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Registered number: 14419267 Stream 789 Limited Annual Report and Financial Statements For the year ended 31 March 2025
Stream 789 Limited Company Information
Directors | P Barkley
| S Nanda
| M Hargreaves (appointed 4 June 2024)
| C Owens (appointed 4 November 2024)
| T Dutton (appointed 22 September 2025)
Registered number | 14419267
Registered office | Alpine House
| Hollins Brook Park
| 4 Little 66
| Bury
| BL9 8RN
Independent auditors | Hurst Accountants Limited
| Chartered Accountants & Statutory Auditors
| 3 Stockport Exchange
| Stockport
| Cheshire
| SK1 3GG
Stream 789 Limited Contents
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Statement of comprehensive income | 8
Statement of financial position | 9
Statement of changes in equity | 10
Notes to the financial statements | 11 - 19
Stream 789 Limited Strategic Report For the year ended 31 March 2025
Introduction
The directors present the strategic report for the period ended 31 March 2025.
Business review
The company operates as an intermediate holding company. The financial position and performance of the company's subsidiary does not in the view of the directors give rise to any impairment of investments in subsidiary undertakings.
Principal risks and uncertainties
The principal risk and uncertainty facing the company is seen as the financial performance of its subsidiary undertaking. The underlying financial performance of the company's subsidiary undertaking supports the valuation of investments in the company balance sheet. The company is reliant on cash generation in the subsidiary undertaking and subsequent distributions to service its debt.
Financial key performance indicators
The directors have identified no evidence of impairment in the carrying value of investments in the subsidiary undertaking and continue to carry the investment value at cost of £34,939,472. This report was approved by the board and signed on its behalf.
M Hargreaves Director
Date: 30 September 2025
Page 1
Stream 789 Limited Directors' Report For the year ended 31 March 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the year, after taxation, amounted to £5,636,196 (2024 - loss £3,289,428). The directors do not recommend the payment of a final dividend.
Directors
The directors who served during the year were:
P Barkley
S Nanda
M Hargreaves (appointed 4 June 2024)
C Owens (appointed 4 November 2024)
J Wakefield (resigned 4 June 2024)
M Jones (resigned 4 June 2024)
J MacLeay (appointed 4 June 2024, resigned 22 September 2025)
Future developments
The company continues to develop its subsidiary with the objective of increasing shareholder value. Page 2
Stream 789 Limited Directors' Report (continued) For the year ended 31 March 2025
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.
Auditors
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.
M Hargreaves Director
Date: 30 September 2025
Page 3
Stream 789 Limited Independent Auditors' Report to the Members of Stream 789 Limited
Opinion
We have audited the financial statements of Stream 789 Limited (the 'Company') for the year ended 31 March 2025, which comprise the statement of comprehensive income, the statement of financial position, the 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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. Page 4
Stream 789 Limited Independent Auditors' Report to the Members of Stream 789 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 2, 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 5
Stream 789 Limited Independent Auditors' Report to the Members of Stream 789 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 local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management 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 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. Page 6
Stream 789 Limited Independent Auditors' Report to the Members of Stream 789 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, and identifying 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 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. Chris Stewardson (senior statutory auditor) for and on behalf of Hurst Accountants Limited Chartered Accountants Statutory Auditors 3 Stockport Exchange Stockport Cheshire SK1 3GG 30 September 2025 Page 7
Stream 789 Limited Statement of Comprehensive Income For the year ended 31 March 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 988,497 | 746,963
Gross profit |  | 988,497 | 746,963
Administrative expenses |  | (2,750,110) | (1,119,109)
Operating loss |  | (1,761,613) | (372,146)
Interest receivable and similar income |  | 10,628 | -
Interest payable and similar expenses | 9 | (3,885,211) | (2,917,282)
Loss before tax |  | (5,636,196) | (3,289,428)
Tax on loss | 10 | - | -
Loss for the financial year |  | (5,636,196) | (3,289,428)
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 11 to 19 form part of these financial statements.
Page 8
Stream 789 Limited Registered number: 14419267 Statement of Financial Position As at 31 March 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 11 |  | 34,939,472 |  | 34,939,472
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 12 | 22,215,399 |  | 5,353,551 |
Cash at bank and in hand | 13 | 3,667 |  | 101,393 |
Creditors: amounts falling due within one year | 14 | (25,355,097) |  | (20,999,779) |
Net current liabilities |  |  | (3,136,031) |  | (15,544,835)
Total assets less current liabilities |  |  | 31,803,441 |  | 19,394,637
Creditors: amounts falling due after more than one year | 15 |  | (41,777,000) |  | (23,777,000)
Net liabilities |  |  | (9,973,559) |  | (4,382,363)
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 95,043 |  | 50,043
Profit and loss account | 18 |  | (10,068,602) |  | (4,432,406)
|  |  | (9,973,559) |  | (4,382,363)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M Hargreaves
Director
Date: 30 September 2025
The notes on pages 11 to 19 form part of these financial statements. Page 9
Stream 789 Limited Statement of Changes in Equity For the year ended 31 March 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 April 2024 | 50,043 | (4,432,406) | (4,382,363)
Comprehensive income for the year |  |  |
Loss for the year | - | (5,636,196) | (5,636,196)
Contributions by and distributions to owners |  |  |
Shares issued during the year | 45,000 | - | 45,000
At 31 March 2025 | 95,043 | (10,068,602) | (9,973,559)
| The notes on pages 11 to 19 form part of these financial statements.
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 | 50,043 | (1,142,978) | (1,092,935)
Comprehensive income for the year |  |  |
Loss for the year | - | (3,289,428) | (3,289,428)
At 31 March 2024 | 50,043 | (4,432,406) | (4,382,363)
| The notes on pages 11 to 19 form part of these financial statements.
Page 10
Stream 789 Limited Notes to the Financial Statements For the year ended 31 March 2025
1. | General information
Stream 789 Limited is a private company limited by shares 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 14418297. The nature of the company's operation and its principal activity is that of an intermediate holding company. 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 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
| 2.4 | Going concern
These accounts have been prepared on the going concern basis. The main trading company of the Group, Alpine Fire Engineers Limited, is growing, profitable and cash generative, and it is expected that should the need arise, it will be in a position to transfer cash to any Group entity to enable it to satisfy its debts as they fall due.
| 2.5 | Revenue
Revenue relates to management charges receivable from the company’s subsidiary. Revenue is recognised in the period in which the services are provided. Page 11
Stream 789 Limited Notes to the Financial Statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | 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.
| 2.8 | 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.
| 2.9 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.10 | 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.
| 2.11 | 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.
| 2.12 | 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. Page 12
Stream 789 Limited Notes to the Financial Statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in the case of an out-right short term loan that is not at market rate, the financial asset or liability is measured, intiially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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. There are no judgements, estimates and assumptions that have a significant effect on the carrying value of assets and liabilities of the company.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Management charges | 988,497 | 746,963
| All turnover arose within the United Kingdom.
5. | Auditors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 675 | 650
| 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.
Page 13
Stream 789 Limited Notes to the Financial Statements For the year ended 31 March 2025
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 584,691 | 456,629
| Social security costs | 73,886 | 58,064
| Cost of defined contribution scheme | 40,455 | 34,358
|  | 699,032 | 549,051
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 5 | 4
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 584,691 | 456,629
| Company contributions to defined contribution pension schemes | 40,455 | 34,358
|  | 625,146 | 490,987
| During the year retirement benefits were accruing to 2 directors (2024: 2) in respect of defined contribution pension schemes. The highest paid director received remuneration of £244,150 (2024: 234,963). The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £29,015 (2024: 29,015). Directors' remuneration is paid by Alpine Fire Engineers Limited and recharged to Stream 789 Limited by way of a management charge.
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 10,628 | -
Page 14
Stream 789 Limited Notes to the Financial Statements For the year ended 31 March 2025
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest | 2,826,954 | 1,980,951
| Loan note interest | 1,058,257 | 936,331
|  | 3,885,211 | 2,917,282
10. | Taxation
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (5,636,196) | (3,289,428)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (1,409,049) | (822,357)
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 108,327 | -
| Group relief | 1,300,722 | 822,357
| Total tax charge for the year | - | -
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 15
Stream 789 Limited Notes to the Financial Statements For the year ended 31 March 2025
11. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 April 2024 | 34,939,472
| At 31 March 2025 | 34,939,472
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Alpine Topco Limited | Ordinary, Deferred | 100%
| Alpine Midco Limited * | Ordinary | 100%
| Alpine Bidco Limited ** | Ordinary | 100%
| Alpine Fire Engineers Limited *** | Ordinary | 100%
| DAS Fire Limited *** | Ordinary | 100%
| DAS Fire (Ireland) Limited **** | Ordinary | 100%
| * Alpine Midco Limited is a direct subsidiary of Alpine Topco Limited. ** Alpine Bidco Limited is a direct subsidiary of Alpine Midco Limited. *** Alpine Fire Engineers Limited and DAS Fire Limited are direct subsidiaries of Alpine Bidco Limited. **** DAS Fire (Ireland) Limited is a direct subsidiary of DAS Fire Limited The registered office of all direct and indirect subsidaries, with the exception of DAS Fire (Ireland) Limited, is Alpine House, Hollins Brook Park, 4 Little 66, Bury, BL9 8RN. The registered office of DAS Fire (Ireland) Limited is C/O Daly Lordan & Co., East End House, Poulavone, Ballincollig, Co. Cork, Ireland.
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Stream 789 Limited Notes to the Financial Statements For the year ended 31 March 2025
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 20,649,989 | 3,777,347
| Other debtors | - | 10,854
| Prepayments and accrued income | 1,565,410 | 1,565,350
|  | 22,215,399 | 5,353,551
| Amounts owed by group undertakings are unsecured, interest-free and repayable on demand.
13. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,667 | 101,393
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 191,584 | 39,000
| Amounts owed to group undertakings | 24,219,657 | 20,893,914
| Other taxation and social security | 40,463 | -
| Accruals and deferred income | 903,393 | 66,865
|  | 25,355,097 | 20,999,779
| Amounts owed to group undertakings are repayable on demand. No interest is being charged on these balances.
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Stream 789 Limited Notes to the Financial Statements For the year ended 31 March 2025
15. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 35,000,000 | 17,000,000
| Amounts owed to group undertakings | 6,777,000 | 6,777,000
|  | 41,777,000 | 23,777,000
| On 11 October 2024 the bank loan facility was refinanced, extending the facility to £35,000,000 and a maturity date of 11 October 2030. Interest is now payable on the bank loan at 5.50% - 6.25% plus the Sterling Overnight Index Average (SONIA). Amounts owed to group undertakings are loan notes totalling £6,777,000 were issued at par. The loan notes are held by the company's parent company and 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 unsecured.
16. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due 2-5 years |  |
| Bank loans | - | 17,000,000
| Amounts falling due after more than 5 years |  |
| Bank loans | 35,000,000 | -
17. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 9,504,328 (2024: 5,004,328) Ordinary shares of £0.01 each | 95,043 | 50,043
On 4 June 2024, 2,250,000 ordinary shares were allotted with a nominal value of £0.01 each. On 16 July 2024, a further 2,250,000 ordinary shares were allotted with a nominal value of £0.01 each. Page 18
Stream 789 Limited Notes to the Financial Statements For the year ended 31 March 2025
18. | Reserves
Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
19. | 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 £18,672,957 (2024: £18,672,957).
20. | Pension commitments
Directors' pension contributions are paid by Alpine Fire Engineers Limited and recharged to Stream 789 Limited by way of a management charge. The pension cost charge represents contributions payable by the company to the fund and amounted to £40,455 (2024: £34,358).
21. | 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. During the year, purchases from a shareholder of the company's ultimate parent company totalled £293,438 (2024: £171,102). At the year end, £191,584 (2024: £39,000) was payable to the shareholder.
22. | Controlling party
The immediate parent undertaking is Stream 456 Limited, a company registered in England and Wales, registered number 14418297. The ultimate parent undertaking is Stream 123 Limited, a company registered in England and Wales, registered number 14417998. Stream 123 Limited is the parent company for the largest group for which group accounts are prepared. The company is exempt from the obligation to produce and deliver group accounts as Stream 123 Limited is the parent company for the largest group for which group accounts are prepared. 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.
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