2023-01-012023-12-312023-12-31false07099261Rise Art 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Rise Art Limited

Registered Number
07099261
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Rise Art Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

CHEN, H Y
FULLARTON MACKINNON, C
PHILLIPS, S
STEVERLYNCK, M M

Registered Address

71-75 Shelton Street
London
WC2H 9JQ

Registered Number

07099261 (England and Wales)
Rise Art Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets3257,908242,591
Tangible assets4498865
258,406243,456
Current assets
Stocks524,53529,564
Debtors689,515152,817
Cash at bank and on hand194,127167,428
308,177349,809
Creditors amounts falling due within one year7(145,650)(208,777)
Net current assets (liabilities)162,527141,032
Total assets less current liabilities420,933384,488
Creditors amounts falling due after one year8(14,803)(317,074)
Net assets406,13067,414
Capital and reserves
Called up share capital3,6343,300
Share premium2,316,3661,625,515
Profit and loss account(1,913,870)(1,561,401)
Shareholders' funds406,13067,414
The financial statements were approved and authorised for issue by the Board of Directors on 26 September 2024, and are signed on its behalf by:
STEVERLYNCK, M M
Director
Registered Company No. 07099261
Rise Art Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
Rise Art is a private company, limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added taxes and other sales taxes.
Interest income
Interest income is recognised using the effective interest rate method.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account. Development costs are being amortised evenly over their estimated useful life of four years.
Research and development
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
Development costs
Capitalised development costs are stated at cost less accumulated amortisation and accumulated impairment losses (cost model). Amortisation is recognised using the straight-line basis and results in the carrying amount being expensed in profit or loss over the estimated useful life.
Tangible fixed assets and depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
Fixtures and fittings4
Office Equipment4
Stocks and work in progress
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments. A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20232022
Average number of employees during the year66
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 23372,306372,306
Additions122,079122,079
At 31 December 23494,385494,385
Amortisation and impairment
At 01 January 23129,715129,715
Charge for year106,762106,762
At 31 December 23236,477236,477
Net book value
At 31 December 23257,908257,908
At 31 December 22242,591242,591
4.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 January 23100,3983,71417,120121,232
At 31 December 23100,3983,71417,120121,232
Depreciation and impairment
At 01 January 23100,3983,71416,255120,367
Charge for year--367367
At 31 December 23100,3983,71416,622120,734
Net book value
At 31 December 23--498498
At 31 December 22--865865
5.Stocks

2023

2022

££
Other stocks24,53529,564
Total24,53529,564
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables-53,739
Other debtors89,51599,078
Total89,515152,817
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables112,350114,856
Taxation and social security14,09216,537
Other creditors13,27977,384
Accrued liabilities and deferred income5,929-
Total145,650208,777
8.Creditors: amounts due after one year

2023

2022

££
Other creditors14,803317,074
Total14,803317,074