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Registered number: 14386172









RIVERTY UK LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

 
RIVERTY UK LIMITED
 
 
COMPANY INFORMATION


Directors
Jason Peters (appointed 31 October 2023)
Madlen Vinke (appointed 31 October 2023)




Registered number
14386172



Registered office
One Fleet Place

London

EC4M 7WS




Independent auditor
Grant Thornton UK LLP

Victoria House

199 Avebury Boulevard

Milton Keynes

MK9 1AU





 
RIVERTY UK LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 12
Statement of comprehensive income
13
Balance sheet
14
Statement of changes in equity
15
Notes to the financial statements
16 - 25

 
RIVERTY UK LIMITED
 
 
STRATEGIC REPORT
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Strategic report for Riverty UK Limited (‘the Company’) for the 15 month period ended 31 December 2024 (2023: 12 month period to 30 September 2023).

Principal activity
 
The Company is a wholly owned subsidiary of Bertelsmann UK Limited which is incorporated and registered in the United Kingdom. The Company is domiciled and registered in the United Kingdom. 
The principal activity of the Company in the period under review was that of incurring costs on behalf of UK based Riverty employees and recharging those costs on to Riverty Group GmbH.

Business review
 
The Company commenced trading within the period. As a result of this there was no profit and loss activity to be reported in the comparative period. 
The Company’s revenue for the 15-month period was £519,896. Operating profit for the period was £20,059. The operating profit margin was 3.9%. The Company's profit for the financial period was £14,789.

The Company had net assets of £17,302 as at 31 December 2024 (30 September 2023: £1), with the movement due to the profit for the financial period.

Key performance indicators ("KPIs")
 
The Company monitors progress and performance during the year and historical trend data which is set out in the following KPIs:

31 December
30 September
 2024
2023
        £
        £
Revenue

519,896

-
 
Operating profit margin

3.9%

-
 
Operating profit

20,059

-
 


The KPIs are in line with forecast expectations. Detailed explanations for the year on year movements is included in the business review section.

Principal risks and uncertainties
 
The Company's operations expose it to a variety of commercial and financial risks. The Company is subject to risk management procedures and an annual risk assessment implemented by the ultimate parent Company, Bertelsmann SE & Co KGaA. The Company has procedures in place to make the directors aware of the various risks to the Company’s business. The risks are monitored and reported to management. Although the Company's operations expose it to a variety of commercial and financial risks, the shared service nature of the Company's activities and intra group customer base, significantly reduce these risk areas.
Page 1

 
RIVERTY UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

Liquidity and cash flow risk

The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through operating cash flows. The Company’s results, including cash flows, are reviewed by the Board on a monthly basis. Risks are further mitigated by the cash pooling arrangements in place across the Bertelsmann group, which ensures funds are available to the Company to meet all liabilities as and when they fall due.

Directors' section 172 statement
 
The Directors of the Company must act in accordance with a set of general duties, as detailed in section 172 of the UK Companies Act 2006, summarised as follows:
A Director of a Company must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
the likely consequences of any decisions in the long-term;
the interest of the Company’s employees;
the need to foster the Company’s business relationships with suppliers, customers and others;
the impact of the Company’s operations on the community and environment;
the desirability of the Company maintaining a reputation for high standards of business conduct; and
the need to act fairly as between the shareholders of the Company.

Examples of how the Directors have oversight of these stakeholder matters are included throughout the Strategic and Director’s report as well as set out specifically below.

Long- term decision making

The Board operates a structured governance model which supports the Company in ensuring that decisions are  considered, documented and reported upon, and in alignment with our strategic plans. Detailed budgets and  forecasts are prepared which enable the Board to track performance and ensure that it is as expected, or that  mitigating steps are taken to deliver performance in line with, or close to, expectations. The Board and senior management personnel operate within this structure, with the aim of promoting the success of the Company and delivering long- term shareholder value.

The Board is presented with regular board packs and other information that it needs to fulfil its responsibilities. During the period at Board meetings the Board have discussed and made decisions on a number of specific issues including business priorities and strategy, capital investment, and the ongoing management of the current economic situation.
The interest of the Company’s employees

The Board recognises that employees are central to the long-term success of the Company. The Company systematically provides employees with information on matters of concern to them, consulting them or their representatives regularly, and providing forums and communication routes so that their views can be taken into account when making decisions that are likely to affect their interests. Employee involvement in the Company is encouraged, as achieving a common awareness on the part of all employees of the financial and economic factors affecting the Company, plays a major role in maintaining its prosperity. The Company also regularly informs staff and staff representatives of Company updates and activities to keep them informed of the Company’s progress and performance.

The Company is committed to employment policies, which follow best practice, based on equal opportunities for all employees, irrespective of sex, race, colour, disability or sexual orientation as well as providing various employee networks to support the diverse and inclusive culture of the Company.

 
Page 2

 
RIVERTY UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

All staff receive regular performance reviews as well as opportunity for learning to support the development of all employees’ careers. This includes training programs and secondment opportunities for staff.
 
Engagement with customers, suppliers and other stakeholders

The directors appreciate the importance of fostering business relationships with key stakeholders, such as customers and suppliers, and focus on the maintenance and growth of these relationships in their decision making and strategic planning. The Company employs dedicated relationship managers to foster these relationships which also ensures the Board has a high degree of visibility to take stakeholder considerations into
account.

Community impact and customer relations

The Board ensures significant consideration is given to the impact of the Company’s operations on the community and their customers in their decision-making. The Company’s approach is to use its position of strength to ensure it is an asset to the communities and people with which it interacts. 

Environmental sustainability

The Company’s leadership team ensure environmental issues are managed effectively and considered in the strategic decisions of the Company. The Company and wider group strives to create positive change in reducing the environmental impact of its businesses whilst maintaining effective and continuing business practices. 
High standards of business conduct

The Company has a Code of Conduct setting out the behaviours and values expected of all of our employees, which is communicated to all colleagues. The Company's processes ensure the Board and management are continually updated on the operation of the code and an independent whistleblowing service enables employees and third parties to anonymously raise concerns. Through its oversight and monitoring role, the Board requires all of our people to work to the highest standards of business conduct.

Shareholders

The Board recognises the importance of regular and open dialogue with the shareholders and the need to ensure the strategy and goals of the Company are effectively communicated to them. Feedback on these plans and objectives is welcomed by the directors and major business decisions are made closely and with the approval of the shareholders.

General

The Company is presenting the financial statements in accordance with Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (FRS 101).



This report was approved by the Board and signed on its behalf.


Madlen Vinke
Director

Date: 23 June 2025
Page 3

 
RIVERTY UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the 15 month period ended 31 December 2024.

Results and dividends

The profit for the financial period amounted to £17,301 (2023: £nil).

There were no dividends paid during the period (2023: £nil). The directors do not propose payment of a final dividend for 2024.

Directors

The directors who served during the period and up until the date of signing were:
Andrew Bunting (resigned 31 October 2023)
David Dishon (resigned 31 October 2023)
Debra Nolan (resigned 31 October 2023)
Jason Peters (appointed 31 October 2023)
Madlen Vinke (appointed 31 October 2023)

Future developments

The directors do not anticipate any significant changes in the activities of the Company.

Going concern

In preparing these financial statements, the directors have assessed the ability of the Company to continue to operate for a period of at least twelve months from the date of signing the financial statements.
 
The Company has undertaken a risk assessment and forecasting exercise to assess the Company’s liquidity position. The forecast for the going concern period has been prepared using the three year plan approved by the Board and takes account of prior trends and key cost drivers such as inflation.
 
For the purposes of the Company’s going concern assessment, the directors have performed sensitivity analysis on cashflows based on unforeseen changes in demand and the potential impact of increased inflationary pressures. In addition, reverse stress testing has been performed to establish the levels of performance where cash availability would be breached. The results of the analysis demonstrated that there was sufficient cash availability within the current intra group cash pooling facility to deal with all of the identified plausible scenarios. 
 
Based on the Company’s current trading performance, the sensitivity and reverse stress testing scenarios performed, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of no less than twelve months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 4

 
RIVERTY UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

Engagement with employees

The Company systematically provides employees with information on matters of concern to them, consulting them or their representatives regularly, so that their views can be taken into account when making decisions that are likely to affect their interests.

Employee involvement in the Company is encouraged, as achieving a common awareness on the part of all employees of the financial and economic factors affecting the Company plays a major role in maintaining its prosperity.

The Company encourages the involvement of employees by means of regular meetings with staff and staff representatives to keep them informed of the Company’s progress. The Company operates a pension scheme for which all employees are eligible.

The Company is committed to employment policies, which follow best practice, based on equal opportunities for all employees, irrespective of sex, race, colour, disability or sexual orientation. The Company gives full and fair consideration to applications for employment from disabled persons, having regard to their particular aptitudes and abilities. Appropriate arrangements are made for the continued employment and training, career development and promotion of disabled persons employed by the Company. If members of staff become disabled the Company continues employment, either in the same or an alternative position, with appropriate retraining being given if necessary.

Matters covered in the Strategic Report

Details on engagement with customers, suppliers and other stakeholders, and financial risk management policy sections are not included within the Directors Report as they are considered to be of strategic importance to the Company and, as permitted under the Companies Act 2006 s.414C(11), they have instead been included in the Strategic Report.

Streamlined energy and carbon reporting (SECR)

The Company has not disclosed information in respect of greenhouse gas emissions and energy consumption as it satisfies the thresholds for exemption and its energy consumption in the United Kingdom is less than 40,000kWh for the year.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.


Auditor

The auditor, Grant Thornton UK LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 5

 
RIVERTY UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

This report was approved by the Board and signed on its behalf.
 


Madlen Vinke
Director

Date: 23 June 2025

 
Page 6

 
RIVERTY UK LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

The Directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Page 7

 
RIVERTY UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RIVERTY UK LIMITED
 

Opinion


We have audited the financial statements of Riverty UK Limited (the 'Company') for the 15 month period ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and notes to the financial statements, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion:

the financial statements give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.


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 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


We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the Company to cease to continue as a going concern.
In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the Company's business model including effects arising from macro-economic uncertainties such as the cost of living crisis and the impact of the war in Ukraine, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the Company's financial resources or ability to continue operations over the going concern period.
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 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 directors with respect to going concern are described in the relevant sections of this report.
Page 8

 
RIVERTY UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RIVERTY UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual report and financial statements and the financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual report and financial statements. 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 there is 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial 15 month period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matter on which we are required to report under the Companies Act 2006
 

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 and the Directors' report.

Matters on which we are required to report by exception
 
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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 7, 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 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 Company or to cease operations, or have no realistic alternative but to do so.

Page 9

 
RIVERTY UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RIVERTY UK LIMITED (CONTINUED)


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks applicable to the Company and industry in which it operates through our general commercial and sector experience, discussions with management and review of board minutes. We determined that the following laws and regulations were most significant: United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice), the Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements such as health and safety and employee matters.

We enquired of management concerning the Company’s policies and procedures relating to:
the identification, evaluation and compliance with laws and regulations;
the detection and response to the risks of fraud; and
the establishment of internal controls to mitigate risks related to fraud or non-compliance with laws and regulations.

We enquired of management and those charged with governance, whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected of alleged fraud.




 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur and the risk of management override of controls. Audit procedures are performed by the engagement team included:
identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
challenging assumptions and judgements made by management in its significant accounting estimates;
identifying and testing journal entries, in particular journal entries posted with unusual account combinations that increased revenues or that increased costs in the Statement of comprehensive income; and 
assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.

In addition, we completed audit procedures to conclude on the compliance of disclosures in the Annual
Page 10

 
RIVERTY UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RIVERTY UK LIMITED (CONTINUED)


report and financial statements with applicable financial reporting requirements.

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;

The assessment of the appropriateness of the collective competence and capabilities of the engagement team including consideration of the engagement team’s:
understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation;
knowledge of the industry in which the client operates; and
understanding of the legal and regulatory requirements specific to the entity including, the provisions of the applicable legislation and the applicable statutory provision.

We communicated relevant laws and regulations and potential fraud risks to all engagement team members. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
 
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 auditor's report.
Page 11

 
RIVERTY UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RIVERTY UK LIMITED (CONTINUED)


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 2006Our 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.


Tim Broadway
 Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Milton Keynes
 

23 June 2025
Page 12

 
RIVERTY UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

15 months ended
31 December 
Unaudited 12 months ended 30 September
2024
2023
Note
£
£

  

Revenue
 4 
519,896
-

Gross profit
  
519,896
-

Administrative expenses
  
(499,837)
-

Operating profit
 7 
20,059
-

Interest receivable and similar income
 8 
3,077
-

Profit before tax
  
23,136
-

Tax on profit
 9 
(5,835)
-

Profit for the financial 15 month period
  
17,301
-

Other comprehensive income
  
-
-

Total comprehensive income for the 15 month period/year
  
17,301
-

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
All activities derive from continuing operations.

The notes on pages 16 to 25 form part of these financial statements.

Page 13

 
RIVERTY UK LIMITED
REGISTERED NUMBER: 14386172

BALANCE SHEET
AS AT 31 DECEMBER 2024

31 December
Unaudited 30 September
2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 10 
52,609
1

  
52,609
1

Creditors: amounts falling due within one year
 11 
(35,307)
-

Net current assets
  
 
 
17,302
 
 
1

Total assets less current liabilities
  
17,302
1

  

  

  

Net assets
  
17,302
1


Capital and reserves
  

Called up share capital 
 12 
1
1

Profit and loss account
 13 
17,301
-

  
17,302
1


The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 


Madlen Vinke
Jason Peters
Director
Director


Date: 23 June 2025
Date:23 June 2025

The notes on pages 16 to 25 form part of these financial statements.
Page 14

 
RIVERTY UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022 (unaudited)
1
-
1



At 1 October 2023 (unaudited)
1
-
1


Comprehensive income for the period

Profit for the period
-
17,301
17,301


At 31 December 2024
1
17,301
17,302


The notes on pages 16 to 25 form part of these financial statements.
Page 15

 
RIVERTY UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

1.


General information

Riverty UK Limited ("the Company") is a private company limited by shares and is incorporated and domiciled in England and Wales. The Company is a Wholly owned subsidiary of Bertlesmann UK Limited, and part of the larger Bertelsmann SE & Co. KGaA group. The address of its registered office is One Fleet Place, London, EC4M 7WS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 101 'Reduced Disclosure Framework' and the Companies Act 2006.
In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of UK-adopted international accounting standards (“UK-adopted IFRS”), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.
The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:

the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
        -        paragraph 79(a)(iv) of IAS 1;
        -        paragraph 73(e) of IAS 16 Property, Plant and Equipment;
        -        paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of the following paragraphs of IAS 1, 'Presentation of financial statements':
        -         10(d) statement of cash flows;
        -         10(f) statement of financial position as at the beginning of the preceding period when
                   retrospective restatement or reclassifications apply;
        -         16 statement of compliance with all IFRS;
        -         38A requirement for minimum of two primary financial statements, including cash flow;
        -         38B, 38C, 38D additional comparative information;
        -         40A, 40B, 40C, 40D requirements to provide additional statements in respect of
                   retrospective restatements and reclassifications;
        -         111 statement of cash flows information; and
        -         134 - 136 capital management disclosures.
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
Page 16

 
RIVERTY UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.2
Financial Reporting Standard 101 - reduced disclosure exemptions (continued)

the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Bertelsmann SE & Co KGaA as at 31 December 2024 and these financial statements may be obtained from Bertelsmann SE & Co KGaA, Corporate Communications, Carl Bertelsmann Strasse 270, Postfach 111, D-33311, Gütersloh, Germany.

 
2.3

Going concern

In preparing these financial statements, the directors have assessed the ability of the Company to continue to operate for a period of at least twelve months from the date of signing the financial statements.

The Company has undertaken a risk assessment and forecasting exercise to assess the Company’s liquidity position. The forecast for the going concern period has been prepared using the three year plan approved by the Board and takes account of prior trends and key cost drivers such as inflation.

For the purposes of the Company’s going concern assessment, the directors have performed sensitivity analysis on cashflows based on unforeseen changes in demand and the potential impact of increased inflationary pressures. In addition, reverse stress testing has been performed to establish the levels of performance where cash availability would be breached. The results of the analysis demonstrated that there was sufficient cash availability within the current intra group cash pooling facility to deal with all of the identified plausible scenarios.

Based on the Company’s current trading performance, the sensitivity and reverse stress testing scenarios performed, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of no less than twelve months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.4

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, value added tax and other sales related taxes. Revenue is recognised on completion of services and is invoiced to the client based on predetermined billing criteria.

Page 17

 
RIVERTY UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency
The Company's functional and presentational currency is GBP.
Items included in the financial statements are measured using the currency of the primary economic environment in which the entity operates. The financial statements are presented in pound sterling, which is also the functional currency of the Company.
Transactions and balances
Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

  
2.6

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees, the benefits relating to employee service in the current and prior periods.
The Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. Prepaid contributions are recognised as an asset to an extent that a cash refund or a reduction in the future payments is available.

 
2.7

Current and deferred taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. 
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. 
 
Page 18

 
RIVERTY UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.7
Current and deferred taxation (continued)

Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.

  
2.8

Financial assets

The Company classifies its financial assets in the following categories

Amortised cost
Fair value through profit or loss (FVTPL)
Fair value through other comprehensive income (FVOCI)

The classification depends on the purpose for which the financial assets were acquired i.e. the entity’s business model for managing the financial assets and/or the contractual cash flow characteristics of the financial asset. Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:

it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Subsequent to initial recognition these are measured at amortised cost using the effective interest method. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other (expenses)/income together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the profit or loss under ‘net impairment losses on financial and contract assets’.

On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. This election is made on an investment-by-investment basis.

All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. The Company does not have any assets classified at FVOCI nor FVTPL.

Page 19

 
RIVERTY UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

The Company assesses at the end of each reporting period whether there is objective evidence that one or more event has occurred which has impacted on the estimated cash flows of the financial asset.

Financial assets are impaired and impairment losses are incurred only if such objective evidence of impairment can be reliably measured.

  
2.9

 Amounts owed by group undertakings

Trade debtors and amounts owed by group undertakings are stated at amortised cost. No impairment provision is made on amounts owed by group undertakings on the grounds that they are repayable on demand.

  
2.10

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

 
2.11

Creditors and amounts owed to group undertakings

Trade and other creditors and amounts owed to group undertakings are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers or a commitment to provide goods and services where monies have been receipted.

 
2.12

Interest receivable and similar income income

Interest income is recognised in profit or loss using the effective interest method.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 2, 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, underlying assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable and relevant under the circumstances, however, there are no significant accounting judgements and estimates applicable to this entity.

Page 20

 
RIVERTY UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

4.


Revenue

All revenue is attributable to the Company's prinicipal activity of incurring costs on behalf of UK based Riverty employees and recharging these costs on to the Riverty Group GmbH on a cost-plus basis.

Analysis of revenue by destination:

15 months ended
31 December
Unaudited
        12 months
 ended
            30 September
2024
2023
£
£

Germany
519,896
-

519,896
-



5.


Employees

Staff costs were as follows:


15 months ended
31 December
Unaudited 12 months ended 30 September
2024
2023
£
£

Wages and salaries
342,071
-

Social security costs
38,792
-

Other pension costs
19,478
-

400,341
-


The average monthly number of employees, including the directors, during the 15 month period was as follows:


  15 months ended
     31 December
Unaudited 12 months ended 30 September
        2024
        2023
            No.
            No.







Management and administration
4
-


 
Page 21

 
RIVERTY UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024
6.
Directors remuneration


15 months ended 31 December 2024
Unaudited 12 months ended 30 September

£
£

Aggregate emoluments
98,623
-

Company pension contributions
4,931
-

103,554
-

Retirement benefits are accruing to one director (2023: nil) under a money purchase scheme.
 

7.


Operating profit

Operating profit is stated after charging:

15 months ended
31 December
Unaudited 12 months ended 30 September
2024
2023
£
£

Foreign exchange differences
107
-

Auditors remuneration (audit services)
13,404
-


8.


Interest receivable and similar income

15 months ended
31 December
Unaudited 12 months ended 30 September
2024
2023
£
£


Interest receivable on intercompany cash pooling
3,070
-

Bank interest receivable
7
-

3,077
-

Page 22

 
RIVERTY UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

9.


Tax on profit


15 months ended
December 31
Unaudited 12 months ended 30 September
2024
2023
£
£

Corporation tax


UK corporation tax on profits for the period
5,835
-



Tax on profit
5,835
-

Factors affecting tax charge for the period

The tax assessed for the 15 month period is higher than (2023 - the same as) the standard rate of corporation tax in the UK of 25.0% (2023 - 23.5%). The differences are explained below:

15 months ended
31 December
Unaudited 12 months ended 30 September
2024
2023
£
£


Profit before tax
23,136
-


Profit multiplied by standard rate of corporation tax in the UK of 25.0% (2023 - 23.5%)
5,784
-

Effects of:


Expenses not deductible
51
-

Total tax charge for the period
5,835
-
Page 23

 
RIVERTY UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024
 
9.Tax on profit (continued)


Factors that may affect future tax charges

An increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using this enacted rate.


10.


Debtors: amounts falling due within one year

31 December
Unaudited 30 September
2024
2023
£
£


Amounts owed by group undertakings
49,803
1

Other debtors
1,427
-

Prepayments and accrued income
1,379
-

52,609
1


Amounts owed by group undertakings is owed by Bertelsmann UK Limited in respect of cash pooling facility of £500,000 which is unsecured and has no fixed repayment date but can be terminated by either party giving three days notice. These amounts incur interest on a monthly basis; the average interest rate for the period was 4.81%.


11.


Creditors: amounts falling due within one year

31 December
Unaudited 30 September
2024
2023
£
£

Trade creditors
23
-

Amounts owed to group undertakings
7,329
-

Corporation tax
5,835
-

Tax and social security
5,648
-

Other creditors
1,392
-

Accruals and deferred income
15,080
-

35,307
-


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

Page 24

 
RIVERTY UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 15 MONTH PERIOD ENDED 31 DECEMBER 2024

12.


Called up share capital

31 December
Unaudited 30 September
2024
2023
£
£
Allotted, called up and fully paid



1 (2023: 1) Ordinary Shares share of £1
1
1

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.



13.


Reserves

Profit and loss account

This includes all current and prior period retained profits and losses. All reserves in respect of profit and loss are distributable reserves.


14.


Related party transactions

As the Company is ultimately a wholly owned subsidiary of Bertelsmann SE & Co KGaA it is exempt from the requirement, under International Accounting Standard 24 ‘Related party disclosures’, to disclose transactions with entities that are wholly owned by the Bertelsmann group. The Company has taken advantage of this exemption.


15.


Controlling party

The immediate parent company is Bertelsmann UK Limited. The Company’s ultimate parent company is Bertelsmann SE & Co KGaA, which is  incorporated in Germany. Copies of Bertelsmann SE & Co KGaA’s consolidated financial statements (the smallest and largest financial statements in which the Company is consolidated) can be obtained from: Bertelsmann SE & Co KGaA, Corporate Communications, Carl Bertelsmann Strasse, 270 33311,Gütersloh, Germany.

Page 25