040)
(69)
Profit/(loss) after tax
(428)
(1,065)
(60)
Average number of employees
120
134
(11)
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.

Going concern
 
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.



................................................
J Wilson
Director

Date: 12 August 2024

Page 2

 
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.

Director's responsibilities statement

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 2006He 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.

Results and dividends

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.

Director

The director who served during the year was:

J Wilson 

Page 3

 
WILSONHCG-EMEA LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

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

Matters covered in the Strategic Report

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.

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditor is unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Nortons Assurance Limitedwill 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.
 





................................................
J Wilson
Director

Date: 12 August 2024

Page 4

 
WILSONHCG-EMEA LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILSONHCG-EMEA LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 5

 
WILSONHCG-EMEA LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILSONHCG-EMEA LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
WILSONHCG-EMEA LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILSONHCG-EMEA LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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.


Page 7

 
WILSONHCG-EMEA LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILSONHCG-EMEA LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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.



Anthony Campbell (Senior Statutory Auditor)
  
for and on behalf of
Nortons Assurance Limited
 
Chartered Accountants and Statutory Auditor
  
Second Floor
NOW Building
Thames Valley Park
Reading
Berkshire
RG6 1RB

13 August 2024
Page 8

 
WILSONHCG-EMEA LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
14,194,840
13,431,651

Cost of sales
  
(10,704,424)
(12,416,886)

Gross profit
  
3,490,416
1,014,765

Administrative expenses
  
(4,122,291)
(3,055,237)

Operating loss
 5 
(631,875)
(2,040,472)

Interest receivable and similar income
 8 
643,433
546,005

Profit/(loss) before tax
  
11,558
(1,494,467)

Tax on profit/(loss)
 9 
(440,046)
429,185

Loss for the financial year
  
(428,488)
(1,065,282)

There are no items of other comprehensive income for 2023 or 2022 other than the loss for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 12 to 27 form part of these financial statements.

Page 9

 
WILSONHCG-EMEA LIMITED
REGISTERED NUMBER: 05544845

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 10 
44,713
51,209

Investments
 11 
233,672
233,672

  
278,385
284,881

Current assets
  

Debtors: amounts falling due within one year
 12 
14,778,067
13,246,044

Cash at bank and in hand
 13 
8,436
47,063

  
14,786,503
13,293,107

Creditors: amounts falling due within one year
 14 
(912,671)
(1,389,329)

Net current assets
  
 
 
13,873,832
 
 
11,903,778

Total assets less current liabilities
  
14,152,217
12,188,659

Creditors: amounts falling due after more than one year
 15 
(17,384,861)
(14,992,815)

  

Net liabilities
  
(3,232,644)
(2,804,156)


Capital and reserves
  

Called up share capital 
 18 
1,043
1,043

Share premium account
 19 
23,957
23,957

Profit and loss account
 19 
(3,257,644)
(2,829,156)

  
(3,232,644)
(2,804,156)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
J Wilson
Director

Date: 12 August 2024

The notes on pages 12 to 27 form part of these financial statements.

Page 10

 
WILSONHCG-EMEA LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1,043
23,957
(1,763,874)
(1,738,874)


Comprehensive income for the year

Loss for the year
-
-
(1,065,282)
(1,065,282)
Total comprehensive income for the year
-
-
(1,065,282)
(1,065,282)



At 1 January 2023
1,043
23,957
(2,829,156)
(2,804,156)


Comprehensive income for the year

Loss for the year
-
-
(428,488)
(428,488)
Total comprehensive income for the year
-
-
(428,488)
(428,488)


At 31 December 2023
1,043
23,957
(3,257,644)
(3,232,644)


The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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.

 
2.3

Exemption from preparing consolidated financial statements

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. 

Page 12

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

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.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. Balances are rounded to the nearest whole £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
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.  
  


 
Page 14

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Revenue (continued)

Contract Balances           
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. 

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Fixtures and fittings
-
4 to 7 years on cost
Computer equipment
-
2 to 3 years on cost

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.

Page 16

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

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.



 
Page 17

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying value 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 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.

Page 18

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Revenue - recruitment and consulting
14,194,840
13,431,651


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
6,476,758
4,385,823

Rest of Europe
6,360,567
7,416,015

Rest of the World
1,357,515
1,629,813

14,194,840
13,431,651



5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
(93,731)
186,006

Other operating lease rentals
101,431
136,241


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
18,500
15,000

Page 19

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
7,103,338
7,761,812

Social security costs
793,614
893,439

Cost of defined contribution scheme
338,008
414,427

8,234,960
9,069,678


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Sales and marketing
15
13



IT & support
1
1



Client services
104
120

120
134

The director of the Company is remunerated for his services through other group companies in both the current and prior year.


8.


Interest receivable

2023
2022
£
£


Interest receivable from group companies
643,433
546,005

Page 20

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
46
-

Adjustments in respect of previous periods
-
(24,547)

Foreign tax


Foreign tax on income for the year
-
14,612

-
14,612

Total current tax
46
(9,935)

Deferred tax


Origination and reversal of timing differences
440,000
(419,250)

Total deferred tax
440,000
(419,250)


Taxation on profit/(loss) on ordinary activities
440,046
(429,185)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
11,558
(1,494,467)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
2,890
(283,949)

Effects of:


Expenses not deductible for tax purposes
200
-

Capital allowances for year in excess of depreciation
(139)
640

Adjustments to tax charge in respect of prior periods
-
(24,547)

Adjustments for deferred tax in respect of prior periods
440,000
20,750

Tax losses
(2,905)
(142,079)

Total tax charge for the year
440,046
(429,185)

Page 21

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
86,131
189,525
275,656


Additions
-
11,364
11,364



At 31 December 2023

86,131
200,889
287,020



Depreciation


At 1 January 2023
51,279
173,168
224,447


Charge for the year on owned assets
10,304
7,556
17,860



At 31 December 2023

61,583
180,724
242,307



Net book value



At 31 December 2023
24,548
20,165
44,713



At 31 December 2022
34,852
16,357
51,209


11.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
233,672



At 31 December 2023
233,672




Page 22

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

WilsonHCG France
63 Ter Avenue Edouard Vaillant 92100 Boulougne-Billancourt
Ordinary
100%
WilsonHCG Ireland Ltd
32 Merrion Street Upper Dublin 2
Ordinary
100%
WilsonHCG Talent S.R.L.
8-10 Tudor Arghezi street, 030167, Sector 2, Bucharest, Romania
Ordinary
100%
WilsonHCG Poland Sp. z.o.o.
Warsaw (00-131) at ul. Grzybowska 2 lok. 29
Ordinary
100%
WilsonHCG Hong Kong Limited
Clement Chan 5/F, Heng Shan Centre 145 Queen’s Road East, Wan Chai, Hong Kong
Ordinary
100%
CPH Consulting Ltd
406 The Wharf, Wharf Street, Warwick, Warwickshire, UK, CV34 5LB
Ordinary
100%
Tracking Talent Proprietary Ltd
Unit G05, Century Gate Office Park, Corner Bosmansdam Road & Century Way, Century City, Cape Town 7441, South Africa
Ordinary
100%
Profile Search & Selection (Singapore) PTE Ltd - Held indirectly through WilsonHCG Hong Kong Limited
30 Cecil Street, #10-01 Prudential Tower, Singapore, 049712
Ordinary
100%
WilsonHCG Talent Japan KK - Held indirectly through WilsonHCG Hong Kong Limited
10-5, Toranomon 1-chome, Minato-ku, Tokyo, Japan
Ordinary
100%
The Profile Group Hong Kong Limited - Held indirectly through WilsonHCG Hong Kong Limited
Suite 1601, Asia Pacific Centre, 8 Wyndham Street, Central, Hong Kong
Ordinary
100%
The Profile Group (Shanghai) Ltd - Held indirectly through WilsonHCG Hong Kong Limited
Room 2101, 2105, No 2 Huashan Rd, Jin'an District, Shanghai, China
Ordinary
100%
WilsonHCG Espana SL - Held indirectly through WilsonHCG Ireland Ltd
CL Prim 19 BJ DC Madrid, 28004, Spain
Ordinary
100%
WilsonHCG Philippines, Inc. - Held indirectly through WilsonHCG Hong Kong Limited
22/F Mega Tower, EDSA corner J. Vargas Avenue, Brgy. Wack-Wack – Greenhills, Mandaluyong City 1555
Ordinary
100%

Page 23

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Debtors

2023
2022
£
£


Trade debtors
3,677,195
4,304,624

Amounts owed by group undertakings
10,379,151
7,895,347

Other debtors
14,193
84,207

Prepayments and accrued income
707,528
521,866

Deferred taxation
-
440,000

14,778,067
13,246,044



13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
8,436
47,063



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
308,142
362,819

Other taxation and social security
453,632
613,760

Other creditors
2,479
9,591

Accruals and deferred income
148,418
403,159

912,671
1,389,329



15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
17,384,861
14,992,815


Page 24

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at undiscounted amounts receivable
14,078,975
12,331,241


Financial liabilities


Financial liabilities measured at undiscounted amounts payable
(17,843,900)
(15,768,380)


17.


Deferred taxation




2023
2022


£

£






At beginning of year
440,000
20,750


Charged to profit or loss
(440,000)
419,250



At end of year
-
440,000

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
-
440,000

-
440,000

Page 25

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



50,000 (2022 - 50,000) Ordinary A of £0.01 each shares of £0.01 each
500
500
50,000 (2022 - 50,000) Ordinary B of £0.01 each shares of £0.01 each
500
500
4,256 (2022 - 4,256) Ordinary C of £0.01 each shares of £0.01 each
43
43

1,043

1,043


Ordinary A, B and C shareholders have equal rights to vote, the right to dividends and the right to participate in a distribution including capital or on winding up.



19.


Reserves

Share premium account

The share premium reserve represents the premium arising on the issue of shares, net of issue expenses.

Profit and loss account

The profit and loss reserve represents cumulative profits or losses.


20.


Pension commitments

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.


21.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
25,880
77,640

Later than 1 year and not later than 5 years
-
12,940

25,880
90,580

Page 26

 
WILSONHCG-EMEA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Controlling party

During the year the immediate parent undertaking was Wilson Human Capital Group Inc., a company incorporated in the United States of America. The ultimate parent undertaking was WHCG Holdings LP, a company incorporated in the United States of America. The smallest and largest entity to include the Company in its consolidated results was WHCG BIDCO, LLC and subsidiaries, a company incorporated in the United States of America. The consolidated financial statements of WHCG BIDCO, LLC and                                                                                                                       subsidiaries, can be obtained from 400 Ashley Dr, Ste 3000, Tampa, FL 33602, USA.
                                                                                                                                                                                                                                                                                                                                                                                                 

 
Page 27