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REGISTERED NUMBER: 03348003 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MAINSTREAM TRAINING LIMITED

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 14

Notes to the Financial Statements 15


MAINSTREAM TRAINING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mark Peter Smith BA (Hons) FCA
Mark Graham Smith BA (Hons)
Venetia Anne Smith ACA FCCA
Rebecca Joanne Adams
Graham Charles Clewes





REGISTERED OFFICE: Mackenzies Accountants
4 Kings Row
Armstrong Road
Maidstone
Kent
ME15 6AQ





REGISTERED NUMBER: 03348003 (England and Wales)





AUDITORS: UHY Hacker Young
Chartered Accountants & Statutory Auditors
Thames House
Roman Square
Sittingbourne
Kent
ME10 4BJ

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The year ending 31st March 2024 saw us maintain our position as one of the largest HGV Driver Training businesses in the UK, principally delivering to HM Armed Forces and to the Department of Education, through the HGV Skills Bootcamp initiative aimed at tackling the national HGV driver shortage. These two contracts which both run until at-least 31st March 2026, accounted for over £9.8 million of a total turnover of just under £11 million, the balance attributable to Department of Education (DfE) Adult Education Training, HM Prison Service and commercial training to the logistics sector.

During the year, in June 2023 we underwent a full five-day Ofsted inspection. Achieving an overall grade of GOOD, with OUTSTANDING for Adult Learning Programmes, Quality of Education and Behaviour and Attitudes. This result was not only a thoroughly deserved accolade to the hard work and quality of our delivery team, but it was also vital to enable us to continue to deliver funded training for the Department for Education. The Board have subsequently built upon this excellent result by appointing a new director to lead our approach to Safeguarding and Quality, the objective being to consolidate and further improve the quality of our delivery to our learners

On an operational front we achieved more than 75% positive job outcomes for the graduates of our HGV Skills Bootcamp programme, and we met all KPIs applicable to our HM Armed Forces contract.

During December 2023, we relocated from Mainstream House in Sittingbourne, a large and expensive industrial warehouse facility, to more suitable and less expensive office premises in Maidstone, reducing our overheads by around £300k. The relocate better suits our current activity profile and has been well received by both customers and our team. In addition to the office premises in Maidstone, subsequent to the year-end we entered into a new 6 year lease to secure a dedicated HGV training and parking facility on the Isle of Sheppey.

Our training business has consistently achieved an operating profit of more than £1 million for the last three financial years, and we forecast an operating profit for the current year ending 31st March 2025 of a similar quantum.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider that the company's principal risks are; changes to Government policy towards funded training, the loss of our principal contracts which are subject to periodic competitive procurement, reduced recruitment numbers in the British Army, vehicle fuel costs impacting on the cost of delivering HGV driver training and falling numbers of student eligible for funded training.

The directors manage these risks by constantly evaluating the sectors in which the group operates, by being alert to sector developments, and by implementing decisive and rapid changes when required. We operate a strategy of actively pursuing diversification into new operational sectors and expansion of our income base to reduce reliance upon current key contracts, we achieve this by monitoring procurement announcements and tendering for suitable opportunities. The Board considers Mainstream's key strength to be the quality of it delivery of adult education, principally HGV and logistics training, as such we will continue to adopt of policy of only pursuing opportunities that fall firmly into our area of expertise.

The directors recognise that the company's employees are key to delivering a high-quality service to its customers and the company ensures that all staff are given the opportunity to develop their individual skills to operate to their full potential.

FUTURE DEVELOPMENTS
The directors constantly look to grow turnover by tendering for new contracts and retaining and increasing delivery to existing customers. The company searches for new procured public contract opportunities and are actively engaged in the tendering process for several current opportunities.

We are interested in expansion of our HGV training delivery to further regional sites throughout the UK, which could be through acquisition or start-up.


MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

KEY PERFORMANCE INDICATORS
The key performance indicators are turnover and gross margin, these measure the success of the company in its efforts to win new contracts and its success in retaining current contracts.

The company prides itself on its high level of retention of existing contracts and believes this is due to the quality of the service they provide.

Additionally, the management team monitor HGV fleet utilisation, instructor pass rates, instructor utilisation, vehicle fuel use, vehicle maintenance costs and sales, learner and contract pipelines on a daily basis.

EMPLOYEE INVOLVEMENT
It is the policy of the company to encourage all members of staff to realise their maximum potential. Wherever possible, vacancies are filled from within the company and adequate opportunities for internal promotion are created.

The company supports the principle of equal opportunities in employment and opposes all forms of unlawful or unfair discrimination on the grounds of race, age, nationality, religion, ethnic or national origin, sexual orientation, gender or gender reassignment, marital status, or disability. It is also the policy of the company, where possible, to give sympathetic consideration to disabled persons in their application for employment with the company and to protect the interests of existing members of the staff who are disabled.

ON BEHALF OF THE BOARD:





Venetia Anne Smith ACA FCCA - Director


26 November 2024

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a training provider. The company operates in the logistics sector and specialises in driver training (LGV, minibus, coach, car and driver CPC), warehouse and construction plant training, military driver licence acquisition, apprenticeships and the provision of logistics focused adult skills funded training.

DIVIDENDS
An interim dividend of £113,750 per share was paid on 31 March 2024. The directors recommend that no final dividend be paid. The total distribution of dividends for the year ended 31 March 2024 will be £910,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mark Peter Smith BA (Hons) FCA
Mark Graham Smith BA (Hons)
Venetia Anne Smith ACA FCCA
Rebecca Joanne Adams

Other changes in directors holding office are as follows:

Graham Michael Knowles - resigned 9 November 2023
Mark Lucas - resigned 5 September 2023
Graham Charles Clewes - appointed 7 September 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, UHY Hacker Young, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Venetia Anne Smith ACA FCCA - Director


26 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAINSTREAM TRAINING LIMITED


Opinion
We have audited the financial statements of Mainstream Training Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAINSTREAM TRAINING LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAINSTREAM TRAINING LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- we identified the laws and regulations applicable to the Company through discussions with management, and from our commercial knowledge and experience of the industry and sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the operations of the Company;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and
- identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company's accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading minutes of meetings of those charged with governance; and
- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. As a result there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAINSTREAM TRAINING LIMITED

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 Auditor's report.

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 Report of the Auditors.

Other Matters
The financial statements for the year ended 31 March 2023 were audited by the predecessor auditor, Xeinadin Audit Limited. The audit report was issued on 22 December 2023 and expressed an unqualified audit opinion of the financial statements.

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 a Report of the Auditors 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.




Andrew Cooper BA FCA (Senior Statutory Auditor)
for and on behalf of UHY Hacker Young
Chartered Accountants & Statutory Auditors
Thames House
Roman Square
Sittingbourne
Kent
ME10 4BJ

28 November 2024

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £ £ £ £

TURNOVER 10,993,939 11,101,900

Cost of sales 7,445,265 8,331,539
GROSS PROFIT 3,548,674 2,770,361

Administrative expenses 1,644,372 1,599,744
OPERATING PROFIT 1,904,302 1,170,617

Lease termination payment 4 110,000 -
1,794,302 1,170,617

Income from shares in group undertakings - 1,809
Interest receivable and similar income 5,564 -
5,564 1,809
1,799,866 1,172,426

Interest payable and similar expenses 5 59,294 78,730
PROFIT BEFORE TAXATION 6 1,740,572 1,093,696

Tax on profit 7 435,901 204,311
PROFIT FOR THE FINANCIAL YEAR 1,304,671 889,385

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £ £

PROFIT FOR THE YEAR 1,304,671 889,385


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,304,671

889,385

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 9 1,092,751 1,595,938
Investments 10 - 1
1,092,751 1,595,939

CURRENT ASSETS
Stocks 11 62,832 44,752
Debtors 12 1,316,844 1,249,899
Cash at bank and in hand 1,250,678 1,110,286
2,630,354 2,404,937
CREDITORS
Amounts falling due within one year 13 1,303,284 1,633,698
NET CURRENT ASSETS 1,327,070 771,239
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,419,821

2,367,178

CREDITORS
Amounts falling due after more than one
year

14

(134,062

)

(367,656

)

PROVISIONS FOR LIABILITIES 16 (219,761 ) (328,195 )
NET ASSETS 2,065,998 1,671,327

CAPITAL AND RESERVES
Called up share capital 17 8 8
Retained earnings 18 2,065,990 1,671,319
SHAREHOLDERS' FUNDS 2,065,998 1,671,327

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





Venetia Anne Smith ACA FCCA - Director


MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 April 2022 8 1,699,934 1,699,942

Changes in equity
Dividends - (918,000 ) (918,000 )
Total comprehensive income - 889,385 889,385
Balance at 31 March 2023 8 1,671,319 1,671,327

Changes in equity
Dividends - (910,000 ) (910,000 )
Total comprehensive income - 1,304,671 1,304,671
Balance at 31 March 2024 8 2,065,990 2,065,998

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Mainstream Training Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover represents the provision of services from the principal activity, excluding value added tax.
Revenue for provision for services is recognised when the services have been rendered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

All the assets with a useful life over one year and an acquisition cost of £500 or more are capitalised, and written off over their useful life. As our trucks are used on training contracts, which are largely fixed terms, they are often written down to a realistic residual value over the term of the contract. The depreciation methods vary between 25% reducing balance method, and straight line method over various months. There is no generic write down policy, the directors (MGS and MPS) consider each acquisition at time of purchase and set life and residual value at the outset.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Net realisable value is the estimated selling price in the ordinary course of business less any impairment.

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.

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.


MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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. The amount recognised as an expense for the defined contribution scheme was £61,447 (2023: £68,889).

Dividends
Interim dividends are recognised on payment.

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS

20242023
£   £   
Wages and salaries4,234,5954,511,962
Social security costs354,103417,348
Other pension costs61,44768,889
4,650,1454,998,199

The average number of employees during the year was as follows:
20242023

Operational106124
Directors44
110128

2024 2023
£    £   
Director's wages and salaries 276,364 216,277
Directors' pension costs 4,751 3,466
Benefits in kind 3,254 3,003
Directors' remuneration 284,369 222,746

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Wages and salaries 107,004 114,633
Pension costs 2,034 2,034
109,038 116,667

4. EXCEPTIONAL ITEMS

The exception item for the year ended 31st March 2024 was a lease termination payment of £110,000 (2023: £nil).

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Sales finance interest 428 2,410
Interest on overdue tax 3,941 486
Hire purchase interest 54,925 75,834
59,294 78,730

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024 2023
£ £
Other operating leases 300,657 270,960
Depreciation - owned assets 131,546 92,358
Depreciation - assets on hire purchase contracts 444,930 568,731
Profit on disposal of fixed assets (10,050 ) (4,489 )
Auditors' remuneration 14,000 14,000

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 544,336 220,043

Deferred tax (108,435 ) (15,732 )
Tax on profit 435,901 204,311

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 1,740,572 1,093,696
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

435,143

207,802

Effects of:
Expenses not deductible for tax purposes 2,348 1,356
Income not taxable for tax purposes (2,513 ) (1,197 )
Depreciation in excess of capital allowances 109,358 12,082
Deferred tax (108,435 ) (15,732 )
Total tax charge 435,901 204,311

8. DIVIDENDS
2024 2023
£ £
Ordinary shares of £1 each
Interim 910,000 918,000

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. TANGIBLE FIXED ASSETS
Computer
Plant and Motor and office
machinery vehicles equipment Totals
£ £ £ £
COST
At 1 April 2023 201,587 3,007,806 231,721 3,441,114
Additions 4,240 43,769 80,796 128,805
Disposals (9,995 ) (158,831 ) - (168,826 )
At 31 March 2024 195,832 2,892,744 312,517 3,401,093
DEPRECIATION
At 1 April 2023 151,076 1,493,587 200,513 1,845,176
Charge for year 15,681 542,843 17,952 576,476
Eliminated on disposal (6,929 ) (106,381 ) - (113,310 )
At 31 March 2024 159,828 1,930,049 218,465 2,308,342
NET BOOK VALUE
At 31 March 2024 36,004 962,695 94,052 1,092,751
At 31 March 2023 50,511 1,514,219 31,208 1,595,938

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1 April 2023 42,500 2,577,492 2,619,992
Disposals (7,500 ) (109,416 ) (116,916 )
At 31 March 2024 35,000 2,468,076 2,503,076
DEPRECIATION
At 1 April 2023 15,833 1,375,517 1,391,350
Charge for year 8,667 436,263 444,930
Eliminated on disposal (4,500 ) (77,299 ) (81,799 )
At 31 March 2024 20,000 1,734,481 1,754,481
NET BOOK VALUE
At 31 March 2024 15,000 733,595 748,595
At 31 March 2023 26,667 1,201,975 1,228,642

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. FIXED ASSET INVESTMENTS
Unlisted
investments
£
COST
At 1 April 2023 1
Disposals (1 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 1

11. STOCKS
2024 2023
£ £
Stocks 62,832 44,752

Stocks consist of fuel held in vehicles £25,103 (2023: £39,463), stock of uniforms £2,214 (2023: £5,289), stock of vehicle parts £26,905 (2023: £Nil) and marketing material £8,610 (2023: £Nil).

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 1,104,379 848,229
Amounts owed by group undertakings 72,365 113,175
Other debtors 20,701 189,816
Prepayments 119,399 98,679
1,316,844 1,249,899

Other debtors consists of accrued income of £20,701 (2023: £189,816).

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts (see note 15) 149,134 258,613
Trade creditors 188,676 301,103
Tax 544,336 220,043
Social security and other taxes 83,269 96,851
VAT 180,345 396,988
Other creditors 17,878 14,824
Deferred income - 139,381
Accrued expenses 139,646 205,895
1,303,284 1,633,698

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Other creditors is made of employee payroll deductions £Nil (2023: £10), auto-enrolment pensions £12,105 (2023: £14,814), an outstanding telephone expense invoice £4,851 (2023: £Nil) and a receipt due back to a customer of £922 (2023:£Nil).

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Hire purchase contracts (see note 15) 134,062 367,656

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 149,134 258,613
Between one and five years 134,062 367,656
283,196 626,269

Non-cancellable
operating leases
2024 2023
£ £
Within one year 73,496 265
Between one and five years 31,233 795
104,729 1,060

16. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
Accelerated capital allowances 219,761 328,195

Deferred tax
£
Balance at 1 April 2023 328,195
Provided during year (108,434 )
Balance at 31 March 2024 219,761

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
8 Ordinary £1 8 8

18. RESERVES
Retained
earnings
£

At 1 April 2023 1,671,319
Profit for the year 1,304,671
Dividends (910,000 )
At 31 March 2024 2,065,990

19. ULTIMATE PARENT COMPANY

The immediate parent company is Mainstream Group Limited (registered address 4 Kings Row, Armstrong Road, Maidstone, Kent, England, ME15 6AQ, which does not prepare group accounts) which is in turn a 100% subsidiary of the ultimate parent undertaking Ascentrix Limited (registered address 4 Kings Row, Armstrong Road, Maidstone, Kent, England, ME15 6AQ, which does prepare group accounts).

MAINSTREAM TRAINING LIMITED (REGISTERED NUMBER: 03348003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


20. RELATED PARTY DISCLOSURES

Mackenzies Accountants Limited a company jointly controlled by Mark P Smith and Venetia A Smith, directors, up until 31st May 2025, provided accountancy services to the company during the year. The amount paid to Mackenzies for compliance,taxation work, bookkeeping and administrative support was £76,827 (2023: £115,507), this is after offsetting income charged from Mainstream Training Limited of £300 for office space rental. At the balance sheet date, Mainstream Training Limited owed Mackenzies Accountants Limited £7,664 (2023: £nil).

Logikal Outsourcing Limited a company jointly controlled by Mark P Smith, and Venetia A Smith, directors, provided outsourced bookkeeping,management accounting and financial administrative support to the company during the year. The amount paid to Logikal Outsourcing Limited for bookkeeping and support work was £81,085 (2023: £nil). At the balance sheet date, Mainstream Training Limited owed Logikal Outsourcing Limited £nil (2023: £nil)

Logikal Group Limited, a company jointly controlled by Mark P Smithand Venetia A Smith, directors, is the landlord of the companies head office. The amount paid to Logikal Group Limited was £22,063 (2023: £nil). At the balance sheet date, Mainstream Training Limited owed Logikal Group Limited £nil (2023: £nil).

Peartree Group Limited, a company controlled by Graham Clewes, a director, provided compliance and strategic support services to the company in the year. The amount paid to Peartree Group Limited was £66,741 (2023: £6,000). At the balance sheet date, Mainstream Training Limited owed Peartee Group Limited £nil (2023: £nil).

Waller Associates Limited a company controlled by Steve Waller, who owns a minority share in Ascentrix Limited, provided property maintenance services to the company in the year. The amount paid to Waller Associates Limited was £13,622 (2023: £nil). At the balance sheet date, Mainstream Training Limited owed Waller Associates Limited £nil (2023: £nil).

Venrec Group Limited a company in which Mark P Smith and Venetia A Smith, directors, are shareholders, provided recruitment services to the company in the year. The amount paid to Venrec Group Limited was £105,984 (2023: £58,320), this is after offsetting income charged from Mainstream Training Limited of £8,500 for office space rental. At the balance sheet date, Mainstream Training Limited owed Venrec Group Limited £16,500 (2023: £21,480).

Maxine Smith, the spouse of Mark MG Smith, a director, invoiced the company in the year for administrative services. The amount paid to M Smith in the year was £27,450 (2023: £24,248). At the balance sheet date, Mainstream Training Limited owed M Smith £2,674 (2023: £1,988).

21. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party, no individual shareholder holds more than 25% of the issued share capital of the ultimate parent company.

22. SECURED DEBTS

A cross guarantee on bank borrowings exists between Mainstream Training Limited and Mainstream Fleet Services Limited.