Company registration number 11098785 (England and Wales)
ASCENT HOLDING GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2025
31 January 2025
ASCENT HOLDING GROUP LIMITED
COMPANY INFORMATION
Director
Mr Q Nazir
Company number
11098785
Registered office
1 Hardman Street
Spinningfields
Manchester
M3 3HF
Auditor
AMS Audit Limited
1 Hardman Street
Spinningfields
Manchester
M3 3HF
ASCENT HOLDING GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 34
ASCENT HOLDING GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -

The director presents the strategic report for the year ended 31 January 2025.

Review of the business

The group operates a network of community pharmacies across England and Wales, providing NHS and private pharmaceutical services, clinical consultations, and healthcare advice across all areas with which our sites are located.

The 2024/​​25 financial year represented a pivotal period for the community pharmacy sector, given the changes in the pharmacy contract, with the introduction of the Pharmacy First scheme at the end of the previous year, and then the continuation of financial pressures that have affected the entire sector in recent years, with staff costs and overheads continuing to increase ahead of the Community Pharmacy Contractual Framework uplift received from the NHS directly, and despite the additional funding then added through the Pharmacy First scheme introduced.

Whilst the current year’s results reflected a year of consolidation and reorganisation, following the significant expansion, through acquisition, as undertaken in the previous year, and the direct focus was on achieving operational synergy across all pharmacy branches within the group, whilst improving service delivery wherever possible. The output being easily measured in the number of items dispensed and NHS service consultations subsequently delivered across the entire estate, which reflects our commitment to accessible, high quality care, with each and every site now operated.

Despite the increased wider financial pressure on the pharmacy sector, and the impact of operational changes in lieu of long term results, the underlying results remain positive and our key financial performance indicators remain widely consistent across the group – whilst being heavily supported by the results of our key non-financial performance indicators as set out below.

The results are in tandem with our commitment and ongoing investment in workforce development, systems, processes and new technology, that allows the group to move forwards in-line with the wider operational improvements now being adopted across the sector.

Key performance indicators

Financial

Financial key performance indicators (KPIs) for the year included:

- Gross profit margin

- Staff costs as a percentage of income

- Rents and overheads as a percentage of income

- Operating profit margin

All being viewed with and without income received for additional service delivery being included.

For the period under review, the KPIs were as follows:

2025 2024

- Gross profit margin 31% 31%

- Staff costs as a percentage of income 12% 12%

- Rents and overheads as a percentage of income 27% 26%

- Operating profit margin 4% 6%

ASCENT HOLDING GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -

Strategic Focus

The group's focus remains on maximising operational synergy across all pharmacy branches within the group to continue to maximise the delivery of both NHS and private pharmaceutical services, clinical consultations, and healthcare advice across all communities with which our sites are located.

Our strategy for the period ahead is to:

- Maximise opportunities from the Pharmacy First scheme and other clinical services

- Continue to expand clinical service provision in line with NHS priorities and the government's shift from hospital to community care

- Invest in digital infrastructure to streamline operations, improve patient experience, and integrate with NHS systems for enhanced information sharing

- Strengthen workforce skills and capacity through ongoing training, recruitment, and retention initiatives, recognising the national shortage of pharmacists

- Enhance operational efficiency and cost control to address the significant funding gap and mitigate ongoing inflationary pressures

- Collaborate with NHS and local partners to support integrated care and public health outcomes, positioning community pharmacy as a cornerstone of the government's 10 Year Health Plan.

- Advocate actively for sustainable long-​term funding that reflects the true Full Economic Cost of service delivery.

On behalf of the board

Mr Q Nazir
Director
11 March 2026
ASCENT HOLDING GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 January 2025.

Principal activities

The principal activity of the company and group was that of the delivery of pharmaceutical services.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £170,990. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr Q Nazir
Auditor

AMS Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

ASCENT HOLDING GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -
On behalf of the board
Mr Q Nazir
Director
11 March 2026
ASCENT HOLDING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASCENT HOLDING GROUP LIMITED
- 5 -

Qualified opinion

We have audited the financial statements of Ascent Holding Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2025 and of the group's 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 qualified opinion

We were appointed as auditor of the Company after 31 January 2024 and were therefore unable to observe the physical inventory count at that date. We were also unable to obtain sufficient appropriate audit evidence by alternative means regarding the quantity and condition of inventories as at 31 January 2024, which are recorded in the Group balance sheet at £1,110,418. Accordingly, we were unable to determine whether any adjustments to this balance were necessary or whether any resulting adjustments would affect the current year’s profit or loss.

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's 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 group's and parent 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 director with respect to going concern are described in the relevant sections of this report.

ASCENT HOLDING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASCENT HOLDING GROUP LIMITED
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,110,418 held at 31 January 2024. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines is 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 director is responsible for assessing the group's and parent 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 director either intends to liquidate the group or parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

ASCENT HOLDING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASCENT HOLDING GROUP LIMITED
- 7 -

We gained an understanding of the legal and regulatory framework applicable to the Group and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the Group that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the GPhC, Companies Act 2006 and equivalent local laws and regulations.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the board meetings, legal reports provided to the Group and correspondence between the Group and its solicitors. Audit procedures performed by the engagement team included:

- Discussion with management, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud;

- Review of financial statement disclosures to underlying supporting documentation;

- Challenging assumptions and judgements made by management in their significant accounting estimates;

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

This is the first year in which we have been appointed as auditors of the Company. Accordingly, the comparative figures for the year ended 31 January 2024 are unaudited.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Speakman ACCA (Senior Statutory Auditor)
For and on behalf of AMS Audit Limited, Statutory Auditor
Chartered Accountants
1 Hardman Street
Spinningfields
Manchester
M3 3HF
11 March 2026
ASCENT HOLDING GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
23,908,518
15,621,471
Cost of sales
(16,509,710)
(10,783,020)
Gross profit
7,398,808
4,838,451
Administrative expenses
(6,397,661)
(4,009,291)
Other operating income
38,152
7,544
Operating profit
4
1,039,299
836,704
Share of profits of associates
166,278
324,910
Interest receivable and similar income
7
469
55
Interest payable and similar expenses
8
(12,684)
(112,218)
Profit before taxation
1,193,362
1,049,451
Tax on profit
9
(264,264)
(181,904)
Profit for the financial year
25
929,098
867,547
Profit for the financial year is attributable to:
- Owners of the parent company
872,311
849,355
- Non-controlling interests
56,787
18,192
929,098
867,547
Total comprehensive income for the year is attributable to:
- Owners of the parent company
872,311
849,355
- Non-controlling interests
56,787
18,192
929,098
867,547
ASCENT HOLDING GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
4,308,460
5,412,014
Tangible assets
12
147,780
128,467
Investments
13
672,536
506,259
5,128,776
6,046,740
Current assets
Stocks
17
985,701
1,110,418
Debtors
18
12,220,568
11,205,585
Cash at bank and in hand
2,737,522
1,334,694
15,943,791
13,650,697
Creditors: amounts falling due within one year
19
(9,220,698)
(8,963,629)
Net current assets
6,723,093
4,687,068
Total assets less current liabilities
11,851,869
10,733,808
Creditors: amounts falling due after more than one year
20
(6,184,670)
(5,828,056)
Provisions for liabilities
Deferred tax liability
22
25,985
22,646
(25,985)
(22,646)
Net assets
5,641,214
4,883,106
Capital and reserves
Called up share capital
24
125
125
Other reserves
25
29,960
29,960
Profit and loss reserves
25
5,195,172
4,493,851
Equity attributable to owners of the parent company
5,225,257
4,523,936
Non-controlling interests
415,957
359,170
Total equity
5,641,214
4,883,106

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 11 March 2026
Mr Q Nazir
Director
Company registration number 11098785 (England and Wales)
ASCENT HOLDING GROUP LIMITED
COMPANY BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
651
651
Current assets
Debtors
18
12,382,660
12,339,039
Cash at bank and in hand
10,313
1,648
12,392,973
12,340,687
Net current assets
12,392,973
12,340,687
Total assets less current liabilities
12,393,624
12,341,338
Creditors: amounts falling due after more than one year
20
(12,164,447)
(12,111,593)
Net assets
229,177
229,745
Capital and reserves
Called up share capital
24
125
125
Profit and loss reserves
25
229,052
229,620
Total equity
229,177
229,745

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The company’s profit for the year was £170,422 (2024 - £169,820 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 11 March 2026
Mr Q Nazir
Director
Company registration number 11098785 (England and Wales)
ASCENT HOLDING GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 February 2023
125
29,960
3,797,775
3,827,860
358,009
4,185,869
Year ended 31 January 2024:
Profit and total comprehensive income
-
-
849,355
849,355
18,192
867,547
Dividends
10
-
-
(153,279)
(153,279)
(17,031)
(170,310)
Balance at 31 January 2024
125
29,960
4,493,851
4,523,936
359,170
4,883,106
Year ended 31 January 2025:
Profit and total comprehensive income
-
-
872,311
872,311
56,787
929,098
Dividends
10
-
-
(170,990)
(170,990)
-
(170,990)
Balance at 31 January 2025
125
29,960
5,195,172
5,225,257
415,957
5,641,214
ASCENT HOLDING GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2023
125
230,110
230,235
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
169,820
169,820
Dividends
10
-
(170,310)
(170,310)
Balance at 31 January 2024
125
229,620
229,745
Year ended 31 January 2025:
Profit and total comprehensive income
-
170,422
170,422
Dividends
10
-
(170,990)
(170,990)
Balance at 31 January 2025
125
229,052
229,177
ASCENT HOLDING GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
30
2,243,054
(3,597,917)
Interest paid
(12,684)
(112,218)
Income taxes paid
(360,553)
(610,020)
Net cash inflow/(outflow) from operating activities
1,869,817
(4,320,155)
Investing activities
Purchase of intangible assets
(874)
(5,683,114)
Proceeds from disposal of intangibles
699,155
360,118
Purchase of tangible fixed assets
(79,642)
(90,492)
Proceeds from disposal of tangible fixed assets
9,894
89,182
Repayment of loans
36,170
78,498
Interest received
470
55
Net cash generated from/(used in) investing activities
665,173
(5,245,753)
Financing activities
Proceeds from borrowings
-
4,770,603
Repayment of borrowings
(792,617)
-
Repayment of bank loans
(168,555)
(48,112)
Dividends paid to equity shareholders
(170,990)
(153,279)
Dividends paid to non-controlling interests
-
(17,031)
Net cash (used in)/generated from financing activities
(1,132,162)
4,552,181
Net increase/(decrease) in cash and cash equivalents
1,402,828
(5,013,727)
Cash and cash equivalents at beginning of year
1,334,694
6,348,421
Cash and cash equivalents at end of year
2,737,522
1,334,694
ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 14 -
1
Accounting policies
Company information

Ascent Holding Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Hardman Street, Spinningfields, Manchester, M3 3HF.

The group consists of Ascent Holding Group Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;true

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues true: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’true: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ascent Holding Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 January 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
5% straight line method
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance method
Computers
33% straight line method
Motor vehicles
25% reducing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 18 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

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

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 19 -
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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 20 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
--
- 21 -
1.18

Subsidiary undertakings exempt from audit

Under Section 479a of the Companies Act 2006 available to subsidiary undertakings, the company provides a guarantee in respect of the below subsidiary undertakings claiming exemption from audit.

Name Registration Number

Ascent (Wollaton) Limited 14549317

Ascent (Sherwood) Limited 14549373

Ascent (Clowne) Limited 14540679

AQA Group Limited 14763500

Ascent (South East) Limited 11393609

Ascent Healthcare Limited 10311966

Ascent Spondon Limited 11398226

LP SD Six Limited 14744168

LP SD Seven Limited 14749904

Ascent (Coulby Newham) Limited 14539511

LP SD Five Limited 14744430

LP SD Twenty Six Limited 14766960

Ascent (Coalville) Limited 14632800

LP SD Sixty Five Limited 15074437

LP SD Sixty Six Limited 15074398

LP SD One Hundred Twenty One Limited 15075116

Ascent (Mansfield) Limited 14540482

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverability of related party loans

The directors have noted that there is £713,355 of debtors due to the group from related parties where the group has assisted in funding the initial working capital of the related party in its first period of trade. The directors consider that these balances are fully recoverable in the future.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock

The director considers stock valuation to be a key source of estimation uncertainty. The company uses 3rd party experts, Retail & Asset Solutions Limited, to count and value the stock at the year end. The value of the stock is based on industry cost guidance less impairment. At 31 January 2025 the stock was valued at £985,071 (2024: £1,110,418).

ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 22 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
NHS Sales
21,993,575
14,106,535
Non-NHS Sales
1,505,541
944,944
Vaccination income
409,402
569,992
23,908,518
15,621,471
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
23,908,518
15,621,471
2025
2024
£
£
Other revenue
Interest income
469
55
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
25,000
-
Depreciation of tangible fixed assets
52,113
32,012
Profit on disposal of tangible fixed assets
(1,678)
(89,182)
Amortisation of intangible assets
453,106
351,482
Profit on disposal of intangible assets
(47,833)
-
Operating lease charges
272,994
332,357
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Employees
175
179
1
1
ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
5
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,716,137
1,709,669
-
0
-
0
Social security costs
190,656
113,806
-
-
Pension costs
40,335
24,813
-
0
-
0
2,947,128
1,848,288
-
0
-
0

The average employee numbers in the comparative period are high due to the acquisition of subsidiaries in the year.

6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
9,096
9,096
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
469
55
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
9,212
18,400
Other interest on financial liabilities
2,650
88,155
Other interest
822
5,663
Total finance costs
12,684
112,218
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
261,987
159,258
ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
9
Taxation
2025
2024
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
2,277
22,646
Total tax charge
264,264
181,904

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,193,362
1,049,451
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
298,341
262,363
Tax effect of income not taxable in determining taxable profit
(67,002)
(81,227)
Tax effect of utilisation of tax losses not previously recognised
51,733
(18,286)
Permanent capital allowances in excess of depreciation
(18,808)
(2,836)
Tax at marginal rate
-
21,890
Taxation charge
264,264
181,904
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
170,990
170,310
ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 25 -
11
Intangible fixed assets
Group
Patents & licences
£
Cost
At 1 February 2024
5,912,133
Additions
874
Disposals
(651,322)
Transfers
(93,781)
At 31 January 2025
5,167,904
Amortisation and impairment
At 1 February 2024
500,119
Amortisation charged for the year
453,106
Disposals
(93,781)
At 31 January 2025
859,444
Carrying amount
At 31 January 2025
4,308,460
At 31 January 2024
5,412,014
The company had no intangible fixed assets at 31 January 2025 or 31 January 2024.

Transfers represent sales and purchases of licences between group companies at net book value.

ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 26 -
12
Tangible fixed assets
Group
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2024
124,968
55,662
66,940
247,570
Additions
14,357
11,784
53,501
79,642
Disposals
(10,590)
(1,600)
-
(12,190)
At 31 January 2025
128,735
65,846
120,441
315,022
Depreciation and impairment
At 1 February 2024
59,311
26,231
33,561
119,103
Depreciation charged in the year
12,863
16,447
22,803
52,113
Eliminated in respect of disposals
(3,402)
(572)
-
(3,974)
At 31 January 2025
68,772
42,106
56,364
167,242
Carrying amount
At 31 January 2025
59,963
23,740
64,077
147,780
At 31 January 2024
65,657
29,431
33,379
128,467
The company had no tangible fixed assets at 31 January 2025 or 31 January 2024.
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
-
451
451
Investments in associates
15
672,536
506,259
200
200
672,536
506,259
651
651
ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 February 2024
506,259
Valuation changes
166,277
At 31 January 2025
672,536
Carrying amount
At 31 January 2025
672,536
At 31 January 2024
506,259
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 February 2024 and 31 January 2025
651
Carrying amount
At 31 January 2025
651
At 31 January 2024
651
14
Subsidiaries

Details of the company's subsidiaries at 31 January 2025 are as follows:

ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
14
Subsidiaries
(Continued)
- 28 -
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Ascent Healthcare Ltd
1
Ordinary
90.00
-
Ascent (Wollaton) Ltd
1
Ordinary
-
60.00
Ascent (Sherwood) Ltd
1
Ordinary
-
60.00
Ascent (Clowne) Ltd
1
Ordinary
-
60.00
AQA Group Ltd
1
Ordinary
60.00
-
Ascent South East Ltd
1
Ordinary
100.00
-
Ascent Spondon Ltd
1
Ordinary
-
60.00
LP SD Seven Ltd
2
Ordinary
100.00
-
Ascent (Coulby Newham) Ltd
1
Ordinary
100.00
-
LP SD Five Limited
1
Ordinary
-
100.00
LP SD Six Limited
1
Ordinary
-
100.00
LP SD Twenty Six Limited
1
Ordinary
-
100.00
Ascent (Coalville) Ltd
1
Ordinary
-
60.00
LP SD Sixty Five Limited
1
Ordinary
-
60.00
LP SD Sixty Six Limited
1
Ordinary
-
60.00
LP SD One Hundred Twenty One Limited
1
Ordinary
-
60.00
Ascent Mansfield Ltd
1
Ordinary
100.00
-
Ascent (Biggleswade) Ltd
1
Ordinary
-
60.00
Ascent Crich Limited
1
Ordinary
-
60.00

Registered office addresses (all UK unless otherwise indicated):

1
1 Hardman Street, Spinningfields, Manchester, Greater Manchester, United Kingdom, M3 3HF
2
93 Shireland Road, Smethwick, England, B66 4QJ
15
Associates

Details of associates at 31 January 2025 are as follows:

ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
15
Associates
(Continued)
- 29 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Ascent (Elburton) Limited
1
Ordinary
-
0
Saeed Ltd
2
Ordinary
-
0
Tupton Healthcare Ltd
2
Ordinary
-
0
Holmwood Healthcare Ltd
1
Ordinary
-
0
Ascent Chandlers Ford
1
Ordinary
-
0
Ascent (Holme Hall) Ltd
1
Ordinary
-
0
LP SD Twenty Seven Limited
1
Ordinary
-
0
Ascent (Leek) Ltd
1
Ordinary
-
0
Ascent (Congleton) Ltd
1
Ordinary
-
0
LP SD One Limited
1
Ordinary
-
0
Ascent Wellfield Group Ltd
1
Ordinary
-
0
Ascent Wellfield Group 2 LImited
1
Ordinary
-
0
Ascent (Blackpool) Ltd
1
Ordinary
-
0
AW (Healey) Limited
1
Ordinary
-
0
LP SD Seventy Four Limited
1
Ordinary
-
0
LP SD Sixty Four Limited
1
Ordinary
-
0
LP SD Two Limited
1
Ordinary
-
0
AW (Skipton) Ltd
1
Ordinary
-
0
Ascent (Newcastle) Ltd
1
Ordinary
-
0
LP SD Four Limited
1
Ordinary
-
0
LP SD Three Limited
1
Ordinary
-
0
LP SD Twenty Eight Limited
1
Ordinary
-
0
LP SD One Hundred Twenty Limited
1
Ordinary
-
0
AW (Longhill) Ltd
1
Ordinary
-
0
AW (Mount Road) Ltd
1
Ordinary
-
0
AW (Tweedmouth) Limited
1
Ordinary
-
0

Registered office addresses (all UK unless otherwise indicated):

1 1 Hardman Street, Spinningfields, Manchester, Greater Manchester, United Kingdom, M3 3HF

2 Unit 2 Micklehead Business Park St. Michaels Road, Lea Green, St. Helens, England, WA9 4YU

16
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets include:
Debt instruments measured at amortised cost
11,602,987
10,636,564
n/a
n/a
Carrying amount of financial liabilities include:
Measured at amortised cost
15,020,251
14,305,369
n/a
n/a
ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 30 -
17
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
985,701
1,110,418
-
0
-
0
18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,037,402
2,384,442
-
0
-
0
Other debtors
2,548,297
2,168,303
150
882,591
Prepayments and accrued income
302,074
76,767
-
0
-
0
4,887,773
4,629,512
150
882,591
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
10,782,775
10,274,185
Amounts owed by undertakings in which the company has a participating interest
-
5,264,750
-
-
Amount owed by related parties
7,184,498
1,185,266
1,599,735
1,182,263
Other debtors
148,297
126,057
-
0
-
0
7,332,795
6,576,073
12,382,510
11,456,448
Total debtors
12,220,568
11,205,585
12,382,660
12,339,039
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
21
-
50,000
-
0
-
0
Other borrowings
21
56,000
714,379
-
0
-
0
Trade creditors
5,065,620
4,565,203
-
0
-
0
Corporation tax payable
229,615
329,243
-
0
-
0
Other taxation and social security
55,653
157,024
-
-
Other creditors
1,917,566
970,752
-
0
-
0
Accruals and deferred income
1,896,244
2,177,028
-
0
-
0
9,220,698
8,963,629
-
0
-
0
ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 31 -
20
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
21
-
118,555
-
0
-
0
Other borrowings
21
5,025,985
5,160,223
311,166
203,241
Amounts owed to group undertakings
-
-
10,179,061
11,402,976
Other creditors
1,158,685
549,278
1,674,220
505,376
6,184,670
5,828,056
12,164,447
12,111,593
21
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
-
168,555
-
0
-
0
Loans from undertakings in which the group has a participating interest
99,849
49
-
-
Loans from related parties
4,523,636
4,784,963
311,166
203,241
Other loans
458,500
1,089,590
-
0
-
0
5,081,985
6,043,157
311,166
203,241
Payable within one year
56,000
764,379
-
0
-
0
Payable after one year
5,025,985
5,278,778
311,166
203,241

The long-term bank loans are secured by fixed charges over the assets held by Ascent Healthcare Limited.

Loans from participating interests and related parties are interest free. The directors have received confirmation that these loans will not be recalled within 12 months.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
25,985
22,646
The company has no deferred tax assets or liabilities.
ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
22
Deferred taxation
(Continued)
- 32 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 February 2024
22,646
-
Charge to profit or loss
3,339
-
Liability at 31 January 2025
25,985
-

T he deferred tax liability set out above is expected to reverse in a future period and relates to accelerated capital allowances that are expected to mature.

23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
40,335
24,813

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
Ordinary A of £1 each
10
10
10
10
Ordinary B of £1 each
5
5
5
5
Ordinary C of £1 each
5
5
5
5
Ordinary D of £1 each
1
1
1
1
Ordinary E of £1 each
1
1
1
1
Ordinary F of £1 each
1
1
1
1
Ordinary G of £1 each
1
1
1
1
Ordinary H of £1 each
1
1
1
1
125
125
125
125

Ordinary share s have full rights in the company with respect to voting, dividends and distributions.

Ordinary A, B, C, D, E, F, G and H shares have full rights in the company with respect to dividends only.

ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 33 -
25
Reserves
Profit and loss reserves

Profit and loss reserves represents the accumulated profit of the owners of the parent company, less dividends.

Other reserves

Other reserves comprise amounts not distributable to shareholders and include other capital-based reserves.

Non-controlling interests

Non-controlling interests represents the accumulated profit of the minority interests, less dividends paid.

26
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2025
2024
£
£
Group
Other related parties
304,942
213,443

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Other related parties
6,087,130
4,786,382

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Other related parties
8,332,457
6,938,184
27
Directors' transactions

Dividends totalling £0 (2024 - £0) were paid in the year in respect of shares held by the company's directors.

Advances
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors loan account
-
881,925
(36,170)
845,755
881,925
(36,170)
845,755
ASCENT HOLDING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 34 -
28
Controlling party

Mr Q Nazir is the ultimate controlling party by virtue of his ownership of the majority of the issued share capital of the company.

29
Events after the reporting period

In October and July 2025, the group sold Cape Hill in LP SD Seven Limited and Vernon branch in LP SD One Hundred Twenty One Limited. The group also closed off the Villers branch in LP SD Sixty Six Limited. As the conditions arose after the reporting date (31 January 2025), no adjustments have been made to the financial statements.

30
Cash generated from/(absorbed by) group operations
2025
2024
£
£
Profit after taxation
929,098
867,547
Adjustments for:
Share of results of associates and joint ventures
(166,278)
(324,910)
Taxation charged
264,264
181,904
Finance costs
12,684
112,218
Investment income
(469)
(55)
Gain on disposal of tangible fixed assets
(1,678)
(89,182)
Gain on disposal of intangible assets
(47,833)
-
Amortisation and impairment of intangible assets
453,106
351,482
Depreciation and impairment of tangible fixed assets
52,113
32,012
Movements in working capital:
Decrease/(increase) in stocks
124,717
(917,088)
Increase in debtors
(1,051,153)
(7,297,062)
Increase in creditors
1,674,483
3,320,726
Cash generated from/(absorbed by) operations
2,243,054
(3,762,408)
31
Analysis of changes in net debt - group
1 February 2024
Cash flows
31 January 2025
£
£
£
Cash at bank and in hand
1,334,694
1,402,828
2,737,522
Borrowings excluding overdrafts
(6,043,157)
961,172
(5,081,985)
(4,708,463)
2,364,000
(2,344,463)
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