Walter James Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Registration number:
Walter James Limited
for the Year Ended 31 December 2024
Walter James Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Walter James Limited
Company Information
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Directors |
A J Nathanson L Hartmann J Absalom |
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Registered office |
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Auditors |
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Walter James Limited
(Registration number: 07819849)
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Non-current assets |
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Intangible assets |
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Property, plant and equipment |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Equity |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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 register a copy of the Income Statement.
The financial statements of Walter James Limited were approved and authorised for issue by the
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Director
Walter James Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024
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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.
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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 2024 (continued)
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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:
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Asset class |
Depreciation method and rate |
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Computer equipment |
3 years |
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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 2024 (continued)
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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:
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Asset class |
Amortisation method and rate |
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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 2024 (continued)
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Accounting policies (continued) |
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Walter James Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Intangible assets |
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Goodwill |
Website development |
Total |
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Cost |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Property, plant and equipment |
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Furniture, fittings and equipment |
Total |
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Cost |
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At 1 January 2024 |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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- |
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At 31 December 2023 |
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Walter James Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Receivables |
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Note |
2024 |
2023 |
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Trade receivables |
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Amounts owed by related parties |
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Other receivables |
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Prepayments |
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Payables |
Payables: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Trade payables |
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Social security and other taxes |
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Other payables |
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Accruals |
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Income tax liability |
279,544 |
365,063 |
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Amounts owed to related parties |
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- |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Walter James Limited
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Commitments |
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Pension commitments |
The company paid pension contributions of £10,541 (31 December 2023: £11,245) and had an outstanding liability of £Nil at 31 December 2024 (31 December 2023: £Nil ).
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
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Audit report |
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Share capital and reserves |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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222,151 |
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222,151 |
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38,984 |
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38,984 |
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Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.