RAISE IT UP LIMITED

Company Registration Number:
12625084 (England and Wales)

Unaudited abridged accounts for the year ended 31 May 2023

Period of accounts

Start date: 01 June 2022

End date: 31 May 2023

RAISE IT UP LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2023

Balance sheet
Notes

RAISE IT UP LIMITED

Balance sheet

As at 31 May 2023


Notes

2023

2022


£

£
Called up share capital not paid: 92 92
Fixed assets
Intangible assets: 3 831,466 614,717
Tangible assets: 4 28,423 42,421
Total fixed assets: 859,889 657,138
Current assets
Debtors:   15,552 42,936
Cash at bank and in hand: 3,307 22,207
Total current assets: 18,859 65,143
Creditors: amounts falling due within one year: 5 (579,843) (290,291)
Net current assets (liabilities): (560,984) (225,148)
Total assets less current liabilities: 298,997 432,082
Total net assets (liabilities): 298,997 432,082
Capital and reserves
Called up share capital: 6,343 6,343
Share premium account: 900,217 900,217
Profit and loss account: (607,563) (474,478)
Shareholders funds: 298,997 432,082

The notes form part of these financial statements

RAISE IT UP LIMITED

Balance sheet statements

For the year ending 31 May 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 15 February 2024
and signed on behalf of the board by:

Name: James Ashton
Status: Director

The notes form part of these financial statements

RAISE IT UP LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:Computer equipment - 25% Straight line methodMotor vehicles - 20% Straight line method

Intangible fixed assets and amortisation policy

App development costs and trademarks are capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.Where it is believed that costs incurred on app development meets this criteria such expenditure is amortised over a period of five years, from the point that the app is ready for use.Website costs are capitalised to the extent that the technical and financial feasibility can be demonstrated. At the period end, the website and app are still under development and so have not been amortised during the year.The costs of acquiring trademarks are capitalised in the balance sheet as intangible fixed assets.Trademarks are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their useful economic lives. A maximum estimated useful economic life of 10 years has been used as a basis of amortisation of trademarks where the legal life is in excess of 10 years.

RAISE IT UP LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

2. Employees

2023 2022
Average number of employees during the period 3 4

RAISE IT UP LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

3. Intangible Assets

Total
Cost £
At 01 June 2022 616,208
Additions 217,437
At 31 May 2023 833,645
Amortisation
At 01 June 2022 1,491
Charge for year 688
At 31 May 2023 2,179
Net book value
At 31 May 2023 831,466
At 31 May 2022 614,717

RAISE IT UP LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

4. Tangible Assets

Total
Cost £
At 01 June 2022 48,594
Disposals (5,393)
At 31 May 2023 43,201
Depreciation
At 01 June 2022 6,173
Charge for year 10,062
On disposals (1,457)
At 31 May 2023 14,778
Net book value
At 31 May 2023 28,423
At 31 May 2022 42,421

RAISE IT UP LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

5. Creditors: amounts falling due within one year note

Trade Creditors - £28,800 (2022 - £34,571)Other Creditors - £535,600 (2022 - £251,726)Accruals - £15,443 (2022 - £3,994)