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STREAM MEASUREMENT LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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REGISTERED NUMBER:
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STREAM MEASUREMENT LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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STREAM MEASUREMENT LIMITED (REGISTERED NUMBER: 03808602) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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STREAM MEASUREMENT LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
4 Royal Crescent |
Glasgow |
G3 7SL |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
STREAM MEASUREMENT LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stream Measurement Limited for the year ended 31st December 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
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This report is made solely to the Board of Directors of Stream Measurement Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Stream Measurement Limited and state those matters that we have agreed to state to the Board of Directors of Stream Measurement Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Stream Measurement Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Stream Measurement Limited. You consider that Stream Measurement Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Stream Measurement Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
4 Royal Crescent |
Glasgow |
G3 7SL |
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STREAM MEASUREMENT LIMITED (REGISTERED NUMBER: 03808602) |
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BALANCE SHEET |
31ST DECEMBER 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
STREAM MEASUREMENT LIMITED (REGISTERED NUMBER: 03808602) |
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BALANCE SHEET - continued |
31ST DECEMBER 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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STREAM MEASUREMENT LIMITED (REGISTERED NUMBER: 03808602) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Stream Measurement Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern basis |
The financial statements have been prepared on the going concern basis. |
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Despite the drawbacks of the COVID pandemic being amplified by continuing negative effects surrounding the UK's Brexit in January, 2021, the company is outperforming operational targets during the current financial year and the directors remain confident that there is opportunity for further growth in future. Indeed, given the change necessitated by operating under recent COVID lockdown restrictions, the directors now believe the company to be better prepared to meet the various challenges of the current business environment and so will continue to prosper. |
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The directors are not able to predict what government measures will be taken to control the continued spread of the virus however due to the strength of the company's balance sheet and the nature of the company's business the directors are of the view that the company will continue as a going concern and, therefore, will realise its assets, liabilities and commitments in the normal course of business. |
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Turnover |
The turnover shown in the profit and loss account represents the sales value (exclusive of Value Added Tax) of instrumentation, metering equipment and associated services delivered in the year. Turnover also includes commission receivable for the year. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
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Leasehold improvements | - 10% straight line |
Plant & machinery | - 12.5% - 25% straight line |
Fixtures and fittings | - 10% - 20% straight line |
Vehicles | - 25% straight line |
Computer equipment | - 20% - 33% straight line |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. The cost of goods for resale is generally determined on a first in - first out basis. Net realisable value is the estimated selling price less costs to realise. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
STREAM MEASUREMENT LIMITED (REGISTERED NUMBER: 03808602) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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STREAM MEASUREMENT LIMITED (REGISTERED NUMBER: 03808602) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | Plant and | and |
improvements | machinery | fittings |
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COST |
At 1st January 2020 |
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Additions |
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Disposals |
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At 31st December 2020 |
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DEPRECIATION |
At 1st January 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31st December 2020 |
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NET BOOK VALUE |
At 31st December 2020 |
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At 31st December 2019 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st January 2020 |
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Additions |
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Disposals | ( |
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At 31st December 2020 |
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DEPRECIATION |
At 1st January 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31st December 2020 |
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NET BOOK VALUE |
At 31st December 2020 |
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At 31st December 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Other debtors |
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STREAM MEASUREMENT LIMITED (REGISTERED NUMBER: 03808602) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans and overdrafts (see note 7) |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.12.20 | 31.12.19 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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9. | ULTIMATE CONTROLLING PARTY |
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The controlling party is JWF Process Solutions Limited, a company incorporated and registered in Scotland. |
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JWF Process Solutions Limited is a wholly owned subsidiary of JWF (Group) Limited which is under the control of K Fairbairn. |