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REGISTERED NUMBER: 07573712 (England and Wales)












REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MAINSTREAM FLEET SERVICES LIMITED
TRADING AS
MAINSTREAM STAFF SUPPLIES AND HAULAGE

MAINSTREAM FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

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










Page


Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Profit and Loss Account 8

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


MAINSTREAM FLEET SERVICES LIMITED
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr M P Smith BA (Hons) FCA
Mr M G Smith BA (Hons)





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





REGISTERED NUMBER: 07573712 (England and Wales)





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

MAINSTREAM FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

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 temporary staff supplies agency and haulage contractor.

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

Mr M P Smith BA (Hons) FCA
Mr M G Smith BA (Hons)

Other changes in directors holding office are as follows:

Mr G M Knowles - resigned 9 November 2023
Mrs V A Smith ACA FCCA - resigned 31 March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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


MAINSTREAM FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr M P Smith BA (Hons) FCA - Director


26 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAINSTREAM FLEET SERVICES LIMITED


Opinion
We have audited the financial statements of Mainstream Fleet Services Limited (the 'company') for the year ended 31 March 2024 which comprise the Profit and Loss Account, 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAINSTREAM FLEET SERVICES 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 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 FLEET SERVICES 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
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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MAINSTREAM FLEET SERVICES LIMITED

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.

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 FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2024 2024
Continuing Discontinued Total
Notes £ £ £

TURNOVER 4,509,629 - 4,509,629
Cost of sales (4,048,500 ) - (4,048,500 )
GROSS PROFIT 461,129 - 461,129

Administrative expenses (394,493 ) - (394,493 )

OPERATING PROFIT 66,636 - 66,636

Interest payable and similar expenses (36,179 ) - (36,179 )
PROFIT BEFORE TAXATION 4 30,457 - 30,457
Tax on profit 5 (12,538 ) - (12,538 )
PROFIT FOR THE FINANCIAL YEAR 17,919 - 17,919

MAINSTREAM FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2023 2023 2023
Continuing Discontinued Total
Notes £ £ £

TURNOVER 8,341,877 1,656,108 9,997,985
Cost of sales (7,663,026 ) (1,501,064 ) (9,164,090 )
GROSS PROFIT 678,851 155,044 833,895

Administrative expenses (508,888 ) (292,944 ) (801,832 )

OPERATING PROFIT/(LOSS) 169,963 (137,900 ) 32,063

Interest payable and similar expenses (64,588 ) (13,522 ) (78,110 )
PROFIT/(LOSS) BEFORE TAXATION 4 105,375 (151,422 ) (46,047 )
Tax on profit/(loss) 5 (25,103 ) 44,306 19,203
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

80,272

(107,116

)

(26,844

)

MAINSTREAM FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 7 15,480 25,800
Tangible assets 8 3,767 16,249
19,247 42,049

CURRENT ASSETS
Stocks 9 - 40,755
Debtors 10 700,551 1,309,563
Cash at bank and in hand 146,658 371,886
847,209 1,722,204
CREDITORS
Amounts falling due within one year 11 623,428 1,529,687
NET CURRENT ASSETS 223,781 192,517
TOTAL ASSETS LESS CURRENT
LIABILITIES

243,028

234,566

PROVISIONS FOR LIABILITIES 13 108,002 81,459
NET ASSETS 135,026 153,107

CAPITAL AND RESERVES
Called up share capital 14 216 216
Retained earnings 15 134,810 152,891
SHAREHOLDERS' FUNDS 135,026 153,107

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

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:





Mr M P Smith BA (Hons) FCA - Director


MAINSTREAM FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

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 216 272,735 272,951

Changes in equity
Dividends - (93,000 ) (93,000 )
Total comprehensive income - (26,844 ) (26,844 )
Balance at 31 March 2023 216 152,891 153,107

Changes in equity
Dividends - (36,000 ) (36,000 )
Total comprehensive income - 17,919 17,919
Balance at 31 March 2024 216 134,810 135,026

MAINSTREAM FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

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


1. STATUTORY INFORMATION

Mainstream Fleet Services 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and that the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
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. 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.

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.


MAINSTREAM FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

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.

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.

Provisions
The company makes a provision for the aggregate expected amount of the cost of small vehicle repair claims caused by driver negligence which the company would rather incur the cost of the repair than claim against insurance. This is maintained based on claims made in prior years.

Dividends
Interim dividends are recognised on payment.

MAINSTREAM FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

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 simultaneously.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 12 ) .

2024 2023
£ £
Directors' remuneration 31,936 111,982

MAINSTREAM FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

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


4. PROFIT/(LOSS) BEFORE TAXATION

The profit (2023 - loss) is stated after charging/(crediting):

2024 2023
£ £
Depreciation - owned assets 5,743 7,859
Depreciation - assets on hire purchase contracts or finance leases - 61,651
Profit on disposal of fixed assets (11,451 ) (213 )
Goodwill amortisation 10,320 10,320
Auditors' remuneration 6,000 6,000

5. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 15,020 30,117

Deferred tax (2,482 ) (49,320 )
Tax on profit/(loss) 12,538 (19,203 )

6. DIVIDENDS
2024 2023
£ £
Interim 36,000 93,000

7. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 April 2023
and 31 March 2024 51,702
AMORTISATION
At 1 April 2023 25,902
Charge for year 10,320
At 31 March 2024 36,222
NET BOOK VALUE
At 31 March 2024 15,480
At 31 March 2023 25,800

Goodwill represents the acquisition of the assets of a business in October 2021, which is being amortised equally over 5 years.

MAINSTREAM FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

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


8. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£ £ £
COST
At 1 April 2023 37,779 18,001 55,780
Additions 5,000 - 5,000
Disposals (22,636 ) (18,001 ) (40,637 )
At 31 March 2024 20,143 - 20,143
DEPRECIATION
At 1 April 2023 28,783 10,748 39,531
Charge for year 4,111 1,632 5,743
Eliminated on disposal (16,518 ) (12,380 ) (28,898 )
At 31 March 2024 16,376 - 16,376
NET BOOK VALUE
At 31 March 2024 3,767 - 3,767
At 31 March 2023 8,996 7,253 16,249

9. STOCKS
2024 2023
£ £
Stocks - 40,755

Stocks consist of fuel held in vehicles £Nil (2023: £979), stock of parts and workshop consumables £Nil (2023: £39,776).

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 689,331 781,242
Amounts owed by group undertakings - 61,535
Other debtors 6,216 124,048
Deferred tax asset
Accelerated capital allowances 233 -
Prepayments 4,771 342,738
700,551 1,309,563

The company's trade debtors are subject to a charge under a sales finance facility with Barclays Sales Finance Limited and are shown net of the sale finance liability of £nil (2023: £1,482,880). The facility ended in July 2024.

Other debtors consists of accrued income of £6,216 (2023: £124,048).

MAINSTREAM FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

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


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 62,485 508,079
Amounts owed to group undertakings 262,221 -
Tax 15,020 30,117
Social security and other taxes 47,530 140,390
VAT 187,805 514,841
Other creditors 40,388 224,108
Accrued expenses 7,979 112,152
623,428 1,529,687

Other creditors is made of employee payroll deductions £364 (2023: £993), auto-enrolment pensions £4,436 (2023: £11,953), and holiday pay provision £35,588 (2023: £211,162).

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 1,511 3,799
Between one and five years - 1,511
1,511 5,310

13. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
Accelerated capital allowances - 2,249
Other provisions 108,002 79,210
108,002 81,459

Drivers
Deferred negligence
tax provision
£ £
Balance at 1 April 2023 2,249 79,210
Provided during year (2,482 ) 28,792
Balance at 31 March 2024 (233 ) 108,002

MAINSTREAM FLEET SERVICES LIMITED (REGISTERED NUMBER: 07573712)
TRADING AS MAINSTREAM STAFF SUPPLIES AND HAULAGE

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


14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
11,575 Ordinary B 1p 116 116
10,000 Ordinary 1p 100 100
216 216

15. RESERVES
Retained
earnings
£

At 1 April 2023 152,891
Profit for the year 17,919
Dividends (36,000 )
At 31 March 2024 134,810

16. ULTIMATE PARENT COMPANY

The immediate parent company until 31st March 2022 was Mainstream Group Limited (a company registered in the UK which does not prepare group accounts) which is in turn a 100% subsidiary of the ultimate parent undertaking Ascentrix Limited (a company registered in the UK which does prepare group accounts). Since 31st March 2022 Mainstream Group Limited now holds 46% of the company issued share capital.

17. RELATED PARTY DISCLOSURES

Mr M P Smith, a director is also the majority shareholder and a director of Mackenzies Accountants Limited which provides accountancy services to the company. During the year the company paid £6,480 (2023: £6,780) for compliance and taxation services, £22,191 (2023: £40,730) for payroll processing, and additionally £35,260 (2023: £38,565) for outsourced bookkeeping, management accounting and administrative support. The directors consider all transactions to have been made at open market value. The closing balance as at 31st March 2024 was £nil (2023: £742).

Mr M P Smith, and Mrs V Smith, directors are also directors of Venrec Group Limited. During the year the company paid £21,060 (2023: £29,100) for recruitment services. The closing balance as at 31st March 2024 was £Nil (2023: £Nil).

18. ULTIMATE CONTROLLING PARTY

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