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Registered number: 14417998









Stream 123 Limited









Annual Report and Consolidated Financial Statements

For the year ended 31 March 2024

 
Stream 123 Limited
 
 
Company Information


Directors
S Nanda 
D Smith 
P Barkley 
D Moore 
J MacLeay (appointed 4 June 2024)
M Hargreaves (appointed 4 June 2024)




Registered number
14417998



Registered office
Alpine House
Hollins Brook Park

4 Little 66

Bury

BL9 8RN




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
Stream 123 Limited
 

Contents



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 6
Independent auditors' report
 
7 - 10
Consolidated statement of comprehensive income
 
11
Consolidated statement of financial position
 
12
Company statement of financial position
 
13
Consolidated statement of changes in equity
 
14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16
Consolidated analysis of net debt
 
17
Notes to the financial statements
 
18 - 38


 
Stream 123 Limited
 
 
Group Strategic Report
For the year ended 31 March 2024

Introduction
 
The directors present the strategic report for the year ended 31 March 2024.

Business review
 
The group specialises in the design, project management and maintenance of mechanical fire suppression systems and the Directors are pleased to report another excellent set of results for the year.
The group has 3 distinct operating areas – Projects, Rapid Contracts and Service & Maintenance. All 3 operating areas performed extremely well as we benefitted from the  buoyant market experienced in the previous financial year. As we enter the new financial year, we anticipate growth in all areas of the business as we look to capitalise on the investments we have made in our people, customer service and infrastructure along with leading the ESG agenda for our sector.   
Overall turnover in the group's only trading company, Alpine Fire Engineers Limited, reduced in the year by 8%                  (
2023: increased by 60%), however, we are delighted to report that Operating Profit in Alpine increased by 33% (2023: 67%). Our Projects revenue reduced by 14% whereas Rapid Contracts revenue increased by 16% and Service & Maintenance by 35%.   Strong profitability in the year was attributed to enhanced project management and increased cost efficiencies from the investment in headcount and IT, increased market demand during a period of limited supply and efficiencies in securing favourable material prices.
During our first full year working in partnership with our private equity investors, WestBridge, we have had their support to invest further in our people, marketing and brand identity whilst also delivering our first ESG impact report and commitment to net zero by 2045. This commitment is an enabler for further growth and consolidation in our existing market sectors as well as achieving our strategic objective of sector and operational diversification. To support these collective ambitions we have also commenced the upgrading and improvement in our IT infrastructure. 

Principal risks and uncertainties
 
The Directors have assessed the business and identified what we consider to be the main risks and uncertainties. 
Global unrest could lead to price volatility, however, we monitor this continually to ensure our pricing strategies reflect any material movements.  Further, although inflation appears to be under control interest rates are yet to reduce sufficiently to encourage investment in UK infrastructure.

Financial & Non-Financial key performance indicators
 
The Directors regularly monitor a number of key indicators and consider health and safety performance, sales pipeline, the order book programme, customer feedback, volume of contracted Service clients & sites, gross profit, and EBITDA margin to be key performance indicators for the group.

Corporate Governance
 
The group has a formally constituted board of directors with both remuneration and audit committees. The Board sits monthly and as required for other matters. The Board consists of a Chairman, an independent director, 2 directors from WestBridge and the Operational Board team.  

Page 1

 
Stream 123 Limited
 

Group Strategic Report (continued)
For the year ended 31 March 2024

Corporate Social Responsibility Statements of the Group
 
In compliance with Section 172 (1) of the Companies Act 2006.
We believe businesses have a fundamental responsibility to contribute to resolving pressing social and environmental challenges where possible.  
We engage with a third party sustainability advisory to provide expert support on assessing our current performance and have built a comprehensive and actionable improvement plan. 
As part of our ongoing plans our business will always consider the impact of our decisions on people, customers, suppliers, community, and the environment.
Employees
We would also consider the attraction and retention of talent to be a key factor underpinning our performance and providing an environment where our team can thrive is important to us. We have consistently achieved very high response and satisfaction levels in our employee engagement surveys.  We communicate key strategic decisions across the group via team briefings, as well as informally on a regular basis through our internal communications platform.
We offer health and wellness programmes for all employees including regular social & participation events via our wellbeing team. We offer various benefits including a health cash plan scheme, holiday purchase scheme, improved paternity and maternity rights, flexible / hybrid working and variable core hours. All team members also participate in our bonus scheme.
Customers 
The business engages with its customers from the product development phase through to subsequent account management. We have formal quality control mechanisms in place to ensure the suitability and technical capability of our supply partners, and a comprehensive privacy policy to protect customers' data.    
All of our colleagues attend a customer experience training program within the first year of employment in the business and this helps us to achieve market-leading Net Promotor Scores.
Environment 
Environmental concerns led to the introduction of SECR (Streamlined Energy and Carbon Reporting) compliance in 2023, which is included in the group Directors’ Report of the group's ultimate parent undertaking, Stream 123 Limited. The group is continually reviewing its systems and procedures to reduce energy consumption. 
The business is a leading campaigner for recycling water used within the testing and commissioning process and launched The Alpine Fire Campaign which, in partnership with George Eustice, former Secretary of State for Environment, Food and Rural Affairs, The London School of Architecture and Lake District National Park Authority is working towards a new sustainable future for our industry.  
The group continues to support the introduction of EV cars into our fleet options and EV charging stations in our car park for employees to use.
Suppliers 
The group is committed to upholding ethical and environmental standards throughout our entire supply chain and such factors play an important part in our supplier assessment when adding new partners to our Preferred Supplier List (PSL).   
 
Page 2

 
Stream 123 Limited
 

Group Strategic Report (continued)
For the year ended 31 March 2024

Community 
In the community, the business has supported a variety of local causes including partnering with our neighbours on clean site initiatives.  
The business is committed to being an inclusive employer and recognises the value of having a diverse workforce. As such, in the coming year our goal is to formally track diversity metrics of our team, and provide training on Diversity, Equality and Inclusion topics.


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




M Hargreaves
Director

Date: 23 August 2024

Page 3

 
Stream 123 Limited
 
 
 
Directors' Report
For the year ended 31 March 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Results and dividends

The loss for the year, after taxation, amounted to £2,227,135 (2023: loss £1,216,313).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

S Nanda 
D Smith 
P Barkley 
M Jones (resigned 4 June 2024)
D Moore 
J Wakefield (resigned 4 June 2024)

Future developments

The Directors are pleased to confirm their commitment to sustainable, profitable growth and, with the support of our private equity backer, WestBridge, the group continues to work closely in support of its clients, develop its diversification strategy and seek strategically aligned M&A opportunities.  

Page 4

 
Stream 123 Limited
 
 
 
Directors' Report (continued)
For the year ended 31 March 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group acquired its only trading subsidiary, Alpine Fire Engineers Limited (Alpine), on 22 December 2022. However, in order to provide a complete picture along with comparative information, Alpine's greenhouse gas emissions and energy consumption is reported below for its last two full financial years ending 31 March 2023 and 31 March 2024. 
Note that all figures are reported in tonnes of CO2 equivalent (tCO2e).


Year ending
31 March
Year ending
31 March
2024
2023

Scope 1 - emissions consisting of natural gas and company car mileage (in tonnes of CO2 equivalent)
368.0
292.5

Scope 2 - emissions consisting of electricity usage within the building (in tonnes of CO2 equivalent)
14.3
11.9

Scope 3 - emissions of grey fleet (in tonnes of CO2 equivalent)
42.0
28.0

The UK Government’s environmental reporting guidance on how to measure and report greenhouse gas emissions has been used, along with the provided greenhouse gas reporting figures for the relevant year. The financial control approach has been used to define the scope boundary.
A base year of 1 April 2022 – 31 March 2023 has been used, as this is the earliest year for which reliable data was recorded and measured. The base year is used as the benchmark for emission data and consumption changes, and the changes between this reporting period and the base year have been recorded and detailed. The recalculation policy is to recalculate the base year emissions only for relevant significant changes which meet the threshold of affecting 5% of base year emissions.
Scope 1, 2 and 3 emissions have been included within this report. Alpine occupied 1 building during this period, where electricity and gas are the primary and only utilities used. Alpine owned company vehicles and had staff mileage claims. All activities are based within the UK.

Alpine recognise that the company’s primary responsibility is to reduce emissions as far as possible. However, as Alpine work towards responsible consumption practices, to mitigate any impact, a green tariff for 100% renewable electricity has been purchased from Engie. Every unit of renewable energy purchased comes with its own Renewable Energy Guarantee of Origin (REGO) certificate. This means there are no associated carbon emissions from electricity, reducing the carbon footprint by 14.35 tCO2e, however location-based grid average emissions have been used to report the emissions figure.

An overall intensity ratio of gross Scope 1, 2 and 3 emissions per £M Turnover has been calculated. This will allow comparison and benchmarking with similar sites and organisations and still drives energy reduction goals. Although building electricity is sourced through renewable energy contracts the location-based grid average emissions have been used to calculate intensity ratios.
 
Page 5

 
Stream 123 Limited
 
 
 
Directors' Report (continued)
For the year ended 31 March 2024

The previous reduction target was to reduce gross Scope 1, 2 and 3 emissions by 5% from FY 2022 to FY 2023. The chosen emissions reduction target for this financial year is to reduce the overall business intensity ratio by 5% from FY 2023 to FY 2024. The target is based upon the intensity ratio to improve performance, rather than allow for spurious improvements due to changes in operations. If the turnover theoretically remains the same across the current and upcoming reporting periods, predicted gross emissions are 389.45 tCO2e. 
The below table shows the intensity ratio of £57.30M and target for the business, with comparison to the base year.
 

Base Year (FY 2023)
FY 2024
Predicted FY 2025

tCO2e
Intensity Ratio
tCO2e
Intensity Ratio
Predicted tCO2e
Intensity Target
Gross emissions (Location Based)
322.40
5.47
424.29
7.40
403.08
7.03
Gross Emissions (Market Based)
320.50
5.27
409.94
7.15
389.45
6.80
Net Emissions
320.50
5.27
409.94
7.15
389.45
6.80

Engagement with suppliers, customers and others
Information on engagement with suppliers, customers and others is contained in the strategic report.

Disclosure of information to auditors

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

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

On 5 April 2024, 3,500 C1 Ordinary Shares and 3,500 E Ordinary shares were repurchased by the Company. The shares were cancelled on the same date.
On 4 June 2024, 15,000 C1 Ordinary shares with a nominal value of £0.01 were allotted.
On 16 July 2024, a further 15,000 C1 Ordinary shares with a nominal value of £0.01 were allotted.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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




M Hargreaves
Director

Date: 23 August 2024

Page 6

 
Stream 123 Limited
 
 
 
Independent Auditors' Report to the Members of Stream 123 Limited
 

Opinion


We have audited the financial statements of Stream 123 Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 7

 
Stream 123 Limited
 
 
 
Independent Auditors' Report to the Members of Stream 123 Limited (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
Stream 123 Limited
 
 
 
Independent Auditors' Report to the Members of Stream 123 Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of  management, including whether  they were aware of any instances of non-compliance with laws and regulations, and whether they had knowledge of any actual, suspected, or alleged fraud. 
Supporting documentation relating to the Company's policies and procedures for:
         - Identifying, evaluating, and complying with laws and regulations.
         -  Detecting and responding to the risks of fraud.
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Health & Safety regulations, Quality Management System accreditations such as Achilles Building Confidence and ISO 900, and Anti-bribery and Corruption.

Audit response to risks identified

Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
Reading minutes of meetings of those charges with governance.
Page 9

 
Stream 123 Limited
 
 
 
Independent Auditors' Report to the Members of Stream 123 Limited (continued)


We have also considered the risk of fraud through management override of controls by:
 
Testing the appropriateness of journal entries and other adjustments to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and 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 and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Chris Stewardson (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

 
Date: 
23 August 2024
Page 10

 
Stream 123 Limited
 
 
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2024

Year ending
31 March
Period ending
31 March
2024
2023
Note
£
£

  

Turnover
 4 
55,983,531
18,099,649

Cost of sales
  
(35,961,277)
(13,339,112)

Gross profit
  
20,022,254
4,760,537

Administrative expenses
  
(15,254,067)
(4,366,449)

Operating profit
 5 
4,768,187
394,088

Interest receivable and similar income
 9 
167,207
-

Interest payable and similar expenses
 10 
(5,476,340)
(1,381,556)

Loss before taxation
  
(540,946)
(987,468)

Tax on loss
 11 
(1,686,189)
(228,845)

Loss for the financial year
  
(2,227,135)
(1,216,313)

(Loss) for the year attributable to:
  

Owners of the parent Company
  
(2,227,135)
(1,216,313)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 18 to 38 form part of these financial statements.

Page 11

 
Stream 123 Limited
Registered number: 14417998

Consolidated Statement of Financial Position
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
32,546,694
36,286,284

Tangible assets
 13 
617,426
305,205

  
33,164,120
36,591,489

Current assets
  

Stocks
 15 
2,751
5,732

Debtors: amounts falling due within one year
 16 
13,734,408
15,796,429

Cash at bank and in hand
 17 
13,922,714
4,801,668

  
27,659,873
20,603,829

Creditors: amounts falling due within one year
 18 
(20,040,141)
(15,852,269)

Net current assets
  
 
 
7,619,732
 
 
4,751,560

Total assets less current liabilities
  
40,783,852
41,343,049

Creditors: amounts falling due after more than one year
 19 
(42,297,800)
(42,297,800)

Provisions for liabilities
  

Deferred taxation
 21 
(141,048)
(59,422)

Other provisions
 22 
(1,560,000)
-

  
 
 
(1,701,048)
 
 
(59,422)

Net liabilities
  
(3,214,996)
(1,014,173)


Capital and reserves
  

Called up share capital 
 23 
9,733
9,496

Share premium account
 24 
218,719
192,644

Profit and loss account
 24 
(3,443,448)
(1,216,313)

  
(3,214,996)
(1,014,173)


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



M Hargreaves
Director

Date: 23 August 2024

The notes on pages 18 to 38 form part of these financial statements.

Page 12

 
Stream 123 Limited
Registered number: 14417998

Company Statement of Financial Position
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
50,043
50,043

Current assets
  

Debtors: amounts falling due after more than one year
 16 
6,777,000
6,777,000

Debtors: amounts falling due within one year
 16 
1,215,519
236,068

  
7,992,519
7,013,068

Creditors: amounts falling due within one year
 18 
(1,146,076)
(230,829)

Net current assets
  
 
 
6,846,443
 
 
6,782,239

Total assets less current liabilities
  
6,896,486
6,832,282

  

Creditors: amounts falling due after more than one year
 19 
(6,624,843)
(6,624,843)

  

Net assets
  
271,643
207,439


Capital and reserves
  

Called up share capital 
 23 
9,733
9,496

Share premium account
 24 
218,719
192,644

Profit and loss account brought forward
  
5,299
-

Profit for the year
  
37,892
5,299

Profit and loss account carried forward
  
43,191
5,299

  
271,643
207,439


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



M Hargreaves
Director

Date: 23 August 2024

The notes on pages 18 to 38 form part of these financial statements.

Page 13

 
Stream 123 Limited
 

Consolidated Statement of Changes in Equity
For the year ended 31 March 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
9,496
192,644
(1,216,313)
(1,014,173)


Comprehensive income for the year

Loss for the year
-
-
(2,227,135)
(2,227,135)


Contributions by and distributions to owners

Shares issued during the year
237
26,075
-
26,312


At 31 March 2024
9,733
218,719
(3,443,448)
(3,214,996)



Consolidated Statement of Changes in Equity
For the year ended 31 March 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


Comprehensive income for the period

Loss for the period
-
-
(1,216,313)
(1,216,313)


Contributions by and distributions to owners

Shares issued during the period
9,496
192,644
-
202,140


At 31 March 2023
9,496
192,644
(1,216,313)
(1,014,173)


The notes on pages 18 to 38 form part of these financial statements.

Page 14

 
Stream 123 Limited
 

Company Statement of Changes in Equity
For the year ended 31 March 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 April 2023
9,496
192,644
5,299
207,439


Comprehensive income for the period

Profit for the year
-
-
37,892
37,892


Contributions by and distributions to owners

Shares issued during the year
237
26,075
-
26,312


At 31 March 2024
9,733
218,719
43,191
271,643



Company Statement of Changes in Equity
For the year ended 31 March 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


Comprehensive income for the period

Profit for the period
-
-
5,299
5,299


Contributions by and distributions to owners

Shares issued during the period
9,496
192,644
-
202,140


At 31 March 2023
9,496
192,644
5,299
207,439


The notes on pages 18 to 38 form part of these financial statements.

Page 15

 
Stream 123 Limited
 

Consolidated Statement of Cash Flows
For the year ended 31 March 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(2,227,135)
(1,216,313)

Adjustments for:

Amortisation of intangible assets
3,739,590
934,898

Depreciation of tangible assets
106,436
26,366

Interest paid
1,997,268
1,381,556

Interest received
(167,207)
-

Taxation charge
1,686,189
228,845

Decrease in stocks
2,981
28,453

Decrease/(increase) in debtors
2,242,787
(2,983,963)

Increase/(decrease) in creditors
4,948,432
(3,769,378)

Increase in provisions
1,560,000
-

Corporation tax (paid)
(2,545,889)
(208,206)

Net cash generated from operating activities

11,343,452
(5,577,742)


Cash flows from investing activities

Purchase of tangible fixed assets
(418,657)
(50,670)

Acquistion of subsidaries, net of cash acquired
-
(24,845,002)

Interest received
167,207
-

Net cash from investing activities

(251,450)
(24,895,672)

Cash flows from financing activities

Issue of ordinary shares
26,312
49,983

New secured loans
-
17,000,000

New loan notes
-
18,672,957

Interest paid
(1,997,268)
(447,858)

Net cash used in financing activities
(1,970,956)
35,275,082

Net increase in cash and cash equivalents
9,121,046
4,801,668

Cash and cash equivalents at beginning of year
4,801,668
-

Cash and cash equivalents at the end of year
13,922,714
4,801,668


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
13,922,714
4,801,668


Page 16

 
Stream 123 Limited
 

Consolidated Analysis of Net Debt
For the year ended 31 March 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

4,801,668

9,121,046

13,922,714

Debt due after 1 year

(42,297,800)

-

(42,297,800)


(37,496,132)
9,121,046
(28,375,086)

Page 17

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

1.


General information

Stream 123 Limited is a private company limited by share capital incorporated in England and Wales. The address of the registered office and principal place of business is Alpine House, Hollins Brook Park, Little 66, Bury, BL9 8RN.  The company's registration number is 14417998. 
The nature of the group's operation and its principal activity is the design, installation and consultation of fire protection equipment. The principal activity of the company is that of a holding company. 
The Group was formed on 22 December 2022. As such, the figures presented for the period to March 2023 throughout the financial statements are not directly comparable to those for the year ended March 2024.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

These accounts have been prepared on the going concern basis. The main trading company of the Group – Alpine Fire Engineers Limited is growing, profitable and cash generative, and it is expected that should the need arise, it will be in a position to transfer cash to any Group entity to enable it to satisfy its debts as they fall due.

Page 18

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Revenue

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group 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.

Long-term contracts
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Costs are calculated based on that proportion of total contract value which has been incurred and invoiced to date against total expected costs for that contract. Revenues derived from variations on contracts are recognised when they can be assessed with reasonable certainty. Full provision is made for losses on all contracts in the year in which they are first foreseen. 

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 19

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.7

Interest income

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

 
2.8

Finance costs

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

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 20

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Customer lists
-
10
years
Goodwill
-
10
years

 
2.12

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Leasehold improvements
-
10% straight line
Fixtures and fittings
-
20% straight line
Computer equipment
-
25% - 50% straight line

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

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

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 21

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.14

Stocks

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

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

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

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

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 22

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or
Page 23

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.20

Dividends

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the company are discussed below.
Revenue and margin recognition
The group's revenue recognition and margin recognition policies, which are set out in note 2.5, are central to how the group values the work it has carried out in each financial year. These policies require forecasts to be made of contract outcomes, which require assessments and judgements to be made in respect of budgeted costs and final margins. The group reviews and, when necessary, revises the estimates of revenue and costs as the contract progresses. At the year end, amounts recoverable on contracts totalled £1,476,906 (2023: £4,543,196).
Goodwill
Goodwill acquired on business combinations is capitalised on the balance sheet and amortised over its expected useful economic life or ten years, whichever is the shorter. At 31 March 2024, the carrying value of goodwill was £32,381,686 (2023: £36,082,450).
Provisions
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation at each reporting date, taking into account the related risks and uncertainties. The group recognised provisions at 31 March 2024 of £1,560,000 (2023: £Nil) .

Page 24

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

4.


Turnover

The whole of the turnover is attributable to the principal activity of the group.  
A geographical analysis of turnover is as follows: 

Year ending
31 March
Period ending
31 March
2024
2023
£
£

United Kingdom
51,938,559
18,080,217

Rest of Europe
4,044,972
19,432

55,983,531
18,099,649



5.


Operating profit

The operating profit is stated after charging:

Year ending
31 March
Period ending
31 March
2024
2023
£
£

Exchange differences
4,336
131

Other operating lease rentals
347,078
67,366


6.


Auditors' remuneration

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


Year ending
31 March
Period ending
31 March
2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
1,265
1,200

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

The auditing of accounts of associates of the Company
19,820
18,900

Taxation compliance services
6,125
5,850

Preparation of Statutory Accounts
9,325
8,845

Page 25

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

7.


Employees

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


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


Wages and salaries
5,988,844
1,636,654
-
-

Social security costs
689,410
151,701
-
-

Cost of defined contribution scheme
214,396
24,960
-
-

6,892,650
1,813,315
-
-


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



Group
Group
Company
Company
     Year ending
       31 March
    Period ending
        31 March
     Year ending
       31 March
    Period ending
        31 March
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administration
34
27
6
5



Operations
82
69
-
-

116
96
6
5


8.


Directors' remuneration

Year ending
31 March
Period ending
31 March
2024
2023
£
£

Directors' emoluments
558,896
99,600

Group contributions to defined contribution pension schemes
34,358
8,263

Compensation for loss of office
80,470
-

673,724
107,863


During the year retirement benefits were accruing to 2 directors (2023: 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £320,057.
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £29,015.

Page 26

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

9.


Interest receivable

Year ending
31 March
Period ending
31 March
2024
2023
£
£


Bank interest receivable
167,207
-


10.


Interest payable and similar expenses

Year ending
31 March
Period ending
31 March
2024
2023
£
£


Bank loan interest payable
1,981,121
500,339

Loan note interest payable
2,579,911
650,448

Preference share dividends
915,308
230,769

5,476,340
1,381,556


11.


Taxation


Year ending
31 March
Period ending
31 March
2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,609,549
256,698

Adjustments in respect of previous periods
(4,986)
(39,789)


Total current tax
1,604,563
216,909

Deferred tax


Origination and reversal of timing differences
81,626
11,936


Taxation on profit on ordinary activities
1,686,189
228,845
Page 27

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 19%). The differences are explained below:

Year ending
31 March
Period ending
31 March
2024
2023
£
£


Loss on ordinary activities before tax
(540,946)
(987,468)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(135,237)
(187,619)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
925,191
175,786

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
30,869
101,797

Fixed asset differences
-
(3,022)

Unpaid / disallowed interest
873,805
167,431

Adjustments to tax charge in respect of prior periods
(4,986)
(39,789)

Other timing differences leading to an increase in taxation
(3,453)
-

Change in future tax rates
-
14,261

Total tax charge for the year/period
1,686,189
228,845


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

12.


Intangible assets

Group





Customer lists
Goodwill
Total

£
£
£



Cost


At 1 April 2023
213,541
37,007,641
37,221,182



At 31 March 2024

213,541
37,007,641
37,221,182



Amortisation


At 1 April 2023
9,707
925,191
934,898


Charge for the year on owned assets
38,826
3,700,764
3,739,590



At 31 March 2024

48,533
4,625,955
4,674,488



Net book value



At 31 March 2024
165,008
32,381,686
32,546,694



At 31 March 2023
203,834
36,082,450
36,286,284


Amortisation of intangible assets is included in administrative expenses.
Goodwill which arose upon the acquisition by the company of Alpine Topco Limited and its subsidiaries has a carrying value of £32,381,686 (
2023: £36,082,450), and a remaining amortisation period of 9 years.
The customer lists of a company were purchased during a previous year by Alpine Fire Engineers Limited. The lists were acquired at their net book value. 


Page 29

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

13.


Tangible fixed assets

Group






Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
141,135
8,818
181,618
331,571


Additions
-
5,217
413,440
418,657


Disposals
-
(363)
(36,610)
(36,973)



At 31 March 2024

141,135
13,672
558,448
713,255



Depreciation


At 1 April 2023
5,659
956
19,751
26,366


Charge for the year
22,735
4,385
79,316
106,436


Disposals
-
(363)
(36,610)
(36,973)



At 31 March 2024

28,394
4,978
62,457
95,829



Net book value



At 31 March 2024
112,741
8,694
495,991
617,426



At 31 March 2023
135,476
7,862
161,867
305,205


14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
50,043



At 31 March 2024
50,043




Page 30

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Class of shares

Holding

Stream 456 Limited
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Class of shares

Holding

Stream 789 Limited *
Ordinary
100%
Alpine Topco Limited **
Ordinary, Deferred
100%
Alpine Midco Limited ***
Ordinary
100%
Alpine Bidco Limited ****
Ordinary
100%
Alpine Fire Engineers Limited *****
Ordinary
100%

* Stream 789 Limited is a direct subsidiary of Stream 456 Limited.
** Alpine Topco Limited  is a direct subsidiary of Stream 789 Limited.
*** Alpine Midco Limited is a direct subsidiary of Alpine Topco Limited.
**** Alpine Bidco Limited is a direct subsidiary of Alpine Midco Limited.
***** Alpine Fire Engineers Limited is a direct subsidiary of Alpine Bidco Limited.
The registered office of all direct and indirect subsidaries is Alpine House, Hollins Brook Park, 4 Little 66, Bury, BL9 8RN.


15.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
2,751
5,732


Page 31

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

16.


Debtors

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

Debtors: amounts falling due after more than one year:

Amounts owed by group undertakings
-
-
6,777,000
6,777,000


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

Debtors: amounts falling due within one year:

Trade debtors
9,698,063
8,495,518
-
-

Amounts owed by group undertakings
-
-
1,203,420
192,118

Other debtors
632,625
636,044
-
43,950

Prepayments and accrued income
1,926,814
2,121,671
12,099
-

Amounts recoverable on long-term contracts
1,476,906
4,543,196
-
-

13,734,408
15,796,429
1,215,519
236,068


An impairment loss of £389 (2023: £14,205) was recognised in administrative expenses during the year against
trade debtors.


17.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
13,922,714
4,801,668


Page 32

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

18.


Creditors: Amounts falling due within one year

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

Trade creditors
6,316,224
8,428,242
-
-

Corporation tax
-
760,560
-
-

Other taxation and social security
1,319,281
384,253
-
-

Other creditors
23,327
34,846
-
61

Accruals and deferred income
12,381,309
6,244,368
1,146,076
230,768

20,040,141
15,852,269
1,146,076
230,829


Disclosure of the terms and conditions attached to the non-equity shares is made in note 23.


19.


Creditors: Amounts falling due after more than one year

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

Loan notes
18,672,957
18,672,957
-
-

Bank loans
17,000,000
17,000,000
-
-

Share capital treated as debt
662
662
662
662

Share premium treated as debt
6,624,181
6,624,181
6,624,181
6,624,181

42,297,800
42,297,800
6,624,843
6,624,843


Disclosure of the terms and conditions attached to the non-equity shares is made in note 23.

Interest is payable on the bank loan at 6.25% - 7% plus the Sterling Overnight Index Average (SONIA) rate as
determined on the first day of each 3 month interest period. The loan is repayable 6 years after the closing date,
being 22 December 2028. The loan is secured on a fixed and floating charge over all property or undertakings of the
group.
The loan notes are entitled to interest at 12.5% per annum. They are redeemable at par along with any unpaid interest seven years from the date of issue, which is 22 December 2029. The loan notes are secured on a fixed and floating charge over all property or undertakings of the group.
On 22 December 2022, 6,624,843 preference shares were issued at a premium, with the group receiving £1 for each share with a nominal value of £0.0001 each. The preference shares pay dividends at 12.5% per annum. During the period, dividends accrued totalling £915,308 (
2023: £230,769). The preference shares are redeemable on the seventh anniversary of the date of issue, which is 22 December 2029

Page 33

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£


Amounts falling due 2-5 years

Bank loans

17,000,000
-

Amounts falling due after more than 5 years

Bank loans
-
17,000,000

Loan notes
18,672,957
18,672,957

35,672,957
35,672,957



21.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(59,422)
-


Charged to profit or loss
(81,626)
(11,936)


Arising on business combinations
-
(47,486)



At end of year
(141,048)
(59,422)








The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(142,127)
(65,356)

Tax losses carried forward
1,079
5,934

(141,048)
(59,422)

Page 34

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

22.


Provisions


Group



Contract provision

£





Charged to profit or loss
1,560,000



At 31 March 2024
1,560,000

The contract provision noted above comprises of estimated costs in respect of contractual commitments, taking into
account all related risks and uncertainties. The timing of any outflows is uncertain.

23.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



609,328 (2023: 603,261) Ordinary A shares of £0.0100 each
6,093
6,033
215,672 (2023: 215,672) Ordinary B shares of £0.0100 each
2,157
2,157
110,000 (2023: 110,000) Ordinary C1 shares of £0.0100 each
1,100
1,100
19,300 (2023: 19,300) Ordinary C2 shares of £0.0100 each
193
193
146,800 (2023: 129,300) Ordinary E shares of £0.0001 each
15
13
17,500 (2023: Nil ) Ordinary D shares of £0.0100 each
175
-

9,733

9,496

2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



6,624,843 (2023: 6,624,800) Preference B shares shares of £0.0001 each
662
662


Page 35

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

23.Share capital (continued)

On 6 May 2023, 2,282 Ordinary A shares with a nominal value of £0.01 were allotted.
On 21 June 2023, the following allotments occured:
- 2,406 Ordinary A shares with a nominal value of £0.01
- 17,500 Ordinary D shares with a nominal value of £0.01
- 17,500 Ordinary E shares with a nominal value of £0.0001 at a price of £1.50 each
On 22 December 2023, 1,379 Ordinary A shares with a nominal value of £0.01 were allotted.
The Ordinary A, B, C1, C2, D and E shares rank pari passu with all other equity shares in respect of income, save that the available profits shall be applied in paying the holders Preference B shares a fixed cumulative dividend of an amount equal to the Preference B dividend rate.
On return of capital on liquidation or otherwise, surplus assets of the Company are distributed to the holder of the
preference shares first, followed by the remaining Ordinary share holders ranking pari passu.
Each Ordinary A, B, C1, C2 and D shares are entitled to one vote. Ordinary E shares have no voting rights.
The preference B shares each are entitled to:
- receive interest at 12.5% per annum
- no voting rights
- preferential rights to repayment of capital in the event of the company being wound up.


24.


Reserves

Share premium account

The share premium account includes any premiums received on issue of share capital. Any transaction costs
associated with the issuing of shares are deducted from share premium.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


25.


Contingent liabilities

The company is in a cross company guarantee with other companies in the group relating to borrowings. At the year end, amounts owed in relation to the cross company guarantee by other companies within the group totalled £35,672,957 (2023: £35,672,957).


26.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £214,396 (2023: £24,960). Contributions totalling £4,316 (2023: £23,738) were payable to the fund at the balance sheet date and are included in creditors.

Page 36

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

27.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Plant and equipment

Not later than 1 year
339,429
151,539

Later than 1 year and not later than 5 years
463,251
117,648

802,680
269,187


Group
Group
2024
2023
£
£

Land and buildings

Not later than 1 year
67,813
67,813

Later than 1 year and not later than 5 years
271,250
271,250

Later than 5 years
-
67,813

339,063
406,876


28.


Related party transactions

The directors have chosen not to disclose transactions entered into with other companies wholly owned within the group as permitted under FRS 102 paragraph 33.1A.
Key management personnel compensation for the period totalled £1,162,646 (
2023: £622,810).
During a previous period period, loan notes were issued to shareholders totalling £18,672,957. Interest was incurred on the loan notes during the period totalling £2,579,911  (
2023: £650,448).
During the previous period, preference shares were issued to directors totalling £6,624,843. The preference shares pay dividends at 12.5% per annum. During the period, dividends accrued totalling £915,308 (
2023: £230,769). The preference shares are redeemable on the seventh anniversary of the date of issue, which is 22 December 2029.
During the year, purchases from a shareholder of the company totalled £171,102 
(2023: £1,048,333). At the year end, £39,000 (2023: £Nil) was payable to the shareholder and is included in trade creditors.

Page 37

 
Stream 123 Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

29.


Post balance sheet events

On 5 April 2024, 3,500 C1 Ordinary Shares and 3,500 E Ordinary shares were repurchased by the Company. The shares were cancelled on the same date.
On 4 June 2024, 15,000 C1 Ordinary shares with a nominal value of £0.01 were allotted.
On 16 July 2024, a further 15,000 C1 Ordinary shares with a nominal value of £0.01 were allotted.


30.


Controlling party

The Directors consider the ultimate controlling party of the group to be WestBridge Fund Managers Limited, the duly appointed fund manager of WestBridge II LP fund.

 
Page 38