Company Registration No. 04974713 (England and Wales)
ARDENT ADVISORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
ARDENT ADVISORS LIMITED
COMPANY INFORMATION
Director
Mr D G C Williams
Secretary
Mr D G C Williams
Company number
04974713
Registered office
Devonshire House
1 Devonshire Street
London
W1W 5DR
Auditor
Citroen Wells
Chartered Accountants
Devonshire House
1 Devonshire Street
London
W1W 5DR
Business address
53 Davies Street
Mayfair
London
W1K 5JH
ARDENT ADVISORS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 20
ARDENT ADVISORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -

The director presents the strategic report for the year ended 31 December 2021.

Fair review of the business

The company's principal activity continued to be the provision of corporate finance advisory services. The company's activities are regulated by the Financial Conduct Authority.

 

The financial key performance indicators include turnover for the year at £1,393,575 (2020: £693,500) and profit before tax of £564,882 (2020: loss before tax of £49,327).

 

Financial Risk Management

The company's principal financial instruments comprise bank balances, trade payables, trade receivables and other receivables. The main purpose of these instruments is to fund the company's operations.

 

The company's approach to managing risks applicable to the financial instruments concerned is shown below.

 

Interest Rate Risk

The company's financial assets are not materially exposed to interest rate risk.

 

Price Risk

The company does not take positions which expose it to price risk.

 

Credit risk

As an advisory firm the director considers that the key financial risk exposures faced by the company relate to counterparty credit risk and the need to maintain sufficient liquidity to satisfy regulatory capital requirements and working capital needs.

 

The director therefore attempts to minimise the risk through having clearly defined terms of business with counterparties and stringent credit control over transactions with them.

 

Liquidity risk

In respect of trade payables, liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. The director continuously monitors cash flow and management accounts to ensure regulatory capital requirements are not breached and that the company maintains adequate working capital.

 

Foreign currency risk

The company does not have a material exposure to foreign exchange movements.

ARDENT ADVISORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Section 172 statement

The director of the company is also its sole shareholder. Underlying the decision making process of the company, the director considers the impact on the company’s employees and is mindful of how the company’s business operations impact the community and environment. The director’s overarching responsibility is to maintain a reputation for high standards of business conduct and seeks to build strong business relationships with suppliers, customers and other key counterparties.

 

There were no key decisions made during the year that could impact potential interested parties of the company.

On behalf of the board

Mr D G C Williams
Director
12 October 2023
ARDENT ADVISORS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2021.

Results and dividends

The results for the year are set out on page 8.

£100,000 (2020: £100,000) in dividends were declared and paid in the year.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr D G C Williams
Post reporting date events

Since the year end the company has experienced extremely challenging trading conditions which have impacted on its financial position. Consequently in July 2023 the company entered into a Company Voluntary Arrangement ('CVA').

 

In the opinion of the director it is appropriate to continue to prepare these financial statements on the going concern basis. The director has a reasonable expectation that the company will be able to meet the conditions of its CVA, and with continued forbearance from its regulator, he is of the opinion that the company can continue in operational existence.

 

The director, however, acknowledges that these factors may indicate the existence of a material uncertainty which would cast doubt on the company's ability to continue as a going concern. The financial statements do not include adjustments that would result if the company were unable to continue as a going concern.

Auditor

The auditor, Citroen Wells, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ARDENT ADVISORS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
Statement of disclosure to auditor
So far as the director is aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as director in order to make himself aware of all relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
Mr D G C Williams
Director
12 October 2023
ARDENT ADVISORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ARDENT ADVISORS LIMITED
- 5 -
Opinion

We have audited the financial statements of Ardent Advisors Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

In forming our opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the company's ability to continue as a going concern. As noted in note 1.2 to the financial statements the company has entered into a voluntary arrangement with its creditors during 2023 following a severe deterioration in trading in 2022.

 

The financial statements have been prepared on a going concern basis, which assumes, that the company will be able to meet the terms of the voluntary arrangement, and continue to receive forbearance from its regulator. The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern. Further details of these material uncertainties are described in note 1.2 to the financial statements. Our opinion is not qualified in this respect.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ARDENT ADVISORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ARDENT ADVISORS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the director's report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the director is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

 

ARDENT ADVISORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ARDENT ADVISORS LIMITED
- 7 -

 

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor's 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.

Kim Youle FCA (Senior Statutory Auditor)
For and on behalf of Citroen Wells
12 October 2023
Chartered Accountants
Statutory Auditor
Devonshire House
1 Devonshire Street
London
W1W 5DR
ARDENT ADVISORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
2021
2020
Notes
£
£
Revenue
2
1,393,575
693,500
Administrative expenses
(976,359)
(833,947)
Other operating income
81,875
91,118
Settlement income
3
60,000
-
0
Operating profit/(loss)
4
559,091
(49,329)
Other interest
3,008
2
Other gains and losses
9
2,783
-
Profit/(loss) before taxation
564,882
(49,327)
Taxation
11
(105,281)
-
0
Profit/(loss) for the financial year
459,601
(49,327)

The income statement has been prepared on the basis that all operations are continuing operations.

ARDENT ADVISORS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 9 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
12
2,472
2,552
Investments
13
116,508
5,229
118,980
7,781
Current assets
Trade and other receivables
15
295,679
223,083
Cash and cash equivalents
465,684
230,522
761,363
453,605
Current liabilities
16
(496,903)
(437,547)
Net current assets
264,460
16,058
Net assets
383,440
23,839
Equity
Called up share capital
17
106,502
106,502
Retained earnings
276,938
(82,663)
Total equity
383,440
23,839
The financial statements were approved and signed by the director and authorised for issue on 12 October 2023
Mr D G C Williams
Director
Company Registration No. 04974713
ARDENT ADVISORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2020
106,502
66,664
173,166
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
(49,327)
(49,327)
Dividends
10
-
(100,000)
(100,000)
Balance at 31 December 2020
106,502
(82,663)
23,839
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
459,601
459,601
Dividends
10
-
(100,000)
(100,000)
Balance at 31 December 2021
106,502
276,938
383,440
ARDENT ADVISORS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
469,247
221,964
Income taxes refunded/(paid)
1
-
0
Net cash inflow from operating activities
469,248
221,964
Investing activities
Purchase of property, plant and equipment
(1,206)
(2,101)
(Advances)/repayments made to/from the director
(135,888)
75,079
Interest received
3,008
2
Net cash (used in)/generated from investing activities
(134,086)
72,980
Financing activities
Dividends paid
(100,000)
(100,000)
Net cash used in financing activities
(100,000)
(100,000)
Net increase in cash and cash equivalents
235,162
194,944
Cash and cash equivalents at beginning of year
230,522
35,578
Cash and cash equivalents at end of year
465,684
230,522
ARDENT ADVISORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
1
Accounting policies
Company information

Ardent Advisors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Devonshire House, 1 Devonshire Street, London, W1W 5DR. The place of business is 53 Davies Street, Mayfair, London, W1K 5JH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Since the year end the company has experienced extremely challenging trading conditions which have impacted on its financial position. Consequently in July 2023 the company entered into a Company Voluntary Arrangement ('CVA').true

 

In the opinion of the director it is appropriate to continue to prepare these financial statements on the going concern basis. The director has a reasonable expectation that the company will be able to meet the conditions of its CVA, and with continued forbearance from its regulator, he is of the opinion that the company can continue in operational existence.

 

The director, however, acknowledges that these factors may indicate the existence of a material uncertainty which would cast doubt on the company's ability to continue as a going concern. The financial statements do not include adjustments that would result if the company were unable to continue as a going concern.

1.3
Revenue

Fee income represents revenue earned from services performed derived entirely from the company's principal activity of corporate finance advisory services. Revenue is recognised as earned, when and to the extent that, the firm obtains the right to consideration in exchange for its performance under contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding VAT, less provisions for anticipated non-recoveries.

 

Revenue is generally recognised as a contract's activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors as accrued income.

 

If, at the Statement of financial position date, completion of contractual obligations is dependent on external factors (and thus outside the control of the company), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Statement of financial position date are carried forward as work in progress.

ARDENT ADVISORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
3 years straight line
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. The company only has basic financial instruments in the current and prior period.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ARDENT ADVISORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables that are classified as debt, are initially recognised at transaction price, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Retirement benefits

Payments to the personal pension schemes of certain employees are charged as an expense as they fall due.

 

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

ARDENT ADVISORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
2
Revenue

An analysis of the company's revenue is as follows:

2021
2020
£
£
Revenue
Corporate finance fees
1,393,575
693,500
Grants received
81,875
91,118
Revenue analysed by geographical market
2021
2020
£
£
United Kingdom
1,393,575
693,500

The total revenue of the company has been derived from its principal activity, providing corporate finance advisory services.

3
Exceptional item
2021
2020
£
£
Income
Settlement income
(60,000)
-

The company received £60,000 (2020: £nil) in respect of a settlement in a legal case. The litigation was closed during the year.

4
Operating profit/(loss)
2021
2020
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Government grants
(81,875)
(91,118)
Depreciation of owned property, plant and equipment
1,286
1,333
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
7,500
3,000
For other services
All other non-audit services
17,260
18,270
ARDENT ADVISORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Management and administration
9
8

Their aggregate remuneration comprised:

2021
2020
£
£
Wages and salaries
612,407
411,579
Social security costs
67,007
42,984
Pension costs
51,104
48,466
730,518
503,029
7
Director's remuneration
2021
2020
£
£
Remuneration for qualifying services
54,000
54,000
8
Retirement benefit schemes
Defined contribution schemes

The charge to profit and loss in respect of contributions to personal pension schemes was £51,104 (2020 - £48,466).

9
Other gains and losses
2021
2020
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
2,783
-
0
10
Dividends
2021
2020
£
£
Interim paid
100,000
100,000
ARDENT ADVISORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
11
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
105,281
-
0

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2021
2020
£
£
Profit/(loss) before taxation
564,882
(49,327)
£
£
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
107,328
(9,372)
Tax effect of expenses that are not deductible in determining taxable profit
4,532
-
0
Tax effect of utilisation of tax losses not previously recognised
(6,570)
-
0
Unutilised tax losses carried forward
-
0
9,372
Permanent capital allowances in excess of depreciation
(9)
161
Depreciation on assets not qualifying for tax allowances
-
0
(161)
Tax expense for the year
105,281
-
0

 

 

ARDENT ADVISORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
12
Property, plant and equipment
Computer equipment
£
Cost
At 1 January 2021
23,576
Additions
1,206
At 31 December 2021
24,782
Depreciation and impairment
At 1 January 2021
21,024
Depreciation charged in the year
1,286
At 31 December 2021
22,310
Carrying amount
At 31 December 2021
2,472
At 31 December 2020
2,552
13
Fixed asset investments
2021
2020
£
£
Investments
116,508
5,229

Listed investments included above:

Listed investments carrying amount
116,508
5,229

The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.

Movements in non-current investments
Investments
£
Cost or valuation
At 1 January 2021
5,229
111,279
At 31 December 2021
116,508
Carrying amount
At 31 December 2021
116,508
At 31 December 2020
5,229
ARDENT ADVISORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 19 -
14
Financial instruments
2021
2020
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
116,508
5,229

 

15
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
39,316
7,200
Corporation tax recoverable
50,000
68,560
Other receivables
189,463
137,888
Prepayments and accrued income
16,900
9,435
295,679
223,083

Included in other receivables is a loan made to the director of the company of £151,243 (2020: £123,851). The loan attracts interest of 2.5% and is repayable on demand.

16
Current liabilities
2021
2020
£
£
Trade payables
10,545
140,623
Corporation tax
161,349
74,627
Other taxation and social security
256,767
171,187
Other payables
15,345
16,828
Accruals and deferred income
52,897
34,282
496,903
437,547
17
Share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
106,502 Ordinary shares of £1 each
106,502
106,502
18
Events after the reporting date

Company Voluntary Arrangement

 

The consequential negative impact of the pandemic on the economic activity, was that the company saw activity levels fall sharply leading to the accumulation of losses. The financial strain that this placed on the company's resources, meant that in July 2023 the company entered into a creditor's voluntary arrangement to allow it time to reset its financial position.

ARDENT ADVISORS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 20 -
19
Ultimate controlling party

As at 31 December 2021, the company was under the control of D G C Williams.

 

20
Directors' transactions

At the year-end the director owed the company £151,243 (2020: £123,851), interest is accruing annual at 2.5% and is repayable on demand.

Directors' loan due to the company
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr D G C Williams -
2.50
123,851
234,942
(207,550)
151,243
123,851
234,942
(207,550)
151,243
21
Cash generated from operations
2021
2020
£
£
Profit/ (loss) for the year after tax
459,601
(49,327)
Adjustments for:
Taxation charged
105,281
-
0
Investment income
(3,008)
(2)
Depreciation and impairment of property, plant and equipment
1,286
1,333
Other gains and losses
(2,783)
-
Movements in working capital:
(Increase)/decrease in trade and other receivables
(63,764)
15,029
(Decrease)/increase in trade and other payables
(27,366)
254,931
Cash generated from operations
469,247
221,964
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