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REGISTERED NUMBER: 07492681 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

ASCOT LABORATORIES LIMITED

ASCOT LABORATORIES LIMITED (REGISTERED NUMBER: 07492681)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ASCOT LABORATORIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr D Ghelani
Mr B Radia
Dr A Alam





REGISTERED OFFICE: 1 Warwick Place
Warwick Road
Borehamwood
Hertfordshire
WD6 1UA





REGISTERED NUMBER: 07492681 (England and Wales)





ACCOUNTANTS: David Simon Limited
Chartered Certified Accountants
5 Jardine House
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX

ASCOT LABORATORIES LIMITED (REGISTERED NUMBER: 07492681)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 468,704 546,822
Tangible assets 5 1,017,658 1,060,384
Investments 6 36,736 36,736
1,523,098 1,643,942

CURRENT ASSETS
Stocks 1,184,759 535,753
Debtors 7 4,680,595 3,765,757
Cash at bank and in hand 33,101 395,476
5,898,455 4,696,986
CREDITORS
Amounts falling due within one year 8 1,773,813 1,342,248
NET CURRENT ASSETS 4,124,642 3,354,738
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,647,740

4,998,680

CREDITORS
Amounts falling due after more than one
year

9

1,396,952

1,536,876
NET ASSETS 4,250,788 3,461,804

CAPITAL AND RESERVES
Called up share capital 762 762
Share premium 1,874,836 1,874,836
Capital redemption reserve 3 3
Retained earnings 2,375,187 1,586,203
SHAREHOLDERS' FUNDS 4,250,788 3,461,804

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

ASCOT LABORATORIES LIMITED (REGISTERED NUMBER: 07492681)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by:




Mr D Ghelani - Director



Dr A Alam - Director


ASCOT LABORATORIES LIMITED (REGISTERED NUMBER: 07492681)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Ascot Laboratories Limited is a private company, limited by shares , registered in England and Wales. 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.

Preparation of consolidated financial statements
The financial statements contain information about Ascot Laboratories Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Research and Development are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

ASCOT LABORATORIES LIMITED (REGISTERED NUMBER: 07492681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Research and development
Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the lower of the life of the project or 5 years.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Business grants are credited to profit and loss account on an accruals basis where it is probable that they will be received.

Government assisted loans
Loans received through the Bounce Back Loan Scheme (BBLS) or the Coronavirus Business Interruption Loan Scheme (CBILS) are accounted for on the date the funds are received by the company. The first twelve months of the interest charge, which is funded by the government, is recognised in the profit and loss account as both an interest charge and as a government grant receivable.

Finance lease
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 66 (2023 - 59 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2023
and 31 May 2024 1,357,151
AMORTISATION
At 1 June 2023 810,329
Charge for year 78,118
At 31 May 2024 888,447
NET BOOK VALUE
At 31 May 2024 468,704
At 31 May 2023 546,822

ASCOT LABORATORIES LIMITED (REGISTERED NUMBER: 07492681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 1,951,702
Additions 202,250
Disposals (21,393 )
At 31 May 2024 2,132,559
DEPRECIATION
At 1 June 2023 891,318
Charge for year 229,981
Eliminated on disposal (6,398 )
At 31 May 2024 1,114,901
NET BOOK VALUE
At 31 May 2024 1,017,658
At 31 May 2023 1,060,384

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 36,736
NET BOOK VALUE
At 31 May 2024 36,736
At 31 May 2023 36,736

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,045,803 656,401
Amounts owed by group undertakings 3,510,935 2,826,854
Other debtors 123,857 282,502
4,680,595 3,765,757

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 369,066 14,221
Hire purchase contracts 239,814 217,507
Trade creditors 818,889 586,194
Taxation and social security 156,762 205,787
Other creditors 189,282 318,539
1,773,813 1,342,248

ASCOT LABORATORIES LIMITED (REGISTERED NUMBER: 07492681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 10,412 20,683
Hire purchase contracts 522,007 696,130
Other creditors 864,533 820,063
1,396,952 1,536,876

10. SECURITY GIVEN

HSBC Bank Plc has a fixed and floating charge over the assets of the company and contains a negative pledge.