Company registration number 14258539 (England and Wales)
AMCOMRI BUSINESS SERVICES GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AMCOMRI BUSINESS SERVICES GROUP LIMITED
COMPANY INFORMATION
Director
Paul McGowan
Secretary
Inca Lockhart-Ross
Company number
14258539
Registered office
46/48 Beak Street
London
England
W1F 9RJ
Auditor
Buzzcott Audit LLP
130 Wood Street
London
EC2V 6DL
AMCOMRI BUSINESS SERVICES GROUP LIMITED
CONTENTS
Page
Director's report
1 - 2
Independent auditor's report
3 - 6
Group profit and loss account
7
Group balance sheet
8 - 9
Company balance sheet
10
Notes to the financial statements
11 - 21
AMCOMRI BUSINESS SERVICES GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents his annual report and the consolidated financial statements of Amcomri Business Services Group Limited ('the company') and its subsidiaries (together 'the group') for the year ended 31 December 2024.

Principal activities

The companies principal activity is that of a holding company, with its subsidiaries engaged in a range of commercial activities across various sectors including facility management, security, and property.

Directors

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

Paul McGowan
Ian Lee
(Resigned 29 October 2024)
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.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the 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 company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 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.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption under S415A of the Companies Act 2006.

 

AMCOMRI BUSINESS SERVICES GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
On behalf of the board
Paul McGowan
Director
25 July 2025
AMCOMRI BUSINESS SERVICES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AMCOMRI BUSINESS SERVICES GROUP LIMITED
- 3 -

Qualified opinion

We have audited the financial statements of Amcomri Business Services Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet 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 paragraph, the financial statements:

Basis for qualified opinion

Due to external valuations not being obtained by the group in relation to the investment properties held by Amcomri Developments Limited, we were unable to obtain sufficient appropriate audit evidence to conclude upon the par value of the investment properties which are included in the Statement of financial position at £659,500 at 31 December 2024 and on the date the company joined the group on 13 December 2024. Consequently, we were unable to determine whether any adjustments to this amount was necessary at 31 December 2024 or whether any related fair value adjustments were required to be recognised in the Group Profit and loss account for the year ended 31 December 2024.

 

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.

AMCOMRI BUSINESS SERVICES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMCOMRI BUSINESS SERVICES GROUP LIMITED
- 4 -

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.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the director's report. 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:

Responsibilities of director

As explained more fully in the Statement of directors' responsibilities, 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 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 parent company or to cease operations, or has no realistic alternative but to do so.

AMCOMRI BUSINESS SERVICES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMCOMRI BUSINESS SERVICES GROUP LIMITED
- 5 -
Auditor's responsibilities for the audit of the financial statements

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the extent of compliance with the laws and regulations identified above through;

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:

 

AMCOMRI BUSINESS SERVICES GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AMCOMRI BUSINESS SERVICES GROUP LIMITED
- 6 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Use of our report

This report is made solely to the 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 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Chapman
(Senior Statutory Auditor)
For and on behalf of Buzzacott Audit LLP, Statutory Auditor
130 Wood Street
London
EC2V 6DL
28 July 2025
AMCOMRI BUSINESS SERVICES GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
31 December 2024
Period from 27 July 2022 to 31 December 2023
Notes
£
£
Turnover
8,651
-
Cost of sales
(260)
-
0
Gross profit
8,391
-
Administrative expenses
(2,830,482)
(50,543)
Operating loss
(2,822,091)
(50,543)
Share of profits of associates
9
169,681
75,789
Interest receivable and similar income
4
51,787
65,279
Interest payable and similar expenses
5
(64,490)
(70,769)
Gain on sale of investments
70,000
-
(Loss)/profit before taxation
(2,595,113)
19,756
Tax on (loss)/profit
-
0
-
0
(Loss)/profit for the financial year
(2,595,113)
19,756
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(2,601,033)
19,756
- Non-controlling interests
5,920
-
(2,595,113)
19,756

The notes on pages 11 to 21 form part of these financial statements.

 

There was no other comprehensive income for the period ended 31 December 2023 or for the year ended 31 December 2024.

AMCOMRI BUSINESS SERVICES GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
6
-
-
Tangible assets
7
2,576
-
0
Investment property
8
1,134,500
-
0
Investments
9
1,345,958
1,176,276
2,483,034
1,176,276
Current assets
Debtors
12
570,085
731,478
Investments
13
981,853
984,008
Cash at bank and in hand
75,265
4,123
1,627,203
1,719,609
Creditors: amounts falling due within one year
14
(6,601,183)
(2,074,632)
Net current liabilities
(4,973,980)
(355,023)
Total assets less current liabilities
(2,490,946)
821,253
Creditors: amounts falling due after more than one year
15
(558,266)
(791,497)
Net (liabilities)/assets
(3,049,212)
29,756
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
(2,581,275)
19,756
Equity attributable to owners of the parent company
(2,571,275)
29,756
Non-controlling interests
(477,937)
-
Total equity
(3,049,212)
29,756

The notes on pages 11 to 21 form part of these financial statements.

 

There was no other comprehensive income for the period ended 31 December 2023 or for the year ended 31 December 2024.

AMCOMRI BUSINESS SERVICES GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -

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

The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
25 July 2025
Paul McGowan
Director
Company registration number 14258539 (England and Wales)
AMCOMRI BUSINESS SERVICES GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
2024-12-31
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
9
1,100,489
1,100,487
Current assets
Debtors
12
442,587
731,478
Investments
13
981,853
984,008
Cash at bank and in hand
9,964
4,123
1,434,404
1,719,609
Creditors: amounts falling due within one year
14
(2,089,275)
(2,074,632)
Net current liabilities
(654,871)
(355,023)
Total assets less current liabilities
445,618
745,464
Creditors: amounts falling due after more than one year
15
(558,266)
(791,497)
Net liabilities
(112,648)
(46,033)
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
(122,648)
(56,033)
Total equity
(112,648)
(46,033)

The notes on pages 11 to 21 form part of these financial statements.

 

There was no other comprehensive income for the period ended 31 December 2023 or for the year ended 31 December 2024.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £66,615 (2023 - £56,033 loss).

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

The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
25 July 2025
Paul McGowan
Director
Company registration number 14258539 (England and Wales)
AMCOMRI BUSINESS SERVICES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Amcomri Business Services Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 46/48 Beak Street, London, England, W1F 9RJ.

 

The group consists of Amcomri Business Services Group Limited and all of its subsidiaries.

1.1
Accounting convention

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 amounts 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.

1.2
Business combinations

In the parent company financial statements, the 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. Investments 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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Amcomri Business Services 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 December 2024. 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 group.

 

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.

AMCOMRI BUSINESS SERVICES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

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

The directors have prepared the accounts on a going concern basis as they have received confirmation from the group's principal creditor that it is their current intention to offer financial support to the group, as required for a period of no less than 12 months from the date of approval of these financial statements.

 

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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:

Computers
50%

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.

AMCOMRI BUSINESS SERVICES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.9
Fixed asset investments

Equity investments 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.

 

In 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.

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 group’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 company 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.

1.10
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.

AMCOMRI BUSINESS SERVICES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -

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.

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 method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

AMCOMRI BUSINESS SERVICES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

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 payments 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.

AMCOMRI BUSINESS SERVICES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.14
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.

1.15
Retirement benefits

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

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.

3
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
-
-
-
0
-
0
4
Interest receivable and similar income
2024
2023
£
£
Other interest receivable and similar income
51,787
65,279
5
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
64,490
70,769
AMCOMRI BUSINESS SERVICES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
6
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024
-
0
Additions
2,805,695
At 31 December 2024
2,805,695
Amortisation and impairment
At 1 January 2024
-
0
Impairment losses
2,805,695
At 31 December 2024
2,805,695
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
7
Tangible fixed assets
Group
Computers
£
Cost
At 1 January 2024
-
0
Acquired on business combinations
2,835
At 31 December 2024
2,835
Depreciation and impairment
At 1 January 2024
(7,087)
Depreciation charged in the year
7,346
At 31 December 2024
259
Carrying amount
At 31 December 2024
2,576
Last year c/fwd depreciation
-
Differs from this year b/fwd by
(7,087)
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
AMCOMRI BUSINESS SERVICES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
8
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
-
-
Additions
1,134,500
-
At 31 December 2024
1,134,500
-

Investment property comprises of residential and commercial property. The fair value of the investment properties totalling £659,500 were determined by the directors, based on an open market value for existing use basis. The remaining investment property held at 31 December 2024, underwent an independent valuation, which was carried out by Norther Propertyni.com Limited. The valuation was based on an open market valuation for an existing property as at 31 December 2024.

9
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests
1,345,958
1,176,276
1,100,489
1,100,487
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 January 2024
1,176,276
Acquired on business combination
1
Share of profits
169,681
At 31 December 2024
1,345,958
Carrying amount
At 31 December 2024
1,345,958
At 31 December 2023
1,176,276
AMCOMRI BUSINESS SERVICES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Fixed asset investments
(Continued)
- 19 -
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2024
1,100,487
Acquired on business combinations
2
At 31 December 2024
1,100,489
Carrying amount
At 31 December 2024
1,100,489
At 31 December 2023
1,100,487
10
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cupar Properties Limited
46/48 Beak Street, London, W1F 9RJ
Ordinary
100.00
Amcomri Developments Limited
46/48 Beak Street, London, W1F 9RJ
Ordinary
70.00
Amcomri Management Services Limited
46/48 Beak Street, London, W1F 9RJ
Ordinary
100.00
Scottslane
Nerine Chambers, Quastisky Building, Road Town, BVI
Ordinary
100.00
Durfield Limited
Nerine Chambers, Quastisky Building, Road Town, BVI
Ordinary
88.20

In accordance with Section 479C of the Companies Act 2006, the parent company, Amcomri Business Services Group Limited, has provided a guarantee over all outstanding liabilities as at the end of the financial year of the following subsidiaries: Amcomri Management Services Limited, Cupar Properties Limited and Amcomri Developments limited, in respect of which audit exemption has been taken under Section 479A of the Companies Act 2006.

11
Associates

Details of associates at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Mercury Security & Facilities Management Limited
Mercury House, 7 Portman Business Park, Lisburn, County Antrim, BT28 2XF
Ordinary
45
AMCOMRI BUSINESS SERVICES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
12
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Amounts owed by group
541,094
731,478
422,587
731,478
Other debtors
28,991
-
20,000
-
570,085
731,478
442,587
731,478
13
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Investments
981,853
984,008
981,853
984,008

Current asset investments include the value of the investment in SAS Security Alarm Systems Limited, B-Secure Alarms Limited and Think Post Grad Limited. All investments are held for resale and are excluded from consolidation, under S405(3)(c) of CA2006. Think Post Grad was subsequently disposed of on 3 January 2024.

14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
112,933
-
0
-
0
-
0
Amounts owed to group undertakings
6,217,914
2,011,131
2,070,273
2,011,131
Taxation and social security
24,269
580
-
0
580
Other creditors
246,067
62,921
19,002
62,921
6,601,183
2,074,632
2,089,275
2,074,632
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Amounts owed to group undertakings
558,266
791,497
558,266
791,497

Long term creditors include amounts due to a fellow group company. Of which, a loan with the value of £558,266, interest is charged at 5% above the Bank of England base rate and has a repayment date of 31 January 2033.

AMCOMRI BUSINESS SERVICES GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
16
Events after the reporting date

Subsequent to the balance sheet date, the following subsidiaries ceased to be members of the group:

 

Cupar Properties Limited, which was disposed of on 1 May 2025.

 

Amcomri Developments Limited, which was disposed of on 1 May 2025.

 

These events occurred after the financial year end and therefore have not been reflected in the consolidated financial statements.

17
Directors' transactions
Description
Opening balance
Obtained on business combinations
Amounts advanced
Closing balance
£
£
£
£
Director's loan account
-
41,167
11,494
52,661
-
41,167
11,494
52,661
18
Controlling party

The immediate and ultimate parent undertaking is Amcomri Holdings Limited, a company registered in the British Virgin Islands. The ultimate controlling party is Paul McGowan by virtue of his controlling interest in Amcomri Holdings Limited.

19
Prior period adjustment

Included in fixed asset investments, SAS Security Alarm Systems Limited and B-Secure Alarms Limited was recognised at a total cost of £984,008, as at 31 December 2023. These investments are considered as being held for resale as detailed in note 15, therefore, a prior year adjustment has been processed to present the assets as current asset investments. The prior year adjustment had no effect on bought forward reserves and the investments have not been consolidated into the group as documented in note 15.

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