REGISTERED NUMBER: 08155893 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

ALCHEMMY CONSULTING LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

N Kyriacou

D Patel

REGISTERED OFFICE:

Building 18, Gateway 1000 Whittle Way

Arlington Business Park

Stevenage

Hertfordshire

SG1 2FP

REGISTERED NUMBER:

08155893 (England and Wales)

AUDITORS:

AGK Partnership Ltd

Chartered Accountants & Statutory Auditors

1 Kings Avenue

London

N21 3NA

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of consultancy services.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £950 per share.

The total distribution of dividends for the year ended 31 January 2024 will be £ 950,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

N Kyriacou

D Patel

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, AGK Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N Kyriacou - Director

6 April 2025

Opinion

We have audited the financial statements of Alchemmy Consulting Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 January 2024 and of its profit 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 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 opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the computer component manufacturing and supply sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

Other matters

As disclosed in the note 23 to the financial statements, the comparative figures in these financial statements are unaudited. Our opinion is not modified with respect to that matter.

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.

Alekos Christofi (FCCA) (Senior Statutory Auditor)

for and on behalf of AGK Partnership Ltd

Chartered Accountants & Statutory Auditors

1 Kings Avenue

London

N21 3NA

6 April 2025

REVENUE

15,642,545

12,760,100

Cost of sales

6,146,560

4,189,715

GROSS PROFIT

9,495,985

8,570,385

Administrative expenses

7,934,156

6,393,111

OPERATING PROFIT

5

1,561,829

2,177,274

Loan written off

6

(200,000

)

-

Loss on sale of investments

6

(58,572

)

(554,642

)

1,303,257

1,622,632

Interest receivable and similar income

40,669

68,207

1,343,926

1,690,839

Amounts written off investments

7

601,681

-

742,245

1,690,839

Interest payable and similar expenses

8

(36,944

)

99,396

PROFIT BEFORE TAXATION

779,189

1,591,443

Tax on profit

9

406,745

380,864

PROFIT FOR THE FINANCIAL YEAR

372,444

1,210,579

PROFIT FOR THE YEAR

372,444

1,210,579

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

372,444

1,210,579

FIXED ASSETS

Property, plant and equipment

11

313,617

379,117

Investments

12

-

663,363

313,617

1,042,480

CURRENT ASSETS

Debtors

13

3,690,501

2,590,267

Cash at bank

1,994,205

1,713,347

5,684,706

4,303,614

CREDITORS

Amounts falling due within one year

14

3,477,314

2,235,924

NET CURRENT ASSETS

2,207,392

2,067,690

TOTAL ASSETS LESS CURRENT LIABILITIES

2,521,009

3,110,170

CREDITORS

Amounts falling due after more than one year

15

(18,150

)

(18,150

)

PROVISIONS FOR LIABILITIES

18

(53,147

)

(64,752

)

NET ASSETS

2,449,712

3,027,268

CAPITAL AND RESERVES

Called up share capital

19

1,000

1,000

Retained earnings

20

2,448,712

3,026,268

SHAREHOLDERS' FUNDS

2,449,712

3,027,268

The financial statements were approved by the Board of Directors and authorised for issue on 6 April 2025 and were signed on its behalf by:

N Kyriacou - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 2022

1,000

2,405,689

2,406,689

Changes in equity

Dividends

-

(590,000

)

(590,000

)

Total comprehensive income

-

1,210,579

1,210,579

Balance at 31 January 2023

1,000

3,026,268

3,027,268

Changes in equity

Dividends

-

(950,000

)

(950,000

)

Total comprehensive income

-

372,444

372,444

Balance at 31 January 2024

1,000

2,448,712

2,449,712

Cash flows from operating activities

Cash generated from operations

1

1,308,059

1,257,246

Interest paid

36,944

(99,396

)

Tax paid

(646,929

)

(404,371

)

Net cash from operating activities

698,074

753,479

Cash flows from investing activities

Purchase of tangible fixed assets

(40,078

)

(153,504

)

Purchase of fixed asset investments

-

(223,518

)

Sale of fixed asset investments

61,682

574,665

Interest received

40,669

68,207

Net cash from investing activities

62,273

265,850

Cash flows from financing activities

Amount withdrawn by directors

466,888

(454,130

)

Equity dividends paid

(950,000

)

(590,000

)

Net cash from financing activities

(483,112

)

(1,044,130

)

Increase/(decrease) in cash and cash equivalents

277,235

(24,801

)

Cash and cash equivalents at beginning of year

2

1,713,347

1,738,148

Cash and cash equivalents at end of year

2

1,990,582

1,713,347

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

779,189

1,591,443

Depreciation charges

103,639

90,230

Loss on disposal of fixed assets

1,939

-

Amounts written off investments

601,682

-

Finance costs

(36,944

)

99,396

Finance income

(40,669

)

(68,207

)

1,408,836

1,712,862

(Increase)/decrease in trade and other debtors

(1,554,364

)

88,359

Increase/(decrease) in trade and other creditors

1,453,587

(543,975

)

Cash generated from operations

1,308,059

1,257,246

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024

31.1.24

1.2.23

£

£

Cash and cash equivalents

1,994,205

1,713,347

Bank overdrafts

(3,623

)

-

1,990,582

1,713,347

Year ended 31 January 2023

31.1.23

1.2.22

£

£

Cash and cash equivalents

1,713,347

1,738,148

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23

Cash flow

At 31.1.24

£

£

£

Net cash

Cash at bank

1,713,347

280,858

1,994,205

Bank overdrafts

-

(3,623

)

(3,623

)

1,713,347

277,235

1,990,582

Total

1,713,347

277,235

1,990,582

1.	RECLASSIFICATION

Certain comparative figures have been reclassified to conform to the current year presentation. (see Note 24)

2.	STATUTORY INFORMATION

Alchemmy Consulting Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

3.	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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

At the time of approving the financial statements, the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Director continues to adopt the going concern basis of accounting in preparing the financial statements.

The director regards the foreseeable future as no less than twelve months from the date of signing the financial statements. The director has considered the company's balance sheet position as at the year end, its working capital forecasts, taking account of possible changes in trading performance and the current state of its operating market, and is satisfied that for the foreseeable future, the company's financial position is improving and will enable the company to remain in operational existence. In addition, the director and the shareholders have agreed to provide continuing financial support as and when required to enable the company to continue in

operational existence. Consequently, the director considers it to be appropriate to prepare the financial statements on the going concern basis.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Land and building

Over the lease term (10 years)

Office equipment

33.33% on straight line

Fixtures and fittings

20% on straight line

Motor vehicles

33.33% on straight line

Basic financial assets and liabilities

Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits and other short-term liquid investments with original maturities of three months or less that is readily convertible to a known amount of cash and are subject to insignificant risk of changes in values.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss under other operating expenses.

The carrying value of all financial assets and liabilities are measured at amortised cost.

Taxation

Taxation for the year 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 year 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

5,095,325

4,397,372

Social security costs

594,594

513,209

Other pension costs

272,565

218,553

5,962,484

5,129,134

The average number of employees during the year was as follows:

2024

2023

Average number of employees

93

60

2024

2023

£

£

Directors' remuneration

25,040

25,040

5.	OPERATING PROFIT

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

2024

2023

£

£

Depreciation - owned assets

103,639

90,230

Loss on disposal of fixed assets

1,939

-

Foreign exchange differences

19,345

(17,029

)

6.	EXCEPTIONAL ITEMS

2024

2023

£

£

Loan written off

(200,000

)

-

Loss on sale of investments

(58,572

)

(554,642

)

(258,572

)

(554,642

)

During the year company provided a loan of £200,000 to a third party as a working capital support to explore and work on winning a lucrative contract with one of the major players in the transport industry. The efforts to win the contract did not materialise and they were unable to raise additional funds and it became apparent after the year end that this loan will not be recoverable anymore. Therefore, directors have decided to fully write off this to reflect this position at the date of signing these financial statements.

During the year entity sold its investment in a particular asset and incurred a loss of £58,572.

7.

AMOUNTS WRITTEN OFF INVESTMENTS

2024

2023

£

£

Amounts written off investment

601,681

-

During the year directors decided to fully write off one of its investment as they do not expect any future economic benefits to flow to the entity.

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Interest payable

(36,944

)

99,396

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

418,350

401,233

Deferred tax

(11,605

)

(20,369

)

Tax on profit

406,745

380,864

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

779,189

1,591,443

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 19%)

194,797

302,374

Effects of:

Expenses not deductible for tax purposes

225,423

114,630

Depreciation in excess of capital allowances

15,891

15,771

Deferred tax

(2,901

)

(3,870

)

Other adjustments

(26,465

)

(48,041

)

Total tax charge

406,745

380,864

10.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £0.01 each

Final

950,000

590,000

11.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Land and

Office

and

Motor

buildings

equipment

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 February 2023

44,209

157,515

380,552

-

582,276

Additions

-

36,204

307

3,567

40,078

Disposals

-

(64,379

)

(1,624

)

-

(66,003

)

At 31 January 2024

44,209

129,340

379,235

3,567

556,351

DEPRECIATION

At 1 February 2023

5,895

94,722

102,542

-

203,159

Charge for year

4,420

28,937

69,943

339

103,639

Eliminated on disposal

-

(62,440

)

(1,624

)

-

(64,064

)

At 31 January 2024

10,315

61,219

170,861

339

242,734

NET BOOK VALUE

At 31 January 2024

33,894

68,121

208,374

3,228

313,617

At 31 January 2023

38,314

62,793

278,010

-

379,117

12.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 February 2023

663,363

Disposals

(61,682

)

Impairments

(601,681

)

At 31 January 2024

-

NET BOOK VALUE

At 31 January 2024

-

At 31 January 2023

663,363

13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,002,404

1,049,476

Amounts owed by participating interests

657,048

657,048

Other debtors

636,997

429,613

Directors' current accounts

-

454,130

Accrued income

1,394,052

-

3,690,501

2,590,267