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Registration number: 9422564

RISCx ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

RISCx ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

RISCx ltd

Company Information

Directors

Dr Carl James Macrae

Mrs Lynn Amelie Clare Macrae

Registered office

3 Wood View
Tiptree
Essex
CO5 0DF

Accountants

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

RISCx ltd

(Registration number: 9422564)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,000

3,000

Tangible assets

5

6,733

8,978

 

8,733

11,978

Current assets

 

Debtors

6

2,804

2,804

Cash at bank and in hand

 

64,617

79,847

 

67,421

82,651

Creditors: Amounts falling due within one year

7

(12,248)

(24,319)

Net current assets

 

55,173

58,332

Total assets less current liabilities

 

63,906

70,310

Provisions for liabilities

(1,758)

(1,758)

Net assets

 

62,148

68,552

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

62,146

68,550

Shareholders' funds

 

62,148

68,552

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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 Profit and Loss Account.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

 

RISCx ltd

(Registration number: 9422564)
Balance Sheet as at 28 February 2023

.........................................
Dr Carl James Macrae
Director

 

RISCx ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Wood View
Tiptree
Essex
CO5 0DF
United Kingdom

These financial statements were authorised for issue by the Board on 22 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover 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.

Tax

The tax expense for the period comprises 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.

 

RISCx ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Office equipment

25% Reducing balance

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.

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

Goodwill

10% Straight line

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.

Trade creditors

Trade creditors 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.

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

Borrowings

 

RISCx ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 profit and loss account 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

RISCx ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

10,000

10,000

At 28 February 2023

10,000

10,000

Amortisation

At 1 March 2022

7,000

7,000

Amortisation charge

1,000

1,000

At 28 February 2023

8,000

8,000

Carrying amount

At 28 February 2023

2,000

2,000

At 28 February 2022

3,000

3,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

16,690

16,690

At 28 February 2023

16,690

16,690

Depreciation

At 1 March 2022

7,712

7,712

Charge for the year

2,245

2,245

At 28 February 2023

9,957

9,957

Carrying amount

At 28 February 2023

6,733

6,733

At 28 February 2022

8,978

8,978

6

Debtors

7

Creditors

Creditors: amounts falling due within one year

 

RISCx ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

218

510

Taxation and social security

 

195

195

Accruals and deferred income

 

680

600

Other creditors

 

11,155

23,014

 

12,248

24,319

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

218

510

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £2,000.00 (2022 - £2,000.00) per ordinary share

 

4,000

 

4,000

         

11

Related party transactions

 

RISCx ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

Dr Carl James Macrae

loan from director

(5,275)

859

(4,416)

       
     

Mrs Lynn Amelie Clare Macrae

loan from director

(17,289)

11,000

(6,289)

       
     

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Dr Carl James Macrae

loan from director

(11,004)

5,729

-

(5,275)

         
       

Mrs Lynn Amelie Clare Macrae

loan from director

(16,792)

-

(497)

(17,289)

         
       

 

 

RISCx ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

120

120

Dividends paid to directors

   

2023
£

 

2022
£

Dr Carl James Macrae

       

Interim

 

2,000

 

2,000

         

Mrs Lynn Amelie Clare Macrae

       

interim dividend

 

2,000

 

2,000