MAINLINE COACHES LIMITED


Directors	Christopher James Mainwaring
	Howard David Mainwaring
	Joan Mainwaring
	David John Pope


Company Secretary	Joan Mainwaring


Registered Address	Kingshead Garage Glannant Road
	Evanstown
	Gilfach Goch
	CF39 8RL


Registered Number	04284621 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

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

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Revenue from rendering of services
	Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Goodwill has been fully amortised over a ten year period.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Motor vehicles are depreciated at varying rates on cost


		Reducing balance (%)
	Plant and machinery	25
	Fixtures and fittings	25
	Office Equipment	25

	Finance leases and hire purchase contracts
	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, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

2.	Average number of employees


		2025		2024
	Average number of employees during the year	51		51

3.	Deferred tax
	Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.

4.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 April 24	150,000	150,000
At 31 March 25	150,000	150,000
Amortisation and impairment
At 01 April 24	150,000	150,000
At 31 March 25	150,000	150,000
Net book value
At 31 March 25	-	-
At 31 March 24	-	-

5.	Tangible fixed assets

	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 April 24	133,559	7,282,387	9,193	21,775	7,446,914
Additions	13,469	977,500	-	-	990,969
Disposals	-	(175,000)	-	-	(175,000)
At 31 March 25	147,028	8,084,887	9,193	21,775	8,262,883
Depreciation and impairment
At 01 April 24	105,235	5,199,178	7,975	21,148	5,333,536
Charge for year	9,310	449,169	305	627	459,411
On disposals	-	(175,000)	-	-	(175,000)
At 31 March 25	114,545	5,473,347	8,280	21,775	5,617,947
Net book value
At 31 March 25	32,483	2,611,540	913	-	2,644,936
At 31 March 24	28,324	2,083,209	1,218	627	2,113,378

6.	Stocks

	2025	2024
	£	£
Other stocks	13,961	18,159
Total	13,961	18,159

7.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	290,400	341,342
Other debtors	184,947	197,108
Prepayments and accrued income	434,258	119,283
Total	909,605	657,733

8.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	272,585	403,967
Bank borrowings and overdrafts	67,200	72,257
Taxation and social security	49,658	110,814
Finance lease and HP contracts	376,669	275,425
Other creditors	14,970	48,586
Accrued liabilities and deferred income	107,547	77,033
Total	888,629	988,082


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

9.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	32,852	86,332
Other creditors	1,204,633	440,690
Total	1,237,485	527,022


	Included within bank loans is a Coronavirus Business loan secured by a charge.

10.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	1,204,632		440,690

11.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	439,302	413,433
Total	439,302	413,433

12.	Related party transactions
	At the year-end there is a balance due from the directors of £146.636 (2024 : £81,417 owed by Directors). No Interest has been charged. This amount was settled in full on 31.07.2025.

13.	Controlling party
	The Ultimate Controlling party is Mr. Christopher J Mainwaring.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	5		2,644,936		2,113,378
			2,644,936		2,113,378
Current assets
Stocks	6	13,961		18,159
Debtors	7	909,605		657,733
Cash at bank and on hand		562,305		760,041
		1,485,871		1,435,933
Creditors amounts falling due within one year	8	(888,629)		(988,082)
Net current assets (liabilities)			597,242		447,851
Total assets less current liabilities			3,242,178		2,561,229
Creditors amounts falling due after one year	9		(1,237,485)		(527,022)
Provisions for liabilities	11		(439,302)		(413,433)
Net assets			1,565,391		1,620,774
Capital and reserves
Called up share capital			100		100
Profit and loss account			1,565,291		1,620,674
Shareholders' funds			1,565,391		1,620,774