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Alpine Fire Engineers Limited
Company Information
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Alpine Fire Engineers Limited
Contents
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Alpine Fire Engineers Limited
Strategic Report
For the year ended 31 March 2025
The directors present the strategic report for the year ended 31 March 2025.
The Company specialises in the design, project management and maintenance of mechanical fire suppression systems and the directors are pleased to report another excellent set of results for the year.
The Company has 3 distinct operating areas – Projects, Rapid Contracts and Service & Maintenance. All 3 operating areas performed extremely well as we 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. Overall turnover increased in the year by 14% (2024: decreased by 8%), however, we are delighted to report that Projects revenue increased by 12%, Rapid Contracts revenue increased by 17% and Service & Maintenance by 26%. Operating Profit decreased by 9% (2024: increased by 33%). Strong profitability in the year was attributed to enhanced project management and increased cost efficiencies from the investment in headcount and IT, increased market demand during a period of limited supply and efficiencies in securing favourable material prices. During our first 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.
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.
The directors regularly monitor a number of key indicators and consider health and safety performance, sales pipeline, the order book programme, customer feedback, volume of contracted Service clients & sites, gross profit, and EBITDA margin to be key performance indicators for the company.
The company has a formally constituted board of directors with both remuneration and audit committees. The Board sits monthly and as required for other matters. The Board consists of a Chairman, an independent director, 2 directors from WestBridge and the Operational Board team.
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.
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Alpine Fire Engineers Limited
Strategic Report (continued)
For the year ended 31 March 2025
As part of our ongoing plans our business will always consider the impact of our decisions on people, customers, suppliers, community, and the environment. Employees We would also consider the attraction and retention of talent to be a key factor underpinning our performance and providing an environment where our team can thrive is important to us. We have consistently achieved very high response and satisfaction levels in our employee engagement surveys. We communicate key strategic decisions across the company via team briefings, as well as informally on a regular basis through our internal communications platform. We offer health and wellness programmes for all employees including regular social & participation events via our wellbeing team. We offer various benefits including a health cash plan scheme, holiday purchase scheme, improved paternity and maternity rights, flexible / hybrid working and variable core hours. All team members also participate in our bonus scheme. For two consecutive years, the Company 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 business engages with its customers from the product development phase through to subsequent account management. We have formal quality control mechanisms in place to ensure the suitability and technical capability of our supply partners, and a comprehensive privacy policy to protect customers' data. All of our colleagues attend a customer experience training program within the first year of employment in the business and this helps us to achieve market-leading Net 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 of the company's ultimate parent undertaking, Stream 123 Limited. The company is continually reviewing its systems and procedures to reduce energy consumption. The business is a leading campaigner for recycling water used within the testing and commissioning process and launched The Alpine Fire Campaign which, in partnership with George Eustice, former Secretary of State for Environment, Food and Rural Affairs, The London School of Architecture and Lake District National Park Authority is working towards a new sustainable future for our industry. The company continues to support the introduction of EV cars into our fleet options and EV charging stations in our car park for employees to use. Suppliers The company is committed to upholding ethical and environmental standards throughout our entire supply chain and such factors play an important part in our supplier assessment when adding new partners to our Preferred Supplier List. 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.
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Alpine Fire Engineers Limited
Strategic Report (continued)
For the year ended 31 March 2025
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 Company 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.
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Alpine Fire Engineers 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.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the 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.
The profit for the year, after taxation, amounted to £7,363,697 (2024 - £7,317,705).
Dividends paid on equity capital amounted to £Nil (2024: £Nil)
The directors who served during the year were:
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Alpine Fire Engineers Limited
Directors' Report (continued)
For the year ended 31 March 2025
The directors are pleased to confirm their commitment to sustainable, profitable growth and, with the support of our private equity backer, WestBridge Capital LLP, the company continues to work closely in support of its clients, develop its diversification strategy and seek strategically aligned M&A opportunities.
Engagement with suppliers, customers and others Information on engagement with suppliers, customers and others is contained in the strategic report. Greenhouse gas emissions, energy consumption and energy efficiency action Information on the company's greenhouse gas emissions and energy consumption is included in the group Directors’ Report of its ultimate parent undertaking, Stream 123 Limited. The consolidated financial statements of Stream 123 Limited are available to the public and may be obtained from Companies House.
There have been no significant post balance sheet events affecting the company.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Alpine Fire Engineers Limited
Independent Auditors' Report to the Members of Alpine Fire Engineers Limited
We have audited the financial statements of Alpine Fire Engineers 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).
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.
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.
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.
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Alpine Fire Engineers Limited
Independent Auditors' Report to the Members of Alpine Fire Engineers Limited (continued)
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.
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.
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Alpine Fire Engineers Limited
Independent Auditors' Report to the Members of Alpine Fire Engineers Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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.
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Alpine Fire Engineers Limited
Independent Auditors' Report to the Members of Alpine Fire Engineers Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments, 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.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Alpine Fire Engineers Limited
Statement of Comprehensive Income
For the year ended 31 March 2025
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Alpine Fire Engineers Limited
Registered number: 02692108
Statement of Financial Position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 28 form part of these financial statements.
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Alpine Fire Engineers Limited
Statement of Changes in Equity
For the year ended 31 March 2025
Statement of Changes in Equity
For the year ended 31 March 2024
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
Alpine Fire Engineers Limited is a private company limited by share capital incorporated in England and Wales. The address of the registered office and principal place of business is Alpine House, Hollins Brook Park, 4 Little 66, Bury, BL9 8RN. The company's registration number is 02692108.
The nature of the company's operation and its principal activity is the design, installation and consultation of fire protection equipment.
2.Accounting policies
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:
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.
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
2.Accounting policies (continued)
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.
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.
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
2.Accounting policies (continued)
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other 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 company'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 company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.
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
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
2.Accounting policies (continued)
omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
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.
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Revenue and margin recognition The company's revenue recognition and margin recognition policies, which are set out in note 2.3, are central to how the company values the work it has carried out in each financial year. These policies require forecasts to be made of contract outcomes, which require assessments and judgements to be made in respect of budgeted costs and final margins. The company reviews and, when necessary, revises the estimates of revenue and costs as the contract progresses. At the year end, amounts recoverable on contracts totalled £5,111,286 (2024: £1,476,906). Provisions Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation at each reporting date, taking into account the related risks and uncertainties. The company recognised provisions at 31 March 2025 of £1,539,775 (2024: £1,560,000) .
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
The whole of the turnover is attributable to the principal activity of the company.
A geographical analysis of turnover is as follows:
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
Profit & loss account
The company is in a cross company guarantee with other companies in the group relating to borrowings. At the year end, amounts owed in relation to the cross company guarantee by other companies within the group totalled £53,672,957 (2024: £35,672,957).
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £232,129 (2024: £180,038). Contributions totalling £5,983 (2024: £4,316) were payable to the fund at the balance sheet date and are included in creditors.
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Alpine Fire Engineers Limited
Notes to the Financial Statements
For the year ended 31 March 2025
The immediate parent undertaking is Alpine Bidco Limited, a company registered in England and Wales, registered number 11257482.
The ultimate parent company is Stream 123 Limited. Stream 123 Limited is a company registered in England and Wales, registered number 14417998. The consolidated financial statements of Stream 123 Limited are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, C14 3UZ. The directors consider the ultimate controlling party of Stream 123 Limited to be WestBridge Fund Managers Limited, the duly appointed fund manager of WestBridge II LP fund.
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