REGISTERED NUMBER: 01862215 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

AMCO (MEDWAY) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr R Mangal

Mrs M Mangal

Mr A Mangal

SECRETARY:

Mrs M Mangal

REGISTERED OFFICE:

Harpal House

14 Holyhead Road

Handsworth

Birmingham

West Midlands

B21 0LT

REGISTERED NUMBER:

01862215 (England and Wales)

FIXED ASSETS

Intangible assets

3

973,392

-

Tangible assets

4

293,476

210,273

Investments

5

100

100

1,266,968

210,373

CURRENT ASSETS

Stocks

6

215,449

183,544

Debtors

7

1,088,383

2,088,115

Cash at bank and in hand

234,391

427,513

1,538,223

2,699,172

CREDITORS

Amounts falling due within one year

8

896,089

1,079,675

NET CURRENT ASSETS

642,134

1,619,497

TOTAL ASSETS LESS CURRENT LIABILITIES

1,909,102

1,829,870

CREDITORS

Amounts falling due after more than one year

9

(717,516

)

(737,225

)

PROVISIONS FOR LIABILITIES

(3,174

)

(3,174

)

NET ASSETS

1,188,412

1,089,471

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

11

60,376

60,376

Retained earnings

1,127,036

1,028,095

SHAREHOLDERS' FUNDS

1,188,412

1,089,471

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 26 June 2018 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 and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2016

66,000

Additions

1,088,880

At 30 September 2017

1,154,880

AMORTISATION

At 1 October 2016

66,000

Amortisation for year

115,488

At 30 September 2017

181,488

NET BOOK VALUE

At 30 September 2017

973,392

At 30 September 2016

-

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Short

to

Plant and

property

leasehold

property

machinery

£

£

£

£

COST OR VALUATION

At 1 October 2016

110,000

19,434

123,128

6,000

At 30 September 2017

110,000

19,434

123,128

6,000

DEPRECIATION

At 1 October 2016

-

11,989

42,223

5,077

Charge for year

-

298

3,236

92

At 30 September 2017

-

12,287

45,459

5,169

NET BOOK VALUE

At 30 September 2017

110,000

7,147

77,669

831

At 30 September 2016

110,000

7,445

80,905

923

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 October 2016

52,309

-

12,182

323,053

Additions

4,695

86,764

616

92,075

At 30 September 2017

57,004

86,764

12,798

415,128

DEPRECIATION

At 1 October 2016

45,703

-

7,788

112,780

Charge for year

1,130

3,615

501

8,872

At 30 September 2017

46,833

3,615

8,289

121,652

NET BOOK VALUE

At 30 September 2017

10,171

83,149

4,509

293,476

At 30 September 2016

6,606

-

4,394

210,273

Cost or valuation at 30 September 2017 is represented by:

Improvements

Freehold

Short

to

Plant and

property

leasehold

property

machinery

£

£

£

£

Cost

110,000

19,434

123,128

6,000

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Cost

57,004

86,764

12,798

415,128

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.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST OR VALUATION

Additions

86,764

At 30 September 2017

86,764

DEPRECIATION

Charge for year

3,615

At 30 September 2017

3,615

NET BOOK VALUE

At 30 September 2017

83,149

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

30/9/17

30/9/16

£

£

Investment in subsidiary

100

100

6.

STOCKS

30/9/17

30/9/16

£

£

Stocks

215,449

183,544

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/17

30/9/16

£

£

Trade debtors

1,061,122

1,045,844

Other debtors

9,906

9,906

Associated company

703

996,235

VAT

10,862

28,166

Prepayments

5,790

7,964

1,088,383

2,088,115

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/9/17

30/9/16

£

£

Bank loans and overdrafts

79,700

79,700

Trade creditors

620,060

867,350

Tax

58,862

76,057

Social security and other taxes

3,696

5,103

Other creditors

-

32,010

Associated Company

30,000

-

Directors' current accounts

87,706

196

Accrued expenses

16,065

19,259

896,089

1,079,675

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/9/17

30/9/16

£

£

Bank loans more 5 yr by instal

657,525

737,225

Hire purchase contracts

59,991

-

717,516

737,225

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

657,525

737,225

10.	SECURED DEBTS

The following secured debts are included within creditors:

30/9/17

30/9/16

£

£

Bank loans

737,225

816,925

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 property.

(c) A charge over the shares in Amco (Medway) Limited held by Mr Ranvir Mangal, Mrs Madhu Mangal, Mr

Amay Mangal and Mr Anuj Mangal.

(d) An assignment of existing Scottish Equitable insurance policy on the life of Mr Ranvir Mangal in the sum of

£550,000.

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

11.

RESERVES

Revaluation

reserve

£

At 1 October 2016

and 30 September 2017

60,376

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andeep Kumar Mangal F.C.A (Senior Statutory Auditor)

for and on behalf of Thapers Limited

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £8,250 (2016 - £53,650) were paid to the directors .

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

a) paid a sum of £69,414 (2016: £69,414) as rental charges to Mangal Estates Limited, a company controlled and

owned by a shareholder of the company, Mr. Anuj Mangal. The amount is included on the Profit & Loss account

as rent;

b) entered into trading and loan transactions with Silversands (Medway) Limited, a 100% subsidiary, the amount

outstanding to the company is £NIL (2016: £985,732). The company acquired the trading business of subsidiary,

Silversands (Medway) Limited being goodwill, stock and fixtures & fittiing.

c) entered into transactions with Amco (Kent) Limited, a company in which the directors have a beneficial

interest, the amount outstanding to the company is £703 (2016: £504).

d) entered into transactions with Niktu Limited, a company which Mr. Amay Mangal, the director and

shareholder, owns and controls. Niktu Limited charged Amco (Medway) Ltd a sum of £171,174 (2016:

£161,332) during the year. This amount is included on the Profit & Loss account as commission paid.

e) entered into loan transactions with Niktu Limited, the amount outstanding to the company is £30,000 (2016:

£NIL);

14.	ULTIMATE CONTROLLING PARTY

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

members.