Company registration number 13668202 (England and Wales)
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
COMPANY INFORMATION
Directors
S Herbison
B Oswald
(Appointed 14 March 2023)
Company number
13668202
Registered office
10-11 Clerkenwell Green
London
England
EC1R 0DP
Auditor
Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Income statement
6
Group statement of financial position
7
Company statement of financial position
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Notes to the financial statements
11 - 22
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

 

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

 

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

Principal activities

The principal activity of the company and group continued to be that of provision of fire risk services and consultancy.

Results and dividends

Ordinary dividends were paid amounting to £900,000. The directors do not recommend payment of a further dividend.

Directors

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

S Herbison
B Oswald
(Appointed 14 March 2023)
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
On behalf of the board
S Herbison
Director
8 August 2024
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
- 3 -
Opinion

We have audited the financial statements of Riskhub Limited (formerly Ardvernis Group Ltd) (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group income statement, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity 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 Financial Reporting Standard 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 group and parent 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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 directors are 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:

RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are responsible for assessing the parent 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 directors either intend to liquidate the parent company or to cease operations, or have 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

The extent to which the audit was considered capable of detecting irregularities including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
- 5 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example, forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatements. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

Use of our 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.

Sarah Wilson FCA
Senior Statutory Auditor
For and on behalf of Gravita II LLP
9 August 2024
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
as restated
Notes
£
£
Turnover
16,238,853
9,124,759
Cost of sales
(6,702,481)
(4,492,706)
Gross profit
9,536,372
4,632,053
Administrative expenses
(4,218,341)
(3,467,716)
Operating profit
5,318,031
1,164,337
Interest receivable and similar income
4
4,039
800,961
Interest payable and similar expenses
(92,062)
(60,378)
Amounts written off investments
(2,056,637)
-
Profit before taxation
3,173,371
1,904,920
Tax on profit
(223,576)
(115,577)
Profit for the financial year
15
2,949,795
1,789,343
Profit for the financial year is all attributable to the owners of the parent company.
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
5
3,552,709
2,281,487
Tangible assets
6
157,871
196,394
3,710,580
2,477,881
Current assets
Debtors
9
2,830,962
2,694,436
Cash at bank and in hand
251,274
73,126
3,082,236
2,767,562
Creditors: amounts falling due within one year
10
(2,087,710)
(2,484,783)
Net current assets
994,526
282,779
Total assets less current liabilities
4,705,106
2,760,660
Creditors: amounts falling due after more than one year
11
(168,332)
(275,106)
Net assets
4,536,774
2,485,554
Capital and reserves
Called up share capital
14
223,248
223,177
Share premium
15
1,354
-
0
Merger reserve
15
(223,277)
(223,277)
Profit and loss reserves
15
4,535,449
2,485,654
Total equity
4,536,774
2,485,554

These financial statements have been prepared in accordance with the provisions applicable to groups and 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:
08 August 2024
S Herbison
Director
Company registration number 13668202 (England and Wales)
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
7
223,378
223,778
Current assets
Debtors
9
20,300
-
0
Creditors: amounts falling due within one year
10
(18,575)
-
Net current assets
1,725
-
Net assets
225,103
223,778
Capital and reserves
Called up share capital
14
223,248
223,177
Share premium account
15
1,354
-
0
Profit and loss reserves
15
501
601
Total equity
225,103
223,778

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £899,900.

These financial statements have been prepared 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:
08 August 2024
S Herbison
Director
Company registration number 13668202 (England and Wales)
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Share Premium
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
-
0
-
0
-
2,296,511
2,296,511
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
1,789,343
1,789,343
Issue of share capital
14
446,353
-
0
-
-
446,353
Dividends
-
-
-
(1,600,200)
(1,600,200)
Reduction of shares
14
(223,176)
-
-
-
(223,176)
Other movements
-
-
(223,277)
-
(223,277)
Balance at 31 December 2022
223,177
-
0
(223,277)
2,485,654
2,485,554
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
2,949,795
2,949,795
Issue of share capital
14
71
1,354
-
-
1,425
Dividends
-
-
-
(900,000)
(900,000)
Balance at 31 December 2023
223,248
1,354
(223,277)
4,535,449
4,536,774
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
-
0
-
0
-
0
-
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
701
701
Issue of share capital
14
446,353
-
0
-
446,353
Dividends
-
-
(100)
(100)
Reduction of shares
14
(223,176)
-
-
(223,176)
Balance at 31 December 2022
223,177
-
0
601
223,778
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
899,900
899,900
Issue of share capital
14
71
1,354
-
1,425
Dividends
-
-
(900,000)
(900,000)
Balance at 31 December 2023
223,248
1,354
501
225,103
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Riskhub Limited (formerly Ardvernis Group Ltd) (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 10-11 Clerkenwell Green, London, England, EC1R 0DP.

 

The group consists of Riskhub Limited (formerly Ardvernis Group Ltd) and all of its subsidiaries.

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.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Riskhub Limited (formerly Ardvernis Group Ltd) together with all entities controlled by the parent company and its subsidiaries.

 

Merger accounting has been adopted and the results of the subsidiaries are incorporated from the beginning of the financial year in which the combination occurred.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
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 is invoiced in arrears at the end of each month based on the number of risk assessments performed in the year. Therefore, accrued income is recognised.

RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Development costs
7 years straight line
1.6
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% or 15% straight line
Computers
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 recognised in the income statement.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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 the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.11
Equity instruments

Equity instruments issued by the group 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 group.

1.12
Taxation

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

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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.13
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

1.15
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.

RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,150
10,000
Audit of the financial statements of the company's subsidiaries
35,000
39,325
47,150
49,325
For other services
All other non-audit services
2,775
1,345
3
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Total
79
51
-
0
-
0
4
Interest receivable and similar income
2023
2022
£
£
Income from shares in group undertakings
-
0
800,801
Other interest receivable and similar income
4,039
160
5
Intangible fixed assets
Group
Development costs
£
Cost
At 1 January 2023
3,008,419
Additions - internally developed
1,984,496
At 31 December 2023
4,992,915
Amortisation and impairment
At 1 January 2023
726,932
Amortisation charged for the year
713,274
At 31 December 2023
1,440,206
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Intangible fixed assets
(Continued)
- 16 -
Carrying amount
At 31 December 2023
3,552,709
At 31 December 2022
2,281,487
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
6
Tangible fixed assets
Group
Plant and machinery etc
£
Cost
At 1 January 2023
383,840
Additions
47,739
Disposals
(14,610)
At 31 December 2023
416,969
Depreciation and impairment
At 1 January 2023
187,446
Depreciation charged in the year
85,303
Eliminated in respect of disposals
(13,651)
At 31 December 2023
259,098
Carrying amount
At 31 December 2023
157,871
At 31 December 2022
196,394
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
7
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Shares in group undertakings and participating interests
-
-
223,378
223,778

On 10th October 2023, FIP Holdings was dissolved and its assets were hived up to Riskhub Limited (formerly Ardvernis Group Limited).

RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Fixed asset investments
(Continued)
- 17 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
223,778
Disposals
(400)
At 31 December 2023
223,378
Carrying amount
At 31 December 2023
223,378
At 31 December 2022
223,778
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
8
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Riskhub Consultancy Limited (formerly Ardvernis Ltd)
10-11 Clerkenwell Green, London, England, EC1R 0DP
Ordinary
100.00
Riskhub Saas Limited (formerly Riskhub Ltd)
10-11 Clerkenwell Green, London, England, EC1R 0DP
Ordinary
100.00
9
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
78,410
24,600
-
0
-
0
Other debtors
2,752,552
2,669,836
20,300
-
2,830,962
2,694,436
20,300
-
10
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
113,572
376,866
-
0
-
0
Trade creditors
345,328
285,922
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
18,575
-
0
Corporation tax payable
333,277
164,941
-
0
-
0
Other taxation and social security
780,241
1,009,266
-
0
-
0
Other creditors
515,292
647,788
-
0
-
0
2,087,710
2,484,783
18,575
-
0
11
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
168,332
275,106
-
0
-
0
168,332
275,106
-
-
0
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
12
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
281,904
651,475
-
0
-
0
Bank overdrafts
-
0
497
-
0
-
0
281,904
651,972
-
-
Payable within one year
113,572
376,866
-
-
Payable after one year
168,332
275,106
-
0
-
0

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

13
Share-based payment transactions

The company participates in a share option plan. The options can be exercised at 25% each year for 4 years and remain eligible to exercise for up to 10 years.

 

The company granted 7,125 share options during the year of which 2,375 where subsequently cancelled during the year.

14
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
223,177
223,177
223,177
223,177
B Ordinary of 1p each
7,125
-
71
-
230,302
223,177
223,248
223,177

On the 14th March 2023, 7,125 Ordinary B Shares where issued and £0.20 was paid per share. The nominal value of each share is £0.01 amounting to £71. The share premium recognised of £0.19 amounting to £1,354.

15
Reserves

Merger reserve        

The merger reserve represents the difference between the value of the shares issued as consideration for the acquisitions made in the prior year and the fair value of the assets and liabilities acquired.

Profit and loss reserves

Profit and loss reserves represent accumulated comprehensive income for the year and prior periods less dividends paid.

RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
16
Disposals

On 10 October 2023 the company disposed of its 100% holding in FIP Holdings Ltd. Included in these financial statements are losses of £100 arising from the company's interests in FIP Holdings Ltd up to the date of its disposal.

 

Net assets disposed of
£
Trade and other receivables
20,300
Trade and other payables
(20,000)
300
Gain on disposal
Total consideration
300
The consideration was satisfied by:
£
Dividend in specie
300
17
Operating lease commitments

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

Group
Company
2023
2022
2023
2022
£
£
£
£
118,212
168,480
-
-
18
Events after the reporting date

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

 

On 22nd April 2024, subsidiary Ardvernis Ltd changed its name to Riskhub Inspect Limited.

 

On 22nd April 2024, subsidiary Riskhub Ltd changed its name to Riskhub SaaS Limited.

 

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

 

On 29th April 2024, subsidiary Riskhub Inspect Limited changed its name to Riskhub Consultancy Limited.

 

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

 

 

RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
19
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Bookkeeping
2023
2022
£
£
Group
Other related parties
40,000
40,000

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Key management personnel
1,534,883
743,599
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.

20
Prior period adjustment

In the prior year a group reconstruction took place which created a Merger Reserve. The directors identified a prior year error were the Merger Reserve was understated by £73,995 and Profit and Loss Reserves were overstated by £73,995. The only impact to this adjustment is reserves.

Changes to the statement of financial position - group
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Net assets
2,485,554
-
2,485,554
Capital and reserves
Other reserves
(149,282)
(73,995)
(223,277)
Profit and loss reserves
2,411,659
73,995
2,485,654
Total equity
2,485,554
-
2,485,554
Changes to the income statement - group
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Administrative expenses
(3,541,711)
73,995
(3,467,716)
RISKHUB LIMITED (FORMERLY ARDVERNIS GROUP LTD)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Prior period adjustment
(Continued)
- 22 -
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100S HerbisonB Oswaldfalse13668202bus:Consolidated2023-01-012023-12-31136682022023-01-012023-12-3113668202bus:Director12023-01-012023-12-3113668202bus:Director22023-01-012023-12-3113668202bus:RegisteredOffice2023-01-012023-12-3113668202bus:Consolidated2023-12-31136682022023-12-3113668202bus:Consolidated2022-01-012022-12-31136682022022-01-012022-12-3113668202bus:Consolidated2022-12-3113668202core:OtherPropertyPlantEquipmentbus:Consolidated2023-12-3113668202core:OtherPropertyPlantEquipmentbus:Consolidated2022-12-3113668202core:ShareCapitalbus:Consolidated2023-12-3113668202core:ShareCapitalbus:Consolidated2022-12-3113668202core:SharePremiumbus:Consolidated2023-12-3113668202core:SharePremiumbus:Consolidated2022-12-3113668202core:OtherMiscellaneousReservebus:Consolidated2023-12-3113668202core:OtherMiscellaneousReservebus:Consolidated2022-12-3113668202core:ShareCapital2023-12-3113668202core:ShareCapital2022-12-3113668202core:SharePremium2023-12-3113668202core:SharePremium2022-12-3113668202core:RetainedEarningsAccumulatedLosses2023-12-3113668202core:ShareCapitalbus:Consolidated2021-12-3113668202core:SharePremiumbus:Consolidated2021-12-3113668202core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3113668202core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3113668202core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3113668202core:ShareCapital2021-12-3113668202core:SharePremium2021-12-3113668202core:RetainedEarningsAccumulatedLosses2021-12-3113668202core:RetainedEarningsAccumulatedLosses2022-12-31136682022022-12-3113668202core:ShareCapitalbus:Consolidated2022-01-012022-12-3113668202core:SharePremiumbus:Consolidated2022-01-012022-12-3113668202core:ShareCapitalbus:Consolidated2023-01-012023-12-3113668202core:SharePremiumbus:Consolidated2023-01-012023-12-3113668202core:ShareCapital2022-01-012022-12-3113668202core:SharePremium2022-01-012022-12-3113668202core:ShareCapital2023-01-012023-12-3113668202core:SharePremium2023-01-012023-12-3113668202core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3113668202core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3113668202core:FurnitureFittings2023-01-012023-12-3113668202core:ComputerEquipment2023-01-012023-12-3113668202core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3113668202core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-12-3113668202core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-01-012023-12-3113668202core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-01-012023-12-3113668202core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3113668202core:OtherPropertyPlantEquipmentbus:Consolidated2022-12-3113668202core:OtherPropertyPlantEquipmentbus:Consolidated2023-01-012023-12-3113668202core:WithinOneYearbus:Consolidated2023-12-3113668202core:WithinOneYearbus:Consolidated2022-12-3113668202core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3113668202core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113668202core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-3113668202core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-12-3113668202core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3113668202core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3113668202core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3113668202core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3113668202core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3113668202core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3113668202core:CurrentFinancialInstruments2023-12-3113668202core:CurrentFinancialInstruments2022-12-3113668202bus:PrivateLimitedCompanyLtd2023-01-012023-12-3113668202bus:FRS1022023-01-012023-12-3113668202bus:Audited2023-01-012023-12-3113668202bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3113668202bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP