Company registration number 07931502 (England and Wales)
RISKHUB CONSULTANCY LIMITED (FORMERLY ARDVERNIS LTD)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RISKHUB CONSULTANCY LIMITED (FORMERLY ARDVERNIS LTD)
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
RISKHUB CONSULTANCY LIMITED (FORMERLY ARDVERNIS LTD)
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
112,884
141,682
Current assets
Debtors
5
7,258,738
5,239,674
Cash at bank and in hand
173,783
52,724
7,432,521
5,292,398
Creditors: amounts falling due within one year
6
(1,663,902)
(1,698,361)
Net current assets
5,768,619
3,594,037
Total assets less current liabilities
5,881,503
3,735,719
Creditors: amounts falling due after more than one year
7
(168,332)
(275,106)
Net assets
5,713,171
3,460,613
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
5,713,170
3,460,612
Total equity
5,713,171
3,460,613

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
S Herbison
Director
Company registration number 07931502 (England and Wales)
RISKHUB CONSULTANCY LIMITED (FORMERLY ARDVERNIS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Riskhub Consultancy Limited (formerly Ardvernis Ltd) is a private company limited by shares incorporated in England and Wales. The registered office is 10-11 Clerkenwell Green, London, England, EC1R 0DP.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Riskhub Limited (formerly Ardvernis Group Limited) Company Number 13668202. These consolidated financial statements are available from its registered office, 30 City Road, London, EC1Y 2AB.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for subscription services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover from contracts for the provision of services was recognised by reference to the fee percentage agreed. In the prior year, turnover was invoiced in the month occurred therefore no deferred or accrued income recognised.

 

In the current year, turnover was invoiced in arrears at the end of each month based on the number of risk assessments performed in the year. Therefore, accrued income was recognised.

1.3
Tangible fixed assets

Tangible fixed assets 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:

Fixtures and fittings
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

RISKHUB CONSULTANCY LIMITED (FORMERLY ARDVERNIS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, 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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction 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.

RISKHUB CONSULTANCY LIMITED (FORMERLY ARDVERNIS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Provision of services
14,504,656
7,705,000
2023
2022
£
£
Other revenue
Interest income
3,731
160
3
Employees

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

2023
2022
Number
Number
Total
51
32
RISKHUB CONSULTANCY LIMITED (FORMERLY ARDVERNIS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
278,114
Additions
31,500
Disposals
(14,610)
At 31 December 2023
295,004
Depreciation and impairment
At 1 January 2023
136,432
Depreciation charged in the year
59,339
Eliminated in respect of disposals
(13,651)
At 31 December 2023
182,120
Carrying amount
At 31 December 2023
112,884
At 31 December 2022
141,682
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4,659,139
2,627,998
Other debtors
2,599,599
2,611,676
7,258,738
5,239,674

Amounts owed by group undertakings are interest free, unsecured and repayable on demand.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
113,572
376,369
Trade creditors
373,062
216,007
Corporation tax
333,277
164,941
Other taxation and social security
584,335
624,931
Other creditors
259,656
316,113
1,663,902
1,698,361

Santander Bank hold a fixed and floating charge over the company assets as security. They also hold a director's guarantee.

RISKHUB CONSULTANCY LIMITED (FORMERLY ARDVERNIS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
168,332
275,106
8
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
110,272
58,154

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1
1
1
1
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Sarah Wilson FCA
Statutory Auditor:
Gravita II LLP
Date of audit report:
9 August 2024
11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
118,212
168,480
RISKHUB CONSULTANCY LIMITED (FORMERLY ARDVERNIS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
12
Events after the reporting date

The company entered into a new lease agreement on 4th March 2024 at 10-11 Clerkenwell Green, London, EC1R 0DP.

 

On 22nd April 2024, the company changed its name to Riskhub Inspect Limited.

 

On 25th April 2024, the company changed its address to First Floor,10-11 Clerkenwell, Great London, EC1R 0DP.

 

On 29th April 2024, the company changed its name to Riskhub Consultancy Limited.

 

13
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
-
1,784,036
Other information

On the 31 December 2023 a loan amounting to £2,056,637 was written off between Riskhub Consultancy Limited and a company which is also 96.9% owned by Director Sarah Herbison.

14
Directors' transactions

The following transactions took place with the director within the year:

Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's Loan
708,470
1,881,499
(1,055,086)
1,534,883
708,470
1,881,499
(1,055,086)
1,534,883
15
Parent company

The immediate and ultimate parent company is Riskhub Limited (formerly Ardvernis Group Limited), whose registered office is 10-11 Clerkenwell Green, London, England, EC1R 0DP.

The smallest and largest group for which consolidated accounts including the company are prepared is the one headed by Riskhub Limited (formerly Ardvernis Group Limited) these accounts are available from the registered office.

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