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Registered number: 09360674










ALCHEMY METALS GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
ALCHEMY METALS GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
P W Newman 
K S Greasby 
M Basta 




Registered number
09360674



Registered office
Cavendish Point
Cavendish Road

Stevenage

Hertfordshire

SG1 2EU




Independent auditors
MHA
Chartered Accountants and Statutory Auditors

6th Floor

2 London Wall Place

London

EC2Y 5AU




Bankers
Lloyds Banking Group Plc
Black Horse House

Castle Park

Cambridge

CB3 0AR





 
ALCHEMY METALS GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Statement of Comprehensive Income
 
8
Consolidated Balance Sheet
 
9 - 10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14 - 15
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 37


 
ALCHEMY METALS GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Introduction
 
The directors present their report and financial statements for the year ended 31 October 2024.

Business review
 
The re-branding from Alchemy Metals Ltd to Waste Mission appears to have been successful and reflects more
accurately our handling of all forms of industrial waste, not just metals.
Our staff numbers have increased to 110 at the year end, our turnover and gross profit margin, despite
changes, remain good.
Our trading team have been busy gaining new business and converting old business to contracts. 

Principal risks and uncertainties
 
Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any particular counterparty is monitored continually and restricted where appropriate.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, while ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Financial key performance indicators
 
The directors use financial Key Performance Indicators ('KPls') to monitor the performance of the company. The
most important KPls for the company, are gross profit margin and turnover.
                                        31/10/2024        31/10/2023        31/10/2022
Turnover                             £22.51m           £22.28m            £20.29m
Gross Profit (%)                   61.2%              60.5%               55%
 

Other key performance indicators
 
Apart from those measures identified above in the business review, the directors are of the opinion that the inclusion of non-financial key performance indicators are not necessary for an understanding of the development, performance or position of the company's business.


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



P W Newman
Director

Date: 3 April 2025

Page 1

 
ALCHEMY METALS GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 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 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are 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;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Principal activity

The principal activity of the company is that of non-ferrous metal merchants.

Results and dividends

The profit for the year, after taxation, amounted to £1,930,288 (2023 - £3,069,510).

Dividends paid in the year are detailed in note 12.

Directors

The directors who served during the year were:

P W Newman 
K S Greasby 
M Basta 

Future developments

The company intends to continue its present management policies for the foreseeable future.

Page 2

 
ALCHEMY METALS GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Qualifying third party indemnity provisions

Directors' liability and indemnity insurance was in force throughout the year to cover the directors and officers of the company against actions brought against them in their personal capacity. Neither the insurance nor the indemnity provide cover where the individual has acted fraudulently or dishonestly.

Disclosure of information to auditors

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

the director 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

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsMHAwill 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.
 





P W Newman
Director

Date: 3 April 2025

Page 3

 
ALCHEMY METALS GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALCHEMY METALS GROUP LIMITED
 

Opinion


We have audited the financial statements of Alchemy Metals Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2024, 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 31 October 2024 and of the Group's 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 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 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 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 directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
ALCHEMY METALS GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALCHEMY METALS GROUP 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 directors are 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 Directors' 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 Directors' 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 Directors' 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
ALCHEMY METALS GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALCHEMY METALS GROUP LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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 directors are 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 directors either intend to liquidate the Group or the parent 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 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:
Performing audit work over the risk of management override, including testing of journal entries and other
adjustments for appropriateness.


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 6

 
ALCHEMY METALS GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALCHEMY METALS GROUP 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.





Neil Stern, FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Chartered Accountants and Statutory Auditors
  

Date:4 April 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (Registered number OC312313). 
Page 7

 
ALCHEMY METALS GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
22,506,039
22,278,880

Cost of sales
  
(8,725,911)
(8,801,089)

Gross profit
  
13,780,128
13,477,791

Distribution costs
  
(6,672,198)
(6,100,327)

Administrative expenses
  
(4,518,022)
(3,425,193)

Operating profit
 5 
2,589,908
3,952,271

Interest receivable and similar income
 9 
134,307
79,431

Interest payable and similar expenses
 10 
(234,794)
(179,520)

Profit before taxation
  
2,489,421
3,852,182

Tax on profit
 11 
(559,133)
(782,672)

Profit for the financial year
  
1,930,288
3,069,510

  

Total comprehensive income for the year
  
1,930,288
3,069,510

Profit for the year attributable to:
  

Owners of the parent Company
  
1,930,288
3,069,510

  
1,930,288
3,069,510

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,930,288
3,069,510

  
1,930,288
3,069,510

The notes on pages 17 to 37 form part of these financial statements.

Page 8

 
ALCHEMY METALS GROUP LIMITED
REGISTERED NUMBER: 09360674

CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
46,694
-

Tangible assets
 14 
8,389,996
5,834,546

  
8,436,690
5,834,546

Current assets
  

Stocks
 16 
731,571
712,473

Debtors
 17 
6,715,432
5,557,188

Cash at bank and in hand
 18 
3,369,739
6,950,871

  
10,816,742
13,220,532

Creditors: amounts falling due within one year
 19 
(4,549,501)
(5,556,328)

Net current assets
  
 
 
6,267,241
 
 
7,664,204

Total assets less current liabilities
  
14,703,931
13,498,750

Creditors: amounts falling due after more than one year
 20 
(3,136,283)
(2,656,129)

Provisions for liabilities
  

Deferred taxation
 23 
(720,636)
(325,897)

  
 
 
(720,636)
 
 
(325,897)

Net assets
  
10,847,012
10,516,724


Capital and reserves
  

Called up share capital 
 24 
2,330
2,330

Capital redemption reserve
 25 
95,000
95,000

Profit and loss account
 25 
10,749,682
10,419,394

Equity attributable to owners of the parent Company
  
10,847,012
10,516,724

  
10,847,012
10,516,724


Page 9

 
ALCHEMY METALS GROUP LIMITED
REGISTERED NUMBER: 09360674
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

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




P W Newman
Director

Date: 3 April 2025

The notes on pages 17 to 37 form part of these financial statements.

Page 10

 
ALCHEMY METALS GROUP LIMITED
REGISTERED NUMBER: 09360674

COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
3,426
3,426

  
3,426
3,426

Current assets
  

Debtors
 17 
2,000,000
2,000,000

  
2,000,000
2,000,000

Creditors: amounts falling due within one year
 19 
(1,106)
(1,106)

Net current assets
  
 
 
1,998,894
 
 
1,998,894

Total assets less current liabilities
  
2,002,320
2,002,320

  

Net assets
  
2,002,320
2,002,320


Capital and reserves
  

Called up share capital 
 24 
2,330
2,330

Profit and loss account
  
1,999,990
1,999,990

  
2,002,320
2,002,320


As permitted by section 408 of the Companies Act 2006, the company has not presented the profit and loss account for the parent company. The profit of the parent company in the year was £1,600,000 (2023: £319,000).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


P W Newman
Director

Date: 3 April 2025

The notes on pages 17 to 37 form part of these financial statements.

Page 11

 
ALCHEMY METALS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


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

£
£
£
£
£


At 1 November 2022
2,330
95,000
7,668,884
7,766,214
7,766,214


Comprehensive income for the year

Profit for the year
-
-
3,069,510
3,069,510
3,069,510


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(319,000)
(319,000)
(319,000)



At 1 November 2023
2,330
95,000
10,419,394
10,516,724
10,516,724


Comprehensive income for the year

Profit for the year
-
-
1,930,288
1,930,288
1,930,288


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,600,000)
(1,600,000)
(1,600,000)


At 31 October 2024
2,330
95,000
10,749,682
10,847,012
10,847,012


The notes on pages 17 to 37 form part of these financial statements.

Page 12

 
ALCHEMY METALS GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 November 2022
2,330
1,999,990
2,002,320


Comprehensive income for the year

Profit for the year
-
319,000
319,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(319,000)
(319,000)



At 1 November 2023
2,330
1,999,990
2,002,320


Comprehensive income for the year

Profit for the year
-
1,600,000
1,600,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,600,000)
(1,600,000)


At 31 October 2024
2,330
1,999,990
2,002,320


The notes on pages 17 to 37 form part of these financial statements.

Page 13

 
ALCHEMY METALS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,930,288
3,069,510

Adjustments for:

Amortisation of intangible assets
2,458
-

Depreciation of tangible assets
1,015,466
907,745

Loss on disposal of tangible assets
(31,000)
-

Interest paid
234,794
179,520

Interest received
(134,307)
(79,431)

Taxation charge
559,133
782,672

(Increase)/decrease in stocks
(19,098)
91,427

(Increase) in debtors
(1,158,244)
(2,482,734)

(Decrease)/increase in creditors
(826,110)
387,154

Corporation tax (paid)
(456,981)
(120,176)

Net cash generated from operating activities

1,116,399
2,735,687


Cash flows from investing activities

Purchase of intangible fixed assets
(49,152)
-

Purchase of tangible fixed assets
(3,572,916)
(350,856)

Sale of tangible fixed assets
33,000
-

Interest received
134,307
79,431

HP interest paid
(75,757)
(60,674)

Net cash from investing activities

(3,530,518)
(332,099)

Cash flows from financing activities

Repayment of loans
(331,565)
(348,065)

Repayment of/new finance leases
923,589
(739,781)

Dividends paid
(1,600,000)
(319,000)

Interest paid
(159,037)
(118,846)

Net cash used in financing activities
(1,167,013)
(1,525,692)

Net (decrease)/increase in cash and cash equivalents
(3,581,132)
877,896
Page 14

 
ALCHEMY METALS GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


2024
2023

£
£



Cash and cash equivalents at beginning of year
6,950,871
6,072,975

Cash and cash equivalents at the end of year
3,369,739
6,950,871


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,369,739
6,950,871

3,369,739
6,950,871


The notes on pages 17 to 37 form part of these financial statements.

Page 15

 
ALCHEMY METALS GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024





At 1 November 2023
Cash flows
New hire purchase agreements
At 31 October 2024
£

£

£

£

Cash at bank and in hand

6,950,871

(3,581,132)

-

3,369,739

Debt due after 1 year

(2,102,229)

339,300

-

(1,762,929)

Debt due within 1 year

(330,439)

(7,695)

-

(338,134)

Hire purchase contracts

(976,813)

314,732

(1,238,321)

(1,900,402)


3,541,390
(2,934,795)
(1,238,321)
(631,726)

The notes on pages 17 to 37 form part of these financial statements.

Page 16

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Alchemy Metals Group Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is given in the company information page in these financial statements. The nature of the company's operations and principal activities is that of non-ferrous metal merchants.

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 financial statements have been prepared in the functional currency, pounds sterling, and rounded to the nearest £1.
The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

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.

Page 17

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

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.

 
2.5

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 18

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

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.

 
2.11

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 19

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.12

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.

Software developments are capitalised when they are separately identifiable and externally purchased. They are amortised over their estimated useful life of five years on a straight line basis.

 
2.13

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:

Freehold property
-
4%
Straight Line
Plant and machinery
-
20%
Straight Line
Motor vehicles
-
20%
Straight Line
Fixtures and fittings
-
20%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 20

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.16

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.

  
2.17

Debt factoring

The company has a debt factoring agreement with a third party which covered all of its trade debtors at year-end.
The agreement has a 100% recourse arrangement and hence the company has retained all debtors in trade debtors in its balance sheet.

 
2.18

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.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

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.

Page 21

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.21

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 22

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the groups's accounting policies, which are described above, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Valuation of Stock
Stock is included at the lower of cost and net realisable value. The directors have reviewed the stock obsolescence policy and are satisfied that stock is fairly valued at the year end.
Fixed Assets
Judgements have been made in relation to the lives of tangible assets in particular the useful economic life and residual values of property, plant and machinery. The directors have concluded that the asset values and residual values are appropriate.
Recoverability of debtors
The directors have reviewed the trade debtors at the balance sheet date and are satisfied that these are appropriately included and recoverable.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
18,330,427
20,918,586

Rest of Europe
1,963,101
985,683

Rest of the world
2,212,511
374,611

22,506,039
22,278,880


Page 23

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
130,000
402,000

Other operating lease rentals
80,873
71,385

Property lease rentals
80,000
80,000


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
32,000
30,000

Fees payable to the Company's auditors in respect of:

Other services provided
94,311
74,220

Page 24

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
4,741,701
4,315,382
-
-

Social security costs
488,601
413,226
-
-

Cost of defined contribution scheme
97,618
85,641
-
-

5,327,920
4,814,249
-
-


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


        2024
        2023
            No.
            No.







Directors
3
3



Administration
6
5



Sales and Warehouse
101
93

110
101

The Company has no employees other than the director, who did not receive any remuneration (2023 - £NIL)

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
132,737
69,384

132,737
69,384


During the year retirement benefits were accruing to 1 director (2023 - NIL) in respect of defined contribution pension schemes.

Page 25

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Interest receivable

2024
2023
£
£


Bank interest receivable
75,796
44,389

Other interest receivable
58,511
35,042

134,307
79,431


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
159,037
118,846

Finance leases and hire purchase contracts
75,757
60,674

234,794
179,520

Page 26

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
285,957
685,698

Adjustments in respect of previous periods
(121,563)
(87,687)

Total current tax
164,394
598,011

Deferred tax


Origination and reversal of timing differences
394,739
184,661

Tax on profit
 
559,133
 
782,672

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
2,489,421
3,852,182


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
622,355
866,741

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,714
-

Capital allowances for year in excess of depreciation
56,941
5,162

Adjustments to tax charge in respect of prior periods
(121,563)
(87,687)

Marginal relief
(1,314)
(1,544)

Total tax charge for the year
559,133
782,672


Factors that may affect future tax charges

An increase in the UK corporation tax rate from 19% to 25% was substantively enacted in June 2021 and has taken effect from 1 April 2023.

Page 27

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

12.


Dividends

2024
2023
£
£


Ordinary shares
1,350,000
163,000


Ordinary 'B' shares
250,000
156,000

1,600,000
319,000

The ordinary shares, ordinary 'A' shares and ordinary 'B' shares have the same rights and restrictions in respect of distribution of dividends and repayment of capital.


13.


Intangible assets

Group and Company





Software Development

£



Cost


At 1 November 2023
67,355


Additions
49,152



At 31 October 2024

116,507



Amortisation


At 1 November 2023
67,355


Charge for the year 
2,458



At 31 October 2024

69,813



Net book value



At 31 October 2024
46,694



At 31 October 2023
-



Page 28

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 November 2023
4,445,927
5,983,932
3,795,436
330,099
14,555,394


Additions
1,315,524
715,658
1,469,135
72,599
3,572,916


Disposals
-
(2,000)
(482,282)
-
(484,282)



At 31 October 2024

5,761,451
6,697,590
4,782,289
402,698
17,644,028



Depreciation


At 1 November 2023
903,554
4,819,093
2,753,515
244,686
8,720,848


Charge for the year
185,094
364,929
437,589
27,854
1,015,466


Disposals
-
-
(482,282)
-
(482,282)



At 31 October 2024

1,088,648
5,184,022
2,708,822
272,540
9,254,032



Net book value



At 31 October 2024
4,672,803
1,513,568
2,073,467
130,158
8,389,996



At 31 October 2023
3,542,373
1,164,839
1,041,921
85,413
5,834,546

The net book value of assets held under hire purchase contracts is £1,886,969 (2023: £1,146,438).

Page 29

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2023
3,426



At 31 October 2024
3,426




Page 30

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Alchemy Metals Limited
Non-ferrous metal merchants
Ordinary
100%
Alchemy Metals Limited
Non-ferrous metal merchants
Ordinary 'A'
100%
Alchemy Metals Properties Limited
Group property rental
Ordinary
100%
Alchemy 1234 Limited
Dormant
Ordinary
100%
Alchemy Metals UK Limited
Dormant
Ordinary
100%
Alchemy Metals Infrastructure Limited
Dormant
Ordinary
100%
Alchemy Metals Solutions Limited
Dormant
Ordinary
100%
Carbide Recycling Limited
Dormant
Ordinary
100%
Alchemy Intergrated Waste Limited
Dormant
Ordinary
100%
Waste Mission Limited
Dormant
Ordinary
100%

The registered address for all subsidiaries is Cavendish Point, Cavendish Road, Stevenage, Hertfordshire, SG1 2EU.

Page 31

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
731,571
712,473

731,571
712,473


The amount of stock recognised as an expense in cost of sales during the year is as follows: £8,765,948 (2023: £8,709,622).


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
827,256
714,942
-
-

827,256
714,942
-
-

Due within one year

Trade debtors
2,833,780
2,492,053
-
-

Amounts owed by group undertakings
-
-
2,000,000
2,000,000

Other debtors
2,615,421
2,159,886
-
-

Prepayments and accrued income
438,975
190,307
-
-

6,715,432
5,557,188
2,000,000
2,000,000


The Group has not drawn against the invoice discounting facility in the year. An amount of £302,628 (2023: £487,862) is held with the factoring company, which is included in bank and cash balances at 31 October 2024.
Amounts owed by Group companies are secured by way of a second fixed and floating charge over the assets of the company.


18.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
3,369,739
6,950,871

3,369,739
6,950,871


Page 32

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
338,134
330,399
-
-

Trade creditors
2,285,388
2,933,596
-
-

Amounts owed to group undertakings
-
-
1,106
1,106

Corporation tax
537,693
830,280
-
-

Other taxation and social security
413,384
498,966
-
-

Obligations under finance lease and hire purchase contracts
527,048
422,913
-
-

Other creditors
-
40
-
-

Accruals and deferred income
447,854
540,134
-
-

4,549,501
5,556,328
1,106
1,106


The hire purchase creditor is secured on the assets to which it relates.
Bank loans and overdrafts are secured by way of a legal charge over the Freehold property of the Group, dated 31 March 2015, an unlimited debenture, dated 26 March 2015, and an omnibus guarantee and set-off agreement. These incorporate a fixed and floating charge over all current assets of the group.


20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
1,762,929
2,102,229

Net obligations under finance leases and hire purchase contracts
1,373,354
553,900

3,136,283
2,656,129


The hire purchase creditor is secured on the assets to which it relates and is repayable within 5 years.
Bank loans carry interest at rates of between 2.0% and 4.58% plus the Bank of England Base Rate. They are all repayable within 20 years. They are secured on the assets of the company as detailed in note 19. The directors consider that the carrying amounts of the bank loans and the overdrafts are approximate to their fair value.

Page 33

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
338,134
330,399


338,134
330,399


Amounts falling due 2-5 years

Bank loans
516,867
715,612


516,867
715,612

Amounts falling due after more than 5 years

Bank loans
1,246,062
1,386,617

1,246,062
1,386,617

2,101,063
2,432,628



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
304,681
422,914

Between 1-5 years
1,373,354
553,900

1,678,035
976,814

Page 34

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

23.


Deferred taxation


Group



2024


£






At beginning of year
325,897


Charged to profit or loss
394,739



At end of year
720,636

Company


2024






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

Group
Group
2024
2023
£
£

Accelerated capital allowances
720,636
325,897

720,636
325,897


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,204 (2023 - 2,204) Ordinary Shares shares of £1.00 each
2,204
2,204
116 (2023 - 116) Ordinary 'A' Shares shares of £1.00 each
116
116
10 (2023 - 10) Ordinary 'B' Shares shares of £1.00 each
10
10

2,330

2,330

Ordinary shares, ordinary A shares and ordinary B shares rank equally in respect of dividends and repayment of capital.


Page 35

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

25.


Reserves

Capital redemption reserve

The capital redemption reserve is represented by amounts transferred on the redemption of share capital and is not distributable.

Profit and loss account

Retained earnings represents cumulative profits or losses, net of dividends paid and other adjustments.


26.


Pension commitments

The group operates a defined contribution pension scheme for directors and employees. Pension costs in the year were £97,618 (2023: £85,641). Contributions totalling £19,743 (2023: £18,519) were payable at the balance sheet date and are included in creditors


27.


Commitments under operating leases

At 31 October 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£


Not later than 1 year
80,000
80,000

Later than 1 year and not later than 5 years
-
80,000

80,000
160,000
Group
Group
2024
2023
£
£


Not later than 1 year
1,640
2,324

Later than 1 year and not later than 5 years
-
4,648

1,640
6,972

Page 36

 
ALCHEMY METALS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

28.


Related party transactions

The company has taken advantage of the exemptions of Financial Reporting Standard 102 Section 33 in respect of disclosure of intra-group transactions with wholly owned subsidiaries in the group.
During the year, the group made advances of £344,701 (2023: £1,300,624 advanced) to P W Newman, a director of Alchemy Metals Group Limited. At the year end the amount due from P W Newman was £2,498,437 (2023: £2,153,736) and is included within other debtors. This loan is unsecured, interest is charged at commercial rates and repayable on demand.
During the year, the group received £97,656 (2023: £23,531) from K S Greasby, a director of Alchemy Metals Group Limited. At the year end the amount due to K S Greasby was £97,616 (2023: -£40) and included within other creditors. This loan is unsecured, interest is charged at commercial rates and repayable on demand.


29.


Controlling party

The ultimate controlling party throughout the year and the previous year is P W Newman by virtue of his majority shareholding in the company.

Page 37