REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
RIZE WORLDWIDE LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
RIZE WORLDWIDE LTD |
RIZE WORLDWIDE LTD (REGISTERED NUMBER: 09046861) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
RIZE WORLDWIDE LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
55 Loudoun Road |
London |
NW8 0DL |
RIZE WORLDWIDE LTD (REGISTERED NUMBER: 09046861) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
RIZE WORLDWIDE LTD (REGISTERED NUMBER: 09046861) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
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 |
RIZE WORLDWIDE LTD (REGISTERED NUMBER: 09046861) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Rize Worldwide Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the provision of services, excluding value added tax and irrecoverable foreign taxes. |
Tangible fixed assets |
Short leasehold | - |
Office equipment | - |
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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
RIZE WORLDWIDE LTD (REGISTERED NUMBER: 09046861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Short | Office |
leasehold | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 | 11,180 | 23,589 | 34,769 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
RIZE WORLDWIDE LTD (REGISTERED NUMBER: 09046861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Short | Office |
leasehold | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 | 7,453 |
Charge for year | 2,236 |
At 31 December 2023 | 9,689 |
NET BOOK VALUE |
At 31 December 2023 | 1,491 |
At 31 December 2022 | 3,727 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Finance leases (see note 8) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Finance leases (see note 8) |
RIZE WORLDWIDE LTD (REGISTERED NUMBER: 09046861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | LEASING AGREEMENTS |
Minimum lease payments under finance leases fall due as follows: |
Finance leases |
31.12.23 | 31.12.22 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank overdrafts |
Finance leases | 2,318 | 9,272 |
The bank overdrafts are secured by fixed and floating charges over all the assets, properties and undertakings of the company. |
The finance leases are secured on the assets financed. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £0.01 | 75 | 75 |
RIZE WORLDWIDE LTD (REGISTERED NUMBER: 09046861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | RELATED PARTY DISCLOSURES |
Rize Group Holdings Limited |
The parent company. |
During the year, the company paid dividends of £46,500 (2022: £28,500) to Rize Group Holdings Limited. |
31.12.23 | 31.12.22 |
£ | £ |
Amount due from related party at the balance sheet date | 20,383 | 20,383 |
Rize Europe Limited |
A company under common control. |
During the year, the company charged Rize Europe Limited management fees of £156 (2022: £2,689) and was charged management fees of £226,837 (2022: £174,133) by Rize Europe Limited. These transactions were made on a commercial arms length basis. |
31.12.23 | 31.12.22 |
£ | £ |
Amount due from/(to) related party at the balance sheet date | 60,791 | (59,670 | ) |
In addition to the above, there is an amount due to Rize Europe Limited of £58,293 (2022: £60,094) included within accrued expenses at the balance sheet date. |
Rize Recruitment GmbH |
A company under common control. |
During the year, the company charged Rize Recruitment GmbH management fees of £1,803 (2022: £3,362). These transactions were made on a commercial arms length basis. |
31.12.23 | 31.12.22 |
£ | £ |
Amount due from/(to) related party at the balance sheet date | 375 | (30,763 | ) |
In addition to the above, there is an amount due from Rize Recruitment GmbH of £Nil (2022: £94) included within accrued income and an amount due to Rize Recruitment GmbH of £726 (2022: £Nil) included within accrued expense at the balance sheet date. |
RIZE WORLDWIDE LTD (REGISTERED NUMBER: 09046861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | RELATED PARTY DISCLOSURES - continued |
Rize Deutschland GmbH |
A company under common control. |
During the year, the company charged Rize Deutschland GmbH management fees of £41,013 (2022: £45,082). These transactions were made on a commercial arms length basis. |
31.12.23 | 31.12.22 |
£ | £ |
Amount due to related party at the balance sheet date | 305,757 | 311,901 |
In addition to the above, there is an amount due from Rize Deutschland GmbH of £Nil (2022: £1,929) included within accrued income and there is an amount due to Rize Deutschland GmbH of £3,035 (2022: £Nil) included with accrued expenses at the balance sheet date. |
3S Africa Ltd |
A company under common control. |
During the year, the company charged 3S Africa Ltd management fees of £20,850 (2022: £11,753). The company charged interest totalling £497 (2022: £Nil) on the intercompany loan. These transactions were made on a commercial arms length basis. |
31.12.23 | 31.12.22 |
£ | £ |
Amount due from related party at the balance sheet date | 111,935 | 95,954 |
In addition to the above, there is an amount due from 3S Africa Ltd of £1,725 (2022: £3,345) included within accrued income at the balance sheet date. |
Rize Recruitment Proprietary Limited |
A company under common control. |
During the year, the company charged Rize Recruitment Proprietary Limited management fees of £8,718 (2022: £7,329). The company charged interest totalling £3,071 (2022: £1,981) on the intercompany loan. These transactions were made on a commercial arms length basis. |
31.12.23 | 31.12.22 |
£ | £ |
Amount due from related party at the balance sheet date | 109,014 | 142,710 |
In addition to the above, there is an amount due from Rize Recruitment Proprietary Limited of £511 (2022: £1,365) included within accrued income at the balance sheet date. |
RIZE WORLDWIDE LTD (REGISTERED NUMBER: 09046861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | RELATED PARTY DISCLOSURES - continued |
Rize Personalberatung GmbH |
A company under common control. |
During the year, the company charged Rize Personalberatung GmbH management fees of £5,860 (2022: £8,221). These transactions were made on a commercial arms length basis. |
31.12.23 | 31.12.22 |
£ | £ |
Amount due from related party at the balance sheet date | 1,929 | 2,978 |
In addition to the above, there is an amount due from Rize Personalberatung GmbH of £Nil (2022: £635) included within accrued income and an amount due to Rize Personalberatung GmbH of £1,511(2022: £Nil) included within accrued expenses at the balance sheet date. |
Mr A R Hillery |
A director of the company. |
During the year, Mr A R Hillery advanced a loan to the company on which interest has been accrued at a commercial rate totalling £5,110 (2022: £Nil). |
31.12.23 | 31.12.22 |
£ | £ |
Amount due to related party at the balance sheet date | 88,460 | - |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is Rize Group Holdings Limited. |
The ultimate controlling party is Mr S H Cheek by virtue of his and his wife's shareholdings in the parent company. |