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REGISTERED NUMBER: 10408960 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RIZE EUROPE LIMITED

RIZE EUROPE LIMITED (REGISTERED NUMBER: 10408960)

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 EUROPE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr S H Cheek
Mr A R Hillery





SECRETARY: Mrs L A Cheek





REGISTERED OFFICE: 55 Loudoun Road
London
NW8 0DL





REGISTERED NUMBER: 10408960 (England and Wales)





ACCOUNTANTS: MGR SD Limited
55 Loudoun Road
London
NW8 0DL

RIZE EUROPE LIMITED (REGISTERED NUMBER: 10408960)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 13,144 17,275

CURRENT ASSETS
Debtors 5 629,724 604,818
Cash at bank 3,144 57,859
632,868 662,677
CREDITORS
Amounts falling due within one year 6 (596,896 ) (613,790 )
NET CURRENT ASSETS 35,972 48,887
TOTAL ASSETS LESS CURRENT LIABILITIES 49,116 66,162

CREDITORS
Amounts falling due after more than one
year

7

(21,151

)

(31,481

)

PROVISIONS FOR LIABILITIES 10 (2,096 ) (1,927 )
NET ASSETS 25,869 32,754

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 25,769 32,654
SHAREHOLDERS' FUNDS 25,869 32,754

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

RIZE EUROPE LIMITED (REGISTERED NUMBER: 10408960)

BALANCE SHEET - continued
31 DECEMBER 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 12 September 2024 and were signed on its behalf by:




Mr S H Cheek - Director



Mr A R Hillery - Director


RIZE EUROPE LIMITED (REGISTERED NUMBER: 10408960)

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


1. STATUTORY INFORMATION

Rize Europe 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.

Turnover
Turnover represents the provision of services, excluding value added tax and irrecoverable foreign taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 33% on cost and 20% on cost
Office equipment - 33% on 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.

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.

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.

RIZE EUROPE LIMITED (REGISTERED NUMBER: 10408960)

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


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 22 ) .

4. TANGIBLE FIXED ASSETS
Short Office
leasehold equipment Totals
£    £    £   
COST
At 1 January 2023 23,884 69,204 93,088
Additions 8,700 4,825 13,525
Disposals - (6,610 ) (6,610 )
At 31 December 2023 32,584 67,419 100,003
DEPRECIATION
At 1 January 2023 16,719 59,094 75,813
Charge for year 7,677 9,979 17,656
Eliminated on disposal - (6,610 ) (6,610 )
At 31 December 2023 24,396 62,463 86,859
NET BOOK VALUE
At 31 December 2023 8,188 4,956 13,144
At 31 December 2022 7,165 10,110 17,275

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 23,076 31,407
Amounts owed by group undertakings 146,343 166,009
Other debtors 460,305 407,402
629,724 604,818

RIZE EUROPE LIMITED (REGISTERED NUMBER: 10408960)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 120,843 199,108
Hire purchase contracts (see note 8) 987 -
Trade creditors 70,656 74,677
Amounts owed to group undertakings 172,998 71,159
Taxation and social security 72,718 71,995
Other creditors 158,694 196,851
596,896 613,790

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 20,000 30,000
Hire purchase contracts (see note 8) 1,151 -
Other creditors - 1,481
21,151 31,481

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 1,183 -
Between one and five years 1,380 -
2,563 -

Finance charges repayable:
Within one year 196 -
Between one and five years 229 -
425 -

Net obligations repayable:
Within one year 987 -
Between one and five years 1,151 -
2,138 -

RIZE EUROPE LIMITED (REGISTERED NUMBER: 10408960)

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


8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 69,265 73,544
Between one and five years 30,497 91,549
99,762 165,093

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 110,843 189,108
Bank loans 30,000 40,000
Hire purchase contracts 2,138 -
142,981 229,108

The bank overdrafts are secured by a fixed and floating charge over all the assets of the company. The bank loan is secured under the Bounce Back Loan scheme.

Hire purchase contracts are secured against the assets financed.

10. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 2,096 1,927

Deferred
tax
£   
Balance at 1 January 2023 1,927
Charge to Income Statement during year 169
Balance at 31 December 2023 2,096

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
10,000 Ordinary £0.01 100 100

RIZE EUROPE LIMITED (REGISTERED NUMBER: 10408960)

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


12. PENSION COMMITMENTS

The company makes payments to separate defined contribution schemes on behalf of the directors and employees. Amounts charged to the profit and loss account were £30,018 (2022: £23,883) for the year. There were outstanding employer contributions at the year end of £1,369 (2022: £1,283).

13. RELATED PARTY DISCLOSURES

Rize Worldwide Limited

A company under common control.


During the year, the company charged Rize Worldwide Limited management fees of £226,840 (2022: £174,134) and was charged management fees of £156 (2022: £2,690) by Rize Worldwide Limited. These transactions were made on a commercial arms length basis.

31.12.23 31.12.22
£    £   
Amount due (to)/from related party at the balance sheet date (60,791 ) 59,670

In addition to the above, there is an amount due from Rize Worldwide Limited included within accrued income of £58,327 (2022: £70,791) and there is an amount due to Rize Worldwide Limited included within accrued expenses of £Nil (2022: £2,734) at the balance sheet date.

Rize Group Holdings Limited

The parent company.


During the year, dividends were paid to Rize Group Holdings Limited totalling £15,250 (2022: £26,500)

31.12.23 31.12.22
£    £   
Amount due from related party at the balance sheet date 35,172 22,672

Rize Recruitment Pty Limited

A company under common control.


During the year, the company charged Rize Recruitment Pty Limited management fees of £38,181 (2022: £44,749). 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 4,117 22,215

In addition to the above, there is an amount due from Rize Recruitment Pty Limited of £6,191 (2022: £22,664) included within accrued income at the balance sheet date.

RIZE EUROPE LIMITED (REGISTERED NUMBER: 10408960)

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


13. RELATED PARTY DISCLOSURES - continued

3S Africa Ltd

A company under common control.


During the year, the company charged 3S Africa Ltd management fees of £102,261 (2022: £88,059). 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 104,635 24,663

In addition to the above, there is an amount due from 3S Africa Ltd of £30,896 (2022: £42,652) included within accrued income 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 £69,111 (2022: £105,790). 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 255 7,611

In addition to the above, there is an amount due from Rize Recruitment GmbH of £19,143 (2022: £4,616) included within accrued income at the balance sheet date.

Rize Deutschland GmbH

A company under common control.


During the year, the company charged Rize Deutschland GmbH management fees of £1,365,454 (2022: £1,197,130). These transactions were made on a commercial arms length basis.

The company is a guarantor for the bank facility held by Rize Deutschland GmbH.

31.12.23 31.12.22
£    £   
Amount due to related party at the balance sheet date 111,952 63,548

In addition to the above, there is an amount due from Rize Deutschland GmbH of £247,251 (2022: £141,484) included within accrued income at the balance sheet date.

RIZE EUROPE LIMITED (REGISTERED NUMBER: 10408960)

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


13. RELATED PARTY DISCLOSURES - continued

Rize Personalberatung GmbH

A company under common control.


During the year, the company charged Rize Personalberatung GmbH management fees of £199,852 (2022: £194,058). 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 2,419 36,789

In addition to the above, there is an amount due from Rize Personalberatung GmbH of £29,069 (2022: £29,161) included within accrued income at the balance sheet date.

Mr S H Cheek and Mr A R Hillery

Directors of the company.


The directors have provided a personal guarantee to support the bank overdraft facility.

14. 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.