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Registered number: 14417998 Stream 123 Limited Annual Report and Consolidated Financial Statements For the year ended 31 March 2025
Stream 123 Limited Company Information
Directors | S Nanda
| D Smith
| P Barkley
| D Moore
| M Hargreaves (appointed 4 June 2024)
| C Owens (appointed 4 June 2024)
| T Dutton (appointed 22 September 2025)
Registered number | 14417998
Registered office | Alpine House
| Hollins Brook Park
| 4 Little 66
| Bury
| BL9 8RN
Independent auditors | Hurst Accountants Limited
| Chartered Accountants & Statutory Auditors
| 3 Stockport Exchange
| Stockport
| Cheshire
| SK1 3GG
Stream 123 Limited Contents
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 6
Independent Auditors' Report | 7 - 10
Consolidated Statement of Comprehensive Income | 11
Consolidated Statement of Financial Position | 12
Company Statement of Financial Position | 13
Consolidated Statement of Changes in Equity | 14
Company Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16
Consolidated Analysis of Net Debt | 17
Notes to the Financial Statements | 18 - 41
Stream 123 Limited Group Strategic Report For the year ended 31 March 2025
Introduction
The directors present the strategic report for the year ended 31 March 2025.
Business review
The group specialises in the design, project management and maintenance of mechanical fire suppression systems and the directors are pleased to report another excellent set of results for the year. The group has 3 distinct operating areas – Projects, Rapid Contracts and Service & Maintenance. All 3 operating areas performed extremely well as we consolidated our position as the leading complex fire suppression & detection provider in the UK. As we enter the new financial year, we anticipate growth in all areas of our 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. On 11 October 2024, the group completed on the acquisition of DAS Fire Limited. The acquisition of DAS, a market leader in supplying fire detection and suppression solutions to the data centre sector across the UK and Ireland has added additional technical expertise alongside an expansion into a new complex market and is a significant step in the delivery of our ambitious growth plans. Overall turnover in the group increased by 35% (2024: decreased by 8%), with 24% of this increase being attributable to the successful DAS acquisition. Operating Profit across the group decreased by 29.6% (2024: increased by 33%). Nevertheless, the group maintained strong underlying profitability, driven by effective project management, revenue growth in each area of the business and increased cost efficiencies from the investment in headcount and IT. During our first two years of 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 upgraded our IT infrastructure and continue to roll out process improvements across the group.
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.
Financial & Non-Financial key performance indicators
The directors regularly monitor a number of key indicators and consider health and safety performance, sales pipeline, the order book programme, customer feedback, volume of contracted Service clients & sites, gross profit, and EBITDA margin to be key performance indicators for the group.
Corporate Governance
The group has a formally constituted board of directors with both remuneration and audit committees. The Board sits monthly and as required for other matters. The Board consists of a Chairman, an independent director, 2 directors from WestBridge and the Operational Board team. Page 1
Stream 123 Limited Group Strategic Report (continued) For the year ended 31 March 2025
Corporate Social Responsibility Statements of the Group
In compliance with Section 172 (1) of the Companies Act 2006. We believe businesses have a fundamental responsibility to contribute to resolving pressing social and environmental challenges where possible. We engage with a third party sustainability advisor 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. For two consecutive years, the group has been recognised as a Sunday Times Best Place to Work, an honour that highlights our unwavering commitment to developing an exceptional workplace culture. Customers The group 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 group and this helps us to achieve market-leading Net Promoter 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 below. The group is continually reviewing its systems and procedures to reduce energy consumption. Alpine Fire Engineers 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. Page 2
Stream 123 Limited Group Strategic Report (continued) For the year ended 31 March 2025 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. We hosted our first Supply Chain Sustainability event with partners across the industry exploring the group’s sustainable vision and ESG goals, the value of partnership in driving sustainability and the challenges and innovations shaping a greener supply chain. Community In the community, our colleagues have volunteered their help with a variety of local causes including local homelessness initiatives and taking part in The Great British Spring Clean. The group is committed to being an inclusive employer and recognises the value of having a diverse workforce and we formally track diversity metrics of our team. This report was approved by the board and signed on its behalf.
M Hargreaves Director
Date: 30 September 2025
Page 3
Stream 123 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 group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 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.
Results and dividends
The loss for the year, after taxation, amounted to £5,022,173 (2024 - loss £2,227,135). The directors do not recommend the payment of a final dividend.
Directors
The directors who served during the year were:
S Nanda
D Smith
P Barkley
D Moore
M Hargreaves (appointed 4 June 2024)
C Owens (appointed 4 June 2024)
M Jones (resigned 4 June 2024)
J Wakefield (resigned 4 June 2024)
J MacLeay (appointed 4 June 2024, resigned 22 September 2025)
Page 4
Stream 123 Limited Directors' Report (continued) For the year ended 31 March 2025
Future developments
The directors are pleased to confirm their commitment to sustainable, profitable growth and, with the support of our private equity backer, WestBridge, the group continues to work closely in support of its clients, develop its diversification strategy and seek strategically aligned M&A opportunities.
Greenhouse gas emissions, energy consumption and energy efficiency action
The table below outlines the Streamlined Energy and Carbon Reporting (SECR) results for Alpine Fire Engineers Limited (Alpine), the sole subsidiary of the group within the scope of SECR. The data has been reviewed and the report prepared by Sustainable Advantage. Note that all figures are reported in tonnes of CO2 equivalent (tCO2e).
|  |  |  | 2025 | 2024
Scope 1 - emissions consisting of natural gas and company car mileage (in tonnes of CO2 equivalent) | 463.04 | 368.0
Scope 2 - emissions consisting of electricity usage within the building (in tonnes of CO2 equivalent) | 15.87 | 14.3
Scope 3 - emissions of grey fleet (in tonnes of CO2 equivalent) | 35.03 | 42.0
The UK Government’s environmental reporting guidance on how to measure and report greenhouse gas emissions has been used, along with the provided greenhouse gas reporting figures for the relevant year. The financial control approach has been used to define the scope boundary. A base year of 1 April 2022 – 31 March 2023 has been used, as this is the earliest year for which reliable data was recorded and measured. The base year is used as the benchmark for emission data and consumption changes, and the changes between this reporting period and the base year have been recorded and detailed. The recalculation policy is to recalculate the base year emissions only for relevant significant changes which meet the threshold of affecting 5% of base year emissions. Scope 1, 2 and 3 emissions have been included within this report. Alpine occupied 2 buildings 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 for Blenheim House. 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 for one of Alpine’s sites, reducing the carbon footprint by 15.45 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 for one of Alpine’s sites, the location-based grid average emissions have been used to calculate intensity ratios. The previous reduction target was to reduce gross Scope 1, 2 and 3 emissions by 5% from FY 2024 to FY 2025. The chosen emissions reduction target for this financial year is to reduce the overall business intensity ratio by 5% from FY 2025 to FY 2026. 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 (market-based) emissions are 473.97 tCO2e. Page 5
Stream 123 Limited Directors' Report (continued) For the year ended 31 March 2025 The below table shows the intensity ratio of £63.69m and target for the business, with comparison to the base year.
| Base Year (FY 2023) | FY 2025 | Predicted FY 2026
| tCO2e | Intensity Ratio | tCO2e | Intensity Ratio | Predicted tCO2e | Intensity Target
Gross Emissions (Location Based) | 332.40 | 5.47 | 513.94 | 8.07 | 488.24 | 7.67
Gross Emissions (Market Based) | 320.50 | 5.27 | 498.91 | 7.83 | 473.97 | 7.44
Net Emissions | 320.50 | 5.27 | 498.91 | 7.83 | 473.97 | 7.44
Disclosure of information to auditors
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
There were no post balance sheet events that require disclosure in the financial statements.
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 6
Stream 123 Limited Independent Auditors' Report to the Members of Stream 123 Limited
Opinion
We have audited the financial statements of Stream 123 Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2025 and of the Group's loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 7
Stream 123 Limited Independent Auditors' Report to the Members of Stream 123 Limited (continued)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 8
Stream 123 Limited Independent Auditors' Report to the Members of Stream 123 Limited (continued)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: ∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. ∙The outcome of enquiries of 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 9
Stream 123 Limited Independent Auditors' Report to the Members of Stream 123 Limited (continued) We have also considered the risk of fraud through management override of controls by: ∙Testing the appropriateness of journal entries and other adjustments, 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 Date: 30 September 2025 Page 10
Stream 123 Limited Consolidated Statement of Comprehensive Income For the year ended 31 March 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 75,641,264 | 55,983,531
Cost of sales |  | (49,924,881) | (35,961,277)
Gross profit |  | 25,716,383 | 20,022,254
Administrative expenses |  | (22,360,753) | (15,254,067)
Operating profit | 5 | 3,355,630 | 4,768,187
Interest receivable and similar income | 9 | 410,739 | 167,207
Interest payable and similar expenses | 10 | (6,816,509) | (5,476,340)
Loss before taxation |  | (3,050,140) | (540,946)
Tax on loss | 11 | (1,972,033) | (1,686,189)
Loss for the financial year |  | (5,022,173) | (2,227,135)
(Loss) for the year attributable to: |  |  |
Owners of the parent Company |  | (5,022,173) | (2,227,135)
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 18 to 41 form part of these financial statements.
Page 11
Stream 123 Limited Registered number: 14417998 Consolidated Statement of Financial Position As at 31 March 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | 49,886,282 |  | 32,546,694
Tangible assets | 13 |  | 826,335 |  | 617,426
|  |  | 50,712,617 |  | 33,164,120
Current assets |  |  |  |  |
Stocks | 15 | 37,812 |  | 2,751 |
Debtors: amounts falling due within one year | 16 | 27,540,919 |  | 13,734,408 |
Cash at bank and in hand | 17 | 16,806,128 |  | 13,922,714 |
|  | 44,384,859 |  | 27,659,873 |
Creditors: amounts falling due within one year | 18 | (36,815,561) |  | (20,040,141) |
Net current assets |  |  | 7,569,298 |  | 7,619,732
Total assets less current liabilities |  |  | 58,281,915 |  | 40,783,852
Creditors: amounts falling due after more than one year | 19 |  | (64,797,800) |  | (42,297,800)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 21 | (141,759) |  | (141,048) |
Other provisions | 22 | (1,539,775) |  | (1,560,000) |
|  |  | (1,681,534) |  | (1,701,048)
Net liabilities |  |  | (8,197,419) |  | (3,214,996)
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 9,997 |  | 9,733
Share premium account | 24 |  | 263,419 |  | 218,719
Capital redemption reserve | 24 |  | 36 |  | -
Profit and loss account | 24 |  | (8,470,871) |  | (3,443,448)
|  |  | (8,197,419) |  | (3,214,996)
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 18 to 41 form part of these financial statements. Page 12
Stream 123 Limited Registered number: 14417998 Company Statement of Financial Position As at 31 March 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 14 |  | 95,043 |  | 50,043
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 16 | 6,777,000 |  | 6,777,000 |
Debtors: amounts falling due within one year | 16 | 2,257,795 |  | 1,215,519 |
|  | 9,034,795 |  | 7,992,519 |
Creditors: amounts falling due within one year | 18 | (2,181,081) |  | (1,146,076) |
Net current assets |  |  | 6,853,714 |  | 6,846,443
Total assets less current liabilities |  |  | 6,948,757 |  | 6,896,486
Creditors: amounts falling due after more than one year | 19 |  | (6,624,843) |  | (6,624,843)
Net assets |  |  | 323,914 |  | 271,643
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 9,997 |  | 9,733
Share premium account | 24 |  | 263,419 |  | 218,719
Capital redemption reserve | 24 |  | 36 |  | -
Profit and loss account brought forward |  | 43,191 |  | 5,299 |
Profit for the year |  | 12,521 |  | 37,892 |
Other changes in the profit and loss account |  | (5,250) |  | - |
Profit and loss account carried forward |  |  | 50,462 |  | 43,191
|  |  | 323,914 |  | 271,643
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 18 to 41 form part of these financial statements. Page 13
Stream 123 Limited Consolidated Statement of Changes in Equity For the year ended 31 March 2025
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 April 2024 | 9,733 | 218,719 | - | (3,443,448) | (3,214,996)
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (5,022,173) | (5,022,173)
Contributions by and distributions to owners |  |  |  |  |
Purchase of own shares | - | - | 36 | (5,250) | (5,214)
Shares issued during the year | 300 | 44,700 | - | - | 45,000
Shares cancelled during the year | (36) | - | - | - | (36)
At 31 March 2025 | 9,997 | 263,419 | 36 | (8,470,871) | (8,197,419)
Consolidated Statement of Changes in Equity For the year ended 31 March 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 9,496 | 192,644 | (1,216,313) | (1,014,173)
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (2,227,135) | (2,227,135)
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 237 | 26,075 | - | 26,312
At 31 March 2024 | 9,733 | 218,719 | (3,443,448) | (3,214,996)
| The notes on pages 18 to 41 form part of these financial statements.
Page 14
Stream 123 Limited Company Statement of Changes in Equity For the year ended 31 March 2025
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 April 2024 | 9,733 | 218,719 | - | 43,191 | 271,643
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 12,521 | 12,521
Contributions by and distributions to owners |  |  |  |  |
Purchase of own shares | - | - | 36 | (5,250) | (5,214)
Shares issued during the year | 300 | 44,700 | - | - | 45,000
Shares cancelled during the year | (36) | - | - | - | (36)
At 31 March 2025 | 9,997 | 263,419 | 36 | 50,462 | 323,914
Company Statement of Changes in Equity For the year ended 31 March 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 9,496 | 192,644 | 5,299 | 207,439
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 37,892 | 37,892
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 237 | 26,075 | - | 26,312
At 31 March 2024 | 9,733 | 218,719 | 43,191 | 271,643
| The notes on pages 18 to 41 form part of these financial statements.
Page 15
Stream 123 Limited Consolidated Statement of Cash Flows For the year ended 31 March 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (5,022,173) | (2,227,135)
Adjustments for: |  |
Amortisation of intangible assets | 4,849,019 | 3,739,590
Depreciation of tangible assets | 261,781 | 106,436
Loss on disposal of tangible assets | 277,484 | -
Interest charge | 2,826,954 | 1,997,268
Interest income | (410,739) | (167,207)
Taxation charge | 1,972,033 | 1,686,189
Decrease in stocks | 2,592 | 2,981
(Increase)/decrease in debtors | (7,128,175) | 2,242,787
Increase in creditors | 10,240,376 | 4,948,432
(Decrease)/increase in provisions | (20,225) | 1,560,000
Corporation tax paid | (1,023,476) | (2,545,889)
Net cash generated from operating activities | 6,825,451 | 11,343,452
Cash flows from investing activities |  |
Purchase of intangible fixed assets | - | (418,657)
Purchase of tangible fixed assets | (382,201) | -
Sale of tangible fixed assets | 172,338 | -
Acquistion of subsidaries, net of cash acquired (note 25) | (19,355,709) | -
Interest received | 410,739 | 167,207
Net cash from investing activities | (19,154,833) | (251,450)
Cash flows used in financing activities |  |
Issue of ordinary shares | 45,000 | 26,312
Purchase of ordinary shares | (5,250) | -
New secured loans | 18,000,000 | -
Interest paid | (2,826,954) | (1,997,268)
Net cash used in financing activities | 15,212,796 | (1,970,956)
Net increase in cash and cash equivalents | 2,883,414 | 9,121,046
Cash and cash equivalents at beginning of year | 13,922,714 | 4,801,668
Cash and cash equivalents at the end of year | 16,806,128 | 13,922,714
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 16,806,128 | 13,922,714
Page 16
Stream 123 Limited Consolidated Analysis of Net Debt For the year ended 31 March 2025
|  | At 1 April 2024 | Cash flows | Acquisition of subsidiaries | At 31 March 2025
|  | £ | £ | £ | £
Cash at bank and in hand | 13,922,714 | 4,239,123 | (1,355,709) | 16,806,128
Debt due after 1 year | (42,297,800) | - | (18,000,000) | (60,297,800)
Debt due within 1 year | - | (13,046) | - | (13,046)
| (28,375,086) | 4,226,077 | (19,355,709) | (43,504,718)
Page 17
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
1. | General information
Stream 123 Limited is a private company limited by share capital incorporated in England and Wales. The address of the registered office and principal place of business is Alpine House, Hollins Brook Park, Little 66, Bury, BL9 8RN. The company's registration number is 14417998. The nature of the group's operation and its principal activity is the design, installation and consultation of fire protection equipment. The principal activity of the company is that of a holding company. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
| 2.3 | Going concern
These accounts have been prepared on the going concern basis. The main trading company of the Group – Alpine Fire Engineers Limited is growing, profitable and cash generative, and it is expected that should the need arise, it will be in a position to transfer cash to any Group entity to enable it to satisfy its debts as they fall due. Page 18
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Long-term contracts Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Costs are calculated based on that proportion of total contract value which has been incurred and invoiced to date against total expected costs for that contract. Revenues derived from variations on contracts are recognised when they can be assessed with reasonable certainty. Full provision is made for losses on all contracts in the year in which they are first foreseen.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 19
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 20
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.11 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Customer lists | - | 10 | years
|  |  |  | Goodwill | - | 10 | years
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% straight line
|  |  |  | Leasehold improvements | - | 2% - 10% straight line
|  |  |  | Plant and machinery | - | 20% reducing balance
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Fixtures and fittings | - | 2-20% straight line
|  |  |  | Computer equipment | - | 25% - 50% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 21
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.14 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.15 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.16 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 22
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.19 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 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 instrument is 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 creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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. Page 23
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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 Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.20 | Dividends
Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. Page 24
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the company are discussed below. Revenue and margin recognition The group's revenue recognition and margin recognition policies, which are set out in note 2.5, are central to how the group values the work it has carried out in each financial year. These policies require forecasts to be made of contract outcomes, which require assessments and judgements to be made in respect of budgeted costs and final margins. The group reviews and, when necessary, revises the estimates of revenue and costs as the contract progresses. At the year end, amounts recoverable on contracts totalled £6,934,637 (2024: £1,476,906). 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 2025, the carrying value of goodwill was £49,760,099 (2024: £32,381,686). 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 2025 of £1,539,775 (2024: £1,560,000).
4. | Turnover
The whole of the turnover is attributable to the principal activity of the group. A geographical analysis of turnover is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 73,148,241 | 51,938,559
| Rest of Europe | 2,493,023 | 4,044,972
|  | 75,641,264 | 55,983,531
Page 25
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 107,847 | 4,336
| Other operating lease rentals | 613,874 | 347,078
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements | 1,325 | 1,265
| Fees payable to the Company's auditors and their associates in respect of: |  |
| The auditing of accounts of associates of the Company | 39,625 | 19,820
| Taxation compliance services | 8,200 | 6,125
| Preparation of Statutory Accounts | 13,325 | 9,325
Page 26
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 8,711,882 | 5,982,761
| Social security costs | 1,020,203 | 689,410
| Cost of defined contribution scheme | 288,014 | 214,396
|  | 10,020,099 | 6,886,567
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Administration | 40 | 34 | 7 | 6
|  | Operations | 124 | 82 | - | -
|  |  | 164 | 116 | 7 | 6
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 742,882 | 558,896
| Group contributions to defined contribution pension schemes | 72,103 | 34,358
| Compensation for loss of office | - | 80,470
|  | 814,985 | 673,724
| During the year retirement benefits were accruing to 3 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £335,351 (2024 - £320,057).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £51,775 (2024 - £29,015).
Page 27
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 410,739 | 167,207
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loan interest payable | 2,847,376 | 1,981,121
| Loan note interest payable | 2,915,862 | 2,579,911
| Preference share dividends | 1,034,497 | 915,308
| Other interest payable | 18,774 | -
|  | 6,816,509 | 5,476,340
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 2,049,990 | 1,609,549
| Adjustments in respect of previous periods | - | (4,986)
|  | 2,049,990 | 1,604,563
| Deferred tax |  |
| Origination and reversal of timing differences | (77,957) | 81,626
| Tax on loss | 1,972,033 | 1,686,189
Page 28
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025 11.Taxation (continued)
| 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 | (3,050,140) | (540,946)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (762,535) | (135,237)
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 1,213,436 | 925,191
| Expenses not deductible for tax purposes | 317,965 | 30,869
| Unpaid / disallowed interest | 837,294 | 873,805
| Different rate taxes on overseas earnings | (172,245) | -
| Adjustments to tax charge in respect of prior periods | - | (4,986)
| Fixed asset differences | 1,158 | -
| Movement in deferred tax asset not recognised | (1,604) | -
| Other differences leading to an increase (decrease) in the tax charge | 538,564 | (3,453)
| Total tax charge for the year | 1,972,033 | 1,686,189
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 29
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
12. | Intangible assets
| Group
|  | Customer lists | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2024 | 213,541 | 37,007,641 | 37,221,182
| Additions | - | 22,188,607 | 22,188,607
| At 31 March 2025 | 213,541 | 59,196,248 | 59,409,789
| Amortisation |  |  |
| At 1 April 2024 | 48,533 | 4,625,955 | 4,674,488
| Charge for the year | 38,825 | 4,810,194 | 4,849,019
| At 31 March 2025 | 87,358 | 9,436,149 | 9,523,507
| Net book value |  |  |
| At 31 March 2025 | 126,183 | 49,760,099 | 49,886,282
| At 31 March 2024 | 165,008 | 32,381,686 | 32,546,694
| Amortisation of intangible assets is included in administrative expenses.
Page 30
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
13. | Tangible fixed assets
| Group
|  | Freehold property | Long-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |  |
| At 1 April 2024 | - | 141,135 | - | - | 13,672 | 558,448 | 713,255
| Additions | - | - | 1,590 | - | 9,154 | 371,457 | 382,201
| Acquisition of subsidiary | 153,679 | - | 19,666 | 288,781 | 50,680 | 25,505 | 538,311
| Disposals | - | - | (553) | (240,420) | (3,944) | (237,511) | (482,428)
| At 31 March 2025 | 153,679 | 141,135 | 20,703 | 48,361 | 69,562 | 717,899 | 1,151,339
| Depreciation |  |  |  |  |  |  |
| At 1 April 2024 | - | 28,394 | - | - | 4,978 | 62,457 | 95,829
| Charge for the year | 3,574 | 21,156 | 4,023 | 37,850 | 5,407 | 189,771 | 261,781
| Disposals | - | - | - | - | (3,944) | (28,662) | (32,606)
| At 31 March 2025 | 3,574 | 49,550 | 4,023 | 37,850 | 6,441 | 223,566 | 325,004
| Net book value |  |  |  |  |  |  |
| At 31 March 2025 | 150,105 | 91,585 | 16,680 | 10,511 | 63,121 | 494,333 | 826,335
| At 31 March 2024 | - | 112,741 | - | - | 8,694 | 495,991 | 617,426
Page 31
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 April 2024 | 50,043
| Additions | 45,000
| At 31 March 2025 | 95,043
| Direct subsidiary undertaking
| The following was a direct subsidiary undertaking of the Company:
| Name | Class of shares | Holding
| Stream 456 Limited | Ordinary | 100%
Page 32
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Stream 789 Limited * | Ordinary | 100%
| Alpine Topco Limited ** | Ordinary, Deferred | 100%
| Alpine Midco Limited *** | Ordinary | 100%
| Alpine Bidco Limited **** | Ordinary | 100%
| Alpine Fire Engineers Limited ***** | Ordinary | 100%
| DAS Fire Limited ***** | Ordinary | 100%
| DAS Fire (Ireland) Limited ****** | Ordinary | 100%
| * Stream 789 Limited is a direct subsidiary of Stream 456 Limited. ** Alpine Topco Limited is a direct subsidiary of Stream 789 Limited. *** Alpine Midco Limited is a direct subsidiary of Alpine Topco Limited. **** Alpine Bidco Limited is a direct subsidiary of Alpine Midco Limited. ***** Alpine Fire Engineers Limited 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.
15. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 37,812 | 2,751
Page 33
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
16. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Debtors: amounts falling due after more than one year: |  |  |  |
| Amounts owed by group undertakings | - | - | 6,777,000 | 6,777,000
| Amounts owed by group undertakings relate to loan notes issued by the company's subsidiary, Stream 456 Limited. They 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.
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Debtors: amounts falling due within one year: |  |  |  |
| Trade debtors | 17,638,781 | 9,698,063 | - | -
| Amounts owed by group undertakings | - | - | 2,256,905 | 1,203,420
| Other debtors | 531,188 | 632,625 | - | -
| Prepayments and accrued income | 2,436,313 | 1,926,814 | 890 | 12,099
| Amounts recoverable on long-term contracts | 6,934,637 | 1,476,906 | - | -
|  | 27,540,919 | 13,734,408 | 2,257,795 | 1,215,519
| Amounts owed by group undertakings are unsecured, interest-free and repayable on demand
17. | Cash and cash equivalents
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Cash at bank and in hand | 16,806,128 | 13,922,714
Page 34
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 10,789,167 | 6,316,224 | - | -
| Amounts owed to group undertakings | - | - | 508 | -
| Corporation tax | 404,667 | - | - | -
| Other taxation and social security | 1,588,557 | 1,319,281 | - | -
| Other creditors | 4,572,802 | 23,327 | - | -
| Accruals and deferred income | 19,460,368 | 12,381,309 | 2,180,573 | 1,146,076
|  | 36,815,561 | 20,040,141 | 2,181,081 | 1,146,076
| Disclosure of the terms and conditions attached to the non-equity shares is made in note 23.
| Included within other creditors is an amount of £4.5 million representing deferred consideration payable in respect of the acquisition of DAS Fire Limited and its subsidiary (see note 25). The consideration is contingent upon the achievement of certain performance thresholds as set out in the acquisition agreement. The liability is non-interest-bearing and is expected to be settled in future periods based on the performance of the acquired business.
19. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Loan notes | 18,672,957 | 18,672,957 | - | -
| Bank loans | 35,000,000 | 17,000,000 | - | -
| Other creditors | 4,500,000 | - | - | -
| Share capital treated as debt | 662 | 662 | 662 | 662
| Share premium treated as debt | 6,624,181 | 6,624,181 | 6,624,181 | 6,624,181
|  | 64,797,800 | 42,297,800 | 6,624,843 | 6,624,843
| Disclosure of the terms and conditions attached to the non-equity shares is made in note 23.
Included within other creditors is an amount of £4.5 million representing deferred consideration payable in respect of the acquisition of DAS Fire Limited and its subsidiary (see note 25). The consideration is contingent upon the achievement of certain performance thresholds as set out in the acquisition agreement. The liability is non-interest-bearing and is expected to be settled in future periods based on the performance of the acquired business. 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). 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. Page 35
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
20. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group
|  | 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 | -
| Loan notes | 18,672,957 | 18,672,957
|  | 53,672,957 | 35,672,957
21. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (141,048) | (59,422)
| Charged to profit or loss | 77,957 | (81,626)
| Arising on business combinations | (78,668) | -
| At end of year | (141,759) | (141,048)
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (141,759) | (142,127)
| Tax losses carried forward | - | 1,079
|  | (141,759) | (141,048)
Page 36
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
22. | Provisions
| Group
|  | Contract provision
|  | £
| At 1 April 2024 | 1,560,000
| Utilised in year | (20,225)
| At 31 March 2025 | 1,539,775
| 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.
Page 37
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Shares classified as equity
|  | Allotted, called up and fully paid |  |
|  | 609,328 (2024 - 609,328) Ordinary A shares of £0.0100 each | 6,093 | 6,093
|  | 215,672 (2024 - 215,672) Ordinary B shares of £0.0100 each | 2,157 | 2,157
|  | 136,500 (2024 - 110,000) Ordinary C1 shares of £0.0100 each | 1,365 | 1,100
|  | 19,300 (2024 - 19,300) Ordinary C2 shares of £0.0100 each | 193 | 193
|  | 143,300 (2024 - 146,800) Ordinary E shares of £0.0001 each | 14 | 15
|  | 17,500 (2024 - 17,500) Ordinary D shares of £0.0100 each | 175 | 175
|  |  | 9,997 | 9,733
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Shares classified as debt
|  | Allotted, called up and fully paid |  |
|  | 6,624,843 (2024 - 6,624,843) Preference B shares shares of £0.0001 each | 662 | 662
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 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. Page 38
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
24. | Reserves
Share premium account The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Capital redemption reserve The capital redemption reserve is a non-distributable reserve and represents paid up share capital. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
25. | Business combinations
On 11 October 2024 the Company acquired 100% of the share capital of DAS Fire Limited. The acquisition of DAS Fire Limited has been accounted for using the acquisition method in accordance with FRS 102. The identifiable assets and liabilities of the acquired entities were assessed for fair value at the acquisition date, and in these cases, the book values were deemed to approximate their fair values. Any excess consideration has been recognised as goodwill.
| Acquisition of DAS Fire Limited and its subsidiary
| Recognised amounts of identifiable assets acquired and liabilities assumed
|  |  |  |  | Book value | Fair value
|  |  |  |  | £ | £
| Fixed Assets |  |
| Tangible | 538,311 | 538,311
|  | 538,311 | 538,311
| Current Assets |  |
| Debtors | 7,202,552 | 7,202,552
| Cash at bank and in hand | 7,420,098 | 7,420,098
| Total Assets | 15,160,961 | 15,160,961
| Creditors |  |
| Due within one year | (1,495,093) | (1,495,093)
| Deferred taxation | (78,668) | (78,668)
| Total Identifiable net assets | 13,587,200 | 13,587,200
| Goodwill | 22,188,607
| Total purchase consideration | 35,775,807
Page 39
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025 25.Business combinations (continued)
| Consideration
|  |  |  |  | £
| Cash | 25,882,963
| Deferred consideration | 9,000,000
| Directly attributable costs | 892,844
| Total purchase consideration | 35,775,807
| Cash outflow on acquisition
|  |  |  |  | £
| Purchase consideration settled in cash, as above | 25,882,963
| Directly attributable costs | 892,844
|  | 26,775,807
| Less: Cash and cash equivalents acquired | (7,420,098)
| Net cash outflow on acquisition | 19,355,709
| The results of DAS Fire Limited and its subsidiary since acquisition are as follows:
|  |  |  | Current period since acquisition
|  |  |  | £
| Turnover | 13,217,841
| Profit for the period since acquisition | 1,448,695
26. | 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 £53,672,957 (2024: £35,672,957).
27. | Pension commitments
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £288,014 (2024: £214,396). Contributions totalling £19,029 (2024: £4,316) were payable to the fund at the balance sheet date and are included in creditors. Page 40
Stream 123 Limited Notes to the Financial Statements For the year ended 31 March 2025
28. | Commitments under operating leases
| At 31 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Plant and equipment |  |
| Not later than 1 year | 610,985 | 339,429
| Later than 1 year and not later than 5 years | 627,121 | 463,251
|  | 1,238,106 | 802,680
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Land and buildings |  |
| Not later than 1 year | 67,813 | 67,813
| Later than 1 year and not later than 5 years | 203,438 | 271,250
|  | 271,251 | 339,063
29. | Related party transactions
| The directors have chosen not to disclose transactions entered into with other companies wholly owned within the group as permitted under FRS 102 paragraph 33.1A. Key management personnel compensation for the period totalled £1,358,454 (2024: £1,162,646). During a previous period period, loan notes were issued to shareholders totalling £18,672,957. Interest was incurred on the loan notes during the period totalling £2,915,862 (2024: £2,579,911). . During the year, purchases from a shareholder of the company totalled £293,438 (2024: £171,102). At the year end, £NIL (2 024: £39,000) was payable to the shareholder and is included in trade creditors.
30. | Controlling party
The directors consider the ultimate controlling party of the group to be WestBridge Fund Managers Limited, the duly appointed fund manager of WestBridge II LP fund.
Page 41