Company registration number 10391998 (England and Wales)
RISKHUB SAAS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
RISKHUB SAAS LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
RISKHUB SAAS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,571,613
3,552,709
Tangible assets
4
67,006
44,987
5,638,619
3,597,696
Current assets
Debtors
5
408,727
279,103
Cash at bank and in hand
416,860
77,491
825,587
356,594
Creditors: amounts falling due within one year
6
(10,016,782)
(5,132,412)
Net current liabilities
(9,191,195)
(4,775,818)
Net liabilities
(3,552,576)
(1,178,122)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(3,552,676)
(1,178,222)
Total equity
(3,552,576)
(1,178,122)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 24 April 2025
S Herbison
Director
Company registration number 10391998 (England and Wales)
RISKHUB SAAS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
100
(975,559)
(975,459)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(202,663)
(202,663)
Balance at 31 December 2023
100
(1,178,222)
(1,178,122)
Year ended 31 December 2024:
Loss and total comprehensive income
-
(2,374,454)
(2,374,454)
Balance at 31 December 2024
100
(3,552,676)
(3,552,576)
RISKHUB SAAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Riskhub SaaS Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10-11 Clerkenwell Green, London, England, EC1R 0DP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Riskhub Limited. These consolidated financial statements are available from its registered office, 10-11 Clerkenwell Green, London, England, EC1R 0DP.
1.2
Going concern
These financial statements are prepared on the going concern basis.
As at 31 December 2024, the company has net liabilities of £3,115,200 (2023: £1,178,122).
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resource and support from the group in place to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for subscription services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover from contracts for the provision of subscription services is recognised by reference to the number of risk assessments performed in the year. For annual and quarterly subscriptions which are not coterminous with the year end will be recognised as deferred revenue.
Other operating income relates to Management Fees receivable that are costs incurred by the company in the year and recharged to other group entities.
RISKHUB SAAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
7 years straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% straight line
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand..
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
RISKHUB SAAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, loans from fellow group companies. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.13
Management charges relate to costs incurred in the year by other group entities and recharged to the company.
2
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
42
28
RISKHUB SAAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Intangible fixed assets
Development costs
£
Cost
At 1 January 2024
4,992,915
Additions - internally developed
3,187,540
At 31 December 2024
8,180,455
Amortisation and impairment
At 1 January 2024
1,440,206
Amortisation charged for the year
1,168,636
At 31 December 2024
2,608,842
Carrying amount
At 31 December 2024
5,571,613
At 31 December 2023
3,552,709
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
121,965
Additions
46,177
At 31 December 2024
168,142
Depreciation and impairment
At 1 January 2024
76,978
Depreciation charged in the year
24,158
At 31 December 2024
101,136
Carrying amount
At 31 December 2024
67,006
At 31 December 2023
44,987
RISKHUB SAAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
137,970
146,450
Other debtors
270,757
132,653
408,727
279,103
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
30,476
40,306
Amounts owed to group undertakings
9,482,993
4,640,564
Taxation and social security
108,569
195,906
Other creditors
394,744
255,636
10,016,782
5,132,412
Amount owed to group undertakings are interest free, unsecured and repayable on demand.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100
100
100
100
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Sarah Wilson FCA
Statutory Auditor:
Gravita II LLP
Date of audit report:
24 April 2025
RISKHUB SAAS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Bookkeeping
2024
2023
£
£
Other related parties
-
40,000
2024
2023
Amounts due to related parties
£
£
Other related parties
66
-
10
Parent company
The immediate and ultimate parent company is Riskhub Limited, whose registered office is 10-11 Clerkenwell Green, London, England, EC1R 0DP.
The smallest and largest group for which consolidated accounts including the company are prepared is the one headed by Riskhub Limited these accounts are available from the registered office.