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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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. |
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: |
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. |
for and on behalf of |
100 Barbirolli Square |
Manchester |
M2 3BD |
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 |
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 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 | - | - |
Issue of share capital | - |
Balance at 31st July 2022 |
Profit for the year | - | 382,866 | - | 382,866 |
Total comprehensive income | - | - |
Balance at 31st July 2023 |
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 |
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 |
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 |
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 |
NET BOOK VALUE |
At 31st July 2023 |
At 31st July 2022 |
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 |
1,074,906 | 1,110,310 |
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 |
Trade creditors | 147,333 | 671,885 |
Amounts owed to group undertakings | - | - |
Taxation and social security | 250,749 | 259,489 |
Other creditors | 462,343 | 512,531 |
1,022,950 | 1,605,197 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans | 482,105 | 633,133 |
Other creditors | 66,665 | 133,333 |
548,770 | 766,466 |
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 |
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: | £ | £ |
A Ordinary | £0.10 | 137 | 137 |
B Ordinary | £0.10 | 97 | 97 |
C Ordinary | £0.10 | 15 | 15 |
E Ordinary | £0.10 | 15 | 15 |
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. |