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1Q LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2025
The company is a private company limited by shares and registered in Scotland. The
company's registered number and office address can be found on the Company Information page.
2.Accounting policies
The financial statements have been prepared on the going concern basis.
In assessing the appropriateness of this basis of preparation, the director has considered the company's financial position and its ability to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements in accordance with the requirements of FRS 102.
At 31 October 2025, the company had net liabilities of £2,399 and was funded principally by a loan of £175,000 from Rustiq Tech Ltd. Subsequent to the year end, this loan was converted into equity, significantly strengthening the company's balance sheet and reducing its financial obligations.
The director has considered the company's expected trading performance, forecast cash flows and available financial resources for the assessment period. Having taken into account the post year-end conversion of the loan to equity and the expected level of available funding, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the director considers it appropriate to prepare the financial statements on the going concern basis and have concluded that no material uncertainties exist that would cast significant doubt on the company's ability to continue as a going concern.
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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