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Registration number: 10771726

Alchemist Aesthetics Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Alchemist Aesthetics Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Alchemist Aesthetics Ltd

Company Information

Directors

Mrs J Tyson

Mr MC Tyson

Registered office

Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

 

Accountants

CHF Accountancy Limited
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

 

 

Alchemist Aesthetics Ltd

(Registration number: 10771726)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,976

4,083

Current assets

 

Stocks

5

2,500

2,500

Debtors

6

922

810

Cash at bank and in hand

 

862

3,592

 

4,284

6,902

Creditors: Amounts falling due within one year

7

(101,387)

(96,144)

Net current liabilities

 

(97,103)

(89,242)

Total assets less current liabilities

 

(94,127)

(85,159)

Creditors: Amounts falling due after more than one year

7

(14,284)

(16,540)

Net liabilities

 

(108,411)

(101,699)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(108,511)

(101,799)

Shareholders' deficit

 

(108,411)

(101,699)

For the financial year ending 31 May 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 March 2024 and signed on its behalf by:
 

.........................................

Mrs J Tyson
Director

 

Alchemist Aesthetics Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD
United Kingdom

These financial statements were authorised for issue by the Board on 5 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Alchemist Aesthetics Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture fittings and equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Alchemist Aesthetics Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

15,797

15,797

Additions

70

70

At 31 May 2023

15,867

15,867

Depreciation

At 1 June 2022

11,714

11,714

Charge for the year

1,177

1,177

At 31 May 2023

12,891

12,891

Carrying amount

At 31 May 2023

2,976

2,976

At 31 May 2022

4,083

4,083

 

Alchemist Aesthetics Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023

5

Stocks

2023
£

2022
£

Other inventories

2,500

2,500

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

239

Prepayments

922

571

 

922

810

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,761

4,726

Trade creditors

 

1,237

1,585

Taxation and social security

 

140

1

Accruals and deferred income

 

4,232

4,600

Other creditors

 

91,017

85,232

 

101,387

96,144

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

14,284

16,540

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Alchemist Aesthetics Ltd

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,284

16,540

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,761

4,726

Bank borrowings

Bank borrowings (Coronavirus bounceback loan) is denominated in £GB with a nominal interest rate of 2.5%, and the final instalment is due on 22 May 2027. The carrying amount at year end is £19,046 (2022 - £21,266).

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

13,406

18,053

Later than one year and not later than five years

25,773

-

39,179

18,053

The amount of non-cancellable operating lease payments recognised as an expense during the year was £30,437 (2022 - £46,034).