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Registration number: 12411220

Rise Ventures Global Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Rise Ventures Global Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Rise Ventures Global Ltd

Company Information

Directors

Mr Howard William Mears

Mr Liam Elliot Allwood

Registered Number:

12411220

Registered office

24 Old Queen Street
London
SW1H 9HP

Accountants

Ashton Allsop
Chartered Accountants
Thorncroft Manor
Thorncroft Drive
Leatherhead
Surrey
KT22 8JB

 

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:

Mr Howard William Mears

Mr Liam Elliot Allwood

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 Board on 13 September 2022 and signed on its behalf by:
 

.........................................
Mr Howard William Mears
Director

 

Rise Ventures Global Ltd

(Registration number: 12411220)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

28,709

20,937

Tangible assets

5

5,749

-

 

34,458

20,937

Current assets

 

Debtors

3,530

2,867

Cash at bank and in hand

 

97,880

-

 

101,410

2,867

Creditors: Amounts falling due within one year

(224,478)

(52,822)

Net current liabilities

 

(123,068)

(49,955)

Net liabilities

 

(88,610)

(29,018)

Capital and reserves

 

Called up share capital

8

129

4

Share premium reserve

199,971

-

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 13 September 2022 and signed on its behalf by:
 

.........................................
Mr Howard William Mears
Director

 

Rise Ventures Global Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
24 Old Queen Street
London
SW1H 9HP
United Kingdom

These financial statements were authorised for issue by the Board on 13 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 0).

 

Rise Ventures Global Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2021

22,780

22,780

Additions acquired separately

14,170

14,170

At 31 December 2021

36,950

36,950

Amortisation

At 1 January 2021

1,843

1,843

Amortisation charge

6,398

6,398

At 31 December 2021

8,241

8,241

Carrying amount

At 31 December 2021

28,709

28,709

At 31 December 2020

20,937

20,937

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

Additions

7,774

7,774

At 31 December 2021

7,774

7,774

Depreciation

Charge for the year

2,025

2,025

At 31 December 2021

2,025

2,025

Carrying amount

At 31 December 2021

5,749

5,749

 

Rise Ventures Global Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Debtors

2021
£

2020
£

Prepayments

3,530

-

VAT Control account

-

2,867

3,530

2,867

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

5,364

8,713

Other related parties

199,228

42,159

PAYE and NIC

16,386

-

Accruals and deferred income

2,400

1,950

Other creditors

1,100

-

224,478

52,822

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary Share A of £0.10 (2020 - £1) each

1,290

129

4

4

         
 

Rise Ventures Global Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

9

Related party transactions

Loans from related parties

2021

Key management
£

Total
£

At start of period

42,159

42,159

Advanced

359,584

359,584

Repaid

(202,516)

(202,516)

At end of period

199,227

199,227

2020

Key management
£

Total
£

Advanced

42,163

42,163

Repaid

(4)

(4)

At end of period

42,159

42,159

Terms of loans from related parties

Amounts advanced by directors are non interest bearing and repayable on demand. £200,000 was converted into 290 £0.10 ordinary shares during the accounting period.