Company Registration No. NI656405 (Northern Ireland)
Raise Ventures Limited
Unaudited accounts
for the year ended 31 October 2023
Raise Ventures Limited
Unaudited accounts
Contents
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
Raise Ventures Limited
Statement of financial position
as at 31 October 2023
Cash at bank and in hand
47,830
48,233
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
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
Raise Ventures Limited
Notes to the Accounts
for the year ended 31 October 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
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 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 in shares are included at cost. Market value is estimated by the directors and disclosed within the notes to the accounts.
Raise Ventures Limited
Notes to the Accounts
for the year ended 31 October 2023
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
5
Investments
Other investments
Valuation at 1 November 2022
420
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.
Amounts falling due within one year
Accrued income and prepayments
3,886
2,124
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
Loans from directors
100,011
-
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).