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  MAINLINE PRIVATE HIRE LTD.
   
   
   
  UNAUDITED FINANCIAL STATEMENTS
   
   
  FOR THE YEAR ENDED 31 MAY 2024
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
  MAINLINE PRIVATE HIRE LTD.
  Company registered number: 02216645
  BALANCE SHEET AT 31 May 2024
           
    Note 2024 2023
      £ £ £
  FIXED ASSETS
  Intangible assets   3,105 3,105
  Land, property, plant and equipment 845,324 848,733
  Investments held as fixed assets   632,575 632,575
      1,481,004 1,484,413
  CURRENT ASSETS    
  Debtors   82,755 56,840
  Cash at bank and in hand   15,963 86,411
      98,718 143,251
  CREDITORS: Amounts falling due within one year 4 1,039,110 845,766
  NET CURRENT LIABILITIES   (940,392) (702,515)
  TOTAL ASSETS LESS CURRENT LIABILITIES   540,612 781,898
           
  CREDITORS: Amounts falling due after more than one year 5 (439,592) (532,736)
           
  PROVISIONS FOR LIABILITIES   28,802 20,598
  NET ASSETS   £129,822 £269,760
       
  CAPITAL AND RESERVES
  Called up share capital   140 140
  Share premium account   39,960 39,960
  Retained earnings   89,722 229,660
  SHAREHOLDERS' FUNDS   £129,822 £269,760
       
  page 1
  MAINLINE PRIVATE HIRE LTD.
  Company registered number: 02216645
  BALANCE SHEET AT 31 May 2024 (CONT.)
           
       
       
  In approving these financial statements as directors of the company we hereby confirm the following:
       
  For the year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
       
  The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with section 476 of the Companies Act 2006.
       
  The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records, and for the preparation of accounts.
       
  These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies
       
  All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 May 2024 in accordance with Section 444 (2A) of the Companies Act 2006
       
  In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered
  The financial statements were approved and authorised for issue by the board of directors on 14 February 2025
 
  Signed on behalf of the board of directors
 
 
       
       
  G Glover, Director
       
       
  page 2
  MAINLINE PRIVATE HIRE LTD.
  NOTES TO THE ACCOUNTS
  FOR THE YEAR ENDED 31 MAY 2024
       
 
1. SIGNIFICANT ACCOUNTING POLICIES
       
         
1a. Statement of compliance
         
  Mainline Private Hire Ltd. is a private company limited by shares incorporated in England.
         
  Registered office:
  Cumberland House, Lissadel Street, Salford, M6 6GG
         
1b. Basis of accounting
         
  These financial statements have been prepared in accordance with the provisions of Section 1A of 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. The presentation currency is £ sterling.
       
1c. Fixed asset investments
       
  Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
       
         
1d. Revenue recognition
         
  Revenue, which excludes value added tax ("VAT"), constitutes the value of services undertaken by the company from its principle activities, which are the provision of ground transportation activities namely operating private mini-cab hire services, and other ancilliary services.
         
  - revenue from account bookings represent amounts billed for the provision of private mini-cab hire services to account customers. The company acts as a principle as it retains exposure to all significant benefits and risks associated with account bookings in accordance with the principal versus agent criteria as defined in FRS5 'Reporting the Substance of Transactions'. This revenue is recognised when the service has been provided.
         
  - with reference to revenue from cash bookings, the company acts as an agent as the driver retains exposure to all significant benefits and risks associated with cash bookings in accordance with the principal versus agent criteria as defined in FRS5.
  page 3
  MAINLINE PRIVATE HIRE LTD.
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 MAY 2024
       
 
1. SIGNIFICANT ACCOUNTING POLICIES (CONT.)
         
1e. Taxation
         
  Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
         
 
         
 
         
1f. Intangible assets
         
  Goodwill is amortised over 5 years straight line.
         
     
1g. Property, plant and equipment
     
  Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.
     
  Improvements to rented premises Reducing balance 10%
  Fixtures, fittings and equipment Reducing balance 15%
  Motor vehicles Reducing balance 25%
         
1h. Consolidation
         
  The company is a parent company subject to the small companies regime. The company and its subsidiaries comprise a small group. The company is therefore not required to and has chosen not to prepare group accounts.
         
         
1i. Leased assets
         
  Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the Company are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful life. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability. Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.
         
 
         
  page 4
  MAINLINE PRIVATE HIRE LTD.
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 MAY 2024
       
 
1. SIGNIFICANT ACCOUNTING POLICIES (CONT.)
         
1j. Employee benefits
         
  The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund.
         
       
       
2. DIRECTORS AND EMPLOYEES
       
  The average weekly number of employees during the year were as follows:
    2024 2023
    No. No.
  Management and administration 5 5
  Telephone staff and drivers 31 39
    36 44
   
           
3. FIXED ASSETS
      Land,    
      improvements, Shares in group  
    Intangible fixtures, undertakings Total
    assets plant & and other fixed  
      equipment asset investments  
    £ £ £ £
  Cost or valuation
  At 1 June 2023 183,571 2,868,800 1,121,367 4,173,738
  Additions - 242,707 - 242,707
  Disposals - (1,448,464) - (1,448,464)
  At 31 May 2024 183,571 1,663,043 1,121,367 2,967,981
   
  Provision for depreciation,
  amortisation and impairment
  At 1 June 2023 180,466 2,020,067 488,792 2,689,325
  Disposals - (1,376,903) - (1,376,903)
  For the year - 174,555 - 174,555
  At 31 May 2024 180,466 817,719 488,792 1,486,977
   
  Net Book Value
           
  At 31 May 2024 3,105 845,324 632,575 1,481,004
  At 31 May 2023 3,105 848,733 632,575 1,484,413
   
  page 5
  MAINLINE PRIVATE HIRE LTD.
  NOTES TO THE ACCOUNTS (CONT.)
  FOR THE YEAR ENDED 31 MAY 2024
       
       
4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
    2024 2023
    £ £
  Bank loans and overdrafts 10,048 9,938
  Finance leases and hire purchase contracts (secured) 157,623 107,262
  Sundry loans (secured) 104,489 97,855
  Trade creditors 16,932 19,159
  Corporation tax 42,428 33,755
  Other taxes and social security 298,714 183,875
  Other creditors 408,876 393,922
  Amounts owed to undertakings in which the company has
    £1,039,110 £845,766
   
 
The borrowings are secured on the company's vehicle fleet.
       
       
       
5. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
    2024 2023
    £ £
  Bank loans and overdrafts 14,115 21,504
  Sundry loans (secured) 129,909 234,399
  Finance leases and hire purchase contracts (secured) 295,568 276,833
    £439,592 £532,736
  Analysis of borrowings:
       
  Due within five years:
  within 1 year
  bank 10,048 9,938
  hire purchase or leases 157,623 107,262
  Sundry loans 104,489 97,855
  within 2-5 years
  bank 14,115 21,504
  hire purchase or leases 295,568 276,833
  Sundry loans 129,909 234,399
    £711,752 £747,791
   
  page 6