ACCOUNTS - Final Accounts

RISKAWARE LIMITED - Company Information

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Registered number: 03812608

RISKAWARE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2019

RISKAWARE LIMITED

REGISTERED NUMBER:03812608

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2019

		2019		2018
Note		£		£


CURRENT ASSETS
Stocks		45,950		142,742
Debtors: amounts falling due within one year	4	737,706		344,166
Cash at bank and in hand		66,288		155,443
		849,944		642,351
Creditors: amounts falling due within one year	5	(291,012)		(137,060)
NET CURRENT ASSETS			558,932		505,291
TOTAL ASSETS LESS CURRENT LIABILITIES			558,932		505,291

NET ASSETS			558,932		505,291

CAPITAL AND RESERVES
Called up share capital	6	20	20
Profit and loss account		558,912	505,271
		558,932	505,291

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RISKAWARE LIMITED

REGISTERED NUMBER:03812608

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JULY 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J A Bishop

Director

Date: 27 April 2020

The notes on pages 3 to 5 form part of these financial statements.

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RISKAWARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

1.	GENERAL INFORMATION

RiskAware Limited is a private limited company, limited by shares, incorporated and registered in England within the United Kingdom. The registered office is 9th Floor, Colston Tower, Colston Street, Bristol, BS1 4XE and the registered number is 03812608.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

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. Non-monetary 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 the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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RISKAWARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

2.ACCOUNTING POLICIES (continued)

2.4

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.5

WORK IN PROGRESS

Work in progress is valued on the basis of fair value and is included at full anticipated recoverable sales value.

2.6

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

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.

2.8

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.10

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 23 (2018: 21).

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RISKAWARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

DEBTORS

					2019	2018
					£	£


Trade debtors	321,525	214,763
Amounts owed by group undertakings	414,745	127,241
Other debtors	-	80
Prepayments and accrued income	1,436	2,082
	737,706	344,166

5.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2019	2018
		£	£

Trade creditors	6,688	13,050
Amounts owed to group undertakings	122,793	-
Other taxation and social security	124,281	56,083
Other creditors	12,190	12,522
Accruals and deferred income	25,060	55,405
	291,012	137,060

6.	SHARE CAPITAL
		2019	2018
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

20 (2018: 20) Ordinary shares of £1.00 each	20	20

7.	PENSION COMMITMENTS

At the year end there was a balance outstanding of £8,390 (2018: £8,209) due to the pension fund.

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