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REGISTERED NUMBER: 12783088 (England and Wales)













FINANCIAL STATEMENTS

FOR THE PERIOD 1 AUGUST 2022 TO 31 MARCH 2023

FOR

GROWN ALCHEMIST LTD

GROWN ALCHEMIST LTD (REGISTERED NUMBER: 12783088)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 1 August 2022 to 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GROWN ALCHEMIST LTD

COMPANY INFORMATION
for the Period 1 August 2022 to 31 March 2023







DIRECTOR: Ms A Teal
S C Harrington





REGISTERED OFFICE: G6 Titan Road
Bristol
BS34 6FD





REGISTERED NUMBER: 12783088 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

GROWN ALCHEMIST LTD (REGISTERED NUMBER: 12783088)

BALANCE SHEET
31 March 2023

31.3.23 31.7.22
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 154,540 -

CURRENT ASSETS
Stocks 182,368 -
Debtors 5 368,235 124
550,603 124
CREDITORS
Amounts falling due within one year 6 1,821,426 5,396
NET CURRENT LIABILITIES (1,270,823 ) (5,272 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,116,283

)

(5,272

)

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings (1,116,285 ) (5,274 )
SHAREHOLDERS' FUNDS (1,116,283 ) (5,272 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 March 2025 and were signed by:





Ms A Teal - Director


GROWN ALCHEMIST LTD (REGISTERED NUMBER: 12783088)

NOTES TO THE FINANCIAL STATEMENTS
for the Period 1 August 2022 to 31 March 2023

1. STATUTORY INFORMATION

Grown Alchemist Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's accounting year-end was changed to 31 March to align the reporting period with fellow group members; as a result, the comparatives are not entirely comparable.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared on the going concern basis despite net liabilities, as the ultimate controlling party A Hoffmann has expressed both the ability and willingness to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for a period of at least 12 months and 1 day from the date of the signing of the Grown Alchemist Ltd audit report. As a result of these commitments the directors have continued to adopt the going concern basis in preparing these financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover from sale of goods is recognised at the point in time when the risks and rewards of ownership are transferred to the customer, generally at agreed place of delivery. Revenues are recognised based on the agreed price less any discounts.

Tangible fixed assets
Fixed assets are initially recognised at cost, and subsequently less accumulated depreciation and impairment.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 5 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Stocks are valued using the FIFO basis.

Financial instruments
Basic financial instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any other financial instruments as covered by Section 12 of FRS102.


GROWN ALCHEMIST LTD (REGISTERED NUMBER: 12783088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 August 2022 to 31 March 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 158,955
At 31 March 2023 158,955
DEPRECIATION
Charge for period 4,415
At 31 March 2023 4,415
NET BOOK VALUE
At 31 March 2023 154,540

GROWN ALCHEMIST LTD (REGISTERED NUMBER: 12783088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 August 2022 to 31 March 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.7.22
(Unaudited)
£    £   
Trade debtors 355,295 -
Amounts owed by group undertakings 10,997 -
Other debtors 1,943 124
368,235 124

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.7.22
(Unaudited)
£    £   
Trade creditors 34,823 141
Amounts owed to group undertakings 1,671,979 3,755
Taxation and social security 7,132 -
Other creditors & accruals 107,492 1,500
1,821,426 5,396

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.7.22
value: £    £   
2 Ordinary £2 2 2

GROWN ALCHEMIST LTD (REGISTERED NUMBER: 12783088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 August 2022 to 31 March 2023

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
In the course of conducting our audit, we were unable to obtain sufficient audit evidence regarding the date of delivery of products to customers in order to determine whether revenue was recognised in the correct accounting period. As a result of this, we are unable to conclude on the accuracy of the sales or cost of sales for the period ended 31 March 2023.

We were not appointed as auditor of the company until after 31 March 2023 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2023, which are included in the balance sheet at £182,368. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

Additionally, we were unable to verify the existence of the fixed assets in the financial statements beyond their initial cost. Consequently, we were unable to determine whether any impairment to the amount in the balance sheet at 31 March 2023 of £154,540 was required.

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 qualified opinion.

Matters required to report by exception
Arising solely from the limitation on the scope of our work relating to inventory, turnover, cost of sales, and fixed assets, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purposes of our audit;
and
- we were unable to determine whether adequate accounting records have been kept.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Ian Phipps (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

GROWN ALCHEMIST LTD (REGISTERED NUMBER: 12783088)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 August 2022 to 31 March 2023

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 - continued

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"Material uncertainty related to going concern
We draw attention to note 2 in the financial statements, which states that the director is satisfied that the company is a going concern based upon the confirmation of continued support from the Ultimate Beneficial Owner, for a period in excess of one year and one day, after the signing of this audit report. However, we are unable to verify that sufficient funds are available in order to provide that support. This indicates that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

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

We would also like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"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 2006. Our 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 a Report of the Auditors 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."

We note that the prior year figures were unaudited.

9. POST BALANCE SHEET EVENTS

In April 2024 the Grown Alchemist group was purchased by Andre Hoffman, which subsequently made him the ultimate controlling party of Grown Alchemist Limited.

10. ULTIMATE PARENT COMPANY

The parent company of the smallest group which prepares consolidated financial statements is Group Fourteen Holdings Pty Ltd, a company registered at 3 Moss Place, North Melbourne VIC 3051, Australia. The consolidated financial statements are not publicly available.