Company Registration No. 07099261 (England and Wales)
RISE ART LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
RISE ART LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
RISE ART LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
3,141
27,622
Current assets
Stocks
13,358
4,724
Debtors
25,149
12,531
Cash at bank and in hand
172,328
40,953
210,835
58,208
Creditors: amounts falling due within one year
(75,304)
(118,949)
Net current assets/(liabilities)
135,531
(60,741)
Total assets less current liabilities
138,672
(33,119)
Capital and reserves
Called up share capital
3
1,972
1,417
Share premium account
706,411
316,888
Profit and loss account
(569,711)
(351,424)
Shareholders' funds
138,672
(33,119)
For the financial year ended 31 December 2014 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 30 June 2015
M Steverlynck
Director
Company Registration No. 07099261
RISE ART LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The financial statements have been prepared on a going concern basis on the grounds of continued support from the directors and investors of the company. The financial statements do not include any adjustments that would result from a withdrawal of the support of the directors or investors.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for the sale and rental of artwork net of VAT. Income is recognised when contractually due.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% straight line basis
Computer equipment
25% straight line basis
Fixtures, fittings & equipment
25% straight line basis
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
RISE ART LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2014
104,704
Additions
2,006
At 31 December 2014
106,710
Depreciation
At 1 January 2014
77,082
Charge for the year
26,487
At 31 December 2014
103,569
Net book value
At 31 December 2014
3,141
At 31 December 2013
27,622
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
138,034 Ordinary shares of 1p each
1,380
1,000
59,208 Preference shares of 1p each
592
417
1,972
1,417
During the year
38,034
ordinary shares of £
0.01
each were allotted and fully paid at
a premium
for cash consideration to provide additional working capita
l. 17,542 preference shares of £0.01 each were allotted at a premium against loan stock upon conversion.