REGISTERED NUMBER: 01862215 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

AMCO (MEDWAY) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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)

FIXED ASSETS

Intangible assets

4

-

280,464

Tangible assets

5

219,386

228,294

Investments

6

100

100

219,486

508,858

CURRENT ASSETS

Stocks

7

124,573

178,431

Debtors

8

253,742

230,992

Cash at bank and in hand

1,343

27,569

379,658

436,992

CREDITORS

Amounts falling due within one year

9

1,098,089

915,565

NET CURRENT LIABILITIES

(718,431

)

(478,573

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(498,945

)

30,285

CREDITORS

Amounts falling due after more than one year

10

(415,256

)

(456,923

)

PROVISIONS FOR LIABILITIES

13

(3,174

)

(3,174

)

NET LIABILITIES

(917,375

)

(429,812

)

CAPITAL AND RESERVES

Called up share capital

14

1,000

1,000

Revaluation reserve

15

60,376

60,376

Retained earnings

15

(978,751

)

(491,188

)

SHAREHOLDERS' FUNDS

(917,375

)

(429,812

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 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.

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 17 November 2025 and were signed on its behalf by:

Mr A Mangal - Director

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.

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 25 (2023 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2023

1,154,880

Disposals

(1,088,880

)

At 30 September 2024

66,000

AMORTISATION

At 1 October 2023

874,416

Eliminated on disposal

(808,416

)

At 30 September 2024

66,000

NET BOOK VALUE

At 30 September 2024

-

At 30 September 2023

280,464

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Short

to

Plant and

property

leasehold

property

machinery

£

£

£

£

COST OR VALUATION

At 1 October 2023

and 30 September 2024

110,000

19,434

143,918

7,515

DEPRECIATION

At 1 October 2023

-

13,840

63,816

6,049

Charge for year

-

224

3,204

147

At 30 September 2024

-

14,064

67,020

6,196

NET BOOK VALUE

At 30 September 2024

110,000

5,370

76,898

1,319

At 30 September 2023

110,000

5,594

80,102

1,466

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 October 2023

and 30 September 2024

63,092

86,764

17,357

448,080

DEPRECIATION

At 1 October 2023

52,918

71,965

11,198

219,786

Charge for year

1,017

3,700

616

8,908

At 30 September 2024

53,935

75,665

11,814

228,694

NET BOOK VALUE

At 30 September 2024

9,157

11,099

5,543

219,386

At 30 September 2023

10,174

14,799

6,159

228,294

Cost or valuation at 30 September 2024 is represented by:

Improvements

Freehold

Short

to

Plant and

property

leasehold

property

machinery

£

£

£

£

Cost

110,000

19,434

143,918

7,515

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:

30/9/24

30/9/23

£

£

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

30/9/24

30/9/23

£

£

Stocks

124,573

178,431

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/24

30/9/23

£

£

Trade debtors

213,487

202,608

Other debtors

9,906

9,906

Associated company

2,801

2,775

Debtors ref Sale of Smith

2,400

-

Debtors ref sale of Silversand

12,807

-

VAT

4,141

10,630

Prepayments

8,200

5,073

253,742

230,992

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/24

30/9/23

£

£

Bank loans and overdrafts (see note 11)

61,577

61,577

Trade creditors

489,366

417,190

Social security and other taxes

79,699

41,476

Other creditors

-

210

Associated Company

2,121

4,067

Directors' current accounts

426,191

348,501

Accrued expenses

39,135

42,544

1,098,089

915,565

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/9/24

30/9/23

£

£

Bank loans (see note 11)

415,256

456,923

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

415,256

456,923

11.

LOANS

An analysis of the maturity of loans is given below:

30/9/24

30/9/23

£

£

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

415,256

456,923

12.	SECURED DEBTS

The following secured debts are included within creditors:

30/9/24

30/9/23

£

£

Bank loans

476,833

518,500

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

30/9/24

30/9/23

£

£

Deferred Tax

3,174

3,174

Deferred

tax

£

Balance at 1 October 2023

3,174

Capital allowance

Balance at 30 September 2024

3,174

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/9/24

30/9/23

value:

£

£

1,000

Ordinary

1

1,000

1,000

15.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 October 2023

(491,188

)

60,376

(430,812

)

Deficit for the year

(487,563

)

(487,563

)

At 30 September 2024

(978,751

)

60,376

(918,375

)

16.	ULTIMATE CONTROLLING PARTY

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