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REGISTERED NUMBER: SC637051 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

RULE 1 LIMITED

RULE 1 LIMITED (REGISTERED NUMBER: SC637051)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RULE 1 LIMITED

COMPANY INFORMATION
for the year ended 30 September 2024







DIRECTOR: C M Bainton





REGISTERED OFFICE: Q Court
3 Quality Street
Edinburgh
EH4 5BP





REGISTERED NUMBER: SC637051 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

RULE 1 LIMITED (REGISTERED NUMBER: SC637051)

BALANCE SHEET
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,395 422

CURRENT ASSETS
Debtors 5 9,821 6,814
Cash at bank and in hand 120,493 120,730
130,314 127,544
CREDITORS
Amounts falling due within one year 6 15,894 42,626
NET CURRENT ASSETS 114,420 84,918
TOTAL ASSETS LESS CURRENT
LIABILITIES

115,815

85,340

PROVISIONS FOR LIABILITIES 7 265 84
NET ASSETS 115,550 85,256

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 115,549 85,255
115,550 85,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RULE 1 LIMITED (REGISTERED NUMBER: SC637051)

BALANCE SHEET - continued
30 September 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 June 2025 and were signed by:





C M Bainton - Director


RULE 1 LIMITED (REGISTERED NUMBER: SC637051)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2024

1. STATUTORY INFORMATION

Rule 1 Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover represents the provision of consultancy services excluding VAT.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 25% per annum on cost

The carrying values of tangible fixed assets are reviewed for impairment on an annual basis.

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument 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 and loans to related parties.

Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.


RULE 1 LIMITED (REGISTERED NUMBER: SC637051)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024

2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 October 2023 1,282
Additions 1,250
Disposals (800 )
At 30 September 2024 1,732
DEPRECIATION
At 1 October 2023 860
Charge for year 277
Eliminated on disposal (800 )
At 30 September 2024 337
NET BOOK VALUE
At 30 September 2024 1,395
At 30 September 2023 422

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 9,821 6,814

RULE 1 LIMITED (REGISTERED NUMBER: SC637051)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 September 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 6,609 12,627
Other creditors 9,285 29,999
15,894 42,626

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 265 84

Deferred
tax
£   
Balance at 1 October 2023 84
Provided during year 181
Balance at 30 September 2024 265

8. RELATED PARTY DISCLOSURES

Included in "Other creditors" is an amount of £6,618 (2023 - £27,467) due to the director. The loan is interest free and repayable on demand.