Registered number:
For the year ended
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Stream 123 Limited
Company Information
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Stream 123 Limited
Contents
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Stream 123 Limited
Group Strategic Report
For the year ended 31 March 2024
The directors present the strategic report for the year ended 31 March 2024.
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.
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.
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.
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.
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Stream 123 Limited
Group Strategic Report (continued)
For the year ended 31 March 2024
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).
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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.
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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.
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.
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 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
The directors who served during the year were:
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.
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Stream 123 Limited
Directors' Report (continued)
For the year ended 31 March 2024
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.
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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. Engagement with suppliers, customers and others Information on engagement with suppliers, customers and others is contained in the strategic report.
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.
The auditors, Hurst Accountants Limited, will 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.
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Stream 123 Limited
Independent Auditors' Report to the Members of Stream 123 Limited
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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Stream 123 Limited
Independent Auditors' Report to the Members of Stream 123 Limited (continued)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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Stream 123 Limited
Independent Auditors' Report to the Members of Stream 123 Limited (continued)
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.
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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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG
Date:
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Stream 123 Limited
Consolidated Statement of Comprehensive Income
For the year ended 31 March 2024
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Stream 123 Limited
Registered number: 14417998
Consolidated Statement of Financial Position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 38 form part of these financial statements.
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Stream 123 Limited
Registered number: 14417998
Company Statement of Financial Position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 38 form part of these financial statements.
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Stream 123 Limited
Consolidated Statement of Changes in Equity
For the year ended 31 March 2024
Consolidated Statement of Changes in Equity
For the year ended 31 March 2023
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Stream 123 Limited
Company Statement of Changes in Equity
For the year ended 31 March 2024
Company Statement of Changes in Equity
For the year ended 31 March 2023
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Stream 123 Limited
Consolidated Statement of Cash Flows
For the year ended 31 March 2024
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Stream 123 Limited
Consolidated Analysis of Net Debt
For the year ended 31 March 2024
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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
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:
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.
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.
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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.
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
2.Accounting policies (continued)
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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:
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:
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.
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
2.Accounting policies (continued)
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
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
2.Accounting policies (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.
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) .
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
The whole of the turnover is attributable to the principal activity of the group.
A geographical analysis of turnover is as follows:
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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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.
Share premium account
associated with the issuing of shares are deducted from share premium.
Profit and loss account
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).
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.
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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Stream 123 Limited
Notes to the Financial Statements
For the year ended 31 March 2024
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.
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.
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