Metwest Limited 31/03/2025 iXBRL

Company registration number: 01365978

Metwest Limited

Unaudited filleted financial statements

31 March 2025

Metwest Limited

Contents

Statement of financial position

Notes to the financial statements

Metwest Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	5	1		1
Tangible assets	6	163,195		120,543
		_______		_______
			163,196		120,544

Current assets
Stocks		72,836		91,378
Debtors	7	941,025		420,176
Cash at bank and in hand		13,122		269,253
		_______		_______
		1,026,983		780,807
Creditors: amounts falling due
within one year	8	( 593,587)		( 485,631)
		_______		_______
Net current assets			433,396		295,176
			_______		_______
Total assets less current liabilities			596,592		415,720


Provisions for liabilities			( 12,648)		( 13,676)

			_______		_______
Net assets			583,944		402,044
			_______		_______

Capital and reserves
Called up share capital			20,000		20,000
Profit and loss account			563,944		382,044
			_______		_______
Shareholders funds			583,944		402,044
			_______		_______

For the year ending 31 March 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 24 December 2025 , and are signed on behalf of the board by:

Mr Rakesh Kumar Bagga

Director

Company registration number: 01365978

Metwest Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Scottish Provident House, 3rd Floor, 76 - 80 College Road, Harrow, Middlesex, HA1 1BQ. The principal activity of the company is that of dispensing chemists and wholesalers of pharmaceutical products.

2. Statement of compliance

These financial statements have been prepared in compliance with the provision of FRS 102, section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and Companies Act 2006 (as applicable to companies subject to the small companies regime).

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

In accordance with their responsibilities as directors, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.The directors have reviewed the impact of the macro-economic uncertainties on the company and consider that these are not expected to affect the company. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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	-	over 20 years

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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:


Long leasehold property	-	Straight line over the life of the lease
Fittings fixtures and equipment	-	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.

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Inventories are measured at the lower of cost, using first in first out method, 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 inventories 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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

The pension costs charged in the financial statements represent the contributions payable by the company during the year.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 24 (2024: 20 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2024 and 31 March 2025	50,000	50,000
	_______	_______
Amortisation
At 1 April 2024 and 31 March 2025	49,999	49,999
	_______	_______
Carrying amount
At 31 March 2025	1	1
	_______	_______
At 31 March 2024	1	1
	_______	_______

6. Tangible assets

	Long leasehold property	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 April 2024	87,996	181,701	269,697
Additions	54,350	7,032	61,382
	_______	_______	_______
At 31 March 2025	142,346	188,733	331,079
	_______	_______	_______
Depreciation
At 1 April 2024	22,157	126,997	149,154
Charge for the year	7,587	11,143	18,730
	_______	_______	_______
At 31 March 2025	29,744	138,140	167,884
	_______	_______	_______
Carrying amount
At 31 March 2025	112,602	50,593	163,195
	_______	_______	_______
At 31 March 2024	65,839	54,704	120,543
	_______	_______	_______

7. Debtors

	2025	2024
	£	£
Trade debtors	358,470	270,180
Amounts owed by group undertakings	496,233	71,000
Other debtors	86,322	78,996
	_______	_______
	941,025	420,176
	_______	_______

Amounts owed by group undertakings represents a loan to the parent undertaking which is unsecured, interest free and repayable on demand.

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	43	-
Trade creditors	477,143	453,236
Corporation tax	94,621	18,372
Social security and other taxes	6,973	4,043
Other creditors	14,807	9,980
	_______	_______
	593,587	485,631
	_______	_______

9. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	73,778	55,105
Later than 1 year and not later than 5 years	270,520	220,420
Later than 5 years	579,796	570,527
	_______	_______
	924,094	846,052
	_______	_______

10. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value
	2025	2024
	£	£
Kevel Patel (Director)	4,000	53,985
Abhiraj Maihda (Director)	5,584	23,921
Rakesh Bagga (Director)	-	1,373
Susila Bagga (Wife of Director)	-	38,800
SVB Healthcare Limited (Connected Company)	14,740	23,615
Amina Iqbal (Director of Connected Company)	9,902	6,893
Mohammed Raihan Hussain (Director of Connected Company)	24,154	18,543
	_______	_______

The bank overdraft facility is fully secured by a legal charge and an unlimited debenture over the company's leasehold property including remaining assets of the company, an omnibus guarantee and set-off agreement between the Bank and METWEST LIMITED and ARK PHARMA LIMITED together with such other security as the Bank may from time to time hold in respect of the debts and liabilities of any guarantor to the Bank and an all monies guarantee from all directors for a principal amount of £175,000 plus interest and other costs as detailed in the guarantee and in respect of the company's debts and liabilities to the Bank. The overdraft facility expires on 4 September 2025.

11. Controlling party

In the opinion of the directors, at the year end, the company is controlled by it's parent undertaking, Ark Pharma Limited who acquired entire share capital of the company on 1 September 2023.