Caseware UK (AP4) 2023.0.135 2023.0.135 truetruetrue1162023-04-01falsefalsedesign, project management and maintenance of mechanical fire suppression systems96true 02692108 2023-04-01 2024-03-31 02692108 2022-04-01 2023-03-31 02692108 2024-03-31 02692108 2023-03-31 02692108 2022-04-01 02692108 4 2023-04-01 2024-03-31 02692108 4 2022-04-01 2023-03-31 02692108 6 2023-04-01 2024-03-31 02692108 6 2022-04-01 2023-03-31 02692108 d:Director1 2023-04-01 2024-03-31 02692108 d:Director3 2023-04-01 2024-03-31 02692108 d:Director3 2024-03-31 02692108 d:Director6 2023-04-01 2024-03-31 02692108 d:Director7 2023-04-01 2024-03-31 02692108 d:Director8 2023-04-01 2024-03-31 02692108 d:Director8 2024-03-31 02692108 d:Director10 2023-04-01 2024-03-31 02692108 d:Director11 2023-04-01 2024-03-31 02692108 d:RegisteredOffice 2023-04-01 2024-03-31 02692108 e:Buildings e:LongLeaseholdAssets 2023-04-01 2024-03-31 02692108 e:Buildings e:LongLeaseholdAssets 2024-03-31 02692108 e:Buildings e:LongLeaseholdAssets 2023-03-31 02692108 e:FurnitureFittings 2023-04-01 2024-03-31 02692108 e:FurnitureFittings 2024-03-31 02692108 e:FurnitureFittings 2023-03-31 02692108 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02692108 e:ComputerEquipment 2023-04-01 2024-03-31 02692108 e:ComputerEquipment 2024-03-31 02692108 e:ComputerEquipment 2023-03-31 02692108 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02692108 e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02692108 e:CopyrightsPatentsTrademarksServiceOperatingRights 2024-03-31 02692108 e:CopyrightsPatentsTrademarksServiceOperatingRights 2023-03-31 02692108 e:CurrentFinancialInstruments 2024-03-31 02692108 e:CurrentFinancialInstruments 2023-03-31 02692108 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 02692108 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 02692108 f:UnitedKingdom 2023-04-01 2024-03-31 02692108 f:UnitedKingdom 2022-04-01 2023-03-31 02692108 f:RestEuropeOutsideUK 2023-04-01 2024-03-31 02692108 f:RestEuropeOutsideUK 2022-04-01 2023-03-31 02692108 e:UKTax 2023-04-01 2024-03-31 02692108 e:UKTax 2022-04-01 2023-03-31 02692108 e:ShareCapital 2024-03-31 02692108 e:ShareCapital 2023-03-31 02692108 e:ShareCapital 2022-04-01 02692108 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 02692108 e:RetainedEarningsAccumulatedLosses 2024-03-31 02692108 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 02692108 e:RetainedEarningsAccumulatedLosses 2023-03-31 02692108 e:RetainedEarningsAccumulatedLosses 2022-04-01 02692108 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-01 2024-03-31 02692108 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 02692108 d:OrdinaryShareClass1 2023-04-01 2024-03-31 02692108 d:OrdinaryShareClass1 2024-03-31 02692108 d:OrdinaryShareClass1 2023-03-31 02692108 d:FRS102 2023-04-01 2024-03-31 02692108 d:Audited 2023-04-01 2024-03-31 02692108 d:FullAccounts 2023-04-01 2024-03-31 02692108 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02692108 e:WithinOneYear 2024-03-31 02692108 e:WithinOneYear 2023-03-31 02692108 e:BetweenOneFiveYears 2024-03-31 02692108 e:BetweenOneFiveYears 2023-03-31 02692108 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-03-31 02692108 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-03-31 02692108 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2024-03-31 02692108 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2023-03-31 02692108 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2024-03-31 02692108 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2023-03-31 02692108 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:MoreThanFiveYears 2024-03-31 02692108 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:MoreThanFiveYears 2023-03-31 02692108 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02692108 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02692108 e:TaxLossesCarry-forwardsDeferredTax 2024-03-31 02692108 e:TaxLossesCarry-forwardsDeferredTax 2023-03-31 02692108 2 2023-04-01 2024-03-31 02692108 7 2023-04-01 2024-03-31 02692108 e:CopyrightsPatentsTrademarksServiceOperatingRights e:OwnedIntangibleAssets 2023-04-01 2024-03-31 02692108 g:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02692108









Alpine Fire Engineers Limited









Annual Report and Financial Statements

For the year ended 31 March 2024

 
Alpine Fire Engineers Limited
 
 
Company Information


Directors
S Nanda 
M Thewlis 
R Brennan 
M Hargreaves (appointed 4 June 2024)
L Plant 
R Bradley 




Registered number
02692108



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





 
Alpine Fire Engineers Limited
 

Contents



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of income and retained earnings
 
10
Statement of financial position
 
11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 28

 
Alpine Fire Engineers Limited
 
 
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 company 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 company 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 reduced in the year by 8% (
2023: increased by 60%), however, we are delighted to report that Operating Profit 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 Capital, 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 company.

Corporate Governance
 
The company 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

 
Alpine Fire Engineers Limited
 

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

Corporate Social Responsibility Statement
 
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 company 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 company's ultimate parent undertaking, Stream 123 Limited. The company 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 company 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 company 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

 
Alpine Fire Engineers Limited
 

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

 
Alpine Fire Engineers 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 strategic report, the directors' 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 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 of the profit or loss of the company for that period.

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


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

make judgements 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £7,317,705 (2023: £5,458,863).

Dividends paid on equity capital amounted to £Nil (2023: £10,889,738)

Directors

The directors who served during the year were:

S Nanda 
M Jones (resigned 4 June 2024)
M Thewlis 
R Brennan 
L Plant 
R Bradley 

Page 4

 
Alpine Fire Engineers Limited
 
 
 
Directors' Report (continued)
For the year ended 31 March 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 Capital LLP, the company continues to work closely in support of its clients, develop its diversification strategy and seek strategically aligned M&A opportunities.  
Engagement with suppliers, customers and others
Information on engagement with suppliers, customers and others is contained in the strategic report. 
Greenhouse gas emissions, energy consumption and energy efficiency action
Information on the company's greenhouse gas emissions and energy consumption is included in the group Directors’ Report of its ultimate parent undertaking, Stream 123 Limited. The consolidated financial statements of Stream 123 Limited are available to the public and may be obtained from Companies House.

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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant post balance sheet events affecting the company.   

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 5

 
Alpine Fire Engineers Limited
 
 
 
Independent Auditors' Report to the Members of Alpine Fire Engineers Limited
 

Opinion


We have audited the financial statements of Alpine Fire Engineers Limited (the 'company') for the year ended 31 March 2024, which comprise the statement of income and retained earnings, the statement of financial position, the 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 company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 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.


Page 6

 
Alpine Fire Engineers Limited
 
 
 
Independent Auditors' Report to the Members of Alpine Fire Engineers Limited (continued)


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 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 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 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 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.


Page 7

 
Alpine Fire Engineers Limited
 
 
 
Independent Auditors' Report to the Members of Alpine Fire Engineers 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 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 8

 
Alpine Fire Engineers Limited
 
 
 
Independent Auditors' Report to the Members of Alpine Fire Engineers 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

23 August 2024
Page 9

 
Alpine Fire Engineers Limited
 
 
Statement of Income and Retained Earnings
For the year ended 31 March 2024

2024
2023
Note
£
£

  

Turnover
 4 
55,983,531
60,780,217

Cost of sales
  
(35,961,277)
(44,427,065)

Gross profit
  
20,022,254
16,353,152

Administrative expenses
  
(11,185,397)
(9,721,415)

Operating profit
 5 
8,836,857
6,631,737

Other interest receivable and similar income
 9 
167,207
-

Interest payable and similar charges
 10 
(170)
(49)

Profit before taxation
  
9,003,894
6,631,688

Tax on profit
 11 
(1,686,189)
(1,172,825)

Profit for the financial year
  
7,317,705
5,458,863

  

  

Retained earnings at the beginning of the financial year
  
3,627,467
9,058,342

  
3,627,467
9,058,342

Profit for the financial year
  
7,317,705
5,458,863

Dividends declared and paid
  
-
(10,889,738)

Retained earnings at the end of the financial year
  
10,945,172
3,627,467

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.
Page 10

 
Alpine Fire Engineers Limited
Registered number: 02692108

Statement of Financial Position
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
165,009
203,835

Tangible assets
 14 
617,425
305,204

  
782,434
509,039

Current assets
  

Stocks
 15 
2,751
5,732

Debtors: amounts falling due within one year
 16 
13,731,723
14,359,658

Cash at bank and in hand
 17 
13,793,992
4,774,309

  
27,528,466
19,139,699

Creditors: amounts falling due within one year
 18 
(15,664,580)
(15,961,749)

Net current assets
  
 
 
11,863,886
 
 
3,177,950

Total assets less current liabilities
  
12,646,320
3,686,989

Provisions for liabilities
  

Deferred tax
 19 
(141,048)
(59,422)

Other provisions
 20 
(1,560,000)
-

  
 
 
(1,701,048)
 
 
(59,422)

Net assets
  
10,945,272
3,627,567


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
 22 
10,945,172
3,627,467

  
10,945,272
3,627,567


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 13 to 28 form part of these financial statements.
Page 11

 
Alpine Fire Engineers Limited
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
100
3,627,467
3,627,567


Comprehensive income for the year

Profit for the year
-
7,317,705
7,317,705


At 31 March 2024
100
10,945,172
10,945,272


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


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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
100
9,058,342
9,058,442


Comprehensive income for the year

Profit for the year
-
5,458,863
5,458,863


Contributions by and distributions to owners

Dividends: Equity capital
-
(10,889,738)
(10,889,738)


At 31 March 2023
100
3,627,467
3,627,567


The notes on pages 13 to 28 form part of these financial statements.
Page 12

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

1.


General information

Alpine Fire Engineers 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, 4 Little 66, Bury, BL9 8RN.  The company's registration number is 02692108. 
The nature of the company's operation and its principal activity is the design, installation and consultation of fire protection equipment.

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 management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Stream 123 Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.

Page 13

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.3

Revenue recognition

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

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. 

 
2.4

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.

Page 14

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.5

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 & 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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

Financial instruments

The company 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.
Page 15

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The company'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 company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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 when the company 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 company 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 company's contractual obligations expire or are discharged or cancelled.

Page 16

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.14

Operating leases: the company as lessee

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

 
2.15

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company in independently administered funds.

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

Page 17

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.17

Interest income

Interest income is recognised in profit or loss 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.

 
2.19

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 18

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

3.


Judgements 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 company's revenue recognition and margin recognition policies, which are set out in note 2.3, are central to how the company 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 company 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)
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 company recognised provisions at 31 March 2024 of £1,560,000 (2023: £Nil) .


4.


Turnover

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

2024
2023
£
£

United Kingdom
51,938,559
60,760,785

Rest of Europe
4,044,972
19,432

55,983,531
60,780,217



5.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Exchange differences
4,336
(876)

Other operating lease rentals
347,078
249,461

Page 19

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the company's auditors and their associates for the audit of the company's financial statements
16,570
15,750


The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


7.


Employees

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


2024
2023
£
£

Wages and salaries
5,536,319
5,454,741

Social security costs
631,346
591,310

Cost of defined contribution scheme
180,038
114,638

6,347,703
6,160,689


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


        2024
        2023
            No.
            No.







Administration
34
27



Operations
82
69

116
96

Page 20

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
590,127
1,166,737

Company contributions to defined contribution pension schemes
12,584
44,088

Compensation for loss of office
80,470
-

683,181
1,210,825


During the year retirement benefits were accruing to 4 directors (2023: 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £142,178 (2023: £328,584).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,649 (2023: £27,899).


9.


Interest receivable

2024
2023
£
£


Bank interest receivable
167,207
-


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
170
-

Finance leases and hire purchase contracts
-
49

170
49

Page 21

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,609,549
1,200,678

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


Total current tax
1,604,563
1,160,889

Deferred tax


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


Taxation on profit on ordinary activities
1,686,189
1,172,825

Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
9,003,894
6,631,688


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 19%)
2,250,974
1,260,021

Effects of:


Non-tax deductible amortisation of goodwill and impairment
10,913
7,377

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
19,955
142,202

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

Change in future tax rates
-
14,261

Other differences leading to an increase (decrease) in the tax charge
(3,453)
943

Group relief
(587,214)
(207,318)

Super deduction pool adjustment
-
(4,872)

Total tax charge for the year
1,686,189
1,172,825


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

12.


Dividends

2024
2023
£
£


Dividends paid on ordinary share capital
-
10,889,738


13.


Intangible assets




Customer lists

£



Cost


At 1 April 2023
388,256



At 31 March 2024

388,256



Amortisation


At 1 April 2023
184,421


Charge for the year on owned assets
38,826



At 31 March 2024

223,247



Net book value



At 31 March 2024
165,009



At 31 March 2023
203,835



Page 23

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

14.


Tangible fixed assets





Leasehold Improvement
Fixtures & fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 April 2023
211,545
19,262
381,394
612,201


Additions
-
5,217
413,440
418,657


Disposals
-
(2,178)
(146,750)
(148,928)



At 31 March 2024

211,545
22,301
648,084
881,930



Depreciation


At 1 April 2023
76,067
11,400
219,530
306,997


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


Disposals
-
(2,178)
(146,750)
(148,928)



At 31 March 2024

98,802
13,607
152,096
264,505



Net book value



At 31 March 2024
112,743
8,694
495,988
617,425



At 31 March 2023
135,478
7,862
161,864
305,204


15.


Stocks

2024
2023
£
£

Raw materials and consumables
2,751
5,732


Page 24

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

16.


Debtors

2024
2023
£
£


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

Amounts owed by group undertakings
1,585,621
638,312

Other debtors
621,766
367,724

Prepayments and accrued income
349,367
314,908

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

13,731,723
14,359,658


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


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
13,793,992
4,774,309



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
6,277,224
8,428,242

Amounts owed to group undertakings
109,388
1,059,724

Corporation tax
-
760,560

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

Other creditors
23,327
34,784

Accruals and deferred income
7,935,360
5,294,186

15,664,580
15,961,749


Amounts owed to group undertakings are repayable on demand. No interest is being charged on these balances.

Page 25

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

19.


Deferred taxation




2024
2023


£

£






At beginning of year
(59,422)
(47,486)


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



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

The provision for deferred taxation is made up as follows:

2024
2023
£
£


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

Other timing differences
1,079
5,934

(141,048)
(59,422)


20.


Provisions




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. 


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023: 100) Ordinary shares of £1.00 each
100
100


Page 26

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

22.


Reserves

Profit & loss account

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


23.


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).


24.


Pension commitments

The company 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 company to the fund and amounted to £180,038 (2023: £114,638). Contributions totalling £4,316 (2023: £23,738) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

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

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

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


26.


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.

Page 27

 
Alpine Fire Engineers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 March 2024

27.


Controlling party

The immediate parent undertaking is Alpine Bidco Limited, a company registered in England and Wales, registered number 11257482.
The ultimate parent company is Stream 123 Limited. Stream 123 Limited is a company registered in England and Wales, registered number 14417998.
The consolidated financial statements of Stream 123 Limited are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ.
The Directors consider the ultimate controlling party of Stream 123 Limited to be WestBridge Fund Managers Limited, the duly appointed fund manager of WestBridge II LP fund.
 
Page 28