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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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RFA (UK) LIMITED
COMPANY INFORMATION
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RFA (UK) LIMITED
CONTENTS
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RFA (UK) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report for the Group.
Strategy and business model
Founded in 1989, RFA Inc. (Richard Fleischman & Associates) is a trusted technology partner to over 600 clients globally. Offering a full range of technology solutions, public cloud services and with global data centre operations and industry-leading service, RFA serves the IT and Technology needs across the whole of the Financial and Legal sectors. RFA’s expertise meets the industry-specific needs of our clients, from cloud-based and onsite solutions, comprehensive IT compliance and cybersecurity services, development and automation technologies, database management, disaster recovery, fully managed IT and project management. RFA delivers scalable, reliable and secure enterprise-grade technology infrastructure to our clients by bringing together the combined resources of a seasoned executive team, carefully vetted engineers, and a trusted group of partner companies. RFA is headquartered in New York City with a second HQ in London, UK – additional global offices New Jersey, Massachusetts, California, Miami, Paris, Madrid, Tokyo, Singapore, Philippines and India. RFA (UK) Limited, RFA Sarl and Richard Fleischman & Associates are separate entities wholly owned by Richard Fleischman. RFA offers a complete range of technology solutions designed to be scalable, secure, and reliable, allowing our clients to focus on their core businesses. Over 600 hedge funds, private equity funds, fund of funds, private wealth management, investment management, and law firms rely on RFA to provide enterprise-grade technology and support to keep their businesses running smoothly. RFA does this with: • Dedicated technical support and account management • 24/7/365 customer service from RFA staff • Skilled technicians with subject matter expertise and the most current certifications. RFA provides the following services: • RFA Multi-Cloud Platforms • Fully Managed IT • Mobile Solutions & Unified Communications • Data Centre Services • Disaster Recovery and Business Continuity • Cybersecurity and Compliance • Database Development & Management • Project Services
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RFA (UK) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group launched in 2022 an application to obtain the PFS (Professionals of the Financial Sector) certification with the Luxembourg’s regulator called CSSF (Commission de Surveillance du Secteur Financier), the submission of all required documents have been forwarded to the regulator in Q2 2024, therefore, the company might be granted with the PSF certification within the second semester of 2024. In obtaining a PFS certificate, it would allow the company to increase its expansion within the Luxembourg’s market as well as across Europe.
Business Review Turnover in 2024 increased by £0.9m from the total of £14.4m in 2023. All revenue categories experienced growth in 2024 compared to 2023. Gross Margin in the period increased £1.3m compared to 2023 driven by increased mix toward recurring revenue and global efforts to right size the COGS basis. On June 10 2025, RFA Inc was acquired by Titan MSP, backed by General Catalyst’s $1.5 billion venture buyout fund, RFA Inc and the wider Group is benefitting from the substantial financial strength and strategic resources of Titan. General Catalyst’s recent investment in Titan reflects a long-term commitment to redefining managed IT services through the integration of AI and automation technologies. As reported by The Wall Street Journal, Titan and General Catalyst are partnering to build the world’s first AI-native managed service platform—one designed to double or triple operational efficiency and profitability across the companies it acquires, like RFA. RFA, as the initial platform investment, is central to this vision and is expected to be a leader in deploying AI-driven automation across service delivery, cybersecurity monitoring, and client experience enhancement. With Titan’s strong capital backing and focus on global expansion, RFA Inc and its subsidiaries like RFA UK and RFA Luxembourg are positioned for sustained growth, stability, and will be supported by Titan’s ongoing investment in product innovation, engineering talent, and strategic partnerships. Taken together, these factors provide clear assurance of RFA UK’s continued financial well-being and its integral role within a growing, well-capitalized technology company.
The directors have identified the following principal risks and uncertainties affecting the Group:
Business Interruption and Product/Service Failure The directors remain alert to the impact of business interruption the Group may suffer when its operations are disrupted. This loss includes both observable components, such as reduced sales and increased costs of working, and hidden components, such loss of future revenue streams due to potential reputational damage. Rapid Technological Advancements The IT industry is characterized by rapid technological advancements and innovations. While this presents opportunities, it also brings the risk of obsolescence or being outpaced by competitors. IT services companies such as RFA need to stay updated on emerging technologies, invest in research and development, and adapt their service offerings to remain relevant in the market. Talent Management and Skills Gap The demand for skilled IT professionals often exceeds the available talent pool. Therefore, RFA may face challenges in recruiting and retaining top talent, particularly in niche or specialized areas. The skills gap and the need for continuous training and upskilling can impact service quality, project delivery, and overall competitiveness.
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RFA (UK) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Data Security and Privacy
The directors remain alert with many data security threats that RFA may face. Some of these threats include malware, ransomware, phishing attacks, social engineering and others. By including several risk mitigation strategies the Group is mitigating the data security and privacy risk using the following 7 initiatives: • Establishing network access controls, • Implementing firewalls and antivirus software, • Creating a patch management schedules, • Monitoring network traffic, • Building the incidents response plan, • Examining the physical security of customers business, • Minimizing cyber-attack surface.
Apart from those measures identified above in the business review, the directors are of the opinion that no further inclusion of financial and non-financial key performance indicators is necessary for an understanding of the development, performance or position of the Group’s business.
This report was approved by the board and signed on its behalf.
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RFA (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,776,195 (2023 - £1,487,362). The directors do not propose a dividend.
The directors who served during the year were:
The directors intend for the Group to continue its strategy as discussed in the Strategic Report.
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RFA (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
• so far as the director is aware, there is no relevant audit information of which the Group and the Group's auditor is unaware, and • the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Group and the Group's auditor is aware of that information
On June 10, 2025, RFA was acquired by Titan MSP as detailed in the strategic report.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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RFA (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RFA (UK) LIMITED
We have audited the financial statements of RFA (UK) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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 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 Group's or the Parent 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.
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RFA (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RFA (UK) LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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RFA (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RFA (UK) LIMITED (CONTINUED)
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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management around actual and potential litigation and claims; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and review of accounting estimates for bias; • Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations.
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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RFA (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RFA (UK) LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Statutory Auditor
Northampton, United Kingdom
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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RFA (UK) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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RFA (UK) LIMITED
REGISTERED NUMBER: 09049628
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 33 form part of these financial statements.
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RFA (UK) LIMITED
REGISTERED NUMBER: 09049628
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 33 form part of these financial statements.
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