REGISTERED NUMBER: NI667625 (Northern Ireland)

Financial Statements for the Year Ended 31 December 2025

for

WORKRISE (U.K.) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

B T Moloney

REGISTERED OFFICE:

The 35dp Building 35-47 Donegall Place

Belfast, Antrim

Northern Ireland

BT1 5AD

REGISTERED NUMBER:

NI667625 (Northern Ireland)

AUDITORS:

Mark Arber Limited

71-75 Shelton Street

Covent Garden

London

WC2H 9JQ

FIXED ASSETS

Tangible assets

4

194,907

365,266

CURRENT ASSETS

Debtors: amounts falling due within one year

5

964,103

720,698

Cash at bank

84,815

124,002

1,048,918

844,700

CREDITORS

Amounts falling due within one year

6

278,732

481,004

NET CURRENT ASSETS

770,186

363,696

TOTAL ASSETS LESS CURRENT LIABILITIES

965,093

728,962

PROVISIONS FOR LIABILITIES

-

7,024

NET ASSETS

965,093

721,938

CAPITAL AND RESERVES

Called up share capital

100

100

Other reserves

8

1,295,796

1,295,796

Retained earnings

8

(330,803

)

(573,958

)

SHAREHOLDERS' FUNDS

965,093

721,938

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 November 2026 and were signed by:

B T Moloney - Director

1.	STATUTORY INFORMATION

Workrise (U.K.) Limited is a private company limited by shares, incorporated and domiciled in the United Kingdom. The address of the registered office is The 35dp Building 35-47 Donegall Place, Belfast, Antrim, Northern Ireland, BT1 5AD.

The company is registered at Companies House Northern Ireland. Its registered number is NI667625.

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.

All amounts have been rounded to the nearest pound sterling, unless otherwise indicated.

Turnover

Turnover represents amounts receivable from group undertakings under the terms of inter-company service agreements on a cost plus basis in respect of services provided. Turnover is recognised when the underlying chargeable costs are incurred in accordance with the terms of the relevant agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

- Office equipment - 3 years straight line

- Improvements to property - 5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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

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.

Foreign currencies

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

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.

Going concern

These financial statements have been drawn up on the going concern basis. The company is dependent upon the support of its parent company, and only customer, in order to meet its working capital requirements.

The parent company has provided assurances that this support will continue for a period that exceeds twelve months from the date of approval of these financial statements and believes it will have the funds required to provide this support. On the basis of these assurances the directors believe that the going concern basis is appropriate.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price.

Share based payments

The employees of the company are entitled to participate in the group share based compensation scheme. Cost is recognised in these financial statements based on the fair value of the awards at the date of grant, amortized over any vesting period that may apply. The company has taken the exemption provided in FRS 102 Section 1.12D not to disclose details of share-based payment arrangements concerning equity instruments of another group entity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Office

property

equipment

Totals

£

£

£

Cost

At 1 January 2025

734,695

156,532

891,227

Disposals

-

(51,033

)

(51,033

)

At 31 December 2025

734,695

105,499

840,194

Depreciation

At 1 January 2025

404,472

121,489

525,961

Charge for year

146,939

21,747

168,686

Eliminated on disposal

-

(49,360

)

(49,360

)

At 31 December 2025

551,411

93,876

645,287

Net book value

At 31 December 2025

183,284

11,623

194,907

At 31 December 2024

330,223

35,043

365,266

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

893,469

596,791

Other debtors

1,208

-

VAT

21,505

32,570

Deferred tax asset

32,221

-

Prepayments

15,700

91,337

964,103

720,698

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

711

80,494

Corporation tax

80,053

83,317

Social security and other taxes

280

80

Accrued expenses

197,688

317,113

278,732

481,004

7.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

173,988

208,785

Between one and five years

-

173,988

173,988

382,773

8.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 January 2025

(573,958

)

1,295,796

721,838

Profit for the year

243,155

243,155

At 31 December 2025

(330,803

)

1,295,796

964,993

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Arber (Senior Statutory Auditor)

for and on behalf of Mark Arber Limited

10.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £61,065 (2024: £95,787). Contributions totalling £nil (2024: £nil) were payable to the fund at the reporting date and are included within creditors.

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption available under The Small Companies and Groups Regulations 2008, Schedule 1 paragraph 66(4), and under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of RigUp Inc (formerly known as Workrise Technologies, Inc) a company incorporated in the United States of America.

The smallest group in which the results of the company are consolidated is that headed by RigUp Inc with its registered office at 111 Congress Avenue, Suite 1300, Austin, Texas 78701, United States of America.