Rize Europe Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10408960 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

RIZE EUROPE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S H Cheek Esq

A R Hillery Esq

REGISTERED OFFICE:

4 Prince Albert Road

London

NW1 7SN

REGISTERED NUMBER:

10408960 (England and Wales)

ACCOUNTANTS:

Scodie Deyong LLP

Chartered Accountants

4 Prince Albert Road

London

NW1 7SN

FIXED ASSETS

Tangible assets

4

9,971

-

CURRENT ASSETS

Debtors

5

802,288

374,372

Cash at bank

1,842

74,286

804,130

448,658

CREDITORS

Amounts falling due within one year

6

834,893

457,504

NET CURRENT LIABILITIES

(30,763

)

(8,846

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(20,792

)

(8,846

)

PROVISIONS FOR LIABILITIES

1,894

-

NET LIABILITIES

(22,686

)

(8,846

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(22,786

)

(8,946

)

SHAREHOLDERS' FUNDS

(22,686

)

(8,846

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors on 24 September 2019 and were signed on its behalf by:

S H Cheek Esq - Director

A R Hillery Esq - Director

1.	STATUTORY INFORMATION

Rize Europe Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

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.

The directors report net current liabilities of £30,763 (2017: £8,846) but they believe that the company will able

to trade profitably for the foreseeable future and confirm that the other group companies will continue to provide

support.

Therefore the directors believe that it is appropriate for the financial statements to be prepared on a going

concern basis.

Turnover

Turnover represents the provision of services, excluding value added tax and irrecoverable foreign taxes.

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

-

33% on cost

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2017 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

Additions

10,285

At 31 December 2018

10,285

DEPRECIATION

Charge for year

314

At 31 December 2018

314

NET BOOK VALUE

At 31 December 2018

9,971

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

392,514

159,282

Amounts owed by group undertakings

95,110

5,733

Other debtors

314,664

209,357

802,288

374,372

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

103,335

-

Trade creditors

193,970

190,123

Amounts owed to group undertakings

32,773

-

Taxation and social security

20,014

-

Other creditors

484,801

267,381

834,893

457,504

7.	LEASING AGREEMENTS

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

2018

2017

£

£

Within one year

4,644

-

Between one and five years

739

-

5,383

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

103,335

-

Factoring accounts

343,426

129,027

446,761

129,027

The bank overdraft and factoring accounts are secured by a fixed and floating charge over all the assets of the

company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

10,000

Ordinary

£0.01

100

100

10.	PENSION COMMITMENTS

The company makes payments to separate defined contribution schemes on behalf of the directors and

employees. Amounts charged to the profit and loss account were £5,989 (2017: £Nil) for the year. There were

outstanding employer contributions at the year end of £483 (2017: £Nil).

11.	RELATED PARTY DISCLOSURES

Rize Worldwide Limited

A company under common control.

During the year, the company charged Rize Worldwide Limited management fees of £113,980 (2017: £Nil) and

was charged £75,859 (2017: £116,561) by Rize Worldwide Limited. This transaction was made on a commercial

arms length basis.

Rize Worldwide Limited sold assets at net book value totalling £8,266 to the company.

2018

2017

£

£

Amount due from related party at the balance sheet date

11,388

4,533

Rize Group Holdings Limited

The parent company.

2018

2017

£

£

Amount due from related party at the balance sheet date

872

1,200

Rize Recruitment Pty Limited

A company under common control.

During the year, the company charged Rize Recruitment Pty Limited management fees of £16,244 (2017: £Nil).

This transaction was made on a commercial arms length basis.

2018

2017

£

£

Amount due from related party at the balance sheet date

16,245

-

3S Africa Ltd

A company under common control.

During the year, the company charged 3S Africa Ltd management fees of £78,435 (2017: £Nil). This transaction

was made on a commercial arms length basis.

2018

2017

£

£

Amount due from related party at the balance sheet date

41,052

-

Rize Recruitment GmbH

A company under common control.

During the year, the company charged Rize Recruitment GmbH management fees of £80,229 (2017: £Nil). This

transaction was made on a commercial arms length basis.

2018

2017

£

£

Amount due from related party at the balance sheet date

25,553

-

Rize Deutschland GmbH

A company under common control.

During the year, the company charged Rize Deutschland GmbH management fees of £382,539 (2017: £Nil).

This transaction was made on a commercial arms length basis.

The company is a guarantor for the bank facility held by Rize Deutschland GmbH.

2018

2017

£

£

Amount due to related party at the balance sheet date

32,773

-

The directors

S H Cheek Esq and A R Hillery Esq have provided a personal guarantee to support the bank facility.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Rize Group Holdings Limited.

The ultimate controlling party is S H Cheek Esq.