Holker Watkin Limited 03755403 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of executive search. Digita Accounts Production Advanced 6.30.9574.0 true true 03755403 2023-01-01 2023-12-31 03755403 2023-12-31 03755403 bus:OrdinaryShareClass1 2023-12-31 03755403 bus:OrdinaryShareClass2 2023-12-31 03755403 core:CapitalRedemptionReserve 2023-12-31 03755403 core:RetainedEarningsAccumulatedLosses 2023-12-31 03755403 core:ShareCapital 2023-12-31 03755403 core:CurrentFinancialInstruments 2023-12-31 03755403 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03755403 core:BetweenTwoFiveYears 2023-12-31 03755403 core:WithinOneYear 2023-12-31 03755403 core:FurnitureFittingsToolsEquipment 2023-12-31 03755403 core:LandBuildings 2023-12-31 03755403 bus:SmallEntities 2023-01-01 2023-12-31 03755403 bus:Audited 2023-01-01 2023-12-31 03755403 bus:FullAccounts 2023-01-01 2023-12-31 03755403 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03755403 bus:RegisteredOffice 2023-01-01 2023-12-31 03755403 bus:Director1 2023-01-01 2023-12-31 03755403 bus:Director4 2023-01-01 2023-12-31 03755403 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03755403 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 03755403 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03755403 core:FurnitureFittings 2023-01-01 2023-12-31 03755403 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 03755403 core:LandBuildings 2023-01-01 2023-12-31 03755403 core:LeaseholdImprovements 2023-01-01 2023-12-31 03755403 core:OfficeEquipment 2023-01-01 2023-12-31 03755403 1 2023-01-01 2023-12-31 03755403 1 2023-01-01 2023-12-31 03755403 countries:EnglandWales 2023-01-01 2023-12-31 03755403 2022-12-31 03755403 core:FurnitureFittingsToolsEquipment 2022-12-31 03755403 core:LandBuildings 2022-12-31 03755403 2022-01-01 2022-12-31 03755403 2022-12-31 03755403 bus:OrdinaryShareClass1 2022-12-31 03755403 bus:OrdinaryShareClass2 2022-12-31 03755403 core:CapitalRedemptionReserve 2022-12-31 03755403 core:RetainedEarningsAccumulatedLosses 2022-12-31 03755403 core:ShareCapital 2022-12-31 03755403 core:CurrentFinancialInstruments 2022-12-31 03755403 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03755403 core:BetweenTwoFiveYears 2022-12-31 03755403 core:WithinOneYear 2022-12-31 03755403 core:FurnitureFittingsToolsEquipment 2022-12-31 03755403 core:LandBuildings 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03755403

Holker Watkin Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Holker Watkin Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 9

 

Holker Watkin Limited

Company Information

Directors

A J Nathanson

L Hartmann

Registered office

1st Floor Tuition House
Wimbledon
London
SW19 4EU

Independent Auditors

Shorts
Statutory Auditor
Cedar House
63 Napier Street
Sheffield
S11 8HA

 

Holker Watkin Limited

(Registration number: 03755403)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Non current assets

 

Property, plant and equipment

4

7,605

15,771

Current assets

 

Receivables

5

4,526,702

5,063,457

Cash at bank and in hand

 

869,732

453,440

 

5,396,434

5,516,897

Payables: Amounts falling due within one year

6

(491,979)

(761,787)

Net current assets

 

4,904,455

4,755,110

Net assets

 

4,912,060

4,770,881

Equity

 

Called up share capital

13

900

900

Capital redemption reserve

58,850

58,850

Retained earnings

4,852,310

4,711,131

Shareholders' funds

 

4,912,060

4,770,881

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income statement.

The financial statements of Holker Watkin Limited were approved and authorised for issue by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................

A J Nathanson
Director

 

Holker Watkin Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

1

General information

Holker Watkin Limited (the 'company') is a private company limited by share capital, registered in England and Walesunder the Companies Act. The address of the registered office is given on page 1.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and in accordance with the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, ZRG Partners LLC, which may be obtained from 365 West Passaic Street, Suite 465, Rochelle Park, NJ 07662. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.

 

Holker Watkin Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

In respect of interim placements revenue is recognised when the service has been delivered to the client by the contractor.

In respect of executive search, revenue is recognised on a percentage of completion basis determined by the actual time spent on the search as a proportion of the total expected time multiplied by the estimated fee.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Computer equipment

33% straight line

Leasehold improvements

Length of lease straight line

 

Holker Watkin Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Receivables

Receivables are amounts due from customers for services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Holker Watkin Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 14).

 

Holker Watkin Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

4

Property, plant and equipment

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2023

18,000

55,672

73,672

At 31 December 2023

18,000

55,672

73,672

Depreciation

At 1 January 2023

7,200

50,701

57,901

Charge for the year

3,600

4,566

8,166

At 31 December 2023

10,800

55,267

66,067

Carrying amount

At 31 December 2023

7,200

405

7,605

At 31 December 2022

10,800

4,971

15,771

5

Receivables

Note

2023
£

2022
£

Trade receivables

 

431,088

537,225

Amounts owed by related parties

9

3,866,981

4,131,076

Other receivables

 

160

160

Prepayments

 

637

842

Accrued income

 

227,836

394,154

 

4,526,702

5,063,457

 

Holker Watkin Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

6

Creditors

Payables: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade payables

 

199,111

387,468

Social security and other taxes

 

33,503

66,377

Other payables

 

24,500

12,000

Accruals

 

184,249

211,855

Income tax liability

50,616

84,087

 

491,979

761,787

7

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

93,160

93,160

Later than one year and not later than five years

93,160

186,320

186,320

279,480

The amount of non-cancellable operating lease payments recognised as an expense during the year was £112,154 (2022 - £107,732).

8

Financial commitments, guarantees and contingencies

Pension commitments

The company paid pension contributions of £13,850 (31 December 2022: £14,912) and had an outstanding liability of £5,046 at 31 December 2023 (31 December 2022: £2,115).

9

Related party transactions

At 31 December 2023 the company was owed £3,866,981 (2022: £4,131,076) by its parent company.
The loan is interest free and has no fixed repayment date or repayment schedule.

 

Holker Watkin Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

10

Parent and ultimate parent undertaking

The company's immediate parent is ZRG Partners LLC, incorporated in USA.

 

11

Events after the financial period

Subsequent to the year end on the 31 January 2024, the company acquired 100% of the ordinary share capital of Ignata Finance Limited.

12

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 19 September 2024 was Andrew Irvine, who signed for and on behalf of Shorts.

13

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

89,997

899.97

89,997

899.97

Ordinary 'A' shares of £0.01 each

3

0.03

3

0.03

 

90,000

900.00

90,000

900.00

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.