Company registration number 04547027 (England and Wales)
FLOSTREAM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
FLOSTREAM LIMITED
COMPANY INFORMATION
Directors
H S Narula
S K Downs
Company number
04547027
Registered office
Unit 2, Blackthorne Point
Blackthorne Road
Poyle
Colnbrook
Berkshire
SL3 0DA
Auditor
FLB Audit LLP
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
FLOSTREAM LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
FLOSTREAM LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report of Flostream Limited ("the Company") for the period ended 31 March 2023.

Review of the business

The directors present an extended period of 18 months due to a change in the Company's accounting reference date from 30 September 2022 to 31 March 2023.

 

Turnover for the period to 31 March 2023 was £15,705,072, which represents proportionally consistent trading with the Company's turnover reported in the prior year to 30 September 2021 of £10,789,380. The Company continues to build strong relationships with its clients in order to maintain and develop its revenue base through a number of service offerings. The Company increased its storage services line revenues from £996,676 to over £2m in the 18 month period and maintained its major business lines being postage, courier and fulfilment services in the UK and internationally.

 

The business continues to manage its direct costs closely to ensure gross margin is improved where it can be and profitability is maximised on its contracts. Gross profit margin increased from 32.3% to 38.7%, an increase of 6.4%, driven by efficient management of costs and processes to deliver services.

 

The business did see an increase in administrative expenditure during the period, beyond that caused by the longer period reported. The primary reasons for this included an increase in rental costs at its Slough warehouse site, as expected in line with the rent review that fell in January 2022. Other notable increases were that of staffing costs, which rose to ensure the Company continues to remain competitive in its remuneration to staff throughout the business. Business rates also rose notably in line with charges levied by local councils where the Company conducts business.

 

A new warehouse in Gloucester was taken at the beginning of the financial period and following investments made to both new and existing warehouses, the directors consider the Company well placed to develop new business and build revenue growth into the next financial year.

Principal risks and uncertainties

There are a number of risks and uncertainties that can impact the performance of the Company which are beyond the control of the company and its directors. These include:

 

Market conditions

This includes global economic conditions in particular the economic consequences of Brexit as the company is importing and exporting goods across the E.U. COVID-19 has seen a large shift into online shopping and the company is expecting a good level of new business enquiries as many retailers continue to use online platforms for their business and outsource their logistic facilities.

 

Market competition

The Company faces strong competition in the markets it operates in, meaning close attention is paid by management to remain competitive on price and work closely with suppliers to ensure quality delivery of its services, and retain business from existing customers whilst building its reputation as a quality supplier in its industry.

 

Conflict in Ukraine and sanctions on Russia

The Company has no operations in either Russia or Ukraine, and no direct disruption or adverse impacts have been felt as a result of the conflict.

 

Inflation

UK inflation has increased dramatically into 2023, although is deemed to have a negligible impact on the company and its operations. With office rent costs fixed and staffing costs at competitive industry levels across its primary operating locations, the Company has not seen dramatic cost base increases causing concern. One of the main drivers of inflation is increased energy prices at the warehouses the Company operates, which are not material to the overall business and its profitability.

FLOSTREAM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 2 -
Key inputs

The Company's performance is impacted by the pricing and availability of its key inputs. The prices of the inputs can be volatile depending upon the demand and supply of these products and indirect factors such as the price of light and heat and oil relating to fuel used to deliver its services by suppliers.

Financial risk management

The Company has a solid financial position, holding more than sufficient cash reserves to meet its liabilities as they fall due with a suitable surplus financed by cumulative retained earnings and a CBILS loan to support any unforeseen business interruptions or unexpected costs. Beyond its current creditors, the Company does not expect to require further external financing or borrowings. The exposure of the Company to liquidity risk is deemed to be low due to the structuring of its existing contracts in place with customers and suppliers. Its policy is to finance working capital through retained earnings and through limited borrowings at prevailing market interest rates. The Company does not use hedge accounting.

Future developments

The directors anticipate the primary business environment that the Company operates in to remain the same and continue to be competitive. The Company continues to be in a good financial position and the risks identified continue to be closely managed. The directors continue to place careful focus on appropriate diversification and development of new products, as well as continuing review of the state of the market and the activities of competitors. The directors are confident in the Company's ability to maintain and build on this position with new innovative solutions in product offerings and the expansion of additional projects and new customers.

Research and development

The company is not currently undertaking any major research and development projects, beyond the standard continuous improvement of its product and service offerings.

On behalf of the board

H S Narula
Director
15 February 2024
FLOSTREAM LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -

The directors present their annual report and financial statements for the period ended 31 March 2023.

Principal activities

The principal activity of the company continued to be that of a fulfilment house.

Results and dividends

The results for the period are set out on page 8.

Ordinary dividends were paid amounting to £995,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

H S Narula
S K Downs
Post reporting date events

In late 2023, the Company agreed a reversionary lease for its Slough warehouse site, which extends the Company's presence in one of its main locations, which is crucial to its continued business in the area.

 

The Company's also took over as primary leaseholder on its first Gloucester site, and expanded into a second warehouse location in Gloucester in late 2023.

Auditor

FLB Audit LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The directors have chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report, information required by Sch. 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) to be contained in the directors' report. It has done so in respect of future developments, research and development and financial instruments.

FLOSTREAM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
H S Narula
Director
15 February 2024
FLOSTREAM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FLOSTREAM LIMITED
- 5 -
Opinion

We have audited the financial statements of Flostream Limited (the 'company') for the period ended 31 March 2023 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.

 

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FLOSTREAM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLOSTREAM LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 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:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and relevant UK taxation legislation.

We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and revenue recognition. Our audit procedures to respond to management override risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases. Our audit procedures to respond to revenue recognition risks included sample testing a sample of revenue across the year and deferred revenue as at year end to agree to supporting documentation, and reviewing income received either side of the year end to ensure this has been recognised correctly.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion, or the provision of intentional misrepresentations.

FLOSTREAM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FLOSTREAM LIMITED
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's 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.

Daniel Faust
Senior Statutory Auditor
For and on behalf of FLB Audit LLP
Statutory Auditor
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
15 February 2024
FLOSTREAM LIMITED
INCOME STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2023
- 8 -
Period
Year
ended
ended
31 March
30 September
2023
2021
as restated
Notes
£
£
Turnover
3
15,705,072
10,789,380
Cost of sales
(9,629,974)
(7,304,515)
Gross profit
6,075,098
3,484,865
Administrative expenses
(4,814,893)
(2,416,560)
Other operating income
-
0
1,348
Operating profit
4
1,260,205
1,069,653
Interest receivable and similar income
8
11,233
368
Interest payable and similar expenses
9
(31,903)
(7,697)
Profit before taxation
1,239,535
1,062,324
Tax on profit
10
(264,494)
(213,601)
Profit for the financial period
975,041
848,723

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 13 to 28 form part of these financial statements.

FLOSTREAM LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2023
- 9 -
Period
Year
ended
ended
31 March
30 September
2023
2021
as restated
£
£
Profit for the period
975,041
848,723
Other comprehensive income
-
-
Total comprehensive income for the period
975,041
848,723

The notes on pages 13 to 28 form part of these financial statements.

FLOSTREAM LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 10 -
31 March 2023
30 September 2021
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
12
27,933
37,244
Tangible assets
13
381,453
348,814
Investments
14
7
7
409,393
386,065
Current assets
Debtors
17
1,678,054
1,649,766
Cash at bank and in hand
1,711,916
1,848,905
3,389,970
3,498,671
Creditors: amounts falling due within one year
18
(1,378,171)
(1,383,079)
Net current assets
2,011,799
2,115,592
Total assets less current liabilities
2,421,192
2,501,657
Creditors: amounts falling due after more than one year
19
(110,259)
(201,950)
Provisions for liabilities
Provisions
21
220,674
205,102
Deferred tax liability
22
34,056
18,443
(254,730)
(223,545)
Net assets
2,056,203
2,076,162
Capital and reserves
Called up share capital
24
1,010
1,010
Profit and loss reserves
2,055,193
2,075,152
Total equity
2,056,203
2,076,162

The notes on pages 13 to 28 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 15 February 2024 and are signed on its behalf by:
H S Narula
Director
Company Registration No. 04547027
FLOSTREAM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 September 2021:
Balance at 1 October 2020
1,010
1,875,092
1,876,102
Prior period adjustment
-
(93,663)
(93,663)
As restated
1,010
1,781,429
1,782,439
Year ended 30 September 2021:
Profit and total comprehensive income for the year
-
848,723
848,723
Dividends
11
-
(555,000)
(555,000)
Balance at 30 September 2021 as restated
1,010
2,075,152
2,076,162
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
975,041
975,041
Dividends
11
-
(995,000)
(995,000)
Balance at 31 March 2023
1,010
2,055,193
2,056,203

The notes on pages 13 to 28 form part of these financial statements.

FLOSTREAM LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2023
- 12 -
2023
2021
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,368,784
617,826
Income taxes paid
(270,628)
(116,075)
Net cash inflow from operating activities
1,098,156
501,751
Investing activities
Purchase of tangible fixed assets
(159,263)
(12,394)
Proceeds from disposal of tangible fixed assets
-
0
350
Interest received
11,233
368
Net cash used in investing activities
(148,030)
(11,676)
Financing activities
Proceeds from new bank loans
-
0
250,000
Repayment of bank loans
(75,785)
-
Interest paid
(16,330)
-
Dividends paid
(995,000)
(555,000)
Net cash used in financing activities
(1,087,115)
(305,000)
Net (decrease)/increase in cash and cash equivalents
(136,989)
185,075
Cash and cash equivalents at beginning of period
1,848,905
1,663,830
Cash and cash equivalents at end of period
1,711,916
1,848,905

The notes on pages 13 to 28 form part of these financial statements.

FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 13 -
1
Accounting policies
Company information

Flostream Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Blackthorne Point, Blackthorne Road, Poyle, Colnbrook, Berkshire, SL3 0DA.

1.1
Reporting period

The directors present a longer period of account from 1 October 2021 to 31 March 2023. As such the comparatives for a whole year are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

The company has prepared separate financial statements and not consolidated its subsidiary undertaking, Able & Handy Limited, due to the fact the subsidiary is dormant and has no transactions or balances to be consolidated.

1.3
Going concern

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

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being evenly amortised over its estimated useful life of ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% on cost
Leasehold improvements
10% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Revenue recognition

The key judgements made by management in respect of revenue is the point at which that revenue should be recognised.

 

Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate.

 

The actual lives as of the assets and residual values are assessed annually and may vary depending on a number factors of factors. Residual value assessment consider issues such as the remaining life of the asset and the projected disposal value.

Intangible fixed assets

Intangibles are capitalised in accordance with accounting standards and the Company's accounting policy.

 

Management estimate the useful life of intangible assets based such as the expected use in the business.

Dilapidations provision

The Company is party to terms contained within the lease for the Company's commercial premises which give rise to an obligation to restore the leased premises to its original condition at the outset of the lease, upon vacation of the premises. A dilapidations provision is recognised as management's estimate of expected future costs, to restore the premises at the end of the lease. The estimate is based on projected future costs and gives rise to additional costs recognised within tangible fixed assets.

3
Turnover and other revenue
2023
2021
£
£
Turnover analysed by class of business
Postage and courier services
8,790,535
6,577,907
Fulfilment services
4,708,101
2,881,834
Provision of storage
2,068,454
996,676
Other
137,982
332,963
15,705,072
10,789,380
FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
3
Turnover and other revenue
(Continued)
- 19 -
2023
2021
£
£
Turnover analysed by geographical market
United Kingdom
14,988,583
9,950,765
Europe
711,169
490,733
Rest of world
5,320
347,882
15,705,072
10,789,380
2023
2021
£
£
Other revenue
Interest income
11,233
368
Grants received
-
1,348
4
Operating profit
2023
2021
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(1,752)
7,179
Government grants
-
(1,348)
Depreciation of owned tangible fixed assets
126,624
72,679
Profit on disposal of tangible fixed assets
-
(350)
Amortisation of intangible assets
9,311
6,207
Operating lease charges
1,524,003
658,993
5
Auditor's remuneration
2023
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
8,750
6
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2021
Number
Number
Operations
29
25
Management and administration
30
30
Total
59
55
FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2023
2021
£
£
Wages and salaries
1,893,507
1,128,611
Social security costs
158,264
87,061
Pension costs
32,783
17,499
2,084,554
1,233,171
7
Directors' remuneration
2023
2021
£
£
Remuneration for qualifying services
19,500
13,000

 

8
Interest receivable and similar income
2023
2021
£
£
Interest income
Interest on bank deposits
11,233
154
Other interest income
-
0
214
Total income
11,233
368
2023
2021
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
11,233
154
9
Interest payable and similar expenses
2023
2021
as restated
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
16,330
10,098
Other interest on financial liabilities
-
0
(12,168)
16,330
(2,070)
Other finance costs:
Unwinding of discount on provisions
15,573
9,767
31,903
7,697
FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 21 -
10
Taxation
2023
2021
£
£
Current tax
UK corporation tax on profits for the current period
248,881
215,840
Deferred tax
Origination and reversal of timing differences
15,613
(2,239)
Total tax charge
264,494
213,601

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2023
2021
as restated
£
£
Profit before taxation
1,239,535
1,062,324
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
235,512
201,842
Tax effect of expenses that are not deductible in determining taxable profit
10,021
2,092
Depreciation on assets not qualifying for tax allowances
10,839
8,958
Amortisation on assets not qualifying for tax allowances
1,769
1,179
Other non-reversing timing differences
-
0
(470)
Deferred tax adjustments in respect of prior years
2,847
-
0
Effect of super deduction enhanced capital allowances
(4,667)
-
0
Effect of change in tax rates applied to deferred tax
8,173
-
0
Taxation charge for the period
264,494
213,601

In the March 2021 Budget it was announced that legislation will be introduced in Finance Bill 2021 to increase the main rate of UK corporation tax from 19% to 25%, effective 1 April 2023 . The expected future impact of this will be an increase in current tax charges for any UK profits taxed at the main rate.

11
Dividends
2023
2021
£
£
Interim paid
995,000
555,000
FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 22 -
12
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2021 and 31 March 2023
62,073
Amortisation and impairment
At 1 October 2021
24,829
Amortisation charged for the period
9,311
At 31 March 2023
34,140
Carrying amount
At 31 March 2023
27,933
At 30 September 2021
37,244
13
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
as restated
£
£
£
£
£
Cost
At 1 October 2021
43,630
522,800
113,322
202,806
882,558
Additions
-
0
86,786
13,276
59,201
159,263
At 31 March 2023
43,630
609,586
126,598
262,007
1,041,821
Depreciation and impairment
At 1 October 2021
21,815
248,860
93,755
169,314
533,744
Depreciation charged in the period
6,545
88,326
8,605
23,148
126,624
At 31 March 2023
28,360
337,186
102,360
192,462
660,368
Carrying amount
At 31 March 2023
15,270
272,400
24,238
69,545
381,453
At 30 September 2021
21,815
273,940
19,567
33,492
348,814
14
Fixed asset investments
2023
2021
Notes
£
£
Investments in subsidiaries
15
7
7
FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 23 -
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Able & Handy Limited
Unit 2, Blackthorne Road, Poyle, Colnbrook, Berkshire, England, SL3 0DA
Dormant Company
Ordinary
100.00
16
Financial instruments
2023
2021
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,482,349
1,458,250
Carrying amount of financial liabilities
Measured at amortised cost
1,249,779
1,357,950
17
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
1,468,921
1,442,929
Other debtors
13,428
15,321
Prepayments and accrued income
195,705
191,516
1,678,054
1,649,766
18
Creditors: amounts falling due within one year
2023
2021
Notes
£
£
Bank loans
20
61,886
45,980
Trade creditors
589,845
749,380
Corporation tax
143,878
165,625
Other taxation and social security
94,773
61,454
Other creditors
4,488
4,252
Accruals and deferred income
483,301
356,388
1,378,171
1,383,079
19
Creditors: amounts falling due after more than one year
2023
2021
Notes
£
£
Bank loans and overdrafts
20
110,259
201,950
FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 24 -
20
Loans and overdrafts
2023
2021
£
£
Bank loans
172,145
247,930
Payable within one year
61,886
45,980
Payable after one year
110,259
201,950

Bank loans consist of a Coronavirus Business Interruption Loan Scheme (CBILS) loan, that was drawn in December 2021. The loan is unsecured, carries fixed rate interest of 5% per annum and is repayable over a 48 month period from when it was drawn. Under the terms of the CBILS, no interest or repayments were payable by the company for the first year of the facility and were covered by the government.

21
Provisions for liabilities
2023
2021
as restated
£
£
Dilapidations provision
220,674
205,102
Movements on provisions:
Dilapidations provision
£
At 1 October 2021
205,101
Unwinding of discount
15,573
At 31 March 2023
220,674

Dilapidations provisions relate to future costs the Company is expected to incur when it vacates a leased warehouse premises it currently occupies. Per the terms of the the lease, the Company has an obligation to restore the warehouse to its original condition as it was when first leased.

 

This will include the dismantling and removal of leasehold improvements and fixtures and fittings. The provision reflects the present value of the expected future cash flows required to carry out such work. Economic outflows relating to this provision are expected to arise no earlier than the end of the lease term which as at the reporting date is December 2026. A degree of uncertainty exists as to the timing of such outflows, due to the anticipated renewal of lease beyond current and optional renewal terms.

FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 25 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2021
Balances:
£
£
Accelerated capital allowances
34,056
18,443
2023
Movements in the period:
£
Liability at 1 October 2021
18,443
Charge to profit or loss
7,439
Effect of change in tax rate - profit or loss
8,174
Liability at 31 March 2023
34,056

Deferred tax liabilities are expected to reverse in line with the depreciation of the underlying tangible fixed assets to which they relate, being 4 to 10 years.

23
Retirement benefit schemes
2023
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
32,783
17,499

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Contributions totalling £3,882 (2021: £4,252) were payable to the fund at the year end and are included in other creditors.

24
Share capital
2023
2021
2023
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
101,000
101,000
1,010
1,010

Each share is entitled to one vote in each circumstance. Each share is entitled equally to dividend payment or other distribution. Each share is entitled equally to participate in a distribution arising from a winding up of the company.

FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 26 -
25
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2021
£
£
Within one year
591,230
192,945
Between two and five years
-
0
130,728
591,230
323,673

Costs disclosed above relate to rental premises costs across 2 warehouse sites in the UK. The committed period at the reporting date includes costs up to break clauses, which post year end have expired and not been taken up by the Company.

26
Events after the reporting date

In late 2023, the Company agreed a reversionary lease for its Slough warehouse site, which extends the Company's presence in one of its main locations, which is crucial to its continued business in the area.

 

The Company's also took over as primary leaseholder on its first Gloucester site, and expanded into a second warehouse location in Gloucester.

27
Ultimate controlling party

The Company is owned by a number of shareholders, none of whom can individually exert control. As such, there is not considered to be an ultimate controlling party.

28
Cash generated from operations
2023
2021
as restated
£
£
Profit for the period after tax
975,041
848,723
Adjustments for:
Taxation charged
264,494
213,601
Finance costs
31,903
7,697
Investment income
(11,233)
(368)
Gain on disposal of tangible fixed assets
-
(350)
Amortisation and impairment of intangible assets
9,311
6,207
Depreciation and impairment of tangible fixed assets
126,624
72,679
Movements in working capital:
(Increase)/decrease in debtors
(28,287)
105,905
Increase/(decrease) in creditors
931
(636,268)
Cash generated from operations
1,368,784
617,826
FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 27 -
29
Analysis of changes in net funds
1 October 2021
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
1,848,905
(136,989)
1,711,916
Borrowings excluding overdrafts
(247,930)
75,785
(172,145)
1,600,975
(61,204)
1,539,771
30
Prior period adjustment

During the period, a prior period error was identified in that the appropriate provisions relating to dilapidations of leased warehouse premises, had not been recognised. The Company has an obligation to restore its leased warehouse property to its original condition at commencement of the lease when it vacates.

 

A prior period adjustment has been made to the financial statements to recognise the provision and the corresponding increased cost and accumulated depreciation within tangible fixed assets.

 

Amounts restated as a result of this prior period adjustment impacting the statement of financial position at 1 October 2020 were as follows:

 

Amounts restated as a result of this prior period adjustment impacting the year to 30 September 2021 were as

follows:

Changes to the statement of financial position
As previously reported at 30 Sep 2021
Adjustment at 1 Oct 2020
Adjustment at 30 Sep 2021
As restated at 30 Sep 2021
£
£
£
£
Fixed assets
Tangible assets
263,410
101,671
(16,267)
348,814
Provisions for liabilities
Other provisions
-
(195,335)
(9,767)
(205,102)
Net assets
2,195,859
(93,664)
(26,034)
2,076,162
Capital and reserves
Profit and loss reserves
2,194,849
(93,663)
(26,034)
2,075,152
FLOSTREAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
30
Prior period adjustment
(Continued)
- 28 -
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 30 September 2021
£
£
£
Administrative expenses
(2,400,294)
(16,266)
(2,416,560)
Interest payable and similar expenses
2,070
(9,767)
(7,697)
Profit for the financial period
874,756
(26,033)
848,723
Reconciliation of changes in equity
1 October
30 September
2020
2021
£
£
Adjustments to prior period
Dilapidations provision
(93,663)
(119,697)
Equity as previously reported
1,876,102
2,195,859
Equity as adjusted
1,782,439
2,076,162
Analysis of the effect upon equity
Profit and loss reserves
(93,663)
(119,696)
Reconciliation of changes in profit for the previous financial period
2021
£
Adjustments to prior period
Dilapidations provision
(26,033)
Profit as previously reported
874,756
Profit as adjusted
848,723
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