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

REGISTERED NUMBER: 10408960 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

RIZE EUROPE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S H Cheek

Mr A R Hillery

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

39,132

58,244

CURRENT ASSETS

Debtors

5

568,085

739,427

Cash at bank

96,880

132,358

664,965

871,785

CREDITORS

Amounts falling due within one year

6

(609,866

)

(832,270

)

NET CURRENT ASSETS

55,099

39,515

TOTAL ASSETS LESS CURRENT LIABILITIES

94,231

97,759

CREDITORS

Amounts falling due after more than one year

7

(44,571

)

(57,662

)

PROVISIONS FOR LIABILITIES

10

(5,500

)

(8,517

)

NET ASSETS

44,160

31,580

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

44,060

31,480

SHAREHOLDERS' FUNDS

44,160

31,580

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 and authorised for issue on 16 September 2022 and were signed on its behalf by:

Mr S H Cheek - Director

Mr A R Hillery - 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.

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.

Short leasehold

-

20% on cost

Office equipment

-

33% on cost

Government grants

Grants are recognised over the period in which the associated costs are incurred.

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 24 (2020 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Short

Office

leasehold

equipment

Totals

£

£

£

COST

At 1 January 2021

29,046

59,709

88,755

Additions

-

4,966

4,966

Disposals

-

(1,641

)

(1,641

)

At 31 December 2021

29,046

63,034

92,080

DEPRECIATION

At 1 January 2021

7,165

23,346

30,511

Charge for year

5,810

17,707

23,517

Eliminated on disposal

-

(1,080

)

(1,080

)

At 31 December 2021

12,975

39,973

52,948

NET BOOK VALUE

At 31 December 2021

16,071

23,061

39,132

At 31 December 2020

21,881

36,363

58,244

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

5,182

97,510

Amounts owed by group undertakings

109,731

365,619

Other debtors

453,172

276,298

568,085

739,427

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

161,787

357,913

Trade creditors

112,207

186,115

Amounts owed to group undertakings

153,460

111,709

Taxation and social security

44,425

61,016

Other creditors

137,987

115,517

609,866

832,270

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans

40,000

50,000

Other creditors

4,571

7,662

44,571

57,662

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

10,000

8.	LEASING AGREEMENTS

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

31.12.21

31.12.20

£

£

Within one year

69,242

60,531

Between one and five years

152,503

155,815

221,745

216,346

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Bank overdrafts

151,787

357,913

Bank loans

50,000

-

Factoring accounts

-

37,466

201,787

395,379

The bank overdraft and factoring accounts are secured by a fixed and floating charge over all the assets of the company. The bank loan is secured under the Bounce Back Loan Scheme.

10.	PROVISIONS FOR LIABILITIES

31.12.21

31.12.20

£

£

Deferred tax

5,500

8,517

Deferred

tax

£

Balance at 1 January 2021

8,517

Credit to Income Statement during year

(3,017

)

Balance at 31 December 2021

5,500

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

10,000

Ordinary

£0.01

100

100

12.	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 £22,340 (2020: £18,813) for the year. There were outstanding employer contributions at the year end of £1,038 (2020: £1,026).

13.	RELATED PARTY DISCLOSURES

Rize Worldwide Limited

A company under common control.

During the year, the company charged Rize Worldwide Limited management fees of £195,979 (2020: £181,868) and was charged £440 (2020: £3,354) by Rize Worldwide Limited. These transactions were made on a commercial arms length basis.

31.12.21

31.12.20

£

£

Amount due (to)/from related party at the balance sheet date

(39,539

)

110,391

In addition to the above, there is an amount due from Rize Worldwide Limited included within accrued income of £34,869 (2020: £45,411) and there is an amount due to Rize Worldwide Limited included within accrued expenses of £440 (2020: £476) at the balance sheet date.

Rize Group Holdings Limited

The parent company.

31.12.21

31.12.20

£

£

Amount due from related party at the balance sheet date

23,672

23,672

Rize Recruitment Pty Limited

A company under common control.

During the year, the company charged Rize Recruitment Pty Limited management fees of £4,914 (2020: £10,674). These transactions were made on a commercial arms length basis.

31.12.21

31.12.20

£

£

Amount due from related party at the balance sheet date

46,715

45,782

In addition to the above, there is an amount due from Rize Recruitment Pty Limited of £4,914 (2020: £932) included within accrued income at the balance sheet date.

3S Africa Ltd

A company under common control.

During the year, the company charged 3S Africa Ltd management fees of £47,733 (2020: £87,699). These transactions were made on a commercial arms length basis.

31.12.21

31.12.20

£

£

Amount due from related party at the balance sheet date

37,795

54,928

In addition to the above, there is an amount due from 3S Africa Ltd of £6,288 (2020: £13,210) included within accrued income at the balance sheet date.

Rize Recruitment GmbH

A company under common control.

During the year, the company charged Rize Recruitment GmbH management fees of £232,076 (2020: £221,937). These transactions were made on a commercial arms length basis.

31.12.21

31.12.20

£

£

Amount due from/(to) related party at the balance sheet date

1,549

(24,453

)

In addition to the above, there is an amount due from Rize Recruitment GmbH of £62,258 (2020: £17,882) included within accrued income at the balance sheet date.

Rize Deutschland GmbH

A company under common control.

During the year, the company charged Rize Deutschland GmbH management fees of £812,746 (2020: £702,147). These transactions were made on a commercial arms length basis.

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

31.12.21

31.12.20

£

£

Amount due to related party at the balance sheet date

112,481

87,257

In addition to the above, there is an amount due from Rize Deutschland GmbH of £170,897 (2020: £94,077) included within accrued income at the balance sheet date.

Rize Personalberatung GmbH

A company under common control.

During the year, the company charged Rize Personalberatung GmbH management fees of £255,059 (2020: £212,536). These transactions were made on a commercial arms length basis.

31.12.21

31.12.20

£

£

Amount due (to)/from related party at the balance sheet date

(1,440

)

130,846

In addition to the above, there is an amount due from Rize Personalberatung GmbH of £83,097 (2020: £25,307) included within accrued income at the balance sheet date.

Mr S H Cheek and Mr A R Hillery

Directors of the company.

The directors have provided a personal guarantee to support the bank overdraft facility.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Rize Group Holdings Limited.

The ultimate controlling party is Mr S H Cheek.