ACCOUNTS - Final Accounts preparation

ALCHEMICAL DREAMS LTD - Company Information

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Registered number: 10882632

ALCHEMICAL DREAMS LTD

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2018

ALCHEMICAL DREAMS LTD

REGISTERED NUMBER: 10882632

BALANCE SHEET

AS AT 31 JULY 2018

		2018
Note		£

Fixed assets
Intangible assets	4		4,455
Tangible assets	5		645
			5,100

Creditors: amounts falling due within one year	6	(5,802)
Net current (liabilities)/assets			(5,802)
Total assets less current liabilities			(702)

Net (liabilities)/assets			(702)

Capital and reserves
Called up share capital			100
Profit and loss account			(802)
			(702)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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

................................................

G M McMahon

Director

Date: 25 July 2019

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ALCHEMICAL DREAMS LTD

REGISTERED NUMBER: 10882632

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2018

The notes on pages 3 to 6 form part of these financial statements.

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ALCHEMICAL DREAMS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2018

1.	General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no. 10882632). The address of the registered office is The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.
These financial statements present information about the company as an individual undertaking; it is not a member of a group of companies. The principal activities of the company are that of providing consultancy services.

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 Section 1A of 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 management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

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.

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ALCHEMICAL DREAMS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2018

2.Accounting policies (continued)

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

25%

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 the Statement of comprehensive income.

2.5

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.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the period was 1.

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ALCHEMICAL DREAMS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2018

4.	Intangible assets

		Patents
		£
	Cost
	Additions	4,950
	At 31 July 2018	4,950
	Amortisation
	Charge for the year	495
	At 31 July 2018	495
	Net book value
	At 31 July 2018	4,455

5.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	Additions	860
	At 31 July 2018	860
	Depreciation
	Charge for the period on owned assets	215
	At 31 July 2018	215
	Net book value
	At 31 July 2018	645

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ALCHEMICAL DREAMS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 JULY 2018

6.	Creditors: Amounts falling due within one year
		2018
		£

	Other creditors	5,052
	Accruals and deferred income	750
		5,802

7.	Financial instruments
		2018
		£

	Financial liabilities
	Financial liabilities measured at amortised cost	5,802

Financial assets measured at amortised cost comprise of other creditors and accruals.

8.	Related party transactions
	Included in other creditors is an amount of £5,052 owed to G M McMahon, a director and shareholder.

9.	Controlling party

The company is under the control of its director.

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