IRIS Accounts Production v24.2.0.383 04239806 Board of Directors 1.1.23 31.12.23 31.12.23 27.9.24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh042398062022-12-31042398062023-12-31042398062023-01-012023-12-31042398062021-12-31042398062022-01-012022-12-31042398062022-12-3104239806ns15:EnglandWales2023-01-012023-12-3104239806ns14:PoundSterling2023-01-012023-12-3104239806ns10:Director12023-01-012023-12-3104239806ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104239806ns10:SmallEntities2023-01-012023-12-3104239806ns10:Audited2023-01-012023-12-3104239806ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3104239806ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104239806ns10:FullAccounts2023-01-012023-12-3104239806ns10:Director52023-01-012023-12-3104239806ns10:RegisteredOffice2023-01-012023-12-3104239806ns5:CurrentFinancialInstruments2023-12-3104239806ns5:CurrentFinancialInstruments2022-12-3104239806ns5:Non-currentFinancialInstruments2023-12-3104239806ns5:Non-currentFinancialInstruments2022-12-3104239806ns5:ShareCapital2023-12-3104239806ns5:ShareCapital2022-12-3104239806ns5:RetainedEarningsAccumulatedLosses2023-12-3104239806ns5:RetainedEarningsAccumulatedLosses2022-12-3104239806ns5:LeaseholdImprovements2023-01-012023-12-3104239806ns5:ComputerEquipment2023-01-012023-12-3104239806ns5:LeaseholdImprovements2022-12-3104239806ns5:ComputerEquipment2022-12-3104239806ns5:LeaseholdImprovements2023-12-3104239806ns5:ComputerEquipment2023-12-3104239806ns5:LeaseholdImprovements2022-12-3104239806ns5:ComputerEquipment2022-12-3104239806ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3104239806ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: 04239806 (England and Wales)














Financial Statements

for the Year Ended 31 December 2023

for

Rivanet Limited

Rivanet Limited (Registered number: 04239806)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Rivanet Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R W Vogt
Mrs M M Rambridge





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
Greater Manchester
M3 2PJ





BUSINESS ADDRESS: Surrey Technology Centre
40 Occam Road
Guildford
Surrey
GU2 7YG





REGISTERED NUMBER: 04239806 (England and Wales)





AUDITORS: Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Rivanet Limited (Registered number: 04239806)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,067 11,420

CURRENT ASSETS
Debtors 5 2,875,505 2,397,976
Cash at bank 53,601 9,602
2,929,106 2,407,578
CREDITORS
Amounts falling due within one year 6 777,409 961,849
NET CURRENT ASSETS 2,151,697 1,445,729
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,161,764

1,457,149

CREDITORS
Amounts falling due after more than one year 7 (249,507 ) (120,263 )

PROVISIONS FOR LIABILITIES (1,542 ) (1,358 )
NET ASSETS 1,910,715 1,335,528

CAPITAL AND RESERVES
Called up share capital 1,080 1,080
Retained earnings 1,909,635 1,334,448
1,910,715 1,335,528

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2024 and were signed on its behalf by:





R W Vogt - Director


Rivanet Limited (Registered number: 04239806)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Rivanet Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision 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.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Changes in accounting policies
The company changed its depreciation policy from 33% straight line to 25% straight line for computer equipment in order to align with the group and the effect of the change is as below:

Depreciation expense decreased and tangible assets increased by £788

Rivanet Limited (Registered number: 04239806)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Revenue comprises the fair value of consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefit will flow into the entity;
and specific criteria have been met for each of the company's activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 3 years
Computer equipment - 25% on cost

Tangible fixed assets are initially recorded at cost less any tax, discounts and rebates. Subsequently they are recorded at cost less accumulated depreciation and impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Rivanet Limited (Registered number: 04239806)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Going concern
The company's financial statements for the year ended 31 December 2023 have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 22 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Computer
property equipment Totals
£    £    £   
COST
At 1 January 2023 6,000 9,452 15,452
Additions - 3,469 3,469
At 31 December 2023 6,000 12,921 18,921
DEPRECIATION
At 1 January 2023 500 3,532 4,032
Charge for year 2,000 2,822 4,822
At 31 December 2023 2,500 6,354 8,854
NET BOOK VALUE
At 31 December 2023 3,500 6,567 10,067
At 31 December 2022 5,500 5,920 11,420

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 256,207 285,170
Other debtors 406,490 376,794
662,697 661,964

Amounts falling due after more than one year:
Amounts owed by group undertakings 2,212,808 1,736,012

Aggregate amounts 2,875,505 2,397,976

Rivanet Limited (Registered number: 04239806)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 103,114 274,653
Taxation and social security 223,155 328,302
Other creditors 451,140 358,894
777,409 961,849

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 249,507 120,263

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adam Caplan Bsc (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor

9. CONTINGENT LIABILITIES

The company has guaranteed the loan facilities of a group company. The loan balance was £25,150,000 as at 31 December 2023.

10. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking at the balance sheet date was Intec Business Holdings Limited, a company registered in England and Wales.

The company's parent undertaking at the balance sheet date was Intec Business Technology Limited, a company incorporated and registered in England.

Registered OfficeReedham House
31 King Street West
Manchester
United Kingdom
M3 2PJ