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Registration number: 13365464

Riagla (Governance, Risk and Compliance) Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Riagla (Governance, Risk and Compliance) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Riagla (Governance, Risk and Compliance) Limited

Company Information

Directors

J R Banister

A M Jones

C H Moore (resigned 31 March 2024)

Registered office

Jessop House
Jessop Avenue
Cheltenham
GL50 3WG

Bankers

Santander UK plc
2 Triton Square
Regent's Place
London
NW1 3AN

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Riagla (Governance, Risk and Compliance) Limited

(Registration number: 13365464)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

132,498

141,962

Current assets

 

Debtors

5

7,470

-

Cash at bank and in hand

 

41,455

3,267

 

48,925

3,267

Creditors: Amounts falling due within one year

6

(381,808)

(301,758)

Net current liabilities

 

(332,883)

(298,491)

Net liabilities

 

(200,385)

(156,529)

Capital and reserves

 

Called up share capital

7

1

1

Profit and loss account

(200,386)

(156,530)

Shareholders' deficit

 

(200,385)

(156,529)

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 Board on 27 November 2024 and signed on its behalf by:
 


J R Banister
Director

 

Riagla (Governance, Risk and Compliance) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Jessop House
Jessop Avenue
Cheltenham
GL50 3WG

 

2

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

The company is a member of a group that is majority owned and controlled by Wiggin LLP. The members of Wiggin LLP have prepared an assessment, in line with forecasts made, on the going concern of the group as a whole. After reviewing the group’s forecasts and projections, the members have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

A letter of support has been issued by Wiggin LLP to the company to confirm that it will continue to provide financial support for at least 12 months from the date of this report. The directors are therefore satisfied that the company remains a going concern for the appropriate period of assessment.

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 2024

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.

Revenue recognition

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

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Intangible assets

Governance and compliance support tools development costs have been capitalised and are shown at historic cost.

The tool development 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

20% straight line

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 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

Riagla (Governance, Risk and Compliance) Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

4

Intangible assets

Tool development
 £

Cost

At 1 April 2023

141,962

At 31 March 2024

141,962

Amortisation

Amortisation charge

9,464

At 31 March 2024

9,464

Carrying amount

At 31 March 2024

132,498

At 31 March 2023

141,962

 

5

Debtors

2024
 £

2023
 £

Other debtors

3,773

-

Prepayments

3,697

-

 

7,470

-

 

6

Creditors

2024
 £

2023
 £

Due within one year

Amounts due to related parties

326,280

285,623

Social security and other taxes

-

11,300

Other creditors

49,899

3,360

Accrued expenses

5,629

1,475

381,808

301,758

 

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

8

Related party transactions

Summary of transactions with parent

Wiggin LLP
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 2024

 

9

Controlling party

The immediate controlling party (by way of shareholding) is Wiggin Holdings Limited, a company incorporated in England and Wales.

The largest undertaking in which the results of the company are consolidated is Wiggin LLP. Copies of the consolidated financial statements of Wiggin LLP are available from Companies House.

The members of Wiggin LLP are the ultimate controlling party by virtue of their controlling interest in the limited liability partnership.

 

10

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 November 2024 was Ian Johnson, who signed for and on behalf of Hazlewoods LLP.