Lugo Limited 31/12/2025 iXBRL

Company registration number: SC258909

Lugo Limited

Unaudited filleted financial statements

31 December 2025

Lugo Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Lugo Limited

Directors and other information


	Directors	Ron Weatherup
		Ciara Weatherup


	Secretary	Ciara Weatherup


	Company number	SC258909


	Registered office	16 High Street
		Linlithgow
		EH49 7AE


	Business address	16 High Street
		Linlithgow
		EH49 7AE


	Accountants	Barrie Scott & Co.
		16-18 Weir Street
		Falkirk
		FK1 1RA

Lugo Limited

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Lugo Limited

Year ended 31 December 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lugo Limited for the year ended 31 December 2025 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/regulation-technical-resources/documents/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of Lugo Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Lugo Limited and state those matters that we have agreed to state to the board of directors of Lugo Limited as a body, in this report in accordance with the requirements of ICAS as detailed at https://www.icas.com/regulation-technical-resources/documents/framework-for-the-preparation-of-accounts- revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lugo Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Lugo 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 profit of Lugo Limited. You consider that Lugo 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 Lugo 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.

Barrie Scott & Co.

Accountants & Tax Advisers

16-18 Weir Street

Falkirk

FK1 1RA

Lugo Limited

Statement of financial position

31 December 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	5	414,600		-
Tangible assets	6	4,639		5,798
Investments	7	-		518,250
		_______		_______
			419,239		524,048

Current assets
Stocks		1,309		38,160
Debtors	8	423,457		312,287
Cash at bank and in hand		267,494		114,080
		_______		_______
		692,260		464,527
Creditors: amounts falling due
within one year	9	( 478,670)		( 537,340)
		_______		_______
Net current assets/(liabilities)			213,590		( 72,813)
			_______		_______
Total assets less current liabilities			632,829		451,235

Creditors: amounts falling due
after more than one year	10		-		( 4,656)

Provisions for liabilities			( 1,120)		( 795)

			_______		_______
Net assets			631,709		445,784
			_______		_______

Capital and reserves
Called up share capital			100		100
Capital redemption reserve			18		18
Profit and loss account			631,591		445,666
			_______		_______
Shareholders funds			631,709		445,784
			_______		_______

For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 08 September 2026 , and are signed on behalf of the board by:

Ron Weatherup

Director

Company registration number: SC258909

Lugo Limited

Notes to the financial statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Lugo Limited, 16 High Street, Linlithgow, EH49 7AE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

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

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	9 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Motor vehicles	-	20 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 28 (2024: 23 ).

5. Intangible assets

		Total
		£
	Cost
	At 1 January 2025	-
	Other movements	518,250
		_______
	At 31 December 2025	518,250
		_______
	Amortisation
	At 1 January 2025	-
	Charge for the year	103,650
		_______
	At 31 December 2025	103,650
		_______
	Carrying amount
	At 31 December 2025	414,600
		_______
	At 31 December 2024	-
		_______

6. Tangible assets

	Motor vehicles	Total
	£	£
Cost
At 1 January 2025 and 31 December 2025	37,531	37,531
	_______	_______
Depreciation
At 1 January 2025	31,733	31,733
Charge for the year	1,159	1,159
	_______	_______
At 31 December 2025	32,892	32,892
	_______	_______
Carrying amount
At 31 December 2025	4,639	4,639
	_______	_______
At 31 December 2024	5,798	5,798
	_______	_______

7. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 January 2025 and 31 December 2025	518,250	518,250
	_______	_______
Impairment
At 1 January 2025	-	-
Other movements	518,250	518,250
	_______	_______
At 31 December 2025	518,250	518,250
	_______	_______
Carrying amount
At 31 December 2025	-	-
	_______	_______
At 31 December 2024	518,250	518,250
	_______	_______

8. Debtors

	2025	2024
	£	£
Trade debtors	397,409	266,473
Amounts owed by group undertakings and undertakings in which the company has a participating interest	3,000	46
Other debtors	23,048	45,768
	_______	_______
	423,457	312,287
	_______	_______

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	4,656	109,918
Trade creditors	118,324	94,910
Corporation tax	108,392	43,651
Social security and other taxes	145,542	90,378
Other creditors	101,756	198,483
	_______	_______
	478,670	537,340
	_______	_______

The Royal Bank of Scotland plc holds a floating charge over the assets of the company.

10. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	-	4,656
	_______	_______

11. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Ron Weatherup	33,464	-	( 35,289)	( 1,825)
		_______	_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Ron Weatherup	( 11)	70,533	( 37,058)	33,464
		_______	_______	_______	_______

12. Related party transactions

Rent totalling £32,000 (2024 £12,000) was paid to Weatherup Ltd, a company in which director, Ron Weatherup is a shareholder.

13. Controlling party

The company is controlled by Ron Weatherup , a director and the majority shareholder.