Registration number:
Rise Up Projects Ltd
for the Year Ended 31 May 2025
Rise Up Projects Ltd
(Registration number: 12023272)
Balance Sheet as at 31 May 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Debtors |
- |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current (liabilities)/assets |
( |
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1 |
1 |
|
|
Retained earnings |
205,786 |
137,462 |
|
|
Shareholders' funds |
205,787 |
137,463 |
For the financial year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
|
• |
|
|
• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
|
......................................... |
Rise Up Projects Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
|
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
|
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 financial statements have been prepared on a going concern basis.
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.
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.
Rise Up Projects Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
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.
The company purchased a property in May 2025, which is to be used to house young care receivers.
Depreciation
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful economic life,on the following basis:
|
Asset class |
Depreciation method and rate |
|
Motor vehicles |
20% reducing balance method |
|
Freehold land & buildings |
1% per annum,straight line on depreciable amount |
Freehold land is not depreciated.
Assets held under finance leases are depreciated in the same manner as owned assets.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value, and is credited or charged to profit and loss.
The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account. The net book value of the company's freehold buildings reflect the high quality nature of these assets and the company's practice is to maintain these assets in a continual state of sound repair and to make improvements, and reburshments thereto as and when necessary.
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.
Rise Up Projects Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
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.
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.
The company has taken loan from Rapture Homes Ltd of £140,000 on 13/05/2025. The Loan shall bear interest at a rate of 10% per annum. The company shall repay the outstanding principal together with all accrued interest:
• in full no later than two (2) years from the Advance Date; or
• in one lump sum at any earlier time; or
• in no more than four (4) instalments within the two-year period.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Rise Up Projects Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
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.
|
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
|
Tangible assets |
|
Land and buildings |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 June 2024 |
- |
|
|
|
Additions |
|
- |
|
|
At 31 May 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 June 2024 |
- |
|
|
|
Charge for the year |
- |
|
|
|
At 31 May 2025 |
- |
|
|
|
Carrying amount |
|||
|
At 31 May 2025 |
|
|
|
|
At 31 May 2024 |
- |
|
|
Included within the net book value of land and buildings above is £333,869 (2024 - £Nil) in respect of freehold land and buildings.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts - Motor vehicles £38,801 (2024: £48,501). Depreciation charge for the year in respect of leased assets - £9,700 (2024: £12,107).
|
Debtors |
|
Current |
2025 |
2024 |
|
Other debtors |
- |
|
|
- |
|
Rise Up Projects Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2025 |
2024 |
|
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
- |
- |
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Hire purchase contracts |
|
|
|
Other borrowings |
|
- |
|
|
|
|
Current loans and borrowings
|
2025 |
2024 |
|
|
Hire purchase contracts |
|
|
Operating leases
The total of future minimum lease payments is as follows:
Rise Up Projects Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025
|
2025 |
2024 |
|
|
Not later than one year |
|
- |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Related party transactions |
During the year, the company made the following related party transactions:
Director
At the balance sheet date, the amounts due to its directors was £5,567 (2024: £1,613). These loans were unsecured, interest free and repayable on demand.
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1 |
|
1 |