Registration number:
for the Year Ended
Riagla (Governance, Risk and Compliance) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Riagla (Governance, Risk and Compliance) Limited
Company Information
Directors |
J R Banister A M Jones C H Moore |
Registered office |
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Bankers |
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Auditors |
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Riagla (Governance, Risk and Compliance) Limited
(Registration number: 13365464)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Profit and loss account |
(156,530) |
(105,812) |
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Shareholders' deficit |
(156,529) |
(105,811) |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Riagla (Governance, Risk and Compliance) Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
The Company has obtained a letter from Wiggin LLP confirming that it will continue to provide such financial support that may be required in order for the company to meet its liabilities as they fall due and to continue to operate as a going concern for a period of no less than 12 months from the date that these financial statements are signed. The group financial statements provide full consideration of the group's going concern position, including that of this company.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Riagla (Governance, Risk and Compliance) Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Intangible assets
Governance and compliance support tools development costs have been capitalised and are shown at historic cost.
The tool dvelopment costs have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Tool development |
No amortisation or impairment is provided until the tools have been developed and services to customers are being provided. |
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Riagla (Governance, Risk and Compliance) Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Riagla (Governance, Risk and Compliance) Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Intangible assets |
Tool development |
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Cost |
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At 1 April 2022 |
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Additions |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Debtors |
31 March 2023 |
31 March 2022 |
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Other debtors |
- |
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Prepayments |
- |
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- |
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Creditors |
31 March 2023 |
31 March 2022 |
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Due within one year |
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Amounts due to related parties |
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Social security and other taxes |
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- |
Other creditors |
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- |
Accrued expenses |
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Share capital |
Allotted, called up and fully paid shares
31 March 2023 |
31 March 2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Related party transactions |
Summary of transactions with parent
An LLP which holds 100% of the share capital of Wiggin Holdings Limited which, in turn, own 100% of the share capital of Riagla (Governance, Risk and Compliance) Limited.
The company has taken advantage of the exemption from the requirement under FRS 102 Section 33.1, to disclose transactions with Wiggin LLP.
Riagla (Governance, Risk and Compliance) Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Controlling party |
The controlling party (by way of shareholding) is Wiggin Holdings Limited (100%). The ultimate controlling parent is Wiggin LLP which owns (by way of shareholding) Wiggin Holdings Limited (100%).
Copies of the consolidated financial statements of Wiggin LLP are available from Companies House.
Audit report |