Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302023-06-302022-07-01falseNo description of principal activityfalsefalsefalse 13561544 2022-07-01 2023-06-30 13561544 2021-07-01 2022-06-30 13561544 2023-06-30 13561544 2022-06-30 13561544 2021-07-01 13561544 1 2022-07-01 2023-06-30 13561544 d:Director1 2022-07-01 2023-06-30 13561544 d:RegisteredOffice 2022-07-01 2023-06-30 13561544 c:OfficeEquipment 2022-07-01 2023-06-30 13561544 c:ComputerEquipment 2022-07-01 2023-06-30 13561544 c:Goodwill 2022-07-01 2023-06-30 13561544 c:CurrentFinancialInstruments 2023-06-30 13561544 c:CurrentFinancialInstruments 2022-06-30 13561544 c:CurrentFinancialInstruments c:WithinOneYear 2023-06-30 13561544 c:CurrentFinancialInstruments c:WithinOneYear 2022-06-30 13561544 c:ShareCapital 2022-07-01 2023-06-30 13561544 c:ShareCapital 2023-06-30 13561544 c:ShareCapital 2021-07-01 2022-06-30 13561544 c:ShareCapital 2022-06-30 13561544 c:ShareCapital 2021-07-01 13561544 c:MergerReserve 2022-07-01 2023-06-30 13561544 c:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 13561544 c:RetainedEarningsAccumulatedLosses 2023-06-30 13561544 c:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 13561544 c:RetainedEarningsAccumulatedLosses 2022-06-30 13561544 c:RetainedEarningsAccumulatedLosses 2021-07-01 13561544 d:OrdinaryShareClass1 2022-07-01 2023-06-30 13561544 d:OrdinaryShareClass1 2023-06-30 13561544 d:OrdinaryShareClass1 2022-06-30 13561544 d:FRS102 2022-07-01 2023-06-30 13561544 d:Audited 2022-07-01 2023-06-30 13561544 d:FullAccounts 2022-07-01 2023-06-30 13561544 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 13561544 c:Subsidiary1 2022-07-01 2023-06-30 13561544 c:Subsidiary1 1 2022-07-01 2023-06-30 13561544 c:Subsidiary2 2022-07-01 2023-06-30 13561544 c:Subsidiary2 1 2022-07-01 2023-06-30 13561544 c:Subsidiary3 2022-07-01 2023-06-30 13561544 c:Subsidiary3 1 2022-07-01 2023-06-30 13561544 d:Consolidated 2023-06-30 13561544 d:ConsolidatedGroupCompanyAccounts 2022-07-01 2023-06-30 13561544 2 2022-07-01 2023-06-30 13561544 6 2022-07-01 2023-06-30 13561544 e:PoundSterling 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13561544









APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
COMPANY INFORMATION


Director
G S Kundnani 




Registered number
13561544



Registered office
Unit 1
74 Back Church Lane

London

E1 1LX




Independent auditors
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

Radius House

51 Clarendon Road

Watford

Hertfordshire

WD17 1HP





 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 

CONTENTS



Page
Group Strategic Report
1 - 4
Director's Report
5 - 6
Independent Auditors' Report
7 - 11
Consolidated Statement of Comprehensive Income
12
Consolidated Balance Sheet
13 - 14
Company Balance Sheet
15
Consolidated Statement of Changes in Equity
16
Company Statement of Changes in Equity
17
Consolidated Statement of Cash Flows
18
Consolidated Analysis of Net Debt
19
Notes to the Financial Statements
20 - 38


 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

Introduction
 
The Director presents his strategic report for the year ended 30 June 2023.
The principal activity of the Company continues to be that of providing financial services as holding company. The principal activity of the Group continues to be that of providing a website to facilitate FX & CFD trading, issuing of electronic money and provision of payments services. Alchemy Prime Limited is authorised and regulated by the Financial Conduct Authority (FCA). The new subsidiary acquired during the year, Swipe International Limited, is an electronic money institution (EMI), authorised by the FCA under Electronic Money Regulations 2011 for issuing of electronic money and the provision of payment services.
The strategic objectives of the Group include the expansion of the business through acquisition of new investment, and having absorbed the first year of expenses involved in taking on the expanded permissions granted 22 June, 2018, for a company not actively trading, we are looking to increase the profitability of the Company and Group as a whole and facilitate improvements in efficiencies of trading.

Business review
 
The Director is pleased with the performance and position of the Group for the year. The loss during the year was due to external factors in the market. Also the Group has recruited more senior staff including a sales person to seek opportunities in relation to onboarding new clients.  Historical liquidity and other debtors write-off have contributed to the overall losses of the Group. The environment going forward appears positive and volatility is a key driver for revenue growth. During the year, the Company has acquired 100% of share in Swipe International Limited, a UK company with EMI licence, at a consideration of £1,250,000 The Group will continue to work hard to drive revenue from trading activities and would commence the EMI business in the near future so as to further increase the revenue for the Group..

Going concern
The Director has undertaken an assessment of whether the Group was a going concern when the accounts were prepared, considering all available information about the future including the current economic climate, covering a period of 12 months from the date of the approval of the accounts. Following this review, the Director believes that the preparation of these financial statements on a going concern basis is appropriate.

Page 1

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Principal risks and uncertainties
 
Exchange rate risk
The Group trades across the World, and primarily accepts deposits in 3 currencies, GBP, EUR, and USD. This limits the exposure to currency movements as we currently hold the funds in bank accounts in those specific the currencies that our clients place with us. We do hold some alternative minority bank accounts to enable receipt of deposits in other currencies from these 3.
Settlement risk
The Group is exposed to the risk that Professional Clients and Eligible Counterparties that use our services will not settle their trades in a timely fashion if they end up in negative in their account, consequently the Group is careful about with whom it sets up arrangements in order to mitigate these risks. We rely on our in- depth client research to assist with the assessment of the risk to the business.
Technology
The group is exposed to technology and latency risk, but this is in a constant re-assessment and is mitigated with the use of the latest technology and a strong direction of the group, so an assessment of technology focuses on whether it does the job in the fashion that we wanted. All new technology is thoroughly tested both by the group and any key clients that may come into contact with it to see that it meets the requirements. We continue to have a dedicated Director of Operations to see that IT continues to function in an appropriate and timely manner, but to also increase the functionality. We are using technology to try and develop new markets, with direct to customer electronic customer facing items.
Business Risk
Business risk is defined as the potential loss (or inability to realise planned revenues) arising from the inability to properly implement strategic plans. The shareholder is willing and able to commit further injections of capital if required. Ongoing accounts are compiled quarterly to highlight any potential issues and to meet FCA regulatory requirements. The overarching group strategy is to diversify our interests, and we are kept up to date with ongoing or new potential regulatory issues by subscribing to FCA daily notices. Furthemore, with taking the accounting function in house for 2022-2023 we will then have a continual overview and be able to compile figures on a monthly basis
Conduct Risk
Conduct risk covers anything the firm might engage in that could cause problems with the regulator resulting from dealings with customers, staff, consumer protection, market integrity or competition. To deal with any issues as speedily as possible we have our own on-site Compliance Officer and MLRO and have now worked with our new firm of external compliance consultants since August 2019 on retainer, following the assessment of the previous service provider. We also have Best Execution policies, a 4 eyes approach to as many processes as is practical, and a Financial Crime policy covering items such as Onboarding, Fraud and AML. KYC has been automated in our first third party provider relationship. Staff are encouraged to take external examinations in these subjects and we have a further set of internal courses and examinations that are taken each year by all staff, provided by Compliancy, to ensure that staff knowledge remains up to date as there are limited external CPD opportunities.
Credit Risk & Counterparty Credit Risk
Credit risk is the risk arising from an event that causes an asset (including off-balance sheet transactions) to lose value or become worthless. We are continually seeking to diversify our deposits at bank in order to lessen the exposure to each counterparty. We also deal with LPs who we take up investigations about their financial stability, which has been reviewed each quarter in our COREP. This will be replaced with new reporting standards from the FCA in 2022-2023. Client Money is segregated from our own funds and where the clients qualify, they can access further protection through the FSCS provisions. LPs prefer to do business with us on a TTCA basis, so we become creditors of theirs should they fail.
Liquidity Risk
The risk of mismanagement of liquidity positions or inability to ensure that cash outflows are matched by inflows. There are no long-term debts held by the group and the business model allows for most revenues to be
Page 2

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

converted to cash in a short time. No long term receivables.
Market Risk
Market Risk is the risk of financial loss as a result of adverse market movements of market variables such as foreign exchange rates, interest rates, equity prices and commodity prices, thereby affecting the value of a financial instrument or portfolio. There are currently no assets or liabilities on the balance sheet with significant exposure to interest rate, and there is a use of hedging for significant balances or transactions but no exposure to any equity positions.
People Risk
The risks from employment and contractual issues including failure to recruit the right staff with appropriate skills/ability. It also includes remuneration and succession planning. Recruitment is an ongoing commitment, with an emphasis on finding the right staff for the roles as they become more clearly defined. Staff are encouraged to take external examinations in related subjects. Whilst actively growing, we are still a small firm in terms of employees, but because of that are able to deal with items speedily.
Operational Risk
Operational Risk is the risk of loss as a result of inadequate or failed internal processes, people, systems, and/or external events across all areas, activities and operations of the firm. Processes are discussed in an open forum at least once a week by the parties involved to resolve any failings in the systems and build upon any successes. Staff are being recruited to ensure that this becomes even more readily changeable. Meetings are held with outside service providers to ensure that we stay up to speed with technological changes and can then be put forward for adoption if they show an advantage in making systems even more secure.
Regulatory Risk
Adverse impact resulting from failure to comply with changes in the law, financial accounting procedures or the rules mandated by the regulatory authorities. This is dealt with through our compliance consultants keeping us abreast of changes and strategies that we must adopt to deal with items.
 

Financial key performance indicators
 
The Director considers that the key performance indicators are those that communicate the financial performance and strength of the Group  as a whole.
    
 2023   2022
Turnover    £5,511,100  £5,259,089
Net profit/(loss) before tax  (£296,576)  £374,925

Page 3

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Director's statement of compliance with duty to promote the success of the Group
 
The Director of the Group, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 and include a duty to promote the success of the Group, which is summarised below.
The Director accesses professional advice through external parties or an independent provider where necessary to fulfil his duties and acts in accordance with a governance framework that delegates day-to-day decision making to employees of the Group.
The Board recognises that such delegation needs to extend beyond more than simple financial authorities, and therefore set out below we have summarised how the Director fulfils his on-going operational duties:
Our People
The Group is committed to being a responsible business. Our behaviour is aligned with the expectations of our people, clients, shareholders, communities and society as a whole. For our business to succeed we need to manage our people's performance and develop and bring through talent while ensuring we operate as efficiently as possible. We must maintain common values that inform and guide our behaviour so we achieve our goals in the right way.
Business relationships
Our strategy prioritises organic growth. To achieve this we need to develop and maintain strong client relationships. We value all our clients and endeavour to act with integrity at all times. In line with our business culture we value our suppliers and endeavour to act with integrity at all times.
Community and environment
The Group's approach is to use our position of strength to create positive change for the people and communities with which we interact.


This report was approved by the board and signed on its behalf.



................................................
G S Kundnani
Director

Date: 4 November 2024

Page 4

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The director presents his report and the financial statements for the year ended 30 June 2023.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £292,386 (2022 - profit £303,345).

No dividends were proposed or paid for the year (2022 - £nil).

Director

The director who served during the year was:

G S Kundnani 

Future developments

On 30 Nov 2023, the Group has sold its investment in Alchemy Prime Limited and Alchmey Markets Holdings Limited.  After that, the Group will engage in EMI business upon the commencement of business in Swipe International Limited.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Page 5

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

Subsequent to the year end, on 30 November 2023, the Company has transferred its 100% shareholdings in Alchemy Prime Limited and 49.9% associate shareholdings in Alchemy Markets Holding Limited to FDCTech, Inc (“FDC”), a U.S. company listed in OTCQB, in exchange for 1,800,000 Series B Preferred Stock in FDC, valued at US$1.41 per share.  

Auditors

The auditorsHillier Hopkins LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
G S Kundnani
Director

Date: 4 November 2024

Page 6

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 

Opinion


We have audited the financial statements of APSI Holdings Limited (Formerly Known as Alchemy Prime Holdings Limited) (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 7

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED) (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 8

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED) (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 5, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED) (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
the nature of the industry and sector, control environment and business performance including the    remuneration incentives and pressures of key management;
• the primary responsibility for the prevention and detection of fraud rests with both those charged with    governance of the entity and management. We consider the results of our enquiries of management about  their own identification and assessment of the risks of irregularities;
• any matters we identified having obtained and reviewed the Group’s documentation of their policies    and procedures relating to:
 - identifying, evaluating and complying with laws and regulations, including FCA compliance and     whether they were aware of any instances of non-compliance;
 - detecting and responding to the risks of fraud and whether they have knowledge of any actual,     suspected or alleged fraud;
 - the internal controls established to mitigate risks of fraud or non-compliance with laws and      regulations;
• the matters discussed among the audit engagement team regarding how and where fraud might occur in   the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, Financial Conduct Authority regulations and relevant tax legislation.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 10

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED) (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Samuel Hodson BSc ACA (Statutory Auditor)
  
for and on behalf of
Hillier Hopkins LLP
 
Chartered Accountants
Statutory Auditor
  
Radius House
51 Clarendon Road
Watford
Hertfordshire
WD17 1HP

5 November 2024
Page 11

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
Note
£
£

  

Turnover
 4 
5,511,100
5,259,089

Cost of sales
  
(3,098,160)
(2,764,571)

Gross profit
  
2,412,940
2,494,518

Administrative expenses
  
(2,755,944)
(2,128,555)

Operating (loss)/profit
 5 
(343,004)
365,963

Income from participating interests
  
43,374
-

Interest receivable and similar income
 9 
3,054
8,962

(Loss)/profit before taxation
  
(296,576)
374,925

Tax on (loss)/profit
 10 
4,190
(71,580)

(Loss)/profit for the financial year
  
(292,386)
303,345

  

Total comprehensive income for the year
  
(292,386)
303,345

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(292,386)
303,345

  
(292,386)
303,345

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
(292,386)
303,345

  
(292,386)
303,345

The notes on pages 20 to 38 form part of these financial statements.

Page 12

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
REGISTERED NUMBER: 13561544

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
1,243,322
-

Tangible assets
 12 
427
17,544

Investments
 13 
874,491
-

  
2,118,240
17,544

Current assets
  

Debtors: amounts falling due within one year
 14 
14,046,579
11,714,039

Current asset investments
 15 
78,746
82,250

Cash at bank and in hand
 16 
3,434,985
3,864,146

  
17,560,310
15,660,435

Creditors: amounts falling due within one year
 17 
(15,799,316)
(13,502,169)

Net current assets
  
 
 
1,760,994
 
 
2,158,266

Total assets less current liabilities
  
3,879,234
2,175,810

Provisions for liabilities
  

Deferred taxation
 19 
(3,586)
(7,776)

  
 
 
(3,586)
 
 
(7,776)

Net assets
  
3,875,648
2,168,034


Capital and reserves
  

Called up share capital 
 20 
3,000,001
1,000,001

Merger reserve
 21 
1,149,999
1,149,999

Profit and loss account
 21 
(274,352)
18,034

Equity attributable to owners of the parent Company
  
3,875,648
2,168,034

  
3,875,648
2,168,034


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
G S Kundnani
Director
Date: 4 November 2024

The notes on pages 20 to 38 form part of these financial statements.
Page 13

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
REGISTERED NUMBER: 13561544
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023


Page 14

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
REGISTERED NUMBER: 13561544

COMPANY BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
2,124,492
1

  
2,124,492
1

Current assets
  

Debtors: amounts falling due within one year
 14 
343,138
1,000,000

Cash at bank and in hand
 16 
2,043,384
-

  
2,386,522
1,000,000

Creditors: amounts falling due within one year
 17 
(1,521,180)
-

Net current assets
  
 
 
865,342
 
 
1,000,000

Total assets less current liabilities
  
2,989,834
1,000,001

  

  

Net assets
  
2,989,834
1,000,001


Capital and reserves
  

Called up share capital 
 20 
3,000,001
1,000,001

Loss/(profit) for the year
  
(10,167)
-

Profit and loss account carried forward
  
(10,167)
-

  
2,989,834
1,000,001


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
G S Kundnani
Director
Date: 4 November 2024

The notes on pages 20 to 38 form part of these financial statements.

Page 15

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 July 2021
1,000,001
1,150,000
(285,311)
1,864,690
1,864,690


Comprehensive income for the year

Profit for the year
-
-
303,345
303,345
303,345


Contributions by and distributions to owners

Other movement arising from merger accounting
-
(1)
-
(1)
(1)



At 1 July 2022
1,000,001
1,149,999
18,034
2,168,034
2,168,034


Comprehensive income for the year

Loss for the year
-
-
(292,386)
(292,386)
(292,386)


Contributions by and distributions to owners

Shares issued during the year
2,000,000
-
-
2,000,000
2,000,000


At 30 June 2023
3,000,001
1,149,999
(274,352)
3,875,648
3,875,648


The notes on pages 20 to 38 form part of these financial statements.

Page 16

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2021
1,000,001
-
1,000,001


Total transactions with owners
-
-
-



At 1 July 2022
1,000,001
-
1,000,001


Comprehensive income for the year

Loss for the year
-
(10,167)
(10,167)


Contributions by and distributions to owners

Shares issued during the year
2,000,000
-
2,000,000


Total transactions with owners
2,000,000
-
2,000,000


At 30 June 2023
3,000,001
(10,167)
2,989,834


The notes on pages 20 to 38 form part of these financial statements.

Page 17

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(292,386)
303,345

Adjustments for:

Amortisation of intangible assets
10,488
-

Depreciation of tangible assets
17,117
15,780

Interest received
(3,054)
(8,962)

Taxation charge
(4,190)
71,580

(Increase) in debtors
(2,332,539)
(3,281,434)

Decrease in amounts owed by participating ints
-
501,832

Increase/(decrease) in creditors
3,731,628
(1,670,037)

(Decrease)/increase in amounts owed to participating ints
(1,424,986)
1,556,986

Net fair value losses recognised in P&L
-
1,110

Corporation tax (paid)/received
(53,176)
-

Net cash generated from operating activities

(351,098)
(2,509,800)


Cash flows from investing activities

Purchase of tangible fixed assets
-
(1,194)

Purchase of share in associates
(831,117)
-

Interest received
3,054
8,962

Purchase of subsidiary
(1,250,000)
-

Net cash from investing activities

(2,078,063)
7,768

Cash flows from financing activities

Issue of ordinary shares
2,000,000
1,000,001

Net cash used in financing activities
2,000,000
1,000,001

Net (decrease) in cash and cash equivalents
(429,161)
(1,502,031)

Cash and cash equivalents at beginning of year
3,864,146
5,366,177

Cash and cash equivalents at the end of year
3,434,985
3,864,146


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,434,985
3,864,146

3,434,985
3,864,146


Page 18

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2023




At 1 July 2022
Cash flows
At 30 June 2023
£

£

£

Cash at bank and in hand

3,864,146

(429,161)

3,434,985

Debt due within 1 year

-

(136,752)

(136,752)


3,864,146
(565,913)
3,298,233

The notes on pages 20 to 38 form part of these financial statements.

Page 19

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

The company is a private Company limited by shares, registered in England and Wales. The address of the registered office and the Company's principal place of business is Unit 8, Back Church Lane, London, England, E1 1LX.
The principal activity of the Group is to be that of providing a website to facilitate CFD trading.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases

 
2.3

Going concern

The Director has undertaken an assessment of whether the Company was a going concern when the accounts were prepared, considering all available information about the future including the current economic conditions, covering a period of 12 months from the date of the approval of the accounts. Following this review, the Director believes that the preparation of these financial statements on a going concern basis is appropriate.

Page 20

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Revenue represents the difference between the total value of profitable trades and the total value of loss making trades (including open market positions and net brokerage costs or gains to hedge), plus commissions, fees or rebates earnt and interest receivable on client's money by the company during the year.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue 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 all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group 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; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 21

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.9

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 and the Group operate and generate 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.

Page 22

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.11

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:

Office equipment
-
20%
Computer equipment
-
20%

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.

Page 23

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

Associates

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.

 
2.14

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.

 
2.15

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

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.

Page 24

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group 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 Group's Balance Sheet when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 25

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Page 26

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In this regard, the Directors believe that the critical accounting policies where judgments or estimations are necessarily applied are summarised below:
Valuation of open positions
The open positions as at the year end are calculated based on the amount deposited and withrdrawn during the year, amended for any foreign exchange movements and converted to GBP for the year end exchange rate.
Deferred tax
Deferred tax assets are raised to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilised. Assessment of future taxable profit is performed at every reporting date, in the form of future cash flows using a suitable growth rate. 
Current asset investments
Current asset investments in unlisted shares valued are at fair value with changes recognised in the Statement of comprehensive income using recent share purchase information.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

CFD trading and broking activities
5,511,100
5,259,089

5,511,100
5,259,089


All turnover arose within the United Kingdom.


5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Exchange differences
41,427
(265,759)

Other operating lease rentals
24,200
2,331

Page 27

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
16,000
9,750

Fees payable to the Company's auditors and their associates in connection with the Group's pension scheme(s) in respect of:

Audit-related assurance services
15,000
12,750

All non-audit services not included above
6,000
2,500


7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
250,597
266,340

Social security costs
45,602
23,015

Cost of defined contribution scheme
10,359
8,306

306,558
297,661


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
10
12

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)

8.


Director's remuneration



No director's remuneration was paid through any Group entity in either period. 

Page 28

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Interest receivable

2023
2022
£
£


Other interest receivable
3,054
8,962

3,054
8,962


10.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(4,190)
71,580

Total deferred tax
(4,190)
71,580


Taxation on (loss)/profit on ordinary activities
(4,190)
71,580
Page 29

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(296,576)
374,925


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(74,288)
71,236

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
17,643
(205)

Capital allowances for year in excess of depreciation
4,022
2,998

Utilisation of tax losses
-
(74,158)

Changes in provisions leading to an increase (decrease) in the tax charge
-
129

Unrelieved tax losses carried forward
52,623
-

Other differences leading to an increase (decrease) in the tax charge
(4,190)
71,580

Total tax charge for the year
(4,190)
71,580


Factors that may affect future tax charges

The group has £451,263 (2022 - £233,207) of carried forward tax losses which can be offset against trading and non trading profits made by the Company. These have been recognised as a deferred tax asset to the extent that it is probable that they will be recovered.

Page 30

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Intangible assets

Group and Company





Goodwill

£



Cost


Additions
1,253,810



At 30 June 2023

1,253,810



Amortisation


Charge for the year on owned assets
10,488



At 30 June 2023

10,488



Net book value



At 30 June 2023
1,243,322



At 30 June 2022
-



Page 31

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.


Tangible fixed assets

Group






Office equipment

£



Cost or valuation


At 1 July 2022
80,095



At 30 June 2023

80,095



Depreciation


At 1 July 2022
62,551


Charge for the year on owned assets
17,117



At 30 June 2023

79,668



Net book value



At 30 June 2023
427



At 30 June 2022
17,544

There are no fixed assets in the parent company.


13.


Fixed asset investments

Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 July 2022
1
-
1


Additions
1,250,000
831,117
2,081,117


Share of profit/(loss)
-
43,374
43,374



At 30 June 2023
1,250,001
874,491
2,124,492




Page 32

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Alchemy Prime Limited
UK
Ordinary
100%
Alchemy Markets Limited
UK
Ordinary
100%
Swipe International Ltd (acquired 12 June 2023)
UK
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Alchemy Prime Limited
846,393
(271,641)

Alchemy Markets Limited
50,000
-

Swipe International Ltd (acquired 12 June 2023)
(3,900)
71,176


14.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
7,764,680
10,347,265
-
-

Amounts owed by group undertakings
-
-
255,638
-

Amounts owed by related parties
6,012,827
-
-
-

Other debtors
176,799
1,316,774
87,500
1,000,000

Called up share capital not paid
50,000
50,000
-
-

Prepayments and accrued income
42,273
-
-
-

14,046,579
11,714,039
343,138
1,000,000


Page 33

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

15.


Current asset investments

Group
Group
2023
2022
£
£

Unlisted investments
78,746
82,250

78,746
82,250


The valuation of unlisted investments as disclosed is made up of cost of £36 and fair value increases of £78,710.
A deferred tax liability totalling £19,150 as been recognised in respect of the fair value movements.


16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,434,985
3,864,146
2,043,384
-

3,434,985
3,864,146
2,043,384
-


Page 34

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
13,496,795
11,306,217
-
-

Amounts owed to related parties
445,000
1,869,986
200,000
-

Other taxation and social security
4,582
4,582
-
-

Other creditors
1,474,986
198,262
1,321,180
-

Accruals and deferred income
377,953
123,122
-
-

15,799,316
13,502,169
1,521,180
-


Page 35

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

18.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets measured at fair value through profit or loss
7,764,680
10,375,148


Financial liabilities

Other financial liabilities measured at fair value through profit or loss
(12,768,877)
(10,029,096)


Financial assets measured at fair value through profit or loss comprise of broker debtors, current asset
investments and loans recievable.


Other financial liabilities measured at fair value through profit and loss comprise of client creditor balances.


19.


Deferred taxation


Group



2023


£






At beginning of year
(7,776)


Charged to profit or loss
4,190



At end of year
(3,586)

Page 36

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
19.Deferred taxation (continued)

Company


2023






At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(88)
(3,597)

Tax losses carried forward
12,496
12,496

Pension surplus
156
194

Deferred liability on fair value movement of current asset investments
(16,150)
(16,869)

(3,586)
(7,776)


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,000,001 (2022 - 1,000,001) Ordinary shares of £1.00 each
3,000,001
1,000,001


2,000,000 £1 ordinary shares were allotted in the year at par value. 


21.


Reserves

Merger Reserve

A non distributable reserve occuring on consolidation of group.

Profit and loss account

The profit and loss account represents the cumulative total of retained profits and losses less dividends and other distributions as at the balance sheet date.
Within the profit and loss account is £67,492 which relates to the unrecognised fair value movement in respect of the current asset investment of £83,324 less the associated deferred tax liability of £15,832. This balance is non-distributable until such time as the asset is sold.

Page 37

 
APSI HOLDINGS LIMITED (FORMERLY KNOWN AS ALCHEMY PRIME HOLDINGS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

22.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £10,359 (2022 - £8,306). Contributions totalling £759 (2022 - £878) were payable to the fund at the balance sheet date and are included in creditors.


23.


Commitments under operating leases

At 30 June 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
13,000
-

13,000
-

24.


Related party transactions

Key management personnel remuneration for the year totalled £343,989 (2022: £308,667).
Transactions and balances during the period and as at 30 June 2023 with related parties are as follows:


2023
2023
£
£

Amounts owed to companies owned by key management personnel
20,957,130
(1,592,965)
Amounts owed by companies owned by key management personnel
844,999
-
Expenses relating to companies owned by key management personnel
(4,737,220)
(3,087,674)
Revenue generated by trading of companies owned by key management personnel
11,926,894
3,357,724


25.


Post balance sheet events

Subsequent to the year end, on 30 November 2023, the Company has transferred its 100% shareholdings in Alchemy Prime Limited and 49.9% shareholdings in Alchemy Markets Limited to FDCTech, Inc (“FDC”), a U.S. company listed in OTCQB, in exchange for 1,800,000 Series B Preferred Stock in FDC, valued at US$1.41 per share.  


26.


Controlling party

The ultimate controlling party is Mr G S Kundnani.

 
Page 38