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REGISTERED NUMBER: 07176579 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

SOLACE GLOBAL RISK LIMITED

SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Balance sheet 1

Notes to the financial statements 3


SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 43,232 118,454
Tangible assets 5 372,462 35,538
Investments 6 857 857
416,551 154,849

Current assets
Debtors 7 1,568,220 1,319,361
Cash at bank 785,119 1,547,508
2,353,339 2,866,869
Creditors
Amounts falling due within one year 8 2,322,845 2,906,673
Net current assets/(liabilities) 30,494 (39,804 )
Total assets less current liabilities 447,045 115,045

Provisions for liabilities 11 15,473 6,977
Net assets 431,572 108,068

Capital and reserves
Called up share capital 12 200 200
Retained earnings 431,372 107,868
Shareholders' funds 431,572 108,068

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

BALANCE SHEET - continued
31 MAY 2024


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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 February 2025 and were signed by:





Mr D Peach - Director


SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. Statutory information

Solace Global Risk Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07176579. The registered office and business address is Second Floor, Twin Sails House, 34-40 West Quay Road, Poole, Dorset, BH15 1JF.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Preparation of consolidated financial statements
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiaries comprise a small-sized group. The group has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

Turnover
Turnover represents amounts receivable, excluding value added tax, in respect of services provided in the ordinary course of business. Turnover is recognised when the service has been provided to the customer.

Development costs
Development expenditure on an individual project are recognised as an intangible asset when the company can demonstrate:

- The technical feasibility of completing the intangible asset so that the asset will be available for use or sale
- Its intention to complete and its ability to use or sell the asset
- How the asset will generate future economic benefits
- The availability of resources to complete the asset
- The ability to measure reliably the expenditure during development
- The ability to use the intangible asset generated

Where the Directors are satisfied as to the technical, commercial and financial viability of individual projects, the identifiable expenditure is deferred and amortised over the period during which the company is expected to benefit. This period is expected to be five years.

Where development expenditure does not meet all of the above criteria for recognition as an intangible asset, it is written off in the year in which it is incurred.

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
Tracking platform - 20% on cost
Office equipment - 20% on cost
Plant and machinery - 20% on cost
Computer equipment - 25% on cost and 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. Accounting policies - continued
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 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.

Research and development
Expenditure on research is written off in the year in which it is incurred. The accounting treatment of development expenditure is detailed under "Intangible assets - development costs".

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.

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.

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 25 (2023 - 21 ) .

SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. Intangible fixed assets
Other
intangible
assets
£   
Cost
At 1 June 2023
and 31 May 2024 706,067
Amortisation
At 1 June 2023 587,613
Charge for year 75,222
At 31 May 2024 662,835
Net book value
At 31 May 2024 43,232
At 31 May 2023 118,454

5. Tangible fixed assets
Short Tracking Office
leasehold platform equipment
£    £    £   
Cost
At 1 June 2023 - 30,616 36,307
Additions 375,705 - 30,990
Disposals - - (15,134 )
At 31 May 2024 375,705 30,616 52,163
Depreciation
At 1 June 2023 - 30,616 16,409
Charge for year 69,410 - 10,257
Eliminated on disposal - - (11,626 )
At 31 May 2024 69,410 30,616 15,040
Net book value
At 31 May 2024 306,295 - 37,123
At 31 May 2023 - - 19,898

SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. Tangible fixed assets - continued

Plant and Computer
machinery equipment Totals
£    £    £   
Cost
At 1 June 2023 28,982 47,254 143,159
Additions - 27,291 433,986
Disposals (28,982 ) (4,300 ) (48,416 )
At 31 May 2024 - 70,245 528,729
Depreciation
At 1 June 2023 23,186 37,410 107,621
Charge for year 3,381 6,299 89,347
Eliminated on disposal (26,567 ) (2,508 ) (40,701 )
At 31 May 2024 - 41,201 156,267
Net book value
At 31 May 2024 - 29,044 372,462
At 31 May 2023 5,796 9,844 35,538

6. Fixed asset investments
Shares in
group Other
undertakings investments Totals
£    £    £   
Cost
At 1 June 2023
and 31 May 2024 808 49 857
Net book value
At 31 May 2024 808 49 857
At 31 May 2023 808 49 857

7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 1,136,481 492,294
Amounts owed by group undertakings 127,587 16,886
Other debtors 609 690,116
VAT 85,131 38,623
Prepayments and accrued income 218,412 81,442
1,568,220 1,319,361

SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 245,740 377,530
Tax 152,789 6,989
Social security and other taxes 30,223 33,588
Pensions creditor 7,191 6,879
Other creditors 954,465 1,701,458
Accruals and deferred income 932,437 780,229
2,322,845 2,906,673

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 61,765 -
Between one and five years 87,500 -
149,265 -

10. Secured debts

All monies due to, or to become due to, Solace Global Limited are secured by way of fixed and floating charges, dated 13 August 2020, over the assets of the company.

All monies due to, or to become due to, Solace Global Maritime Limited are secured by way of fixed and floating charges, dated 13 August 2020, over the assets of the company.

11. Provisions for liabilities
2024 2023
£    £   
Deferred tax 15,473 6,977

Deferred
tax
£   
Balance at 1 June 2023 6,977
Charge to Income statement during year 8,496
Balance at 31 May 2024 15,473

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary £1 200 200

SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


13. Ultimate controlling party

The company is under the ultimate control of the director, Mr D Peach, who owns 100% of the issued share capital.

14. Share-based payment transactions

On 16 September 2020, the company granted enterprise management incentive share options to 3 key employees. Further enterprise management incentive share options were granted to another 3 key employees on 8 May 2024.

All the options may only vest on the date on which an 'Exit' occurs. An 'Exit' is defined in the option agreement as either a share sale, or an asset sale, or a listing.

The options have been granted with no maximum term. However, once an option holder leaves employment with the company and subject to the provisions relating to a termination of employment in the option agreement, they may then be prohibited from exercising their option.

On exercise, all options are to be settled in full by the issue of equity in the company in the form of Ordinary shares. No restrictions will be attached to these shares.

Enterprise management incentive scheme option transactions in the year at 31 May 2024 were as follows:




At 1 June
2023

Granted in the
year

Forfeited in
the year
Exercised
during the
year

At 31 May
2024

Exercisable at 31 May
2024

Number188--26-

Weighted average exercise price (£)


1



3,273



-



-



756



-

At 31 May 2024, the director does not consider it probable that an 'Exit' will occur within the service period of employment of the option holders. As such, the share-based payment recognition conditions in FRS 102.26.3 to 102.26.6 have not been satisfied and no equity instruments have been recognised in the financial statements of the company. On this basis, the share-based payment transactions do not have any effect on the company's profit or loss, nor its financial position.