Caseware UK (AP4) 2021.0.152 2021.0.152 2022-02-282022-02-2823904trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-03-01falseNo description of principal activity3715false 08700329 2021-03-01 2022-02-28 08700329 2020-03-01 2021-02-28 08700329 2022-02-28 08700329 2021-02-28 08700329 2020-03-01 08700329 c:Director1 2021-03-01 2022-02-28 08700329 d:Buildings d:ShortLeaseholdAssets 2021-03-01 2022-02-28 08700329 d:Buildings d:ShortLeaseholdAssets 2022-02-28 08700329 d:Buildings d:ShortLeaseholdAssets 2021-02-28 08700329 d:PlantMachinery 2021-03-01 2022-02-28 08700329 d:PlantMachinery 2022-02-28 08700329 d:PlantMachinery 2021-02-28 08700329 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 08700329 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2021-03-01 2022-02-28 08700329 d:MotorVehicles 2021-03-01 2022-02-28 08700329 d:MotorVehicles 2022-02-28 08700329 d:MotorVehicles 2021-02-28 08700329 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 08700329 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-03-01 2022-02-28 08700329 d:OfficeEquipment 2021-03-01 2022-02-28 08700329 d:OfficeEquipment 2022-02-28 08700329 d:OfficeEquipment 2021-02-28 08700329 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 08700329 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2021-03-01 2022-02-28 08700329 d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 08700329 d:LeasedAssetsHeldAsLessee 2021-03-01 2022-02-28 08700329 d:PatentsTrademarksLicencesConcessionsSimilar 2022-02-28 08700329 d:PatentsTrademarksLicencesConcessionsSimilar 2021-02-28 08700329 d:CurrentFinancialInstruments 2022-02-28 08700329 d:CurrentFinancialInstruments 2021-02-28 08700329 d:Non-currentFinancialInstruments 2022-02-28 08700329 d:Non-currentFinancialInstruments 2021-02-28 08700329 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 08700329 d:CurrentFinancialInstruments d:WithinOneYear 2021-02-28 08700329 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 08700329 d:Non-currentFinancialInstruments d:AfterOneYear 2021-02-28 08700329 d:ShareCapital 2022-02-28 08700329 d:ShareCapital 2021-02-28 08700329 d:OtherMiscellaneousReserve 2022-02-28 08700329 d:OtherMiscellaneousReserve 2021-02-28 08700329 d:RetainedEarningsAccumulatedLosses 2022-02-28 08700329 d:RetainedEarningsAccumulatedLosses 2021-02-28 08700329 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 08700329 d:AcceleratedTaxDepreciationDeferredTax 2021-02-28 08700329 d:TaxLossesCarry-forwardsDeferredTax 2022-02-28 08700329 d:TaxLossesCarry-forwardsDeferredTax 2021-02-28 08700329 d:OtherDeferredTax 2022-02-28 08700329 d:OtherDeferredTax 2021-02-28 08700329 c:OrdinaryShareClass1 2021-03-01 2022-02-28 08700329 c:OrdinaryShareClass1 2022-02-28 08700329 c:FRS102 2021-03-01 2022-02-28 08700329 c:AuditExempt-NoAccountantsReport 2021-03-01 2022-02-28 08700329 c:FullAccounts 2021-03-01 2022-02-28 08700329 c:PrivateLimitedCompanyLtd 2021-03-01 2022-02-28 08700329 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2021-03-01 2022-02-28 08700329 6 2021-03-01 2022-02-28 08700329 13 2021-03-01 2022-02-28 08700329 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2021-03-01 2022-02-28 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08700329









ALCHEMIE TECHNOLOGY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2022

 
ALCHEMIE TECHNOLOGY LIMITED
REGISTERED NUMBER: 08700329

BALANCE SHEET
AS AT 28 FEBRUARY 2022

2022
2021
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
265,276
162,589

Tangible assets
 5 
947,838
606,677

Investments
 6 
-
1

  
1,213,114
769,267

CURRENT ASSETS
  

Stocks
  
347,826
382,338

Debtors: amounts falling due after more than one year
 7 
9,900
-

Debtors: amounts falling due within one year
 7 
2,925,934
1,121,439

Cash at bank and in hand
  
137,410
400,225

  
3,421,070
1,904,002

Creditors: amounts falling due within one year
 8 
(1,504,370)
(988,979)

NET CURRENT ASSETS
  
 
 
1,916,700
 
 
915,023

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,129,814
1,684,290

Creditors: amounts falling due after more than one year
 9 
(1,718,108)
(1,415,623)

  

NET ASSETS
  
1,411,706
268,667


CAPITAL AND RESERVES
  

Called up share capital 
 11 
100
100

Other reserves
  
4,949,000
-

Profit and loss account
  
(3,537,394)
268,567

  
1,411,706
268,667


Page 1

 
ALCHEMIE TECHNOLOGY LIMITED
REGISTERED NUMBER: 08700329
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A L Hudd
Director

Date: 2 September 2022

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

1.


GENERAL INFORMATION

Alchemie Technology Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is The Flight Sergeants Mess, Duxford Business Park, Hurdles Way, Duxford, Cambridge, CB22 4PA.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the Company will continue as a going concern for the foreseeable future. The trading losses reported in the period are consistent with the Company's business plan as it progresses its research and development activities.
Given the investment received into the Group, together with the development progress achieved, the directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt the going concern basis.

 
2.3

TURNOVER

Turnover comprises revenue recognised by the Company in respect of services provided during the year, exclusive of Value Added Tax and trade discounts. Revenue is recognised as the fair value of the consideration received or receivable.
Turnvoer from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the following conditions are satisfied:
- the amount of turnover can be measured reliably 
- it is probably that the Company will receive the consideration due under the contract
- the stage of completion of the contract at the end of the reporting period can be measured reliably
- the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Page 3

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

RESEARCH AND DEVELOPMENT

Research and development expenditure is recognised in the Profit and Loss Account in the period in which the expenditure is incurred.

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
10% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
Between 10 - 25% straight line
Office equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

CONVERTIBLE DEBT

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Balance Sheet.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.

Page 5

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

2.ACCOUNTING POLICIES (CONTINUED)

  
2.15

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires a settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.16

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.17

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.18

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 6

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

2.ACCOUNTING POLICIES (CONTINUED)

 
2.19

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 37 (2021 - 15).

Page 7

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

4.


INTANGIBLE ASSETS




Patents

£



COST


At 1 March 2021
311,093


Additions
196,728



At 28 February 2022

507,821



AMORTISATION


At 1 March 2021
148,504


Charge for the year on owned assets
94,041



At 28 February 2022

242,545



NET BOOK VALUE



At 28 February 2022
265,276



At 28 February 2021
162,589



Page 8

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

5.


TANGIBLE FIXED ASSETS





Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



COST OR VALUATION


At 1 March 2021
100,528
287,631
310,186
58,179
756,524


Additions
172,609
193,110
134,194
46,729
546,642


Disposals
-
-
(17,465)
-
(17,465)



At 28 February 2022

273,137
480,741
426,915
104,908
1,285,701



DEPRECIATION


At 1 March 2021
15,385
56,597
57,807
20,058
149,847


Charge for the year on owned assets
23,904
91,645
4,125
16,952
136,626


Charge for the year on financed assets
-
-
54,166
-
54,166


Disposals
-
-
(2,776)
-
(2,776)



At 28 February 2022

39,289
148,242
113,322
37,010
337,863



NET BOOK VALUE



At 28 February 2022
233,848
332,499
313,593
67,898
947,838



At 28 February 2021
85,143
231,034
252,379
38,121
606,677


6.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£





At 1 March 2021
1


Disposals
(1)



At 28 February 2022
-

Page 9

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

7.


DEBTORS

2022
2021
£
£

DUE AFTER MORE THAN ONE YEAR

Other debtors
9,900
-

9,900
-


2022
2021
£
£

DUE WITHIN ONE YEAR

Trade debtors
743,608
669,835

Amounts owed by group undertakings
5,349
2,149

Other debtors
395,812
208,744

Prepayments and accrued income
1,220,860
190,711

Tax recoverable
80,000
50,000

Deferred taxation
480,305
-

2,925,934
1,121,439


Page 10

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022
2021
£
£

Bank loans
120,000
89,309

Other loans
125,456
-

Trade creditors
959,592
472,497

Amounts owed to group undertakings
57,264
37,337

Other taxation and social security
67,175
40,302

Obligations under finance lease and hire purchase contracts
89,899
41,120

Other creditors
1,371
14,068

Accruals and deferred income
83,613
294,346

1,504,370
988,979


Obligations under finance leases and hire purchase contracts are secured on the assets concerned.
Other creditors include contributions of £771 (2021 - £1,768) payable to the Company's defined contribution pension scheme at the balance sheet date.
Bank loans comprise a Government backed Coronavirus Business Interruption Loan (CBILS), which was drawn down in June 2020. The loan is 80% guaranteed by the Government. Interest and fees payable in the first 12 months were covered by the Government. Interest is charged at a margin rate of 3.19%. Repayments commenced in August 2021, and will be made for a period of 5 years thereafter.
Other loans comprise a convertible loan arrangement which can convert to equity in the event of a future fundraising round. The longstop date of this arrangement is October 2022.

Page 11

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022
2021
£
£

Bank loans
410,000
520,000

Other loans
1,114,517
702,612

Net obligations under finance leases and hire purchase contracts
193,591
193,011

1,718,108
1,415,623


Obligations under finance leases and hire purchase contracts are secured on the assets concerned.
Bank loans comprise a Government backed Coronavirus Business Interruption Loan (CBILS), which was drawn down in June 2020. The loan is 80% guaranteed by the Government. Interest and fees payable in the first 12 months were covered by the Government. Interest is charged at a margin rate of 3.19%. Repayments commenced in August 2021, and will be made for a period of 5 years thereafter.
Other loans comprise a loan facility provided by Innovate UK which was drawn from January 2021. Interest is charged at 7.4% per annum. The loan facilities become repayable 82 months after the date of the loan agreement.


10.


DEFERRED TAXATION




2022
2021


£

£






At beginning of year
-
(11,787)


Charged to profit or loss
480,305
11,787



AT END OF YEAR
480,305
-

The deferred tax asset is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(159,335)
-

Tax losses carried forward
639,121
-

Short term timing differences
519
-

480,305
-

Page 12

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

11.


SHARE CAPITAL

2022
2021
£
£
ALLOTTED, CALLED UP AND PARTLY PAID



100 Ordinary shares of £1 each
100
100


 
Page 13