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REGISTERED NUMBER: 01862215 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

AMCO (MEDWAY) LIMITED

AMCO (MEDWAY) LIMITED (REGISTERED NUMBER: 01862215)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AMCO (MEDWAY) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: Mr R Mangal
Mrs M Mangal
Mr A Mangal





REGISTERED OFFICE: Harpal House
14 Holyhead Road
Handsworth
Birmingham
West Midlands
B21 0LT





REGISTERED NUMBER: 01862215 (England and Wales)

AMCO (MEDWAY) LIMITED (REGISTERED NUMBER: 01862215)

BALANCE SHEET
30 SEPTEMBER 2023

30/9/23 30/9/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 280,464 395,952
Tangible assets 5 228,294 233,767
Investments 6 100 100
508,858 629,819

CURRENT ASSETS
Stocks 7 178,431 181,561
Debtors 8 230,992 373,832
Cash at bank and in hand 27,569 77,892
436,992 633,285
CREDITORS
Amounts falling due within one year 9 915,565 664,794
NET CURRENT LIABILITIES (478,573 ) (31,509 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,285

598,310

CREDITORS
Amounts falling due after more than one
year

10

(456,923

)

(497,589

)

PROVISIONS FOR LIABILITIES 13 (3,174 ) (3,174 )
NET (LIABILITIES)/ASSETS (429,812 ) 97,547

CAPITAL AND RESERVES
Called up share capital 14 1,000 1,000
Revaluation reserve 15 60,376 60,376
Retained earnings 15 (491,188 ) 36,171
SHAREHOLDERS' FUNDS (429,812 ) 97,547

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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.

AMCO (MEDWAY) LIMITED (REGISTERED NUMBER: 01862215)

BALANCE SHEET - continued
30 SEPTEMBER 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





Mr A Mangal - Director


AMCO (MEDWAY) LIMITED (REGISTERED NUMBER: 01862215)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

AMCO (MEDWAY) LIMITED is a private company, limited by shares, registered in England and Wales. The company's registered number is 01862215 and registered office address is Harpal House, 14 Holyhead Road, Handsworth, Birmingham, B21 0LT.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions.

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

Goodwill
Goodwill has been written off evenly over its estimated useful life of 10 years.

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.
Freehold property - not provided
Short leasehold - 4% on reducing balance
Improvements to property - 4% on reducing balance
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


AMCO (MEDWAY) LIMITED (REGISTERED NUMBER: 01862215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

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. Only one of the directors is currently accruing benefits from the pension scheme.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 42 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 1,154,880
AMORTISATION
At 1 October 2022 758,928
Amortisation for year 115,488
At 30 September 2023 874,416
NET BOOK VALUE
At 30 September 2023 280,464
At 30 September 2022 395,952

AMCO (MEDWAY) LIMITED (REGISTERED NUMBER: 01862215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
COST OR VALUATION
At 1 October 2022 110,000 19,434 140,078 7,515
Additions - - 3,840 -
Disposals - - - -
At 30 September 2023 110,000 19,434 143,918 7,515
DEPRECIATION
At 1 October 2022 - 13,607 60,478 5,886
Charge for year - 233 3,338 163
Eliminated on disposal - - - -
At 30 September 2023 - 13,840 63,816 6,049
NET BOOK VALUE
At 30 September 2023 110,000 5,594 80,102 1,466
At 30 September 2022 110,000 5,827 79,600 1,629

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2022 63,092 89,039 15,229 444,387
Additions - 5,333 2,128 11,301
Disposals - (7,608 ) - (7,608 )
At 30 September 2023 63,092 86,764 17,357 448,080
DEPRECIATION
At 1 October 2022 51,788 68,347 10,514 210,620
Charge for year 1,130 5,173 684 10,721
Eliminated on disposal - (1,555 ) - (1,555 )
At 30 September 2023 52,918 71,965 11,198 219,786
NET BOOK VALUE
At 30 September 2023 10,174 14,799 6,159 228,294
At 30 September 2022 11,304 20,692 4,715 233,767

Cost or valuation at 30 September 2023 is represented by:

Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
Cost 110,000 19,434 143,918 7,515

AMCO (MEDWAY) LIMITED (REGISTERED NUMBER: 01862215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost 63,092 86,764 17,357 448,080

The freehold property known as Gunn Lane was valued on an open market basis, at 30 September 2012 , by the director, Mr R Mangal. The director is of the opinion that there has been no significant variation in the values of the property subsequently and the valuation should be adopted in the financial statements.

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
30/9/23 30/9/22
£    £   
Investment in subsidiary 100 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Silversands (Medway) Limited
Registered office:
Nature of business: Retail chemists
%
Class of shares: holding
Ordinary 100.00

7. STOCKS
30/9/23 30/9/22
£    £   
Stocks 178,431 181,561

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/23 30/9/22
£    £   
Trade debtors 202,608 298,022
Other debtors 9,906 9,906
Associated company 2,775 2,749
VAT 10,630 56,291
Prepayments 5,073 6,864
230,992 373,832

AMCO (MEDWAY) LIMITED (REGISTERED NUMBER: 01862215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/23 30/9/22
£    £   
Bank loans and overdrafts (see note 11) 61,577 61,577
Trade creditors 417,190 335,384
Social security and other taxes 41,476 19,777
Other creditors 210 2,105
Associated Company 4,067 5,557
Directors' current accounts 348,501 211,971
Accrued expenses 42,544 28,423
915,565 664,794

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/9/23 30/9/22
£    £   
Bank loans (see note 11) 456,923 497,589

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 456,923 497,589

11. LOANS

An analysis of the maturity of loans is given below:

30/9/23 30/9/22
£    £   
Amounts falling due within one year or on demand:
Bank loan within 1 year 61,577 61,577

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 456,923 497,589

AMCO (MEDWAY) LIMITED (REGISTERED NUMBER: 01862215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12. SECURED DEBTS

The following secured debts are included within creditors:

30/9/23 30/9/22
£    £   
Bank loans 518,500 559,166

All bank borrowing is secured by:

(a) A debenture floating charge from the Borrower over all of its assets and undertaking.

(b) A first legal mortgage / charge from Amco (Medway) Limited over the leasehold properties.

(c) All duly executed notices required to be sent under the Security Documents.

13. PROVISIONS FOR LIABILITIES
30/9/23 30/9/22
£    £   
Deferred Tax 3,174 3,174

Deferred
tax
£   
Balance at 1 October 2022 3,174
Capital allowance
Balance at 30 September 2023 3,174

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/9/23 30/9/22
value: £    £   
1,000 Ordinary 1 1,000 1,000

15. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 October 2022 36,171 60,376 96,547
Deficit for the year (527,359 ) (527,359 )
At 30 September 2023 (491,188 ) 60,376 (430,812 )

16. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors, by virtue of their shareholdings along with their family members.