10 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 16,173 14,685 12,600 3,780 1,260 5,040 7,560 8,820 2,368 402 2,770 1,749 423 2,172 598 619 xbrli:pure xbrli:shares iso4217:GBP 06802133 2023-02-01 2024-01-31 06802133 2024-01-31 06802133 2023-01-31 06802133 2022-02-01 2023-01-31 06802133 2023-01-31 06802133 2022-01-31 06802133 core:NetGoodwill 2023-02-01 2024-01-31 06802133 core:PlantMachinery 2023-02-01 2024-01-31 06802133 bus:Director2 2023-02-01 2024-01-31 06802133 core:NetGoodwill 2023-01-31 06802133 core:NetGoodwill 2024-01-31 06802133 core:PlantMachinery 2023-01-31 06802133 core:PlantMachinery 2024-01-31 06802133 core:WithinOneYear 2024-01-31 06802133 core:WithinOneYear 2023-01-31 06802133 core:ShareCapital 2024-01-31 06802133 core:ShareCapital 2023-01-31 06802133 core:RetainedEarningsAccumulatedLosses 2024-01-31 06802133 core:RetainedEarningsAccumulatedLosses 2023-01-31 06802133 core:NetGoodwill 2023-01-31 06802133 core:PlantMachinery 2023-01-31 06802133 bus:Director2 2023-01-31 06802133 bus:Director2 2022-01-31 06802133 bus:SmallEntities 2023-02-01 2024-01-31 06802133 bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 06802133 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 06802133 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 06802133 bus:FullAccounts 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: 06802133
Alchemyst Limited
Unaudited Financial Statements
31 January 2024
Alchemyst Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
5
Alchemyst Limited
Director's Report
Year ended 31 January 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 January 2024 .
Director
The director who served the company during the year was as follows:
Mr R Beattie
Review of Operations Alchemyst Limited (AL) is a company specialising in on-line sales predominantly on a direct to consumer basis (D2C). The company has amassed considerable expertise in selling through Amazon, and this year has invested in highly skilled people (evidenced by the > £110K increase year on year) so it can cover all the additional areas involved with Amazon, securing brand registry enabling AL to build Amazon store fronts, generating A+ optimised listings for each SKU, managing advertising campaigns, marketing budgets, social media, all of which is now done in-house. The company has won more new clients this year, with a healthy pipeline going into the next financial year. It has also started looking at developing its own brands to sell on Amazon, first sales will come through in the following financial year. FY24 has seen revenue grow by 85%. The Directors are optimistic that that kind of growth trajectory can be maintained. The next big growth area for the company will be a TikTok shop. At the end of this financial year the company is embarking on setting up a shop within TikTok and its two largest clients have agreed to invest in TikTok in the next financial year. This will allow AL to offer this platform to its other clients driving further growth for the company, The warehouse operation has got significantly larger, order numbers being picked and packed are significantly above last year. AL's high service level means it can fulfil Amazon FBM Prime from its warehouse, which gives added flexibility to its clients. Added to this AL's own website brand (goodfood-company.com) which also sells D2C has grown both in terms of brands and sales. The board are delighted with AL's financial performance this financial year, considering the large growth from the previous year. A number of other initiatives are in progress which, if successfully implemented will drive further bottom-line improvement in FY26. With much of FY25 now gone the Board are pleased with new activities AL is undertaking and the development of additional and different income streams for the company.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 October 2024 and signed on behalf of the board by:
Mr R Beattie
Director
Alchemyst Limited
Statement of Income and Retained Earnings
Year ended 31 January 2024
2024
2023
Note
£
£
Turnover
694,234
375,332
Cost of sales
379,050
144,830
---------
---------
Gross profit
315,184
230,502
Distribution costs
53,565
48,172
Administrative expenses
274,075
167,645
Other operating income
35,000
---------
---------
Operating profit
22,544
14,685
Interest payable and similar expenses
6,371
---------
---------
Profit before taxation
5
16,173
14,685
Tax on profit
--------
--------
Profit for the financial year and total comprehensive income
16,173
14,685
--------
--------
All the activities of the company are from continuing operations.
Alchemyst Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
7,560
8,820
Tangible assets
7
598
619
-------
-------
8,158
9,439
Current assets
Stocks
132,886
117,942
Debtors
8
70,950
38,388
---------
---------
203,836
156,330
Creditors: amounts falling due within one year
9
269,667
239,615
---------
---------
Net current liabilities
65,831
83,285
--------
--------
Total assets less current liabilities
( 57,673)
( 73,846)
--------
--------
Net liabilities
( 57,673)
( 73,846)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 57,773)
( 73,946)
--------
--------
Shareholders deficit
( 57,673)
( 73,846)
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mr R Beattie
Director
Company registration number: 06802133
Alchemyst Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Newton Close, Park Farm Industrial Estaste, Wellingborough, NN8 6UW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis, assuming the continued support of the directors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 6 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Amortisation of intangible assets
1,260
1,260
Depreciation of tangible assets
423
352
-------
-------
6. Intangible assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
12,600
--------
Amortisation
At 1 February 2023
3,780
Charge for the year
1,260
--------
At 31 January 2024
5,040
--------
Carrying amount
At 31 January 2024
7,560
--------
At 31 January 2023
8,820
--------
7. Tangible assets
Plant and machinery
£
Cost
At 1 February 2023
2,368
Additions
402
-------
At 31 January 2024
2,770
-------
Depreciation
At 1 February 2023
1,749
Charge for the year
423
-------
At 31 January 2024
2,172
-------
Carrying amount
At 31 January 2024
598
-------
At 31 January 2023
619
-------
8. Debtors
2024
2023
£
£
Trade debtors
69,893
35,409
Other debtors
1,057
2,979
--------
--------
70,950
38,388
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,458
1,595
Trade creditors
165,805
174,261
Social security and other taxes
4,065
1,674
Other creditors
50,447
30,550
Other creditors
42,892
31,535
---------
---------
269,667
239,615
---------
---------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Mr R Beattie
( 24,257)
( 24,257)
--------
--------