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Registration number: 07819849

Walter James Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Walter James Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 9

 

Walter James Limited

Company Information

Directors

A J Nathanson

L Hartmann

J Absalom

Registered office

45 Whitfield Street
London
W1T 4HD

Auditors

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

 

Walter James Limited

(Registration number: 07819849)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Non-current assets

 

Intangible assets

4

10,464

21,555

Property, plant and equipment

5

301

3,055

 

10,765

24,610

Current assets

 

Receivables

6

944,775

1,372,696

Cash at bank and in hand

 

1,825,627

1,115,622

 

2,770,402

2,488,318

Payables: Amounts falling due within one year

7

(987,985)

(1,038,231)

Net current assets

 

1,782,417

1,450,087

Net assets

 

1,793,182

1,474,697

Equity

 

Called up share capital

11

261,135

261,135

Retained earnings

1,532,047

1,213,562

Shareholders' funds

 

1,793,182

1,474,697

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 directors have not delivered to the registrar a copy of the Income statement.

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

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

A J Nathanson
Director

 

Walter James Limited

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

1

General information

Walter James Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and 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.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

 

Walter James 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 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.

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

Computer equipment

3 years

Fixtures and fittings

3 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Walter James Limited

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

2

Accounting policies (continued)

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

3 years

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.

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.

 

Walter James Limited

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

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 9 (2022 - 9).

 

Walter James Limited

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

4

Intangible assets

Goodwill
 £

Website development
 £

Total
£

Cost

At 1 January 2023

50,933

23,990

74,923

At 31 December 2023

50,933

23,990

74,923

Amortisation

At 1 January 2023

40,938

12,430

53,368

Amortisation charge

5,311

5,780

11,091

At 31 December 2023

46,249

18,210

64,459

Carrying amount

At 31 December 2023

4,684

5,780

10,464

At 31 December 2022

9,995

11,560

21,555

5

Property, plant and equipment

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2023

35,633

35,633

At 31 December 2023

35,633

35,633

Depreciation

At 1 January 2023

32,578

32,578

Charge for the year

2,754

2,754

At 31 December 2023

35,332

35,332

Carrying amount

At 31 December 2023

301

301

At 31 December 2022

3,055

3,055

 

Walter James Limited

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

6

Receivables

Note

2023
£

2022
£

Trade receivables

 

631,093

1,229,482

Amounts owed by related parties

89,839

-

Other receivables

 

104,215

91,341

Prepayments

 

119,628

51,873

 

944,775

1,372,696

7

Payables

Payables: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade payables

 

135,127

48,652

Amounts due to related parties

-

38,415

Social security and other taxes

 

24,487

238,356

Other payables

 

83,045

-

Accruals

 

380,263

450,300

Income tax liability

365,063

262,508

 

987,985

1,038,231

8

Commitments

Pension commitments

The company paid pension contributions of £11,245 (31 December 2022: £10,486 ) and had an outstanding liability of £Nil at 31 December 2023 (31 December 2022: £147 ).

9

Parent and ultimate parent undertaking

The company's immediate parent is ZRG Partners LLC, incorporated in United States of America.

 The ultimate parent is ZRG Holding Company LLC, incorporated in United States of America.

 

 

Walter James Limited

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

10

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.

11

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

222,151

222,151

222,151

222,151

Deferred shares of £1 each

38,984

38,984

38,984

38,984

 

261,135

261,135

261,135

261,135

Reserves

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