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Company No: 13897992 (England and Wales)

RISE FUNDING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

RISE FUNDING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

RISE FUNDING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
RISE FUNDING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 3 3,551 2,272
Investments 4 1 1
3,552 2,273
Current assets
Debtors 5 162,999 30,109
Cash at bank and in hand 90,653 113,187
253,652 143,296
Creditors: amounts falling due within one year 6 ( 198,664) ( 115,577)
Net current assets 54,988 27,719
Total assets less current liabilities 58,540 29,992
Net assets 58,540 29,992
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 58,440 29,892
Total shareholders' funds 58,540 29,992

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Rise Funding Limited (registered number: 13897992) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

W Van Lynden
Director

15 October 2024

RISE FUNDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
RISE FUNDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Rise Funding Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

The principal activity of the Company during the financial year was that of a financial intermediation.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

Year ended
31.03.2024
14 month period
to 31.03.2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 4 2

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2023 2,655 2,655
Additions 2,396 2,396
At 31 March 2024 5,051 5,051
Accumulated depreciation
At 01 April 2023 383 383
Charge for the financial year 1,117 1,117
At 31 March 2024 1,500 1,500
Net book value
At 31 March 2024 3,551 3,551
At 31 March 2023 2,272 2,272

4. Fixed asset investments

Investments in subsidiaries

31.03.2024
£
Cost
At 01 April 2023 1
At 31 March 2024 1
Carrying value at 31 March 2024 1
Carrying value at 31 March 2023 1

5. Debtors

31.03.2024 31.03.2023
£ £
Amounts owed by group undertakings 126,162 17,988
Amounts owed by connected companies 4,583 0
Prepayments and accrued income 27,103 12,066
Deposits 5,096 0
Other debtors 55 55
162,999 30,109

Amounts owed by group undertakings are unsecured, interest fee and not subject to any fixed terms of repayment.

6. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Amounts owed to connected companies 178,955 99,955
Accruals 4,200 3,600
Deferred tax liability 816 0
Taxation and social security 14,020 12,022
Other creditors 673 0
198,664 115,577

Amounts owed to connected companies are unsecured, interest fee and not subject to any fixed terms of repayment.

7. Deferred tax

31.03.2024 31.03.2023
£ £
At the beginning of financial year/period 0 0
Charged to the Statement of Income and Retained Earnings ( 816) 0
At the end of financial year/period ( 816) 0

The deferred taxation balance is made up as follows:

31.03.2024 31.03.2023
£ £
Accelerated capital allowances ( 888) 0
Other timing differences 72 0
( 816) 0

8. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100