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REGISTERED NUMBER: 07582086 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MAINSTREAM GROUP LIMITED

MAINSTREAM GROUP LIMITED (REGISTERED NUMBER: 07582086)

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 13

Notes to the Financial Statements 14


MAINSTREAM GROUP 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





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





REGISTERED NUMBER: 07582086 (England and Wales)





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

MAINSTREAM GROUP LIMITED (REGISTERED NUMBER: 07582086)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


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

Mainstream Group Limited is the head of a medium-sized group. They have not produced consolidated accounts as they are part of the larger group, Ascentrix Limited, which has produced the final consolidated accounts.

The strategic report below refers to the activities of the group as a whole, except as noted in the review of business.

REVIEW OF BUSINESS
For a detailed review of the group business during the year ended 31st March 2024 please see the group strategic review in the consolidated accounts of parent company Ascentrix Limited.

During the year ended 31st March 2024 dividends received from subsidiary companies decreased to £946k from £1 million in the previous year, and consequently the dividends paid onto the parent company decreased accordingly.

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.

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.


MAINSTREAM GROUP LIMITED (REGISTERED NUMBER: 07582086)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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 GROUP LIMITED (REGISTERED NUMBER: 07582086)

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 non-trading holding company.

DIVIDENDS
Dividends paid during the year were £780,000 (2023: £1,023,000).

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

Other changes in directors holding office are as follows:

Graham Michael Knowles - resigned 9 November 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 GROUP LIMITED (REGISTERED NUMBER: 07582086)

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 GROUP LIMITED


Opinion
We have audited the financial statements of Mainstream Group 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.

Other information
The other information comprises the information included in the annual report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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.

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


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 GROUP 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 GROUP 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 GROUP LIMITED (REGISTERED NUMBER: 07582086)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £ £

TURNOVER - -

Administrative expenses 6,966 7,732
OPERATING LOSS 4 (6,966 ) (7,732 )

Income from shares in group undertakings 946,000 1,058,073
PROFIT BEFORE TAXATION 939,034 1,050,341

Tax on profit 5 - -
PROFIT FOR THE FINANCIAL YEAR 939,034 1,050,341

MAINSTREAM GROUP LIMITED (REGISTERED NUMBER: 07582086)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £ £

PROFIT FOR THE YEAR 939,034 1,050,341


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

939,034

1,050,341

MAINSTREAM GROUP LIMITED (REGISTERED NUMBER: 07582086)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 7 2,161,270 2,161,271

CURRENT ASSETS
Debtors 8 282,221 123,347
Cash at bank 34,353 111,536
316,574 234,883
CREDITORS
Amounts falling due within one year 9 749,165 826,509
NET CURRENT LIABILITIES (432,591 ) (591,626 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,728,679

1,569,645

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 1,728,579 1,569,545
SHAREHOLDERS' FUNDS 1,728,679 1,569,645

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 GROUP LIMITED (REGISTERED NUMBER: 07582086)

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 100 1,542,204 1,542,304

Changes in equity
Dividends - (1,023,000 ) (1,023,000 )
Total comprehensive income - 1,050,341 1,050,341
Balance at 31 March 2023 100 1,569,545 1,569,645

Changes in equity
Dividends - (780,000 ) (780,000 )
Total comprehensive income - 939,034 939,034
Balance at 31 March 2024 100 1,728,579 1,728,679

MAINSTREAM GROUP LIMITED (REGISTERED NUMBER: 07582086)

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


1. STATUTORY INFORMATION

Mainstream Group 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 and 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.

Preparation of consolidated financial statements
The financial statements contain information about Mainstream Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Ascentrix Limited, Mackenzies Chartered Accountants 4 Kings Row, Armstrong Road, Maidstone, Kent, England, ME15 6AQ.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2024 nor for the year ended 31 March 2023.

The average number of employees during the year was NIL (2023 - NIL).

2024 2023
£ £
Directors' remuneration - -

4. OPERATING LOSS

The operating loss is stated after charging:

2024 2023
£ £
Auditors' remuneration 1,800 1,800

MAINSTREAM GROUP LIMITED (REGISTERED NUMBER: 07582086)

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


5. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2024 nor for the year ended 31 March 2023.

6. DIVIDENDS
2024 2023
£ £
Ordinary shares of £1 each
Interim 780,000 1,023,000

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 April 2023 2,161,271
Disposals (1 )
At 31 March 2024 2,161,270
NET BOOK VALUE
At 31 March 2024 2,161,270
At 31 March 2023 2,161,271

The company's investments at the Balance Sheet date in the share capital of companies include the following:


Mainstream Fleet Services Limited
Registered office: United Kingdom
Nature of business: Haulage contractor and supply of vehicles
%
Class of shares: holding
Ordinary 46.35
2024 2023
£ £
Aggregate capital and reserves 135,026 153,107
Profit/(loss) for the year 17,919 (26,844 )

MAINSTREAM GROUP LIMITED (REGISTERED NUMBER: 07582086)

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


7. FIXED ASSET INVESTMENTS - continued

Mainstream Training Limited
Registered office: United Kingdom
Nature of business: Logistics training provider
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 2,065,998 1,671,327
Profit for the year 1,304,671 889,385

Bonham Central Services Limited
Registered office: United Kingdom
Nature of business: Group central services provider
%
Class of shares: holding
Ordinary 50.00
2024 2023
£ £
Aggregate capital and reserves 6,117 (37,002 )
Profit/(loss) for the year 43,119 (39,671 )

Mainstream Catering Limited
Registered office: United Kingdom
Nature of business: Catering Services
%
Class of shares: holding
Ordinary 25.00
2024 2023
£ £
Aggregate capital and reserves 11,684 9,532
Profit for the year 2,150 12,434

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Amounts owed by group undertakings 282,202 123,329
Other debtors 19 18
282,221 123,347

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Amounts owed to group undertakings 747,365 824,709
Accrued expenses 1,800 1,800
749,165 826,509

MAINSTREAM GROUP LIMITED (REGISTERED NUMBER: 07582086)

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


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£

At 1 April 2023 1,569,545
Profit for the year 939,034
Dividends (780,000 )
At 31 March 2024 1,728,579

12. ULTIMATE PARENT COMPANY

The ultimate parent undertaking is Ascentrix Limited.

13. RELATED PARTY DISCLOSURES

Mark Smith, a director is also the majority shareholder and director of Mackenzies Accountants Limited trading as Mackenzies the reporting accountants. During the period under review the company paid £4,800 (2023: £5,428) to Mackenzies Accountants Limited for accountancy services.

14. 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.