Company registration number 09930262 (England and Wales)
RISKSAVE TECHNOLOGIES LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
RISKSAVE TECHNOLOGIES LTD
COMPANY INFORMATION
Directors
Mr S Cullen
Mr D Tammas-Hastings
Mr D Semmens
Company number
09930262
Registered office
70 White Lion Street
London
N1 9PP
Auditor
Ellacotts Audit Services Limited
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
RISKSAVE TECHNOLOGIES LTD
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Profit and loss account
11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 24
RISKSAVE TECHNOLOGIES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

RiskSave Technologies Ltd provide compliance, risk management and operational services for regulated financial services platforms.

RiskSave’s mission is to widen access to low-cost investing and digital wealth services. The traditional investment world has been reserved for the affluent and those versed in financial jargon. It lacks transparency being opaque and characterised by high fees, RiskSave aims to support low-cost innovative platforms to help change this.

The firm was accepted as B-Corp in 2022 and will continue to work alongside our partners as an ethical stakeholder-led business. Certified B Corps are businesses that balance purpose and profit. As a B-Corp the firm will be legally required to consider the impact of its decisions on its workers, customers, suppliers, community, and the environment. RiskSave aims to meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.

B-Corp Certification is on a three year cycle and the board has committed to re-certifying and maintaining our B-Corp status and continue to role model the behaviors required by a firm with a social purpose.

As an investment firm RiskSave Technologies has the objective to create better financial futures for the Firm’s clients and their stakeholders, aiming to be a thought leader in how to incorporate sustainability into investment processes and the digital distribution of finance.

Research has shown that high fees and a lack of market knowledge prevent many UK residents from getting started with investing and exclude them from the potential long-term benefits from participating in the securities markets. In particular the Retail Distribution Review (2012) identified the ‘Financial Advice Gap’. The Firm believes that Digital Processes can help close the advice gap and empower millions. To enable this the Firm partners with established regulated financial firms as well as selected startups to provide investors access to the securities markets. Through the RiskSave platform customers are able to invest with lower costs, increased transparency, and a better user experience.

The firm sees its mission to customers as

1. Widening access;

2. Lowering costs; and

3. Increasing consumer choice.

The firm’s mission centres on treating customers fairly and creating good customer outcomes. Receiving financial advice can be both low cost and low friction service to the retail investor, and modern technology makes this possible.

The firm's main revenue stream is from platform charges from its B2B customer base who pay a subscription fee for access to compliance services and the Firm’s operational expertise, alongside consulting-based revenues for a number of investment and risk management based specialisms.

RISKSAVE TECHNOLOGIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

The directors place a strong emphasis on the compliance culture within the business, which shapes the decisions and operations of the Company. The principal risks facing the Company have been identified as regulatory risk, operational risk, business risk and to a lesser extent the funding risk of our core FinTech clients. The board of directors considers impacts on clients, employees, the community & environment in its decision making and specifically takes seriously its Treating Customers Fairly responsibilities and its obligations under the FCA's new Consumer Duty.

The Firm has a comprehensive risk management framework in place to identify, assess, and mitigate these risks. The framework includes:

- A risk register that identifies all material risks to the Firm.

- A risk assessment process that assesses the likelihood and impact of each risk.

- A risk mitigation plan that identifies and implements controls to mitigate the risks.

- A risk monitoring process that tracks the effectiveness of the risk mitigation plan.

The Firm is committed to managing its risks effectively and to complying with all applicable regulations.

Risk management is overseen by the board and a risk framework sets out how the company identifies, assesses and mitigates its material risks. The board works with the Risk Committee on the formulation and development of our risk appetite statement, our risk tolerance and the development of the firm’s ICARA.

Non-Exhaustive Identified Key Risks and mitigating factors

Cybercrime and Information security:

The threat of cybercrime and information security breaches are a key area of focus for the Company. The responsibilities associated with information security are taken very seriously throughout the Firm from the Board to the employees. The Firm is continuously educating employees on cybersecurity best practices. This is especially vital as Employees are often the weak link in the cybersecurity chain. By educating ourselves and our partners on how to protect themselves and the company's data, the firm seeks to mitigate information security risk, alongside implementing best practice in areas such as multi-factor authentication.

Credit risk:

The Company's principal financial asset is cash. The credit risk associated with cash is limited as the counterparties have high credit ratings assigned by credit-rating agencies. Credit risk is further limited by ensuring that all cash is all held in accounts in either the UK or the EU.

Liquidity risk:

The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely. The firm has a policy of ensuring that all deposits are under 12m and keeps short-term funding needs in accounts less than one week.

Economic risk:

Having stress tested the business the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future.

RISKSAVE TECHNOLOGIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Key performance indicators

RiskSave ended 2024 with strong business performance. Revenue saw another period of double digit growth for the seventh year running, margins increased reflecting previous investment in capacity and regulatory infrastructure. We closed the year with both a record number of clients and a record profitability.

This is due yet again to our exceptional colleagues and partners whose fantastic work and achievements are reflected in the recognition and accolades the business has received.

The company is reporting a profit before taxation of £20,286 (2023: £302,869) for the financial year to 31 December 2024.

The balance sheet shows that the company's net assets at the year-end have increased from £808,385 to £824,795.

The firm has placed investment into R&D and the development of new revenue streams over and above its core business.

The development of high-profile clients has boosted revenues and increased recognition of the firm within the FinTech ecosystem. Clients now range from listed multinationals to seed stage startups.

The firm has moved to aiding larger clients and this has led to a notably slower sales cycle for new customers, but the retention of existing customers remains high, with a notably low churn rate for clients and many clients engaging us for more than one service.

Matters of strategic importance

RiskSave continues to invest in innovation, people, technology, client acquisition and growth in order to extend its leadership position in FinTech Compliance.

We continue to grow strongly using internal capital, with no need to raise external funding in the near to medium term. There remain significant opportunities for the continued digital transformation of wealth management within the UK and we have an increasing number of partnerships being developed.

RISKSAVE TECHNOLOGIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Directors' statement of compliance with duty to promote success of the Company

This statement sets out how the Directors have fulfilled their duty to comply with the requirements of Section 172 of the Companies Act 2006. In particular it explains how the directors have considered broader stakeholder interests when making decisions to promote the success of the business.

Basis of Decision Making and Engagement with Stakeholders

The Board aims to promote the success of the Company for the benefit of all stakeholders as a whole, taking into account the long-term consequences of its decisions and looking at those decisions through a variety of lenses. This involves the Board and management considering in detail and discussing the interests of the Company’s key stakeholders including our shareholders, customers, our people, our investors, our suppliers, local communities and our regulator; the importance of maintaining our reputation for high standards of business conduct; and the environment. The firm acknowledges that while it endeavours to make decisions to benefit the whole, not all decisions will necessarily result in a positive outcome for all stakeholders.

Some practical examples of what that has looked like in practice over the past year are summarised below. Engagement with all our stakeholders is led by our executive teams, who in turn regularly update the Board members via briefings and reports.

Our shareholders

The directors of RiskSave Technologies are committed to providing their investors with positive outcomes. They have a strong track record of financial performance, and they are committed to maintaining this track record in the future.

The company has a number of policies and procedures in place to ensure that it is acting in the best interests of its investors. These include:

- A transparent and regular reporting process, which keeps relevant stakeholders informed of the company's financial performance and its risks.

- A robust risk management framework, which is designed to mitigate the risks to the company's investment value.

- A strong governance structure, which ensures that the company is being run in a responsible and ethical manner.

- A commitment to sustainability and social responsibility, which demonstrates the company's long-term commitment to its stakeholders.

The directors believe that these policies and procedures will contribute to positive investor outcomes and promote the long-term success of the business.

Our customers

The company's customers fall into two groups: our corporate clients and their end-users. In both cases our culture puts good customer outcomes at the heart of what we do.

Many of our AR have enjoyed long term relationships with us. During the pandemic and lockdown, we have maintained close contact with them, making special efforts to support those nascent businesses that further help democratise financial services.

RISKSAVE TECHNOLOGIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Our employees

We acknowledge that to achieve our ambition, we need to recruit and retain talented people. Our success is determined by their ability to communicate with our clients, to work within a collaborative and supportive culture with a focus on achieving good customer outcomes.

We aim to ensure that staff are remunerated at market rates and are further incentivised through various bonus schemes based upon achieving positive outcomes for all stakeholders particularly consumers. Our bonus incentive schemes are based on multiple metrics, financial, consumer outcomes, professional conduct and learning and development goals.

We also invest in our employees’ welfare by providing a comprehensive benefits package, including confidential counselling services, life and health benefits and a pension scheme. Regular staff briefings are held to keep staff aware of developments and opportunities within the business. This is followed up by line managers who seek regular feedback from their reports. During the year we have conducted several staff surveys to assess the needs of staff working from home so that additional support can be delivered to improve their working conditions.

Our suppliers

The company has a variety of agreements with service providers and suppliers. We treat all suppliers fairly and with respect, ensuring that invoices are paid on time. Where concerns exist about the quality of a product or service delivered, we raise these concerns with the supplier and seek to find a resolution in an open and constructive manner. We value the relationship as well as the service or product which is supplied. Our focus is on long term relationships which should be more valuable than short term gains.

The environment and our local community.

Investors and customers are increasingly concerned not to invest in or purchase from companies that have a negative impact on the environment and society in general. We take this responsibility very seriously, as demonstrated by our B Corp achievement. Our investment solutions include investments which are screened for their environmental and social impacts and their compliance with good governance. Equally, we ensure that our Appointed Representatives are treating their customers fairly and with respect, as they invest for a better financial future.

We also have a role to play as a Company in ensuring we do what we can at every level to act responsibly. All staff are encouraged to reduce waste, avoid unnecessary travel and to recycle materials or dispose of them responsibly and to use digital communications when it is possible to do so.

Our regulator

The company is directly regulated by the Financial Conduct Authority (FCA). We operate within a highly regulated industry and we value this regulation. We recognise that regulation is designed to protect both investors and market participants creating a level playing field and confidence in the markets. We therefore view regulation as an extremely positive factor for our business and, as a group, we always engage with our regulators in an open, cooperative and proactive manner.

On behalf of the board

Mr S Cullen
Director
17 September 2025
RISKSAVE TECHNOLOGIES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company is the development of software and associated services for financial risk management and regulatory compliance. The company registered with the Financial Conduct Authority on 20 November 2017 with the reference number 775330.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S Cullen
Mr D Tammas-Hastings
Mr D Semmens
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

The auditor, Ellacotts Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr S Cullen
Director
17 September 2025
RISKSAVE TECHNOLOGIES LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RISKSAVE TECHNOLOGIES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RISKSAVE TECHNOLOGIES LTD
- 8 -
Opinion

We have audited the financial statements of RiskSave Technologies Ltd (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 profit 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

RISKSAVE TECHNOLOGIES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RISKSAVE TECHNOLOGIES LTD
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK),we exercise professional judgment and maintain professional scepticism throughout the audit. We also performed the following procedures:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RISKSAVE TECHNOLOGIES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RISKSAVE TECHNOLOGIES LTD
- 10 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Charlotte Toemaes BSc FCA
Senior Statutory Auditor
For and on behalf of Ellacotts Audit Services Limited
Chartered Accountants
Statutory Auditor
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
17 September 2025
RISKSAVE TECHNOLOGIES LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
998,374
1,343,700
Cost of sales
(387,418)
(462,112)
Gross profit
610,956
881,588
Administrative expenses
(629,766)
(649,803)
Other operating income
-
0
45,000
Operating (loss)/profit
5
(18,810)
276,785
Interest receivable and similar income
8
39,096
26,091
Interest payable and similar expenses
9
-
(7)
Profit before taxation
20,286
302,869
Tax on profit
10
(3,876)
15,937
Profit for the financial year
16,410
318,806

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RISKSAVE TECHNOLOGIES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
£
£
Profit for the year
16,410
318,806
Other comprehensive income
-
-
Total comprehensive income for the year
16,410
318,806
RISKSAVE TECHNOLOGIES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
935
990
Investments
12
710,583
-
0
711,518
990
Current assets
Debtors
13
160,403
212,314
Cash at bank and in hand
202,917
945,715
363,320
1,158,029
Creditors: amounts falling due within one year
14
(250,043)
(350,635)
Net current assets
113,277
807,394
Total assets less current liabilities
824,795
808,384
Capital and reserves
Called up share capital
16
6,273
6,273
Share premium account
272,617
272,617
Profit and loss reserves
545,905
529,494
Total equity
824,795
808,384
The financial statements were approved by the board of directors and authorised for issue on 17 September 2025 and are signed on its behalf by:
Mr S Cullen
Director
Company Registration No. 09930262
RISKSAVE TECHNOLOGIES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
6,273
272,617
210,688
489,578
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
318,806
318,806
Balance at 31 December 2023
6,273
272,617
529,494
808,384
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
16,410
16,410
Balance at 31 December 2024
6,273
272,617
545,904
824,794
RISKSAVE TECHNOLOGIES LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
19
(67,414)
129,148
Interest paid
-
0
(7)
Income taxes paid
(4,671)
(12,815)
Net cash (outflow)/inflow from operating activities
(72,085)
116,326
Investing activities
Purchase of tangible fixed assets
(537)
-
0
Purchase of financial investments
(710,583)
-
0
Repayment of loans
1,311
1,278
Interest received
39,096
26,091
Net cash (used in)/generated from investing activities
(670,713)
27,369
Net (decrease)/increase in cash and cash equivalents
(742,798)
143,695
Cash and cash equivalents at beginning of year
945,715
802,020
Cash and cash equivalents at end of year
202,917
945,715
RISKSAVE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

RiskSave Technologies Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 70 White Lion Street, London, N1 9PP.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted in preparing the financial statements are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue 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 services provided in the normal course of business, and is shown net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:

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
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

RISKSAVE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic 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.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

RISKSAVE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the directors' opinion there are no judgements and key sources of estimation uncertainty that warrant additional disclosure under this heading.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Regulatory hosting services
960,874
1,304,700
Consultancy
37,500
39,000
998,374
1,343,700
RISKSAVE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
998,374
1,343,700
2024
2023
£
£
Other revenue
Interest income
39,096
26,091
Grants received
-
45,000
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,640
9,300
For other services
All other non-audit services
2,180
4,363
5
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(45,000)
Fees payable to the company's auditor for the audit of the company's financial statements
10,640
9,300
Depreciation of owned tangible fixed assets
592
678
Operating lease charges
89,309
73,627
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Employees
7
8
Directors
3
3
Total
10
11
RISKSAVE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
631,544
659,184
Social security costs
76,647
72,085
Pension costs
52,286
55,199
760,477
786,468
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
289,763
245,354
Company pension contributions to defined contribution schemes
41,856
48,525
331,619
293,879

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
144,070
135,000
Company pension contributions to defined contribution schemes
5,296
14,350
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
39,096
26,091
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
39,096
26,091
RISKSAVE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
-
0
7
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
3,876
4,671
Adjustments in respect of prior periods
-
0
(20,608)
Total current tax
3,876
(15,937)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
20,286
302,869
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
5,072
57,545
Tax effect of expenses that are not deductible in determining taxable profit
15
2,176
Tax effect of utilisation of tax losses not previously recognised
(1,743)
(31,676)
Unutilised tax losses carried forward
518
-
0
Permanent capital allowances in excess of depreciation
14
-
0
Under/(over) provided in prior years
-
0
(20,609)
Temporary timing differences
-
0
(1,305)
Research and development related
-
0
(22,068)
Taxation charge/(credit) for the year
3,876
(15,937)

No deferred tax asset has been recognised relating to unutilised losses. The unrelieved losses at the year end total £0 (2023: £0).

RISKSAVE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
11
Tangible fixed assets
Computers
£
Cost
At 1 January 2024
2,110
Additions
537
At 31 December 2024
2,647
Depreciation and impairment
At 1 January 2024
1,120
Depreciation charged in the year
592
At 31 December 2024
1,712
Carrying amount
At 31 December 2024
935
At 31 December 2023
990
12
Fixed asset investments
2024
2023
£
£
Unlisted investments
710,583
-
0
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
-
Additions
710,583
At 31 December 2024
710,583
Carrying amount
At 31 December 2024
710,583
At 31 December 2023
-
RISKSAVE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
(Continued)
- 23 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
87,123
133,230
Corporation tax recoverable
17,503
17,503
Other debtors
25,901
27,212
Prepayments and accrued income
29,875
34,370
160,402
212,315
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,360
2,931
Corporation tax
3,876
4,671
Other taxation and social security
91,115
121,210
Other creditors
140,580
209,981
Accruals and deferred income
13,112
11,842
250,043
350,635
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,286
55,199

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
627,289
627,289
6,273
6,273
RISKSAVE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
19,548
72,480
18
Related party transactions

At 31 December 2024, the company was owed £25,901 by directors (2023: £27,212). The loans carry interest at a rate of 2.5% per annum and are repayable in instalments.

During the year, the company made total loan advances of £0 (2023: £7,000) to directors and received repayments of £1,311 (2023: £8,980) from directors.

19
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit after taxation
16,410
318,806
Adjustments for:
Taxation charged/(credited)
3,876
(15,937)
Finance costs
-
0
7
Investment income
(39,096)
(26,091)
Depreciation and impairment of tangible fixed assets
592
678
Movements in working capital:
Decrease/(increase) in debtors
50,601
(69,050)
Decrease in creditors
(99,797)
(79,265)
Cash (absorbed by)/generated from operations
(67,414)
129,148
20
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
945,715
(742,798)
202,917
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