Registration number:
Rise Ventures Global Ltd
for the Year Ended 31 December 2021
Rise Ventures Global Ltd
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Rise Ventures Global Ltd
Company Information
Directors |
Mr Howard William Mears Mr Liam Elliot Allwood |
Registered Number: |
12411220 |
Registered office |
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Accountants |
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Rise Ventures Global Ltd
Directors' Report for the Year Ended 31 December 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of developing a dynamic private investment platform connecting investors and high-growth companies.
Going concern
The directors have reviewed the company's plans for a period of 12 months from the date of signing the accounts and are satisfied that the preparation of the accounts on a going concern basis continues to be appropriate. The shareholders have confirmed their ongoing support of the business and anticipate that adequate funding support will be made available to the company.
Small companies provision statement
This report has 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.
Approved and authorised by the
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Rise Ventures Global Ltd
(Registration number: 12411220)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
|
Fixed assets |
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Intangible assets |
|
|
|
Tangible assets |
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- |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
- |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
129 |
4 |
|
Share premium reserve |
199,971 |
- |
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Retained earnings |
(288,710) |
(29,022) |
|
Shareholders' deficit |
(88,610) |
(29,018) |
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Rise Ventures Global Ltd
(Registration number: 12411220)
Balance Sheet as at 31 December 2021
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
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Rise Ventures Global Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors have reviewed the company's plans for a period of 12 months from the date of signing the accounts and are satisfied that the preparation of the accounts on a going concern basis continues to be appropriate. The shareholders have confirmed their ongoing support of the business and anticipate that adequate funding support will be made available to the company.
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.
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.
Rise Ventures Global Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer Equipment |
SLM, 3 Years |
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 |
Website Development |
5 Years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
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 subsequently measured at amortised cost using the effective interest method.
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.
Rise Ventures Global Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Rise Ventures Global Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
||
At 1 January 2021 |
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Additions acquired separately |
|
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At 31 December 2021 |
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Amortisation |
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At 1 January 2021 |
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Amortisation charge |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 December 2021 |
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Depreciation |
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Charge for the year |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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Rise Ventures Global Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Debtors |
2021 |
2020 |
|
Prepayments |
|
- |
VAT Control account |
- |
2,867 |
|
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
|
Due within one year |
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Trade creditors |
5,364 |
8,713 |
Other related parties |
199,228 |
42,159 |
PAYE and NIC |
16,386 |
- |
Accruals and deferred income |
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Other creditors |
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- |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
129 |
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4 |
Rise Ventures Global Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Related party transactions |
Loans from related parties
2021 |
Key management |
Total |
At start of period |
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Advanced |
|
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Repaid |
( |
( |
At end of period |
|
|
|
2020 |
Key management |
Total |
Advanced |
|
|
Repaid |
( |
( |
At end of period |
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Terms of loans from related parties