IRIS Accounts Production v25.3.0.601 07176579 director 1.6.24 31.5.25 31.5.25 true false true false false false true false Ordinary 1.00000 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 07176579 2024-05-31 07176579 2025-05-31 07176579 2024-06-01 2025-05-31 07176579 2023-05-31 07176579 2023-06-01 2024-05-31 07176579 2024-05-31 07176579 ns15:EnglandWales 2024-06-01 2025-05-31 07176579 ns14:PoundSterling 2024-06-01 2025-05-31 07176579 ns10:Director1 2024-06-01 2025-05-31 07176579 ns10:PrivateLimitedCompanyLtd 2024-06-01 2025-05-31 07176579 ns10:SmallEntities 2024-06-01 2025-05-31 07176579 ns10:AuditExempt-NoAccountantsReport 2024-06-01 2025-05-31 07176579 ns10:SmallCompaniesRegimeForDirectorsReport 2024-06-01 2025-05-31 07176579 ns10:SmallCompaniesRegimeForAccounts 2024-06-01 2025-05-31 07176579 ns10:FullAccounts 2024-06-01 2025-05-31 07176579 1 2024-06-01 2025-05-31 07176579 ns10:OrdinaryShareClass1 2024-06-01 2025-05-31 07176579 1 ns10:OrdinaryShareClass1 2024-06-01 2025-05-31 07176579 ns5:CurrentFinancialInstruments 2025-05-31 07176579 ns5:CurrentFinancialInstruments 2024-05-31 07176579 ns5:ShareCapital 2025-05-31 07176579 ns5:ShareCapital 2024-05-31 07176579 ns5:FurtherSpecificReserve1ComponentTotalEquity 2025-05-31 07176579 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-05-31 07176579 ns5:RetainedEarningsAccumulatedLosses 2025-05-31 07176579 ns5:RetainedEarningsAccumulatedLosses 2024-05-31 07176579 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-06-01 2025-05-31 07176579 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-01 2025-05-31 07176579 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-06-01 2025-05-31 07176579 ns5:PlantMachinery 2024-06-01 2025-05-31 07176579 ns5:FurnitureFittings 2024-06-01 2025-05-31 07176579 ns5:ComputerEquipment 2024-06-01 2025-05-31 07176579 ns5:IntangibleAssetsOtherThanGoodwill 2024-05-31 07176579 ns5:IntangibleAssetsOtherThanGoodwill 2024-06-01 2025-05-31 07176579 ns5:IntangibleAssetsOtherThanGoodwill 2025-05-31 07176579 ns5:IntangibleAssetsOtherThanGoodwill 2024-05-31 07176579 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-05-31 07176579 ns5:PlantMachinery 2024-05-31 07176579 ns5:FurnitureFittings 2024-05-31 07176579 ns5:ComputerEquipment 2024-05-31 07176579 ns5:ShortLeaseholdAssets ns5:LandBuildings 2025-05-31 07176579 ns5:PlantMachinery 2025-05-31 07176579 ns5:FurnitureFittings 2025-05-31 07176579 ns5:ComputerEquipment 2025-05-31 07176579 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-05-31 07176579 ns5:PlantMachinery 2024-05-31 07176579 ns5:FurnitureFittings 2024-05-31 07176579 ns5:ComputerEquipment 2024-05-31 07176579 ns5:CostValuation 2024-05-31 07176579 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-05-31 07176579 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-05-31 07176579 ns5:WithinOneYear 2025-05-31 07176579 ns5:WithinOneYear 2024-05-31 07176579 ns5:BetweenOneFiveYears 2025-05-31 07176579 ns5:BetweenOneFiveYears 2024-05-31 07176579 ns5:AllPeriods 2025-05-31 07176579 ns5:AllPeriods 2024-05-31 07176579 ns5:DeferredTaxation 2024-05-31 07176579 ns5:DeferredTaxation 2024-06-01 2025-05-31 07176579 ns5:DeferredTaxation 2025-05-31 07176579 ns10:OrdinaryShareClass1 2025-05-31

REGISTERED NUMBER: 07176579 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

SOLACE GLOBAL RISK LIMITED

SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Page |

Balance sheet | 1 |

Notes to the financial statements | 3 |

SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

BALANCE SHEET

31 MAY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

Fixed assets

Intangible assets | 4 | 166,413 |  | 43,232 |  |

Tangible assets | 5 | 255,426 |  | 372,462 |  |

Investments | 6 | 857 |  | 857 |  |

422,696 |  | 416,551 |  |

Current assets

Debtors | 7 | 1,048,721 |  | 1,568,220 |  |

Cash at bank | 437,204 |  | 785,119 |  |

1,485,925 |  | 2,353,339 |  |

Creditors

Amounts falling due within one year | 8 | 1,042,620 |  | 2,322,845 |  |

Net current assets | 443,305 |  | 30,494 |  |

Total assets less current liabilities | 866,001 |  | 447,045 |  |

Provisions for liabilities | 11 | 50,572 |  | 15,473 |  |

Net assets | 815,429 |  | 431,572 |  |

Capital and reserves

Called up share capital | 12 | 8,600 |  | 200 |  |

Share option reserve | 12,072 |  | - |  |

Retained earnings | 794,757 |  | 431,372 |  |

Shareholders' funds | 815,429 |  | 431,572 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 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 2025

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 21 October 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 2025

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.

| Patents and licences

| Patents and licences are initially measured at cost. After initial recognition, they are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Patents and licences are being amortised evenly over their estimated useful life of three years from the date of acquisition.

| 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

| 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 2025

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 31 (2024 - 25 ) .

SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

4. | Intangible fixed assets

| Other

| intangible

| assets

£ |

| Cost

| At 1 June 2024 | 706,067 |  |

| Additions | 218,016 |  |

| At 31 May 2025 | 924,083 |  |

| Amortisation

| At 1 June 2024 | 662,835 |  |

| Charge for year | 94,835 |  |

| At 31 May 2025 | 757,670 |  |

| Net book value

| At 31 May 2025 | 166,413 |  |

| At 31 May 2024 | 43,232 |  |

5. | Tangible fixed assets

| Short |  | Tracking |  | Office |  | Computer |

| leasehold |  | platform |  | equipment |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| Cost

| At 1 June 2024 | 375,705 |  | 30,616 |  | 52,163 |  | 70,245 |  | 528,729 |  |

| Additions | - |  | - |  | 14,720 |  | 16,522 |  | 31,242 |  |

| At 31 May 2025 | 375,705 |  | 30,616 |  | 66,883 |  | 86,767 |  | 559,971 |  |

| Depreciation

| At 1 June 2024 | 69,410 |  | 30,616 |  | 15,040 |  | 41,201 |  | 156,267 |  |

| Charge for year | 126,743 |  | - |  | 12,573 |  | 8,962 |  | 148,278 |  |

| At 31 May 2025 | 196,153 |  | 30,616 |  | 27,613 |  | 50,163 |  | 304,545 |  |

| Net book value

| At 31 May 2025 | 179,552 |  | - |  | 39,270 |  | 36,604 |  | 255,426 |  |

| At 31 May 2024 | 306,295 |  | - |  | 37,123 |  | 29,044 |  | 372,462 |  |

SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

6. | Fixed asset investments

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| Cost

| At 1 June 2024

| and 31 May 2025 | 808 |  | 49 |  | 857 |  |

| Net book value

| At 31 May 2025 | 808 |  | 49 |  | 857 |  |

| At 31 May 2024 | 808 |  | 49 |  | 857 |  |

7. | Debtors: amounts falling due within one year |

2025 | 2024 |

£ | £ |

| Trade debtors | 602,318 |  | 1,136,481 |  |

| Amounts owed by group undertakings | - |  | 127,587 |  |

| Other debtors | 5,281 |  | 609 |  |

| VAT | 70,728 |  | 85,131 |  |

| Prepayments and accrued income | 370,394 |  | 218,412 |  |

1,048,721 |  | 1,568,220 |  |

8. | Creditors: amounts falling due within one year |

2025 | 2024 |

£ | £ |

| Trade creditors | 461,198 |  | 245,740 |  |

| Tax | 124,924 |  | 152,789 |  |

| Social security and other taxes | 47,465 |  | 30,223 |  |

| Pensions creditor | 10,440 |  | 7,191 |  |

| Other creditors | 8,785 |  | 954,465 |  |

| Accruals and deferred income | 389,808 |  | 932,437 |  |

1,042,620 |  | 2,322,845 |  |

9. | Leasing agreements

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 25,735 |  | 61,765 |  |

| Between one and five years | - |  | 87,500 |  |

25,735 |  | 149,265 |  |

SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

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

2025 | 2024 |

£ | £ |

| Deferred tax | 50,572 |  | 15,473 |  |

| Deferred |

| tax |

£ |

| Balance at 1 June 2024 | 15,473 |  |

| Charge to Income statement during year | 35,099 |  |

| Balance at 31 May 2025 | 50,572 |  |

12. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 8,600 | Ordinary | £1 | 8,600 |  | 200 |  |

| 8,400 Ordinary shares of £1 were issued during the year for cash of £ 8,400 .

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.

SOLACE GLOBAL RISK LIMITED (REGISTERED NUMBER: 07176579)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MAY 2025

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. On 27 February 2025, further enterprise management incentive share options were granted to another key employee and all existing employees had further options granted to re-balance their holdings.

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

| The 2020 and 2024 options have been granted with no maximum term. The 2025 options lapse on 16 September 2030, the 10th anniversary of the issue of the 2020 options. 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 written restrictions will be attached to these shares.

| Enterprise management incentive scheme option transactions in the year at 31 May 2025 were as follows:

|  | At 1 June 2024 |  | Granted in the year |  | Forfeited in the year |  | Exercised during the year |  | At 31 May 2025 |  | Exercisable at 31 May 2025 |

| Number |  | 26 |  | 1,374 |  | - |  | - |  | 1,400 |  | - |

| Weighted average exercise price (£) |  | 756 |  | 19 |  | - |  | - |  | 37 |  | - |

| At 31 May 2025, the director considers it probable that an 'Exit' will occur within the service period of employment of the option holders

| During the year, an expense of £12,072 (2024- £0) for equity instruments has been recognised in the financial statements of the company. Total equity instruments as at 31 March 2025 of £12,072 (2024 - £0) are recognised in a 'Share option reserve' within Equity on the Statement of Financial Position.

| The fair value of the equity instruments was measured by valuing the call price on the EMI options using the Black Scholes Option Pricing Model. As there is no observable market nor any recent transactions in the share options, this valuation method is considered to be the most appropriate to comply with the requirements of FRS102 s26.11.