IRIS Accounts Production v23.3.1.45 09949791 Board of Directors 1.4.22 31.3.23 31.3.23 true false true false false false true false Ordinary 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh099497912022-03-31099497912023-03-31099497912022-04-012023-03-31099497912021-03-31099497912021-04-012022-03-31099497912022-03-3109949791ns10:Originalns15:EnglandWales2022-04-012023-03-3109949791ns14:PoundSterlingns10:Original2022-04-012023-03-3109949791ns10:Originalns10:Director12022-04-012023-03-3109949791ns10:Original2022-04-012023-03-3109949791ns10:Original2023-03-3109949791ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3109949791ns10:Originalns10:SmallEntities2022-04-012023-03-3109949791ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3109949791ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3109949791ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3109949791ns10:Originalns10:FullAccounts2022-04-012023-03-3109949791ns10:Original12022-04-012023-03-3109949791ns10:Originalns10:OrdinaryShareClass12022-04-012023-03-3109949791ns10:Originalns10:Director22022-04-012023-03-3109949791ns10:Originalns10:Director32022-04-012023-03-3109949791ns10:Originalns10:RegisteredOffice2022-04-012023-03-3109949791ns10:Original2022-03-3109949791ns10:Originalns5:CurrentFinancialInstruments2023-03-3109949791ns10:Originalns5:CurrentFinancialInstruments2022-03-3109949791ns10:Originalns5:Non-currentFinancialInstruments2023-03-3109949791ns10:Originalns5:Non-currentFinancialInstruments2022-03-3109949791ns5:ShareCapitalns10:Original2023-03-3109949791ns5:ShareCapitalns10:Original2022-03-3109949791ns10:Originalns5:SharePremium2023-03-3109949791ns10:Originalns5:SharePremium2022-03-3109949791ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3109949791ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3109949791ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-04-012023-03-3109949791ns10:Originalns5:ComputerSoftware2022-04-012023-03-3109949791ns10:Originalns5:FurnitureFittings2022-04-012023-03-3109949791ns10:Originalns5:ComputerEquipment2022-04-012023-03-3109949791ns10:Original2021-04-012022-03-3109949791ns10:Originalns5:ComputerSoftware2022-03-3109949791ns10:Originalns5:ComputerSoftware2023-03-3109949791ns10:Originalns5:ComputerSoftware2022-03-3109949791ns10:Originalns5:FurnitureFittings2022-03-3109949791ns10:Originalns5:ComputerEquipment2022-03-3109949791ns10:Original2022-03-3109949791ns10:Originalns5:FurnitureFittings2023-03-3109949791ns10:Originalns5:ComputerEquipment2023-03-3109949791ns10:Originalns5:FurnitureFittings2022-03-3109949791ns10:Originalns5:ComputerEquipment2022-03-3109949791ns10:Originalns5:CostValuation2022-03-3109949791ns10:Originalns5:Subsidiary12022-04-012023-03-3109949791ns10:Originalns5:Subsidiary112022-04-012023-03-3109949791ns10:Originalns5:Subsidiary12023-03-3109949791ns10:Originalns5:Subsidiary12022-03-3109949791ns10:Originalns5:Subsidiary12021-04-012022-03-3109949791ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3109949791ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3109949791ns10:Originalns5:CurrentFinancialInstruments2022-04-012023-03-3109949791ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3109949791ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-03-3109949791ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3109949791ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-03-3109949791ns10:Originalns5:Non-currentFinancialInstruments2022-04-012023-03-3109949791ns10:Originalns5:DeferredTaxation2022-03-3109949791ns10:Originalns5:DeferredTaxation2022-04-012023-03-3109949791ns10:Originalns5:DeferredTaxation2023-03-3109949791ns10:Originalns10:OrdinaryShareClass12023-03-3109949791ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3109949791ns10:Originalns5:SharePremium2022-03-3109949791ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-31
REGISTERED NUMBER: 09949791 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

1ST RISK SOLUTIONS LIMITED

1ST RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 09949791)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


1ST RISK SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: T W Bailey
B Stafford
N Varadarajan





REGISTERED OFFICE: 2nd Floor, 55 Ludgate Hill
London
United Kingdom
EC4M 7JW





REGISTERED NUMBER: 09949791 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Riverside House
40-46 High Street
Maidstone
Kent
ME14 1JH

1ST RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 09949791)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 46,889 89,769
Tangible assets 5 6,951 9,583
Investments 6 15,000 15,000
68,840 114,352

CURRENT ASSETS
Debtors 7 32,609 43,787
Cash at bank and in hand 9,876 697
42,485 44,484
CREDITORS
Amounts falling due within one year 8 68,318 115,692
NET CURRENT LIABILITIES (25,833 ) (71,208 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

43,007

43,144

CREDITORS
Amounts falling due after more than one
year

9

(57,489

)

(67,553

)

PROVISIONS FOR LIABILITIES 10 (1,738 ) (1,821 )
NET LIABILITIES (16,220 ) (26,230 )

CAPITAL AND RESERVES
Called up share capital 11 167 167
Share premium 12 199,950 199,950
Retained earnings 12 (216,337 ) (226,347 )
SHAREHOLDERS' FUNDS (16,220 ) (26,230 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

1ST RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 09949791)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:





T W Bailey - Director


1ST RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 09949791)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

1st Risk Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as, although the company has net current liabilities and retained losses, the company has the support of the directors and shareholders who are amongst the largest creditors of the company. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises income at the date of invoice.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10% on reducing balance
Office equipment - 33% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


1ST RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 09949791)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Creditors
Short term creditors are measured at the transaction price.

Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 4 ) .

1ST RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 09949791)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2022 317,081
Additions 10,850
At 31 March 2023 327,931
AMORTISATION
At 1 April 2022 227,312
Amortisation for year 53,730
At 31 March 2023 281,042
NET BOOK VALUE
At 31 March 2023 46,889
At 31 March 2022 89,769

5. TANGIBLE FIXED ASSETS
Fixtures
and Office
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 2,485 22,245 24,730
Additions - 249 249
At 31 March 2023 2,485 22,494 24,979
DEPRECIATION
At 1 April 2022 1,083 14,064 15,147
Charge for year 140 2,741 2,881
At 31 March 2023 1,223 16,805 18,028
NET BOOK VALUE
At 31 March 2023 1,262 5,689 6,951
At 31 March 2022 1,402 8,181 9,583

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 15,000
NET BOOK VALUE
At 31 March 2023 15,000
At 31 March 2022 15,000

1ST RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 09949791)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Eric Risk Management Solutions Private Limited
Registered office: India
Nature of business: Risk management
%
Class of shares: holding
Ordinary 99.00
2023 2022
£    £   
Aggregate capital and reserves 40,250 55,636
Profit for the year 6,467 3,903

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 32,609 43,491
Other debtors - 296
32,609 43,787

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 33,293
Social security and other taxes - 403
VAT 2,353 9,301
Directors' loan accounts 53,000 70,000
Accruals and deferred income 2,965 2,695
68,318 115,692

The company holds a £32,436 (2022: £42,500) Bounce Back Loan as part of the Covid-19 government support to businesses during the pandemic. Interest is payable on the loan at 2.5% per annum over 6 years. The interest payable for the first 12 months is paid by the government. The loan is due to be repaid in 60 monthly instalments commencing 12 months from drawdown date. The loan is secured by a government backed guarantee.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 22,436 32,500
Other loans - 2-5 years 35,053 35,053
57,489 67,553

During the prior year, the company received an informal loan of £35,053 from a shareholder. There are no formal repayment terms.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,738 1,821

1ST RISK SOLUTIONS LIMITED (REGISTERED NUMBER: 09949791)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 1,821
Credit to Income Statement during year (83 )
Balance at 31 March 2023 1,738

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
16,667 Ordinary £0.01 167 167

12. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2022 (226,347 ) 199,950 (26,397 )
Profit for the year 10,010 10,010
At 31 March 2023 (216,337 ) 199,950 (16,387 )

13. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £385 (2022: £4,235). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date and are included in creditors.

14. RELATED PARTY DISCLOSURES

T W Bailey
Director


During the year, the director recharged £4,000 (2022: £nil) for rent and rates, as a proportion for use of home as office from his private residence.

15. ULTIMATE CONTROLLING PARTY

The directors consider there to be no ultimate controlling party.