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REGISTERED NUMBER: 09046861 (England and Wales)















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: Mr S H Cheek
Mr A R Hillery





SECRETARY: Mrs L A Cheek





REGISTERED OFFICE: 55 Loudoun Road
London
NW8 0DL





REGISTERED NUMBER: 09046861 (England and Wales)





ACCOUNTANTS: MGR SD Limited
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 4,636 11,590

CURRENT ASSETS
Debtors 5 1,476,962 829,335
Cash at bank 187,887 66,484
1,664,849 895,819
CREDITORS
Amounts falling due within one year 6 (1,639,753 ) (850,853 )
NET CURRENT ASSETS 25,096 44,966
TOTAL ASSETS LESS CURRENT LIABILITIES 29,732 56,556

CREDITORS
Amounts falling due after more than one
year

7

-

(2,318

)
NET ASSETS 29,732 54,238

CAPITAL AND RESERVES
Called up share capital 10 75 75
Retained earnings 29,657 54,163
SHAREHOLDERS' FUNDS 29,732 54,238

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 WORLDWIDE LTD (REGISTERED NUMBER: 09046861)

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 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 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - evenly over the period of the lease
Office equipment - 20% 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.

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 3 (2022 - 2 ) .

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 7,453 15,726 23,179
Charge for year 2,236 4,718 6,954
At 31 December 2023 9,689 20,444 30,133
NET BOOK VALUE
At 31 December 2023 1,491 3,145 4,636
At 31 December 2022 3,727 7,863 11,590

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 11,180 23,589 34,769
DEPRECIATION
At 1 January 2023 7,453 15,726 23,179
Charge for year 2,236 4,718 6,954
At 31 December 2023 9,689 20,444 30,133
NET BOOK VALUE
At 31 December 2023 1,491 3,145 4,636
At 31 December 2022 3,727 7,863 11,590

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 564,749 288,028
Amounts owed by group undertakings 304,427 262,025
Other debtors 607,786 279,282
1,476,962 829,335

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 205,969 52,064
Finance leases (see note 8) 2,318 6,954
Trade creditors 425,666 85,164
Amounts owed to group undertakings 305,757 402,334
Taxation and social security 8,920 7,944
Other creditors 691,123 296,393
1,639,753 850,853

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Finance leases (see note 8) - 2,318

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 2,833 8,499
Between one and five years - 2,833
2,833 11,332

Finance charges repayable:
Within one year 515 1,545
Between one and five years - 515
515 2,060

Net obligations repayable:
Within one year 2,318 6,954
Between one and five years - 2,318
2,318 9,272

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 205,969 52,064
Finance leases 2,318 9,272
208,287 61,336

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: £    £   
7,500 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.