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Company Registration No. NI656405 (Northern Ireland)
Raise Ventures Limited Unaudited accounts for the year ended 31 October 2023
Raise Ventures Limited Unaudited accounts Contents
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Raise Ventures Limited Company Information for the year ended 31 October 2023
Directors
Jennifer Ervine Michael McDowell Kristian Jones Andrea McClean
Company Number
NI656405 (Northern Ireland)
Registered Office
Floor 1, 3-5 Commercial Court Belfast BT1 2NB Northern Ireland
Accountants
Satori Accounting 11 Orchard Business Park Pennyburn Industrial Estate Derry Northern Ireland BT48 0LU
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Raise Ventures Limited Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
762 
884 
Investments
454 
420 
1,216 
1,304 
Current assets
Debtors
15,989 
16,358 
Cash at bank and in hand
47,830 
48,233 
63,819 
64,591 
Creditors: amounts falling due within one year
(158,161)
(23,752)
Net current (liabilities)/assets
(94,342)
40,839 
Net (liabilities)/assets
(93,126)
42,143 
Capital and reserves
Called up share capital
3 
3 
Share premium
549,999 
549,999 
Profit and loss account
(643,128)
(507,859)
Shareholders' funds
(93,126)
42,143 
For the year ending 31 October 2023 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by
Jennifer Ervine Director Company Registration No. NI656405
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Raise Ventures Limited Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
Raise Ventures Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI656405. The registered office is Floor 1, 3-5 Commercial Court, Belfast, BT1 2NB, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% straight line
Investments
Investments in shares are included at cost. Market value is estimated by the directors and disclosed within the notes to the accounts.
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Raise Ventures Limited Notes to the Accounts for the year ended 31 October 2023
Going concern
The company incurred a loss for the year and there are accumulated losses on the balance sheet. The company continues to be supported by the managing director. Additional funds were introduced to the company after the year-end date in return for new shares alloted accordingy, alongside cost reductions. With this ongoing support, the board are confident that the company can continue to meet its obligations as they fall due. The financial statements are prepared on the going concern basis.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 November 2022
10,529 
Additions
241 
At 31 October 2023
10,770 
Depreciation
At 1 November 2022
9,645 
Charge for the year
363 
At 31 October 2023
10,008 
Net book value
At 31 October 2023
762 
At 31 October 2022
884 
5
Investments
Other investments 
£ 
Valuation at 1 November 2022
420 
Additions
34 
Valuation at 31 October 2023
454 
Investments represent equity shareholdings acquired in unlisted start-up companies though the Raise accelerator programme. These are stated at cost and reflect the nominal value of shares held. The market value of the company's investments is estimated by the director at £1,224,800. Market value is based on pre and post-money valuations obtained from funding rounds in these particular entities.
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
6,463 
5,091 
Trade debtors
5,640 
500 
Accrued income and prepayments
3,886 
2,124 
Other debtors
- 
8,643 
15,989 
16,358 
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Raise Ventures Limited Notes to the Accounts for the year ended 31 October 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
32,857 
22,683 
Taxes and social security
- 
897 
Other creditors
25,293 
- 
Loans from directors
100,011 
- 
Accruals
- 
172 
158,161 
23,752 
Other creditors includes £25,000 introduced to the company under an advance subscription agreement.
8
Transactions with related parties
During the year, the following transactions arose between the company and its managing director: - Funds introduced £ 108,654 The amount owed to the director at the year-end date was £100,011. This is disclosed at note 7.
9
Average number of employees
During the year the average number of employees was 2 (2022: 1).
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