Electronic Alchemy Ltd |
Notes to the Accounts |
for the year ended 31 August 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: |
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Equipment |
25% reducing balance |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. No provision for deferred tax has been made since the director is of the opinion that no liability will crystallise in the foreseeable future. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
- |
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- |
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3 |
Tangible fixed assets |
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Equipment |
£ |
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Cost |
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At 1 September 2023 |
4,739 |
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At 31 August 2024 |
4,739 |
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Depreciation |
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At 1 September 2023 |
3,217 |
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Charge for the year |
381 |
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At 31 August 2024 |
3,598 |
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Net book value |
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At 31 August 2024 |
1,141 |
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At 31 August 2023 |
1,522 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
48 |
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47 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Taxation and social security costs |
82 |
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- |
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Other creditors |
352 |
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351 |
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434 |
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351 |
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6 |
Other information |
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Electronic Alchemy Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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4 Tudor Lodge |
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Platt Meadow |
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Guildford |
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GU4 7EF |