Company Registration No. 09346593 (England and Wales)
Witt/Kieffer International Limited
Financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
Witt/Kieffer International Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
Witt/Kieffer International Limited
Statement of financial position
As at 30 June 2024
30 June 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
20,490
33,876
Investments
7
12
12
20,502
33,888
Current assets
Debtors
8
1,803,853
2,077,073
Cash at bank and in hand
321,239
93,340
2,125,092
2,170,413
Creditors: amounts falling due within one year
10
(7,256,029)
(5,317,640)
Net current liabilities
(5,130,937)
(3,147,227)
Net liabilities
(5,110,435)
(3,113,339)
Capital and reserves
Called up share capital
191,492
191,492
Profit and loss reserves
(5,301,927)
(3,304,831)
Total equity
(5,110,435)
(3,113,339)
The directors of the company have elected not to include a copy of the income statement 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 15 January 2025 and are signed on its behalf by:
Erin Lavelle
Director
Company Registration No. 09346593
Witt/Kieffer International Limited
Notes to the financial statements
For the year ended 30 June 2024
2
1
Accounting policies
Company information
Witt/Kieffer International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE. The principal place of business is 53-63 Chancery Lane, London, United Kingdom, WC2A 1QU.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group. The largest and smallest group to consolidate these financial statements is Witt/Kieffer Inc., a company incorporated in the United States of America. Its registered address is 2015 Spring Road, Suite 510, Oak Brook, Illinois, USA 60523.
1.2
Going concern
For the year ended 30 June 2024 the company made a loss before tax of £1,997,096 (2023: loss before tax of £751,769). As at the year end the company had net liabilities of £5,110,435 (2023: £3,113,339). true
On the basis of their assessment of the company’s financial position for a period of 12 months from the date of approval of the financial statements, the directors have a reasonable expectation that the Company will have adequate financial resources for the 12 month period from the date of approval of the financial statements and accordingly adopt the going concern basis in preparing the annual report and financial statements.
The parent company, Witt/Kieffer Inc., has confirmed that it will not demand payment of any balances due such that they would affect the going concern status of Witt/Kieffer International Limited, and that it will continue to support Witt/Kieffer International Limited for the foreseeable future and for a period of no less than 12 months from the date of approval of the financial statements. However this support is not legally binding, accordingly there remains a risk that this support could be withdrawn.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT.
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 determined by management through comparison between costs incurred and estimated remaining time required to complete the contract. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Witt/Kieffer International Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
3
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
3 - 4 years straight line
Computer equipment
3 - 4 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Witt/Kieffer International Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
4
1.8
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 statement of financial position 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.
Basic financial assets
Basic financial assets, which include debtors, 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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years 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.
Witt/Kieffer International Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
5
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
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
Exceptional item
2024
2023
£
£
Expenditure
Impairment Losses
-
27,942
The provision for impairment is in respect to the write-down of an investment in a subsidiary company.
Witt/Kieffer International Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
6
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
19
19
4
Taxation
On the basis of these financial statements no provision has been made for corporation tax.
The company has estimated tax losses of £4,899,257 (2023: £2,925,721) available for carry forward against future trading profits.
No deferred tax asset has been recognised in the accounts on the grounds that the recognition criteria under FRS 102 have not been met.
5
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest payable to parent company
464,971
294,208
6
Tangible fixed assets
Computer equipment
£
Cost
At 1 July 2023
86,005
Additions
6,884
At 30 June 2024
92,889
Depreciation and impairment
At 1 July 2023
52,129
Depreciation charged in the year
20,270
At 30 June 2024
72,399
Carrying amount
At 30 June 2024
20,490
At 30 June 2023
33,876
Witt/Kieffer International Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
7
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
12
12
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 & 30 June 2024
27,954
Impairment
At 1 July 2023 & 30 June 2024
27,942
Carrying amount
At 30 June 2024
12
At 30 June 2023
12
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
269,009
658,335
Corporation tax recoverable
9,542
Amounts owed by group undertakings
1,428,399
1,312,162
Other debtors
96,903
106,576
1,803,853
2,077,073
Witt/Kieffer International Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
8
9
Subsidiary undertakings
The company holds more than 20% of the share capital of the following companies:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Witt/Kieffer International Pte Ltd
Singapore
Recruitment
Ordinary
100
Witt/Kieffer International Ltd
Hong Kong
Recruitment
Ordinary
100
Witt/Kieffer Schweiz AG
Switzerland
Recruitment
Ordinary
100
The aggregate capital and reserves and the result for the year of significant undertakings noted above
was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Witt/Kieffer International Pte Ltd
(77,435)
(551,814)
Witt/Kieffer International Ltd
712
(16,710)
Witt/Kieffer Schweiz AG
(144,669)
(581,273)
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
46,562
156,538
Amounts owed to group undertakings
6,588,900
4,613,236
Taxation and social security
49,817
137,568
Other creditors
570,750
410,298
7,256,029
5,317,640
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
21,864
28,865
12
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.
Witt/Kieffer International Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
12
Audit report information (continued)
9
The senior statutory auditor was Steven Burgess.
The auditor was Sumer Auditco Limited.
13
Parent company
Witt/Kieffer International Limited is a wholly owned subsidiary of Witt/Kieffer Inc., a company incorporated in the United States of America, with registered address 2015 Spring Road, Suite 510, Oak Brook, Illinois, USA 60523. This is the largest and smallest group to consolidate the company's financial statements. The directors of Witt/Kieffer Inc. do not consider there to be one ultimate controlling party.
14
Related party transactions
The company has taken advantage of the exemption available under FRS 102 section 33 "Related Party Disclosures" to not disclose related party transactions with companies that are wholly owned within the group. The balances outstanding with group members at the period end are disclosed in the Debtors and Creditors notes.
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