REGISTERED NUMBER: SC244061 (Scotland)

ASCOG LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

9

Accountants' Report

10

DIRECTORS:

Duncan MacIntyre

Catriona Mary MacIntyre

Linda Mary MacIntyre

SECRETARY:

Linda Mary MacIntyre

REGISTERED OFFICE:

17 Argyle Street

Rothesay

Isle of Bute

PA20 0AU

REGISTERED NUMBER:

SC244061 (Scotland)

ACCOUNTANTS:

Azets

Accountants

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

BANKERS:

Santander

301 St Vincent Street

Glasgow

G2 5HN

FIXED ASSETS

Intangible assets

4

10,001

20,001

Tangible assets

5

376,742

390,660

386,743

410,661

CURRENT ASSETS

Stocks

6

55,500

66,350

Debtors

7

73,925

94,867

Cash at bank and in hand

79,590

88,411

209,015

249,628

CREDITORS

Amounts falling due within one year

8

184,110

192,713

NET CURRENT ASSETS

24,905

56,915

TOTAL ASSETS LESS CURRENT LIABILITIES

411,648

467,576

CREDITORS

Amounts falling due after more than one year

9

(257,500

)

(358,750

)

PROVISIONS FOR LIABILITIES

11

(11,132

)

(12,414

)

NET ASSETS

143,016

96,412

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

142,916

96,312

SHAREHOLDERS' FUNDS

143,016

96,412

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

Duncan MacIntyre - Director

1.	STATUTORY INFORMATION

Ascog Limited is a private company, limited by shares, registered in Scotland. The Company's registered number is SC244061 and registered office address is 17 Argyle Street, Rothesay, Isle of Bute, PA20 OAU.

The nature of the Company's operations and its principal activities for the year under review was that providing veterinary services.

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.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to be sold, or where stock is sold post year end at a loss.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due;

- the costs incurred can be measured reliably.

Goodwill

Goodwill on the acquisition of the Rothesay practice has not been amortised. Goodwill on the acquisition of the Dunoon practice is being amortised over five years which is the expected useful life of the asset.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Improvements to property

-

5% on cost

Fixtures and fittings

-

25% on cost and 10% on cost

Motor vehicles

-

25% on cost

Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

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

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Research and development

Expenditure on research activities is recognised in the income statement as an expense as incurred.

Expenditure on development activities is capitalised if the product or process is technically and commercially feasible and the Company intends to and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities improve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads and capitalised borrowing costs. Other development expenditure is recognised in the income statement as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses

Leases

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2024 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

200,764

AMORTISATION

At 1 April 2024

180,763

Charge for year

10,000

At 31 March 2025

190,763

NET BOOK VALUE

At 31 March 2025

10,001

At 31 March 2024

20,001

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

Motor

property

property

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2024

214,281

178,706

153,789

34,151

580,927

Additions

-

-

14,435

-

14,435

Disposals

-

-

-

(10,400

)

(10,400

)

At 31 March 2025

214,281

178,706

168,224

23,751

584,962

DEPRECIATION

At 1 April 2024

18,785

23,463

119,999

28,020

190,267

Charge for year

4,285

8,936

10,377

4,322

27,920

Eliminated on disposal

-

-

-

(9,967

)

(9,967

)

At 31 March 2025

23,070

32,399

130,376

22,375

208,220

NET BOOK VALUE

At 31 March 2025

191,211

146,307

37,848

1,376

376,742

At 31 March 2024

195,496

155,243

33,790

6,131

390,660

The net book value of tangible fixed assets includes £NIL (2024 - £ 9,130 ) in respect of assets held under hire purchase contracts.

6.

STOCKS

2025

2024

£

£

Stocks

55,500

66,350

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

58,911

78,772

Prepayments

15,014

16,095

73,925

94,867

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

-

2,180

Trade creditors

59,808

35,710

Corporation tax

36,419

20,685

Social security and other taxes

8,304

9,752

Value added tax

30,929

36,626

Other creditors

4,559

1,223

Bank loan

-

15,000

Directors' current accounts

34,025

64,262

Accrued expenses

10,066

7,275

184,110

192,713

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loan

-

101,250

Director's loan

257,500

257,500

257,500

358,750

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Director's loan

257,500

257,500

Repayable by instalments

Bank loan

-

101,250

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

-

2,180

Bank loans are secured by negative pledge over the freehold property held in the company.

Hire purchase creditors are secured over the asset to which they relate.

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

11,132

12,414

Deferred

tax

£

Balance at 1 April 2024

12,414

Profit and loss account

(1,282

)

Balance at 31 March 2025

11,132

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The balances due on the directors current accounts at 31st March, 2025 amounted to £291,525 (2024 - £321,762).

13.	ULTIMATE CONTROLLING PARTY

The company is under the control of the director C MacIntyre by virtue of their majority shareholding in the company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ascog Limited for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Ascog Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ascog Limited and state those matters that we have agreed to state to the Board of Directors of Ascog Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ascog Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ascog Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ascog Limited. You consider that Ascog Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ascog Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Azets

Accountants

Titanium 1

King's Inch Place

Renfrew

PA4 8WF

26 September 2025