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REGISTERED NUMBER: 07074474 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 30 November 2024

for

ASCO Engineering Limited

ASCO Engineering Limited (Registered number: 07074474)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


ASCO Engineering Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: S A Deegan
Mrs D Deegan



SECRETARY: Miss K Deegan



REGISTERED OFFICE: Greenhey House
Glebe Road
Skelmersdale
Lancashire
WN8 9JP



REGISTERED NUMBER: 07074474 (England and Wales)



SENIOR STATUTORY AUDITOR: Michael J Forshaw FCA



AUDITORS: Haines Watts Liverpool Limited
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

ASCO Engineering Limited (Registered number: 07074474)

Report of the Directors
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 November 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

S A Deegan
Mrs D Deegan

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Haines Watts Liverpool Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S A Deegan - Director


27 August 2025

Report of the Independent Auditors to the Members of
ASCO Engineering Limited

Opinion
We have audited the financial statements of ASCO Engineering Limited (the 'company') for the year ended 30 November 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
ASCO Engineering Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
ASCO Engineering Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks applicable to the company financial statements or that had a fundamental effect on the operations of the company. We determined that the most significant laws and regulations included, but were not limited to, United Kingdom Generally Accepted Accounting Practice, Companies Act 2006, distributable profits legislation and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items. Our tests including agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and review of correspondence with external legal advisors.

We assessed the susceptibility of the company's financial statements to material misstatement including how fraud might occur. Audit procedures performed by the engagement team included:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- Inquiring of management and those charged with governance about any known actual, suspected or alleged fraud;
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- Challenging assumptions and judgements made by management in its significant accounting estimates; and
- Identifying and testing journal entries, in particular any journal entries with unusual characteristics or posted by senior management.

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
ASCO Engineering Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michael J Forshaw FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Liverpool Limited
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

28 August 2025

ASCO Engineering Limited (Registered number: 07074474)

Income Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
as restated
Notes £ £

TURNOVER 10,535,102 8,428,680

Cost of sales 5,105,019 4,726,218
GROSS PROFIT 5,430,083 3,702,462

Administrative expenses 2,897,686 2,292,339
OPERATING PROFIT 4 2,532,397 1,410,123

Interest receivable and similar income 94,912 24,742
2,627,309 1,434,865

Interest payable and similar expenses 5 643 5,885
PROFIT BEFORE TAXATION 2,626,666 1,428,980

Tax on profit 6 450,875 156,113
PROFIT FOR THE FINANCIAL YEAR 2,175,791 1,272,867

ASCO Engineering Limited (Registered number: 07074474)

Other Comprehensive Income
for the Year Ended 30 November 2024

30.11.24 30.11.23
as restated
Notes £ £

PROFIT FOR THE YEAR 2,175,791 1,272,867


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,175,791

1,272,867

ASCO Engineering Limited (Registered number: 07074474)

Balance Sheet
30 November 2024

30.11.24 30.11.23
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 2,622,649 2,755,110
2,622,649 2,755,110

CURRENT ASSETS
Stocks 10 396,950 401,495
Debtors 11 2,340,825 2,922,874
Cash at bank and in hand 6,734,437 2,405,108
9,472,212 5,729,477
CREDITORS
Amounts falling due within one year 12 1,702,063 718,455
NET CURRENT ASSETS 7,770,149 5,011,022
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,392,798

7,766,132

PROVISIONS FOR LIABILITIES 15 606,988 156,113
NET ASSETS 9,785,810 7,610,019

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 9,785,710 7,609,919
SHAREHOLDERS' FUNDS 9,785,810 7,610,019

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2025 and were signed on its behalf by:




S A Deegan - Director



Mrs D Deegan - Director


ASCO Engineering Limited (Registered number: 07074474)

Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 December 2022 100 6,337,052 6,337,152

Changes in equity
Total comprehensive income - 1,272,867 1,272,867
Balance at 30 November 2023 100 7,609,919 7,610,019

Changes in equity
Total comprehensive income - 2,175,791 2,175,791
Balance at 30 November 2024 100 9,785,710 9,785,810

ASCO Engineering Limited (Registered number: 07074474)

Cash Flow Statement
for the Year Ended 30 November 2024

30.11.24 30.11.23
as restated
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 4,652,065 985,716
Interest paid (643 ) (5,885 )
Foreign Exchange Differences (155,059 ) -
Net cash from operating activities 4,496,363 979,831

Cash flows from investing activities
Purchase of tangible fixed assets (315,788 ) (78,457 )
Sale of tangible fixed assets 53,842 10,902
Interest received 94,912 24,742
Net cash from investing activities (167,034 ) (42,813 )

Increase in cash and cash equivalents 4,329,329 937,018
Cash and cash equivalents at beginning of
year

2

2,405,108

1,468,090

Cash and cash equivalents at end of year 2 6,734,437 2,405,108

ASCO Engineering Limited (Registered number: 07074474)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.11.24 30.11.23
as restated
£ £
Profit before taxation 2,626,666 1,428,980
Depreciation charges 341,906 342,459
Loss/(profit) on disposal of fixed assets 52,502 (338 )
Foreign Exchange Differences 155,059 -
Finance costs 643 5,885
Finance income (94,912 ) (24,742 )
3,081,864 1,752,244
Decrease in stocks 4,545 381,566
Decrease/(increase) in trade and other debtors 582,048 (1,066,872 )
Increase/(decrease) in trade and other creditors 983,608 (81,222 )
Cash generated from operations 4,652,065 985,716

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2024
30.11.24 1.12.23
£ £
Cash and cash equivalents 6,734,437 2,405,108
Year ended 30 November 2023
30.11.23 1.12.22
as restated
£ £
Cash and cash equivalents 2,405,108 1,468,090


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.23 Cash flow At 30.11.24
£ £ £
Net cash
Cash at bank and in hand 2,405,108 4,329,329 6,734,437
2,405,108 4,329,329 6,734,437
Total 2,405,108 4,329,329 6,734,437

ASCO Engineering Limited (Registered number: 07074474)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

ASCO Engineering 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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 - 10% on reducing balance
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 15% on reducing balance and 10% on reducing balance

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 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

ASCO Engineering Limited (Registered number: 07074474)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS
30.11.24 30.11.23
as restated
£ £
Wages and salaries 2,363,070 2,183,657
Social security costs 235,892 209,334
Other pension costs 46,083 40,581
2,645,045 2,433,572

The average number of employees during the year was as follows:
30.11.24 30.11.23
as restated

65 64

30.11.24 30.11.23
as restated
£ £
Directors' remuneration 59,919 18,897

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.24 30.11.23
as restated
£ £
Hire of plant and machinery 13,137 5,160
Depreciation - owned assets 341,906 342,459
Loss/(profit) on disposal of fixed assets 52,502 (338 )
Auditors' remuneration 10,000 10,000
Foreign exchange differences 155,059 26,115

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.24 30.11.23
as restated
£ £
Bank interest 643 5,885

ASCO Engineering Limited (Registered number: 07074474)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.24 30.11.23
as restated
£ £
Deferred tax 450,875 156,113
Tax on profit 450,875 156,113

7. PRIOR YEAR ADJUSTMENT

On review of the fixed asset classification, it has been noted previously that all fixed assets were classified as plant and machinery. In the current year, the classification of the fixed assets has been amended and the fixed assets as they are presented in note 9 are now broken up into additional categories of fixed assets.

In addition to this, on review of the stock balance, it has been identified that an accrued income balance of £886,254 has previously been included within the stock and WIP balance. In the current year, the classification of this balance has been amended with the balance now showing within the debtor balance.

This adjustment has no impact on the profit after tax figure previously reported.

8. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 December 2023
and 30 November 2024 60,000
AMORTISATION
At 1 December 2023
and 30 November 2024 60,000
NET BOOK VALUE
At 30 November 2024 -
At 30 November 2023 -

ASCO Engineering Limited (Registered number: 07074474)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 December 2023 4,188,028 133,911 298,661 161,683 4,782,283
Additions 219,988 5,220 78,407 12,173 315,788
Disposals (197,550 ) - (14,450 ) - (212,000 )
At 30 November 2024 4,210,466 139,131 362,618 173,856 4,886,071
DEPRECIATION
At 1 December 2023 1,767,384 69,878 129,401 60,510 2,027,173
Charge for year 250,078 16,724 58,750 16,354 341,906
Eliminated on disposal (94,707 ) - (10,950 ) - (105,657 )
At 30 November 2024 1,922,755 86,602 177,201 76,864 2,263,422
NET BOOK VALUE
At 30 November 2024 2,287,711 52,529 185,417 96,992 2,622,649
At 30 November 2023 2,420,644 64,033 169,260 101,173 2,755,110

10. STOCKS
30.11.24 30.11.23
as restated
£ £
Stocks 396,950 401,495

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
as restated
£ £
Trade debtors 1,777,674 1,924,990
Other debtors 75,872 75,000
Prepayments and accrued income 487,279 922,884
2,340,825 2,922,874

ASCO Engineering Limited (Registered number: 07074474)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
as restated
£ £
Trade creditors 449,845 396,775
Social security and other taxes 147,602 119,365
VAT 21,489 105,924
Other creditors - 24,507
Accruals and deferred income 1,083,127 71,884
1,702,063 718,455

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.11.24 30.11.23
as restated
£ £
Within one year 298,452 298,452
Between one and five years 1,492,260 1,492,260
In more than five years 770,251 1,069,453
2,560,963 2,860,165

14. SECURED DEBTS

There is a fixed and floating charge in favour of National Westminster Bank PLC over all the property or undertaking of the company, created on 11 December 2019.

There is a debenture in favour of Santander UK PLC over all rights, title, estate and other interests of the company, created on 4 October 2018.

15. PROVISIONS FOR LIABILITIES
30.11.24 30.11.23
as restated
£ £
Deferred tax 606,988 156,113

Deferred tax
£
Balance at 1 December 2023 156,113
Provided during year 450,875
Balance at 30 November 2024 606,988

ASCO Engineering Limited (Registered number: 07074474)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.24 30.11.23
value: as restated
£ £
100 Ordinary 1 100 100

17. RESERVES
Retained
earnings
£

At 1 December 2023 7,609,919
Profit for the year 2,175,791
At 30 November 2024 9,785,710

18. RELATED PARTY DISCLOSURES

During the year, there was £85,852 (2023: £59,625) paid to ASCO FZCO, a company under common ownership and control, for the provision of consultancy services.

19. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by way of their shareholdings, by way of direct and indirect holdings.