Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292886938falsetrue352023-03-01falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08700329 2023-03-01 2024-02-29 08700329 2022-03-01 2023-02-28 08700329 2024-02-29 08700329 2023-02-28 08700329 2022-03-01 08700329 c:Director1 2023-03-01 2024-02-29 08700329 d:Buildings d:ShortLeaseholdAssets 2023-03-01 2024-02-29 08700329 d:Buildings d:ShortLeaseholdAssets 2024-02-29 08700329 d:Buildings d:ShortLeaseholdAssets 2023-02-28 08700329 d:PlantMachinery 2023-03-01 2024-02-29 08700329 d:PlantMachinery 2024-02-29 08700329 d:PlantMachinery 2023-02-28 08700329 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08700329 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 08700329 d:MotorVehicles 2023-03-01 2024-02-29 08700329 d:MotorVehicles 2024-02-29 08700329 d:MotorVehicles 2023-02-28 08700329 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08700329 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 08700329 d:OfficeEquipment 2023-03-01 2024-02-29 08700329 d:OfficeEquipment 2024-02-29 08700329 d:OfficeEquipment 2023-02-28 08700329 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08700329 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 08700329 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08700329 d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 08700329 d:PatentsTrademarksLicencesConcessionsSimilar 2024-02-29 08700329 d:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 08700329 d:CurrentFinancialInstruments 2024-02-29 08700329 d:CurrentFinancialInstruments 2023-02-28 08700329 d:Non-currentFinancialInstruments 2024-02-29 08700329 d:Non-currentFinancialInstruments 2023-02-28 08700329 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 08700329 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 08700329 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 08700329 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 08700329 d:ShareCapital 2024-02-29 08700329 d:ShareCapital 2023-02-28 08700329 d:OtherMiscellaneousReserve 2024-02-29 08700329 d:OtherMiscellaneousReserve 2023-02-28 08700329 d:RetainedEarningsAccumulatedLosses 2024-02-29 08700329 d:RetainedEarningsAccumulatedLosses 2023-02-28 08700329 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 08700329 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 08700329 d:TaxLossesCarry-forwardsDeferredTax 2024-02-29 08700329 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 08700329 d:OtherDeferredTax 2024-02-29 08700329 d:OtherDeferredTax 2023-02-28 08700329 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-01 2024-02-29 08700329 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-02-29 08700329 c:OrdinaryShareClass1 2023-03-01 2024-02-29 08700329 c:OrdinaryShareClass1 2024-02-29 08700329 c:FRS102 2023-03-01 2024-02-29 08700329 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 08700329 c:FullAccounts 2023-03-01 2024-02-29 08700329 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08700329 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-03-01 2024-02-29 08700329 4 2023-03-01 2024-02-29 08700329 13 2023-03-01 2024-02-29 08700329 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-03-01 2024-02-29 08700329 e:PoundSterling 2023-03-01 2024-02-29 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 29 FEBRUARY 2024

 
ALCHEMIE TECHNOLOGY LIMITED
REGISTERED NUMBER: 08700329

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
373,059
278,208

Tangible assets
 5 
513,261
741,720

  
886,320
1,019,928

CURRENT ASSETS
  

Stocks
  
1,832,832
662,550

Debtors: amounts falling due after more than one year
 6 
-
7,920

Debtors: amounts falling due within one year
 6 
1,351,335
2,465,918

Cash at bank and in hand
  
160,854
64,904

  
3,345,021
3,201,292

Creditors: amounts falling due within one year
 7 
(1,210,861)
(1,160,117)

NET CURRENT ASSETS
  
 
 
2,134,160
 
 
2,041,175

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,020,480
3,061,103

Creditors: amounts falling due after more than one year
 8 
(1,234,302)
(1,584,238)

PROVISIONS FOR LIABILITIES
  

Other provisions
 10 
(796,000)
-

NET ASSETS
  
990,178
1,476,865


CAPITAL AND RESERVES
  

Called up share capital 
 11 
100
100

Other reserves
  
14,879,823
9,449,000

Profit and loss account
  
(13,889,745)
(7,972,235)

  
990,178
1,476,865


Page 1

 
ALCHEMIE TECHNOLOGY LIMITED
REGISTERED NUMBER: 08700329
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers 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 director acknowledges his 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 profit and loss account 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: 28 October 2024

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 29 FEBRUARY 2024

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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 Profit and Loss Account in the same period as the related expenditure.

Page 3

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

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.

Page 4

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

  
2.14

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.

 
2.15

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.

 
2.16

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 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.17

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.

 
2.18

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 35 (2023 - 38).

Page 7

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


INTANGIBLE ASSETS






Patents

£



COST


At 1 March 2023
634,690


Additions
211,203



At 29 February 2024

845,893



AMORTISATION


At 1 March 2023
356,482


Charge for the year on owned assets
116,352



At 29 February 2024

472,834



NET BOOK VALUE



At 29 February 2024
373,059



At 28 February 2023
278,208



Page 8

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


TANGIBLE FIXED ASSETS







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

£
£
£
£
£



COST OR VALUATION


At 1 March 2023
286,929
358,171
444,879
114,587
1,204,566


Additions
7,700
-
24,960
4,682
37,342


Disposals
-
-
(132,715)
-
(132,715)



At 29 February 2024

294,629
358,171
337,124
119,269
1,109,193



DEPRECIATION


At 1 March 2023
67,585
184,390
156,082
54,789
462,846


Charge for the year on owned assets
28,869
62,594
11,475
18,856
121,794


Charge for the year on financed assets
-
-
68,334
-
68,334


Disposals
-
-
(57,042)
-
(57,042)



At 29 February 2024

96,454
246,984
178,849
73,645
595,932



NET BOOK VALUE



At 29 February 2024
198,175
111,187
158,275
45,624
513,261



At 28 February 2023
219,344
173,781
288,797
59,798
741,720

Page 9

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


DEBTORS

29 February
28 February
2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR

Other debtors
-
7,920


29 February
28 February
2024
2023
£
£

DUE WITHIN ONE YEAR

Trade debtors
51,793
368,875

Amounts owed by group undertakings
14,032
21,815

Other debtors
380,372
349,961

Prepayments and accrued income
219,206
1,007,632

Tax recoverable
285,884
286,875

Deferred taxation
400,048
430,760

1,351,335
2,465,918


Page 10

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29 February
28 February
2024
2023
£
£

Bank loans
120,000
120,000

Other loans
273,863
131,494

Trade creditors
103,859
333,640

Amounts owed to group undertakings
189,686
57,264

Other taxation and social security
54,480
72,007

Obligations under finance lease and hire purchase contracts
37,874
51,847

Other creditors
7,062
11,506

Accruals and deferred income
424,037
382,359

1,210,861
1,160,117


Obligations under finance leases and hire purchase contracts are secured on the assets concerned.
Other creditors include contributions of £NIL (2022 - £771) 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. 

Page 11

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

29 February
28 February
2024
2023
£
£

Bank loans
170,000
290,000

Other loans
953,914
1,114,517

Net obligations under finance leases and hire purchase contracts
110,388
179,721

1,234,302
1,584,238


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 becomes repayable 82 months after the date of the loan agreement.


9.


DEFERRED TAXATION






2024
2023


£

£






At beginning of year
430,760
480,305


Charged to profit or loss
(30,712)
(49,545)



AT END OF YEAR
400,048
430,760

The deferred tax asset is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(55,127)
(110,319)

Tax losses carried forward
423,344
540,738

Short term timing differences
31,831
341

400,048
430,760

Page 12

 
ALCHEMIE TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


PROVISIONS






Provision

£





Other movements
796,000



AT 29 FEBRUARY 2024
796,000

Provision relating to a settlement agreement entered into after the year end with a customer.


11.


SHARE CAPITAL

29 February
28 February
2024
2023
£
£
ALLOTTED, CALLED UP AND UNPAID



100 Ordinary shares of £1 each
100
100


 
Page 13