Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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REVIUM GROUP HOLDINGS LIMITED
COMPANY INFORMATION
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REVIUM GROUP HOLDINGS LIMITED
CONTENTS
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REVIUM GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
2023 was about strengthening our foundations, innovating for growth and embracing a new chapter.
It was a transformative year, as we leaned into stability and resilience while navigating an evolving retail landscape. Building on the momentum of prior years, we made bold decisions to align our operations, adapt to market challenges, and position ourselves for sustained growth. This year, we doubled down on Operational Excellence, prioritising delivering for our clients and protecting existing revenue streams. Recognising the need for a sustainable future, we undertook two major restructures, reducing operating costs by approximately 30% and restructuring loans to strengthen working capital. These changes ensured a lean, agile, and focused business, ready to meet the demands of a dynamic market. Our leadership was renewed, with a team bringing over 60 years of combined experience in retail, digital, and data. This influx of expertise has enabled us to sharpen our strategic vision while ensuring our day-to-day operations remain aligned with client needs. 2023 marked a turning point in our financial trajectory. From September onwards, we returned to profitability and became cash-generative by Q3, ensuring a strong platform for growth in 2024. With the introduction of a new analysis tool, we’ve given our clients deeper insights into performance, helping to enhance existing relationships and secure five new clients during the year. These successes reflect our commitment to staying ahead of client expectations and driving value in every retail interaction. Amidst shifting retail trends, such as brands exploring third-party retail and opening new stores, we found exciting opportunities for growth. By aligning ourselves with these trends and continuing to innovate, we are entering 2024 with a renewed sense of purpose and ambition. Future developments In 2024, we will take significant steps toward diversifying our revenue streams, reducing reliance on our largest clients, and expanding into new third-party retailers. These initiatives will help us build resilience while broadening our impact across the retail sector. To support this evolution, we are developing our proprietary data platform. By capturing and analysing sales, consumer, and market performance data, it will empower our clients with actionable insights. This platform not only identifies trends and opportunities but also provides detailed ROI tracking, enabling our clients to optimise performance with precision. At the heart of our strategy lies a commitment to people. By equipping our teams with cutting-edge tools, specialised training and fostering a collaborative culture, we will ensure every interaction delivers measurable results for our clients.
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REVIUM GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The company operates under service agreements negotiated with clients, typically spanning periods of 12 to 36 months. These contracts, subject to performance, are a cornerstone of our business model. A key risk remains the potential non-renewal of agreements with significant clients at the end of their terms. To mitigate this, we have focused on deepening client relationships, demonstrating measurable return on investment (ROI), and diversifying our client base to reduce reliance on any single partner.
In 2023, the physical retail sector showed signs of revitalisation, with many brands reopening stores and exploring new formats, including third-party retail and experiential shopping environments. However, challenges persist as consumer behaviour continues to evolve, influenced by the integration of digital and in-store experiences, economic uncertainty, and growing preferences for convenience. We have proactively adapted to these changes. By leveraging our internally developed data platform we are empowering clients to navigate these shifts and optimise their marketing strategies. Our focus on tailored solutions and enhanced client services positions us to thrive in this dynamic environment. That said, failing to respond effectively to the ongoing evolution of retail could negatively impact the company’s performance. To mitigate this, we remain committed to staying at the forefront of industry trends, fostering innovation, and delivering value for our clients across all retail channels.
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REVIUM GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2023 was focussed on delivering financial stability and a pathway to growth.
It was a year of recalibration and recovery, as we focused on rebuilding financial stability and positioning ourselves for long-term success. Despite starting the year cautiously, we made significant progress toward profitability and growth.
∙Revenues: While revenues declined year-on-year due to client contract expirations during 2022, H2 2023 saw a return of client investment, bolstered by the acquisition of five new clients. These new partnerships position us for substantial growth in 2024.
∙Cost Optimisation: Proactive measures, including two major restructures, reduced operating expenses by approximately 30%, aligning our cost base with market realities.
∙Profitability: September 2023 marked a key milestone, as we returned to consistent profitability. This turnaround reflects the success of our efforts to balance costs, grow revenue, and enhance operational efficiency.
∙Cash Generation: Becoming cash-generative in Q3 2023 was a critical achievement, providing the resources needed to fuel future growth.
∙Outlook: Although FY'23 was loss-making overall, losses were significantly reduced compared to 2022. With profitability re-established and growth initiatives underway, we are poised to deliver healthy profits in 2024.
Our financial progress in 2023 underscores our commitment to sustainable growth and operational excellence, ensuring that Retail Innovation Group continues to deliver value for clients and stakeholders alike. Employment The company is committed to attracting, retaining and developing people in whatever role they play in the business; be that client or customer facing, operational, management or strategic; we remain and drive a “people first” culture. The company is an equal opportunities employer and its policies for recruitment, training and career development are all based upon the relevant merits and abilities of the individual employee regardless of background and an individual’s neurodiversity. Corporate Social Responsibility A key component of Retail Marketing's mission is to be the pre-eminent shopper agency in the markets in which it operates. The company believes it should be a part of the community in the widest sense and that its success should be measured both by the commercial returns it generates, for itself and the brands it represents, and by the impact it has on the wider community in which it exists. Everyone involved in the company; employees, directors and shareholders are committed to making a difference to environmental and social issues locally, nationally and internationally, using the Retail Marketing brand to leverage support for and create awareness of issues affecting those with less advantage. Retail Marketing is committed to informing all stakeholders about how its performing in the area of Corporate Social Responsibility and the company works towards self-imposed targets. The company aims to be clear about its priorities and aspirations, open and balanced about its position and honest about the challenges it faces in meeting its objectives in this area.
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REVIUM GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
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REVIUM GROUP HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
The loss for the year, after taxation, amounted to £310,353 (2022: loss £2,430,514).
No dividends were paid in the year (2022: £Nil).
The director who served during the year was:
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
See strategic report.
See strategic report.
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REVIUM GROUP HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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REVIUM GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REVIUM GROUP HOLDINGS LIMITED
We have audited the financial statements of Revium Group Holdings Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and loss account, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the director's 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 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.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.
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REVIUM GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REVIUM GROUP HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.
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REVIUM GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REVIUM GROUP HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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REVIUM GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REVIUM GROUP HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants and Statutory Auditor
Reading Bridge House
George Street
Berkshire
RG1 8LS
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REVIUM GROUP HOLDINGS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
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REVIUM GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 12202502
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 32 form part of these financial statements.
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REVIUM GROUP HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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REVIUM GROUP HOLDINGS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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REVIUM GROUP HOLDINGS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Revium Group Holdings Limited is a private limited company which is incorporated in England and Wales. Its registered office is Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS.
The principal activity of the company is that of a holding company. Its registered office is listed on the general information page of these financial statements.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Group continued to incur significant losses during 2023 as it continued its recovery from the impact of the COVID-19 pandemic on the retail sector. Significant restructuring and refocus of the business took place during 2022 and 2023 placing the group on a much stronger footing with a lower cost base and better adapted to the changing marketplace.
Trading in 2024 has been much improved and the group has generated strong profits through 2024 and is forecasting for this to continue into 2025 and beyond. The balance sheet at 31 December 2023 was weak as a result of significant losses made in recent years but the profits generated in 2024 have enabled the group to pay down significant amounts of legacy creditors and while the balance sheet remains weak the group is trading profitably, generating cash and paying down its liabilities, and the directors expect this trend to continue for the foreseeable future. The directors are therefore satisfied that the preparation of the financial statements on a going concern basis is appropriate and that this is not subject to material uncertainty, despite the reported losses and weak balance sheet.
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. The Group recognises revenue as costs are incurred on behalf of their customers. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Taxation The Group establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with previous tax submissions. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Impairment of investments The carrying amount of the Company’s investments are reviewed at each balance sheet date to determine whether there is any indication of impairment. Any impairment loss is recognised when the carrying amount of the investment exceeds the investment value. Impairment losses are recognised in the statement of comprehensive income.
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The profit after tax of the parent Company for the year was £Nil (2022: loss £5,250,201).
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
See note 20 for information on the securities of the bank loans.
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Merger Reserve
Profit and loss account
A prior year adjustment has been recognised in respect of revenue for Retail Storey Limited, which had been incorrectly recognised in this entity in the year ended 31 December 2022. The impact of this adjustment is to decrease revenue and to increase creditors by £85,657 in the year ended 31 December 2022.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £176,028 (2022: £243,456). Contributions totalling £31,449 (2022: £35,271) were payable to the fund at the balance sheet date and are included in creditors.
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REVIUM GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The ultimate controlling party of the company is
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