Company registration number SC828832 (Scotland)
CANONGATE AI LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
PAGES FOR FILING WITH REGISTRAR
CANONGATE AI LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CANONGATE AI LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 1 -
2025
Notes
£
£
Fixed assets
Tangible assets
4
217
Current assets
Debtors
5
15,000
Cash at bank and in hand
26,851
41,851
Creditors: amounts falling due within one year
6
(50,575)
Net current liabilities
(8,724)
Net liabilities
(8,507)
Capital and reserves
Called up share capital
2
Profit and loss reserves
(8,509)
Total equity
(8,507)

For the financial period ended 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 21 July 2026 and are signed on its behalf by:
S J Catley
..............................................
S J Catley
Director
Company registration number SC828832 (Scotland)
CANONGATE AI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 2 -
1
Accounting policies
Company information

Canongate AI Ltd is a private company limited by shares incorporated in Scotland. The registered office is 41 Merricks Avenue, Roslin, EH25 9AX.

1.1
Reporting period

The company was incorporated on 13 November 2024. These financial statements cover the period from 13 November 2024 to 30 November 2025.

As this is the company’s first set of financial statements, no comparative figures are presented.

1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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.

1.3
Going concern

The director s, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. At the period end, the company had net current liabilities of £8,724 and net liabilities of £8,507. Included within other creditors is an amount due to the the directors of £889 and the director s ha ve confirmed these amounts will not be repaid until future cashflow allows.

The director s ha ve therefore made an informed judgement that, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director s ha ve continued to adopt the going concern basis of accounting in preparing the annual financial statements.

1.4
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.

1.5
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:

Computers
33% straight line
CANONGATE AI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 3 -

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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

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.

1.7
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.

1.8
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.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

CANONGATE AI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 4 -
3
Employees

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

2025
Number
Total
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 13 November 2024
-
0
Additions
300
At 30 November 2025
300
Depreciation and impairment
At 13 November 2024
-
0
Depreciation charged in the period
83
At 30 November 2025
83
Carrying amount
At 30 November 2025
217
5
Debtors
2025
Amounts falling due within one year:
£
Trade debtors
15,000
6
Creditors: amounts falling due within one year
2025
£
Taxation and social security
7,175
Other creditors
43,400
50,575
CANONGATE AI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2025
- 5 -
7
Directors' transactions

During the period, the company made advances to the directors of £12,111 and received credits of £13,000 resulting in amounts due by the company at the period end of £889.

The loans are unsecured and interest free, with no fixed repayment terms in place.

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