Company Registration No. 11119978 (England and Wales)
ALCHEMIST HOLDINGS LIMITED
(FORMERLY KNOWN AS INTERACT TRAINING GROUP LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ALCHEMIST HOLDINGS LIMITED
(FORMERLY KNOWN AS INTERACT TRAINING GROUP LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ALCHEMIST HOLDINGS LIMITED
(FORMERLY KNOWN AS INTERACT TRAINING GROUP LIMITED)
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
9,046,396
9,046,396
Current assets
Debtors
6
6,126
9,987
Cash at bank and in hand
32,365
58,538
38,491
68,525
Creditors: amounts falling due within one year
7
(4,663,755)
(3,939,072)
Net current liabilities
(4,625,264)
(3,870,547)
Total assets less current liabilities
4,421,132
5,175,849
Creditors: amounts falling due after more than one year
8
(5,828,554)
(5,716,050)
Net liabilities
(1,407,422)
(540,201)
Capital and reserves
Called up share capital
93,063
92,229
Share premium account
4,468,617
4,465,280
Profit and loss reserves
(5,969,102)
(5,097,710)
Total equity
(1,407,422)
(540,201)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 22 November 2023 and are signed on its behalf by:
John Nicholson
Director
Company Registration No. 11119978
ALCHEMIST HOLDINGS LIMITED
(FORMERLY KNOWN AS INTERACT TRAINING GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Alchemist Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Long Lane, London, England, SE1 4PG.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company is a holding company for a number of trading companies who provide the cash required by the company to meettrue its obligations. The trading subsidiaries have made profits in the year and the directors have reviewed projections and forecasts of the trading entities within the group and are confident that they will continue to be profitable and will be able to meet their own and the company's liabilities as and when they fall due. Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
ALCHEMIST HOLDINGS LIMITED
(FORMERLY KNOWN AS INTERACT TRAINING GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.
1.5
Equity instruments
Equity instruments issued by the company 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 company.
1.6
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
ALCHEMIST HOLDINGS LIMITED
(FORMERLY KNOWN AS INTERACT TRAINING GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Impairment of fixed asset investments
The company holds investments in subsidiaries which are considered for indicators of impairment at the year end. Where indicators exist, the company has considered the further earnings potential of these subsidiaries by using discounted cash flow model in order to provide an estimation to the valuation of the company's investments. Assumptions have been drawn upon in preparing these discounted cash flows relating to turnover growth, margin, exit multiple and the discount factor. The directors have used their knowledge of the business and the industry in preparing these forecasts and the assumptions drawn require significant judgement and estimation, however, these are the directors best estimates.
3
Employees
The company had no contracted employees during the current or previous year. Wages and salaries costs are recharged from another group company.
4
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
This is Alchemist Limited
England
Training provider
Ordinary
100.00
0
Alchemist Learning and Development Limited
Scotland
Training provider
Ordinary
100.00
0
Apex Dubai
United Arab Emirates
Training provider
Ordinary
0
100.00
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
9,046,396
9,046,396
ALCHEMIST HOLDINGS LIMITED
(FORMERLY KNOWN AS INTERACT TRAINING GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2022 & 31 March 2023
9,046,396
Carrying amount
At 31 March 2023
9,046,396
At 31 March 2022
9,046,396
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
6,126
9,987
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
189
12,944
Amounts owed to group undertakings
4,474,904
3,706,083
Taxation and social security
1,812
1,673
Other creditors
186,850
218,372
4,663,755
3,939,072
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Loans
5,519,179
5,406,675
Other creditors
309,375
309,375
5,828,554
5,716,050
The long term loans are secured against the assets of the group.
Included within long term loans is an amount of £562,500 (2022 - £562,500) of loan arrangement fees netted off against the total debt of the group. This arrangement fee is released to profit or loss over the length of the loans.
Included within long term loans is an amount of £3,575,000 (2022 - £3,575,000) owed to a significant shareholder gross of the loan arrangement fee. Interest is charged on these loans at 10%.
ALCHEMIST HOLDINGS LIMITED
(FORMERLY KNOWN AS INTERACT TRAINING GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Simon Mott-Cowan.
The auditor was HW Fisher LLP.
10
Directors' transactions
At the year end the company owed £188 (2022: £0) to the director.