Dual-Stream Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08625648 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2022

FOR

DUAL-STREAM LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr C Cornelly

Mr S K Haslam

REGISTERED OFFICE:

TMJ Business Centre

107 Cavendish Street

Cavendish Street

Ashton-under-Lyne

OL6 7SW

REGISTERED NUMBER:

08625648 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

4

26,779

-

CURRENT ASSETS

Stocks

5

547,703

155,809

Debtors

6

1,520,212

677,430

Cash at bank and in hand

259,832

653,008

2,327,747

1,486,247

CREDITORS

Amounts falling due within one year

7

(1,304,027

)

(757,319

)

NET CURRENT ASSETS

1,023,720

728,928

TOTAL ASSETS LESS CURRENT LIABILITIES

1,050,499

728,928

CREDITORS

Amounts falling due after more than one year

8

(32,500

)

(42,094

)

PROVISIONS FOR LIABILITIES

(4,110

)

-

NET ASSETS

1,013,889

686,834

CAPITAL AND RESERVES

Called up share capital

10

300

300

Retained earnings

1,013,589

686,534

1,013,889

686,834

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th March 2023 and were signed on its behalf by:

Mr C Cornelly - Director

1.	STATUTORY INFORMATION

Dual-Stream Limited is a private company limited by share capital, incorporated in England and Wales, registration number 08625648. The address of the registered office and principal trading place is TMJ Business Centre, 107 Cavendish Street, Ashton-Under-Lyne, Greater Manchester, OL6 7SW.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of consideration received or receivable for designing and installing theft prevention systems, excluding discounts, rebates, value added tax and other sales taxes.

Turnover 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 turnover can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Specifically, turnover from the sale of goods is recognised when goods are delivered and legal title is passed

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Computer Equipment

-

20% Straight Line

Fixtures & Fittings

-

20% Straight Line

Motor Vehicles

-

20% Straight Line

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefit trust

Last year the company formed an employee benefit trust, the contributions to the trust were expensed through the profit and loss account; this year there have been no contributions made. Dual-stream Limited are exempt from preparing consolidated accounts under section 9.34, as the company will no longer receive any benefits from the assets held in the trust and they have no control over those assets.

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2021 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1st August 2021

-

-

25,799

25,799

Additions

5,614

11,000

16,173

32,787

Disposals

-

-

(25,799

)

(25,799

)

At 31st July 2022

5,614

11,000

16,173

32,787

DEPRECIATION

At 1st August 2021

-

-

25,799

25,799

Charge for year

1,123

1,650

3,235

6,008

Eliminated on disposal

-

-

(25,799

)

(25,799

)

At 31st July 2022

1,123

1,650

3,235

6,008

NET BOOK VALUE

At 31st July 2022

4,491

9,350

12,938

26,779

At 31st July 2021

-

-

-

-

5.

STOCKS

2022

2021

£

£

Work-in-progress

547,703

155,809

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,069,580

398,033

Amounts owed by group undertakings

409,902

-

Amounts owed by participating interests

30,295

267,331

Other debtors

4,262

3,628

Prepayments

6,173

8,438

1,520,212

677,430

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,000

7,906

Trade creditors

671,886

130,048

Tax

169,691

194,136

Social security and other taxes

36,814

27,442

VAT

55,855

136,731

Other creditors

4,203

7,249

Accruals and deferred income

355,578

253,807

1,304,027

757,319

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-2 years

10,000

9,707

Bank loans - 2-5 years

22,500

30,618

Bank loans more 5 yr by instal

-

1,769

32,500

42,094

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

1,769

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

23,105

-

Between one and five years

15,088

-

38,193

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal Value:

2022

2021

700

A Ordinary

£0.10

70

70

300

B Ordinary

£0.10

30

30

320

C Ordinary

£0.10

32

32

500

D Ordinary

£0.10

50

50

820

E Ordinary

£0.10

82

82

360

F Ordinary

£0.10

36

36

300

300

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Julian Beressi (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

12.	RELATED PARTY DISCLOSURES

As at the year end, company was owed £30,295 (2021 - £267,331) from another company under common control.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the directors of the ultimate parent company by virtue of their controlling

interest in the ultimate parent, Dual-Stream Holdings Limited. The parent's company's registered office is TMJ Business Centre, 107 Cavendish Street, Ashton-Under-Lyne. Greater Manchester, England, OL6 7SW.