Silverfin false false 31/12/2023 01/01/2023 31/12/2023 S A Black 23/02/1993 A A Brown 15/12/2016 J D Brown 28/11/2023 J W Cameron 16/03/2024 24/01/2023 M W Dickson 28/11/2023 W J Finlayson 28/11/2023 23/02/1993 A Sutherland 15/12/2016 J Wagner 23/02/1993 19 August 2024 The principal activity of the Company during the financial year continued to be that of recruitment consultancy. SC139906 2023-12-31 SC139906 bus:Director1 2023-12-31 SC139906 bus:Director2 2023-12-31 SC139906 bus:Director3 2023-12-31 SC139906 bus:Director4 2023-12-31 SC139906 bus:Director5 2023-12-31 SC139906 bus:Director6 2023-12-31 SC139906 bus:Director7 2023-12-31 SC139906 bus:Director8 2023-12-31 SC139906 2022-12-31 SC139906 core:CurrentFinancialInstruments 2023-12-31 SC139906 core:CurrentFinancialInstruments 2022-12-31 SC139906 core:ShareCapital 2023-12-31 SC139906 core:ShareCapital 2022-12-31 SC139906 core:SharePremium 2023-12-31 SC139906 core:SharePremium 2022-12-31 SC139906 core:CapitalRedemptionReserve 2023-12-31 SC139906 core:CapitalRedemptionReserve 2022-12-31 SC139906 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC139906 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC139906 core:Goodwill 2022-12-31 SC139906 core:Goodwill 2023-12-31 SC139906 core:LandBuildings 2022-12-31 SC139906 core:OtherPropertyPlantEquipment 2022-12-31 SC139906 core:LandBuildings 2023-12-31 SC139906 core:OtherPropertyPlantEquipment 2023-12-31 SC139906 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 SC139906 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 SC139906 bus:OrdinaryShareClass1 2023-12-31 SC139906 2023-01-01 2023-12-31 SC139906 bus:FilletedAccounts 2023-01-01 2023-12-31 SC139906 bus:SmallEntities 2023-01-01 2023-12-31 SC139906 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC139906 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC139906 bus:Director1 2023-01-01 2023-12-31 SC139906 bus:Director2 2023-01-01 2023-12-31 SC139906 bus:Director3 2023-01-01 2023-12-31 SC139906 bus:Director4 2023-01-01 2023-12-31 SC139906 bus:Director5 2023-01-01 2023-12-31 SC139906 bus:Director6 2023-01-01 2023-12-31 SC139906 bus:Director7 2023-01-01 2023-12-31 SC139906 bus:Director8 2023-01-01 2023-12-31 SC139906 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 SC139906 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 SC139906 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-01-01 2023-12-31 SC139906 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC139906 2022-01-01 2022-12-31 SC139906 core:LandBuildings 2023-01-01 2023-12-31 SC139906 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC139906 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC139906 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC139906 (Scotland)

FWB EXECUTIVE SEARCH LIMITED (FORMERLY KNOWN AS FWB PARK BROWN LIMITED)

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

FWB EXECUTIVE SEARCH LIMITED (FORMERLY KNOWN AS FWB PARK BROWN LIMITED)

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

FWB EXECUTIVE SEARCH LIMITED (FORMERLY KNOWN AS FWB PARK BROWN LIMITED)

BALANCE SHEET

AS AT 31 DECEMBER 2023
FWB EXECUTIVE SEARCH LIMITED (FORMERLY KNOWN AS FWB PARK BROWN LIMITED)

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 24,041 30,478
24,041 30,478
Current assets
Debtors 5 1,987,989 2,073,248
Cash at bank and in hand 1,764,024 1,781,588
3,752,013 3,854,836
Creditors: amounts falling due within one year 6 ( 738,970) ( 919,934)
Net current assets 3,013,043 2,934,902
Total assets less current liabilities 3,037,084 2,965,380
Provision for liabilities ( 269) 0
Net assets 3,036,815 2,965,380
Capital and reserves
Called-up share capital 7 46,089 46,089
Share premium account 390,393 390,393
Capital redemption reserve 26,952 26,952
Profit and loss account 2,573,381 2,501,946
Total shareholder's funds 3,036,815 2,965,380

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of FWB Executive Search Limited (Formerly known as FWB Park Brown Limited) (registered number: SC139906) were approved and authorised for issue by the Board of Directors on 19 August 2024. They were signed on its behalf by:

S A Black
Director
FWB EXECUTIVE SEARCH LIMITED (FORMERLY KNOWN AS FWB PARK BROWN LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
FWB EXECUTIVE SEARCH LIMITED (FORMERLY KNOWN AS FWB PARK BROWN LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

FWB Executive Search Limited (Formerly known as FWB Park Brown Limited) (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 19 Alva Street, Edinburgh, EH2 4PH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for recruitment consultancy services net of VAT and trade discounts.

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

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 3 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held with the bank.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including trade creditors, are recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 34 33

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 343,833 343,833
At 31 December 2023 343,833 343,833
Accumulated amortisation
At 01 January 2023 343,833 343,833
At 31 December 2023 343,833 343,833
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 57,961 214,453 272,414
Additions 0 14,748 14,748
Disposals ( 57,961) ( 182,531) ( 240,492)
At 31 December 2023 0 46,670 46,670
Accumulated depreciation
At 01 January 2023 57,250 184,686 241,936
Charge for the financial year 711 18,951 19,662
Disposals ( 57,961) ( 181,008) ( 238,969)
At 31 December 2023 0 22,629 22,629
Net book value
At 31 December 2023 0 24,041 24,041
At 31 December 2022 711 29,767 30,478

5. Debtors

2023 2022
£ £
Trade debtors 553,243 749,115
Amounts owed by Parent undertakings 1,385,768 1,241,218
Corporation tax 8,300 9,971
Other debtors 40,678 72,944
1,987,989 2,073,248

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 64,031 57,715
Corporation tax 68,047 108,420
Other taxation and social security 221,109 243,045
Other creditors 385,783 510,754
738,970 919,934

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
46,089 Ordinary shares of £ 1.00 each 46,089 46,089

8. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 345,000 129,995