WJP Recruitment Advertising Limited
Financial Statements
For the year ended 30 September 2023
Pages for Filing with Registrar
Company Registration No. 03130062 (England and Wales)
WJP Recruitment Advertising Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
WJP Recruitment Advertising Limited
Balance Sheet
As at 30 September 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
Current assets
Debtors
5
457,905
568,794
Cash at bank and in hand
125,026
124,093
582,931
692,887
Creditors: amounts falling due within one year
6
(335,477)
(443,904)
Net current assets
247,454
248,983
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
247,254
248,783
Total equity
247,454
248,983
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
R E Elliot
Director
Company Registration No. 03130062
WJP Recruitment Advertising Limited
Notes to the Financial Statements
For the year ended 30 September 2023
Page 2
1
Accounting policies
Company information
WJP Recruitment Advertising Limited is a private company limited by shares incorporated in England and Wales. The registered office is 47 Great Marlborough Street, London, W1F 7JP.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of 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 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.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. The directors of the parent company, Media Concierge (Holdings) Limited, have prepared a cash flow forecast for a period of 12 months from the date of approval of these financial statements which indicates that the group and company will have sufficient funds to meet liabilities as they fall due for that period. The cash flow forecast has assessed the impacts of other external factors and has concluded that there is no significant impact to the going concern status of the company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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.
WJP Recruitment Advertising Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
Page 3
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the tax currently payable.
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 year 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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
WJP Recruitment Advertising Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
Page 4
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
3
Dividends
2023
2022
£
£
Final paid
25,000
4
Fixed asset investments
2023
2022
£
£
WJP Recruitment Advertising Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
4
Fixed asset investments
(Continued)
Page 5
Movements in fixed asset investments
Shares in
£
Cost or valuation
At 1 October 2022
575,000
Disposals
(575,000)
At 30 September 2023
-
Impairment
At 1 October 2022
575,000
Disposals
(575,000)
At 30 September 2023
-
Carrying amount
At 30 September 2023
-
At 30 September 2022
-
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
211,332
294,318
Amounts owed by group undertakings
231,573
247,791
Other debtors
15,000
26,685
457,905
568,794
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
265,703
352,434
Amounts owed to group undertakings
17,234
52,179
Corporation tax
22,880
14,839
Other taxation and social security
5,743
Other creditors
3,799
24,452
Accruals and deferred income
20,118
335,477
443,904
WJP Recruitment Advertising Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 6
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
17,600
17,600
176
176
'A' Ordinary shares of 1p each
2,400
2,400
24
24
20,000
20,000
200
200
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jamie Seaford
Statutory Auditor:
Moore Kingston Smith LLP
9
Financial commitments, guarantees and contingent liabilities
The bank overdraft facilities are secured by way of a fixed and floating charge and a composite accounting agreement between all group companies with a bank account. An unlimited cross guarantee in respect of these companies has been given to the bank. The total outstanding liability for the group in respect of the overdraft facility is £nil (2022: £nil).
WJP Recruitment Advertising Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 7
10
Related party transactions
During the year, sales totalling £nil (2022: £69,888) were made to fellow group undertakings.
During the year, costs totalling £44,068 (2022: £nil) were incurred from fellow group undertakings.
Included within trade debtors at year end is a total balance of £8,420 (2022: £5,730) owed from fellow group undertakings.
At the year end, the company was owed £211,461 (2022: £247,791) from fellow group undertakings.
At the year end, the company owed £17,234 (2022: £23,026) to fellow group undertakings.
11
Parent company
The immediate and ultimate parent company is Media Concierge (Holdings) Limited, a company incorporated in England and Wales.
The smallest and largest entity preparing consolidated accounts is Media Concierge (Holdings) Limited. The consolidated group accounts are available from 47 Great Marlborough Street, London, W1F 7JP.
The ultimate controlling party is M C Denmark by virtue of his shareholding in Media Concierge (Holdings) Limited.