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Registration number: 12411220

Rise Ventures Global Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Rise Ventures Global Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Rise Ventures Global Ltd

(Registration number: 12411220)
Balance Sheet as at 31 December 2023

Note

2023
£

As Restated
2022
£

Fixed assets

 

Intangible assets

4

14,065

21,387

Tangible assets

5

1,198

4,345

 

15,263

25,732

Current assets

 

Debtors

-

29,005

Cash at bank and in hand

 

65,711

12,891

 

65,711

41,896

Creditors: Amounts falling due within one year

(1,812)

(21,583)

Net current assets

 

63,899

20,313

Total assets less current liabilities

 

79,162

46,045

Creditors: Amounts falling due after more than one year

(584,227)

(499,227)

Net liabilities

 

(505,065)

(453,182)

Capital and reserves

 

Called up share capital

8

129

129

Share premium reserve

199,971

199,971

Retained earnings

(705,165)

(653,282)

Shareholders' deficit

 

(505,065)

(453,182)

For the financial year ending 31 December 2023 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 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 September 2024 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 2023

1

General information

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

The address of its registered office is:
3rd Floor
86-90 Paul Street
London
EC2A 4NE
England

These financial statements were authorised for issue by the Board on 6 September 2024.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Rise Ventures Global Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Rise Ventures Global Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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 (2022 - 4).

 

Rise Ventures Global Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

36,950

36,950

At 31 December 2023

36,950

36,950

Amortisation

At 1 January 2023

15,563

15,563

Amortisation charge

7,322

7,322

At 31 December 2023

22,885

22,885

Carrying amount

At 31 December 2023

14,065

14,065

At 31 December 2022

21,387

21,387

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

9,442

9,442

At 31 December 2023

9,442

9,442

Depreciation

At 1 January 2023

5,097

5,097

Charge for the year

3,147

3,147

At 31 December 2023

8,244

8,244

Carrying amount

At 31 December 2023

1,198

1,198

At 31 December 2022

4,345

4,345

 

Rise Ventures Global Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Prepayments

-

17,705

Other debtors

-

11,300

-

29,005

7

Creditors

Creditors: amounts falling due within one year

2023
£

As Restated
2022
£

Due within one year

Trade creditors

312

14,735

PAYE and NIC

-

4,448

Accruals and deferred income

1,500

2,400

1,812

21,583

Creditors: amounts falling due after more than one year

Note

2023
£

As Restated
2022
£

Due after one year

 

Loans and borrowings

9

584,227

499,227

The amounts included in Loans and Borrowings relate to advances made by directors/shareholders. There is no fixed repayment date and so these advances have been included in amounts due after more than one year. The accounts presentation for the year ended 31 December 2022 has been restated to provide a comparable with 2023. There is no impact on the total position shown in the balance sheet at 31 December 2022.

 

Rise Ventures Global Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share A of £0.10 each

1,290

129

1,290

129

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

584,227

499,227

10

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

499,227

499,227

Advanced

85,000

85,000

At end of period

584,227

584,227

2022

Key management
£

Total
£

At start of period

199,227

199,227

Advanced

300,000

300,000

At end of period

499,227

499,227

Terms of loans from related parties
 

The loans advanced by the directors/shareholders are non interest bearing and have no fixed repayment date.