Acorah Software Products - Accounts Production 15.0.500 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 05856411 Martin Wilkes Gavin Hugh Fairfax Ward Geoffrey Salter Michael Roberts true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05856411 2023-06-30 05856411 2024-06-30 05856411 2023-07-01 2024-06-30 05856411 frs-core:CurrentFinancialInstruments 2024-06-30 05856411 frs-core:ComputerEquipment 2024-06-30 05856411 frs-core:ComputerEquipment 2023-07-01 2024-06-30 05856411 frs-core:ComputerEquipment 2023-06-30 05856411 frs-core:PlantMachinery 2024-06-30 05856411 frs-core:PlantMachinery 2023-07-01 2024-06-30 05856411 frs-core:PlantMachinery 2023-06-30 05856411 frs-core:ShareCapital 2024-06-30 05856411 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 05856411 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05856411 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 05856411 frs-bus:SmallEntities 2023-07-01 2024-06-30 05856411 frs-bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 05856411 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 05856411 1 2023-07-01 2024-06-30 05856411 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-06-30 05856411 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-06-30 05856411 frs-bus:Director1 2023-07-01 2024-06-30 05856411 frs-bus:Director2 2023-07-01 2024-06-30 05856411 frs-bus:Director3 2023-07-01 2024-06-30 05856411 frs-bus:CompanySecretary1 2023-07-01 2024-06-30 05856411 frs-countries:EnglandWales 2023-07-01 2024-06-30 05856411 2022-06-30 05856411 2023-06-30 05856411 2022-07-01 2023-06-30 05856411 frs-core:CurrentFinancialInstruments 2023-06-30 05856411 frs-core:ShareCapital 2023-06-30 05856411 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 05856411 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-06-30
Registered number: 05856411
Risc (UK) Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Fusion Accountants Ltd
ICAEW, ATT
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—8
Page 1
Company Information
Directors Martin Wilkes
Gavin Hugh Fairfax Ward
Geoffrey Salter
Secretary Michael Roberts
Company Number 05856411
Registered Office Profile West Suite 2, First Floor
950 Great West Road
Brentford
United Kingdom
TW8 9ES
Accountants Fusion Accountants Ltd
Suite 2, First Floor Profile West
950 Great West Road
Brentford
TW8 9ES
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Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Risc (UK) Limited for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Risc (UK) Limited for the year ended 30 June 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Risc (UK) Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Risc (UK) Limited and state those matters that we have agreed to state to the directors of Risc (UK) Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Risc (UK) Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Risc (UK) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Risc (UK) Limited . You consider that Risc (UK) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Risc (UK) Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
28/08/2024
Fusion Accountants Ltd
Suite 2, First Floor Profile West
950 Great West Road
Brentford
TW8 9ES
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Page 3
Balance Sheet
Registered number: 05856411
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,429 1,713
4,429 1,713
CURRENT ASSETS
Stocks 5 893 1,012
Debtors 6 102,384 65,107
Cash at bank and in hand 228,994 467,356
332,271 533,475
Creditors: Amounts Falling Due Within One Year 7 (110,437 ) (148,783 )
NET CURRENT ASSETS (LIABILITIES) 221,834 384,692
TOTAL ASSETS LESS CURRENT LIABILITIES 226,263 386,405
NET ASSETS 226,263 386,405
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Fair Value Reserve 9 (74 ) (74 )
Profit and Loss Account 225,337 385,479
SHAREHOLDERS' FUNDS 226,263 386,405
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 28 August 2024 and were signed on its behalf by:
Martin Wilkes
Director
28/08/2024
The notes on pages 5 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Risc (UK) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05856411 . The registered office is Profile West Suite 2, First Floor, 950 Great West Road, Brentford, United Kingdom, TW8 9ES.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Presentation currency
Monetary figures for this client's accounts will be reported in United Kingdom, Pounds sterling £.
2.2. Turnover
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
  • the amount of revenue can be measured reliably;
  • it is probable that the Company will receive the consideration due under the contract;
  • the stage of completion of the contract at the end of the reporting period can be measured reliably; and
  • the costs incurred and the costs to complete the contract can be measured reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Plant & Machinery depreciated on straight line method over 50%.
Computer Equipment depreciated on straight line method over 20%-33%.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
2.6. Foreign Currencies
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange
rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
2.7. Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
2.8. Pensions
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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2.9. Government Grant
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 - 6,322 6,322
Additions 2,375 2,926 5,301
As at 30 June 2024 2,375 9,248 11,623
Depreciation
As at 1 July 2023 - 4,609 4,609
Provided during the period 990 1,595 2,585
As at 30 June 2024 990 6,204 7,194
Net Book Value
As at 30 June 2024 1,385 3,044 4,429
As at 1 July 2023 - 1,713 1,713
5. Stocks
2024 2023
£ £
Work in progress 893 1,012
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 86,409 51,863
Prepayments and accrued income 8,275 1,592
Other debtors 7,680 6,720
Corporation tax recoverable assets 20 -
VAT - 4,932
102,384 65,107
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, 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 insignificant risk of change in value.
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,680 6,327
Corporation tax - 21,329
VAT 9,608 -
Other creditors 20,999 32,162
Accrual/Provisions 42,707 33,557
Amounts owed to group undertakings 29,443 55,408
110,437 148,783
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
9. Reserves
Fair Value Reserve
£
As at 1 July 2023 (74 )
As at 30 June 2024 (74 )
10. Related Party Transactions
The Company has taken exemptions under FRS102 section 33.1A to not disclose transactions between members of a group, as it is a wholly owned subsidiary of the group.
11. Ultimate Controlling Party
RISC Advisory Pty Limited, a company incorporated in Australia, is the Company's immediate controlling company. RISC Australia Holdings Pty Limited, a company incorporated in Australia, is the Company's ultimate controlling company.
There is no single ultimate controlling party.
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