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REGISTERED NUMBER: 13292253 (England and Wales)















REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2023

FOR

DUAL-STREAM HOLDINGS LTD

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31st July 2023










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Consolidated Profit and Loss Account 8

Consolidated Balance Sheet 9

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Notes to the Consolidated Financial Statements 15


DUAL-STREAM HOLDINGS LTD

COMPANY INFORMATION
for the Year Ended 31st July 2023







DIRECTORS: Mr C Cornelly
Mr S K Haslam





REGISTERED OFFICE: TMJ Business Centre
107 Cavendish Street
Cavendish Street
Ashton-under-Lyne
OL6 7SW





REGISTERED NUMBER: 13292253 (England and Wales)





AUDITORS: Xeinadin Audit Limited
100 Barbirolli Square
Manchester
M2 3BD

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

REPORT OF THE DIRECTORS
for the Year Ended 31st July 2023


The directors present their report with the financial statements of the company and the group for the year ended 31st July 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of security systems service activities

DIRECTORS
The directors shown below have held office during the whole of the period from 1st August 2022 to the date of this report.

Mr C Cornelly
Mr S K Haslam

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), 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS
In accordance with section 485 of Companies Act 2006 Xeinadin Audit Limited, will be proposed for reappointment.


DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

REPORT OF THE DIRECTORS
for the Year Ended 31st July 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr C Cornelly - Director


1st February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DUAL-STREAM HOLDINGS LTD


Opinion
We have audited the financial statements of Dual-Stream Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st July 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and 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 group's and of the parent company affairs as at 31st July 2023 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 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 group's and 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DUAL-STREAM HOLDINGS LTD


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 group and the parent 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 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DUAL-STREAM HOLDINGS LTD


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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

- The nature of the industry and sector, control environment and business performance including the company's remuneration policies, key drivers for directors remuneration, bonus levels and performance targets;
- Results of the enquiries of management about their own identification and assessment of the risks of irregularities;
- Any matters we have identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: Income recognition and work in progress valuation. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified
Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DUAL-STREAM HOLDINGS LTD

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

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.




Julian Beressi (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
100 Barbirolli Square
Manchester
M2 3BD

1st February 2024

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the Year Ended 31st July 2023

Period
25/3/21
Year ended to
31/7/23 31/7/22
Notes £    £   

TURNOVER 6,780,632 3,750,205

Cost of sales (3,843,184 ) (2,218,320 )
GROSS PROFIT 2,937,448 1,531,885

Administrative expenses (2,568,229 ) (1,490,556 )
OPERATING PROFIT 4 369,219 41,329

Income from interest in associated
undertakings

72,055

93,500
Interest receivable and similar income 10,019 11,046
451,293 145,875

Interest payable and similar expenses (127,224 ) (87,885 )
PROFIT BEFORE TAXATION 324,069 57,990

Tax on profit (72,138 ) (25,055 )
PROFIT FOR THE FINANCIAL YEAR 251,931 32,935

Profit attributable to:
Owners of the parent 251,931 32,935

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

CONSOLIDATED BALANCE SHEET
31st July 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 6 1,862,292 2,085,767
Tangible assets 7 37,703 26,779
Investments 8
Interest in associate 165,705 93,650
2,065,700 2,206,196

CURRENT ASSETS
Stocks 119,509 547,703
Debtors 9 1,074,906 1,110,310
Cash at bank and in hand 318,800 259,832
1,513,215 1,917,845
CREDITORS
Amounts falling due within one year 10 (1,022,950 ) (1,605,197 )
NET CURRENT ASSETS 490,265 312,648
TOTAL ASSETS LESS CURRENT LIABILITIES 2,555,965 2,518,844

CREDITORS
Amounts falling due after more than one year 11 (548,770 ) (766,466 )

PROVISIONS FOR LIABILITIES (6,996 ) (4,110 )
NET ASSETS 2,000,199 1,748,268

CAPITAL AND RESERVES
Called up share capital 14 300 300
Share premium 1,715,033 1,715,033
Retained earnings 284,866 32,935
SHAREHOLDERS' FUNDS 2,000,199 1,748,268

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

CONSOLIDATED BALANCE SHEET - continued
31st July 2023


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

The financial statements were approved by the Board of Directors and authorised for issue on 1st February 2024 and were signed on its behalf by:





Mr C Cornelly - Director


DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

COMPANY BALANCE SHEET
31st July 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 6 - -
Tangible assets 7 - -
Investments 8 3,153,570 3,153,570
3,153,570 3,153,570

CURRENT ASSETS
Debtors 9 15,348 10,814
Cash at bank 85 -
15,433 10,814
CREDITORS
Amounts falling due within one year 10 (543,393 ) (713,944 )
NET CURRENT LIABILITIES (527,960 ) (703,130 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,625,610 2,450,440

CREDITORS
Amounts falling due after more than one year 11 (526,270 ) (733,966 )
NET ASSETS 2,099,340 1,716,474

CAPITAL AND RESERVES
Called up share capital 14 300 300
Share premium 1,715,033 1,715,033
Retained earnings 384,007 1,141
SHAREHOLDERS' FUNDS 2,099,340 1,716,474

Company's profit for the financial year 382,866 1,141

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

COMPANY BALANCE SHEET - continued
31st July 2023


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

The financial statements were approved by the Board of Directors and authorised for issue on 1st February 2024 and were signed on its behalf by:





Mr C Cornelly - Director


DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31st July 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Profit for the period - 32,935 - 32,935
Total comprehensive income - 32,935 - 32,935
Issue of share capital 300 - 1,715,033 1,715,333
Balance at 31st July 2022 300 32,935 1,715,033 1,748,268
Profit for the year - 251,931 - 251,931
Total comprehensive income - 251,931 - 251,931
Balance at 31st July 2023 300 284,866 1,715,033 2,000,199

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31st July 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Profit for the period - 1,141 - 1,141
Total comprehensive income - 1,141 - 1,141
Issue of share capital 300 - 1,715,033 1,715,333
Balance at 31st July 2022 300 1,141 1,715,033 1,716,474
Profit for the year - 382,866 - 382,866
Total comprehensive income - 382,866 - 382,866
Balance at 31st July 2023 300 384,007 1,715,033 2,099,340

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31st July 2023


1. STATUTORY INFORMATION

Dual-Stream Holdings Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 13292253. The address of the registered office and principal trading place is TMJ Business Centre, 107 Cavendish Street, Ashton-Under-Lyne, Greater Manchester, OL6 7SW.

The financial statements are prepared in sterling which is the functional currency of the company. monetary amounts in these financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

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

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 July 2023.

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is measured at the fair value of consideration received or receivable for designing and installing theft prevention systems, excluding discounts, rebates, value added tax and other sales taxes.

Turnover 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 turnover 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.

Specifically, turnover from the sale of goods is recognised when goods are delivered and legal title is passed

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31st July 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Computer Equipment-20% Straight Line
Fixtures & Fittings-20% Straight Line
Motor Vehicles-20% Straight Line

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.


DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31st July 2023


2. ACCOUNTING POLICIES - continued
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.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Employee benefit trust
Last year the group formed an employee benefit trust, the contributions to the trust were expensed through the profit and loss account; this year there have been no contributions made.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2022 - 32 ) .

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31st July 2023


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees by undertakings that were proportionately consolidated during the year was 44 (2022 - 32 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

Period
25/3/21
Year ended to
31/7/23 31/7/22
£    £   
Depreciation - owned assets 10,240 6,008
Goodwill amortisation 223,475 148,983

5. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


6. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st August 2022
and 31st July 2023 2,234,750
AMORTISATION
At 1st August 2022 148,983
Charge for year 223,475
At 31st July 2023 372,458
NET BOOK VALUE
At 31st July 2023 1,862,292
At 31st July 2022 2,085,767

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31st July 2023


7. TANGIBLE FIXED ASSETS

Group
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st August 2022 5,614 11,000 16,173 32,787
Additions 711 - 20,453 21,164
At 31st July 2023 6,325 11,000 36,626 53,951
DEPRECIATION
At 1st August 2022 1,123 1,650 3,235 6,008
Charge for year 1,265 1,650 7,325 10,240
At 31st July 2023 2,388 3,300 10,560 16,248
NET BOOK VALUE
At 31st July 2023 3,937 7,700 26,066 37,703
At 31st July 2022 4,491 9,350 12,938 26,779

8. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1st August 2022 93,650
Share of profit/(loss) 72,055
At 31st July 2023 165,705
NET BOOK VALUE
At 31st July 2023 165,705
At 31st July 2022 93,650

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31st July 2023


Group

Interest in associate

Name: Ondis Solutions Limited
Registered office: England and Wales
Nature: Other business support service activities
Class of Shares: Ordinary
% Holding: 50.00

Company
Shares in
group
undertakings
£   
COST
At 1st August 2022
and 31st July 2023 3,153,570
NET BOOK VALUE
At 31st July 2023 3,153,570
At 31st July 2022 3,153,570

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Dual-Stream Ltd
Registered office: England and Wales
Nature of business: Security systems service activities
%
Class of shares: holding
Ordinary 100.00


9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 819,569 1,069,580 - -
Amounts owed by participating interests 241,844 30,295 - -
Other debtors 13,493 10,435 15,348 10,814
1,074,906 1,110,310 15,348 10,814

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31st July 2023


10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts 162,525 161,292 153,474 151,292
Trade creditors 147,333 671,885 - -
Amounts owed to group undertakings - - 239,369 409,902
Taxation and social security 250,749 259,489 - -
Other creditors 462,343 512,531 150,550 152,750
1,022,950 1,605,197 543,393 713,944

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 482,105 633,133 459,605 600,633
Other creditors 66,665 133,333 66,665 133,333
548,770 766,466 526,270 733,966

12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 15,087 23,105
Between one and five years - 15,087
15,087 38,192

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31st July 2023


13. SECURED DEBTS

The following secured debts are included within creditors:

Company
2023 2022
£    £   
Bank loans 613,079 751,925

The group, including the associate company, is subject to a fixed and floating charge held by Satago Financial Solutions over the assets relating to the loan in Dual Stream holdings limited.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,370 A Ordinary £0.10 137 137
970 B Ordinary £0.10 97 97
150 C Ordinary £0.10 15 15
150 E Ordinary £0.10 15 15
360 F Ordinary £0.10 36 36
300 300

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties of the company are the director S K Haslam and C Cornelly by virtue of their shareholding and voting rights.

16. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31st July 2023 and the period ended 31st July 2022:

2023 2022
£    £   
Mr S K Haslam
Balance outstanding at start of year (40,549 ) -
Amounts advanced 241 (40,000 )
Amounts repaid - (549 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (40,308 ) (40,549 )

DUAL-STREAM HOLDINGS LTD (REGISTERED NUMBER: 13292253)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31st July 2023


16. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr C Cornelly
Balance outstanding at start of year (40,549 ) -
Amounts advanced 241 (40,000 )
Amounts repaid - (549 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (40,308 ) (40,549 )

Amounts owed to directors are repayable on demand. An interest rate of 1.37% has been applied to the principal loan amount.

17. RELATED PARTY DISCLOSURES

As at the year end, the group was owed £241,844 (2022 - £30,295) from an associated company.