Company Registration No. SC308699 (Scotland)
ALCHEMIST LEARNING AND DEVELOPMENT LIMITED
(FORMERLY KNOWN AS APEX TRAINING & DEVELOPMENT LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ALCHEMIST LEARNING AND DEVELOPMENT LIMITED
(FORMERLY KNOWN AS APEX TRAINING & DEVELOPMENT LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
ALCHEMIST LEARNING AND DEVELOPMENT LIMITED
(FORMERLY KNOWN AS APEX TRAINING & DEVELOPMENT LIMITED)
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
55,323
17,369
Investments
4
13,912
13,912
69,235
31,281
Current assets
Debtors
6
2,808,229
2,442,643
Cash at bank and in hand
1,257,847
593,149
4,066,076
3,035,792
Creditors: amounts falling due within one year
7
(1,081,982)
(1,211,397)
Net current assets
2,984,094
1,824,395
Total assets less current liabilities
3,053,329
1,855,676
Provisions for liabilities
8
(8,911)
(10,000)
Net assets
3,044,418
1,845,676
Capital and reserves
Called up share capital
9
79
79
Capital redemption reserve
22
22
Profit and loss reserves
3,044,317
1,845,575
Total equity
3,044,418
1,845,676
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 29 October 2024 and are signed on its behalf by:
Katherine Grover
Director
Company Registration No. SC308699
ALCHEMIST LEARNING AND DEVELOPMENT LIMITED
(FORMERLY KNOWN AS APEX TRAINING & DEVELOPMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Alchemist Learning and Development Limited is a private company limited by shares incorporated in Scotland. The registered office is Ironwork Business Centre, Castle Laurie Works, Falkirk, Scotland, FK2 7XE.
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
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed projections and forecasts of the trading entities within the group and are confident that they will continue to be profitable. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue is recognised when services are provided and the right to consideration is earned.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% reducing balance
Computers
33% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
ALCHEMIST LEARNING AND DEVELOPMENT LIMITED
(FORMERLY KNOWN AS APEX TRAINING & DEVELOPMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
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 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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ALCHEMIST LEARNING AND DEVELOPMENT LIMITED
(FORMERLY KNOWN AS APEX TRAINING & DEVELOPMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
43
31
ALCHEMIST LEARNING AND DEVELOPMENT LIMITED
(FORMERLY KNOWN AS APEX TRAINING & DEVELOPMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2023
24,292
24,292
Additions
4,311
52,903
57,214
Disposals
(4,087)
(4,087)
At 31 March 2024
4,311
73,108
77,419
Depreciation and impairment
At 1 April 2023
6,923
6,923
Depreciation charged in the year
469
17,243
17,712
Eliminated in respect of disposals
(2,539)
(2,539)
At 31 March 2024
469
21,627
22,096
Carrying amount
At 31 March 2024
3,842
51,481
55,323
At 31 March 2023
17,369
17,369
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
13,912
13,912
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2023 & 31 March 2024
13,912
Carrying amount
At 31 March 2024
13,912
At 31 March 2023
13,912
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Apex Training and Development FZ LLC
United Arab Emirates
Training Provider
Ordinary
100.00
ALCHEMIST LEARNING AND DEVELOPMENT LIMITED
(FORMERLY KNOWN AS APEX TRAINING & DEVELOPMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors
1,210,977
1,170,475
Amounts owed by group undertakings
1,094,804
970,634
Other debtors and prepayments
500,385
299,471
2,806,166
2,440,580
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
2,063
2,063
Total debtors
2,808,229
2,442,643
7
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Trade creditors
263,824
318,257
Amounts owed to group undertakings
95,827
100,386
Taxation and social security
62,516
34,702
Other creditors, accruals and deferred income
659,815
758,052
1,081,982
1,211,397
8
Provisions for liabilities
2024
2023
£
£
Onerous lease
-
10,000
Dilapidation provision
8,911
-
8,911
10,000
The company made a provision for dilapidation expenses associated with a building lease.
ALCHEMIST LEARNING AND DEVELOPMENT LIMITED
(FORMERLY KNOWN AS APEX TRAINING & DEVELOPMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares class A (voting) of £1 each
75
75
75
75
Ordinary shares class B (non-voting) of £1 each
3
3
3
3
Ordinary shares class C (non-voting) of £1 each
1
1
1
1
79
79
79
79
10
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.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
52,750
12
Parent company
The immediate and ultimate holding company is Alchemist Holdings Limited which holds 100% of the issued share capital. The registered address of the controlling party and where the accounts can be found is 1 Long Lane, London, England, SE1 4PG.
13
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2023
£
£
£
Current assets
Debtors due within one year
4,058,551
(1,615,908)
2,442,643
Capital and reserves
Profit and loss
3,461,483
(1,615,908)
1,845,575
ALCHEMIST LEARNING AND DEVELOPMENT LIMITED
(FORMERLY KNOWN AS APEX TRAINING & DEVELOPMENT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Prior period adjustment
(Continued)
- 8 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2023
£
£
£
Administrative expenses
(2,636,337)
(538,636)
(3,174,973)
Profit for the financial period
1,309,949
(538,636)
771,313
The above prior year adjustment relates to management fees of £538,636 plus £1,077,272 from prior years which should have been invoiced by the companies parent Alchemist Holdings Limited. These amounts, including VAT, have now been corrected.
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedJohn NicholsonStuart PackmanKatherine Groverfalsefalse2024-10-292024-10-29SC3086992023-04-012024-03-31SC3086992024-03-31SC3086992023-03-31SC308699core:FurnitureFittings2024-03-31SC308699core:ComputerEquipment2024-03-31SC308699core:FurnitureFittings2023-03-31SC308699core:ComputerEquipment2023-03-31SC308699core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-31SC308699core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-31SC308699core:CurrentFinancialInstruments2024-03-31SC308699core:CurrentFinancialInstruments2023-03-31SC308699core:ShareCapital2024-03-31SC308699core:ShareCapital2023-03-31SC308699core:CapitalRedemptionReserve2024-03-31SC308699core:CapitalRedemptionReserve2023-03-31SC308699core:RetainedEarningsAccumulatedLosses2024-03-31SC308699core:RetainedEarningsAccumulatedLosses2023-03-31SC308699core:ShareCapitalOrdinaryShares2024-03-31SC308699core:ShareCapitalOrdinaryShares2023-03-31SC308699bus:Director32023-04-012024-03-31SC308699core:FurnitureFittings2023-04-012024-03-31SC308699core:ComputerEquipment2023-04-012024-03-31SC3086992022-04-012023-03-31SC308699core:FurnitureFittings2023-03-31SC308699core:ComputerEquipment2023-03-31SC3086992023-03-31SC308699core:Subsidiary12023-04-012024-03-31SC30869912023-04-012024-03-31SC308699core:Subsidiary112023-04-012024-03-31SC308699core:WithinOneYear2024-03-31SC308699core:WithinOneYear2023-03-31SC308699core:AfterOneYear2024-03-31SC308699core:AfterOneYear2023-03-31SC308699core:ContinuingOperations2022-04-012023-03-31SC308699bus:PrivateLimitedCompanyLtd2023-04-012024-03-31SC308699bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC308699bus:FRS1022023-04-012024-03-31SC308699bus:Audited2023-04-012024-03-31SC308699bus:Director12023-04-012024-03-31SC308699bus:Director22023-04-012024-03-31SC308699bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP