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REGISTERED NUMBER: 06440764 (England and Wales)











Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 January 2023

for

Leisure Displays Ltd
T/A
Ontime Logistics

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


Leisure Displays Ltd
T/A Ontime Logistics

Company Information
for the Year Ended 31 January 2023







DIRECTORS: W A Baber
M Scheijde





REGISTERED OFFICE: Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ





BUSINESS ADDRESS: Liberty House
Isle of Grain
Rochester
Kent
ME3 0EP





REGISTERED NUMBER: 06440764 (England and Wales)





AUDITORS: Ballams Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Strategic Report
for the Year Ended 31 January 2023

The directors present their strategic report for the year ended 31 January 2023.

REVIEW OF BUSINESS
During the year Ontime Logistics has increased the size of its fleet. In doing so the company has increased turnover by £2.2m from £10.3m to £12.6m in the year to 31/01/2023. The company has continued its growth by building on its container haulage and chilled & ambient distributions. An increase in the size of the fleet is planned for the future which will provide future growth and expansion for both container haulage and chilled & ambient distributions.

PRINCIPAL RISKS AND UNCERTAINTIES
Leisure Displays Limited T/A Ontime Logistics operating in haulage industry face some principal risks and uncertainties, these include:

Fuel Prices

Fuel prices are the single biggest cost for Ontime Logistics, and the rapid increase in fuel prices throughout 2022 had a significant impact on their profitability. The price of fuel is influenced by various factors, including global oil prices, political instability, and supply and demand. Ontime Logistics needs to manage their costs carefully to remain competitive. Profit for the year to 31/01/2023 has been strongly affected by fuel prices over the past year, however, fuel prices have now fallen nearly 1/3 since the height of 2022 prices. Profitability has already improved with the drop in fuel prices.

Semi-Conductor Shortage

The semiconductor shortage had a significant impact on the automotive industry, especially in purchasing new vehicles and trucks. Semiconductors are essential components in modern vehicles, used in everything from infotainment systems to engine control modules. As a result, the shortage has caused a ripple effect in the supply chain, causing automakers to halt production and delay deliveries. Despite this the company has been able to increase the size of its fleet and there have not been too many issues in purchasing new trucks and trailers. Ontime Logistics, however, did see a substantial increase in prices for parts for repairs and maintenance in this period..

KEY PERFORMANCE INDICATORS
This is the Ontime Logistics' first year trading as a medium sized company. The directors consider the key performance indicators for the business are turnover, gross profit and pre-tax profit.

Turnover amounted to £12.6m (2022: £10.3m)
Gross profit amounted to £0.72m (2022: - £0.76m)
Profit / (loss) before tax amounted to - £0.91m (2022: £0.24m)

The company's gross profit has been affected this year due to fluctuations in fuel prices over the past year.

FINANCIAL INSTRUMENTS
The financial instruments used by the company arise wholly and directly from its activities. The financial instruments comprise trade debtors, cash at bank and trade creditors. The company has put in place the following measures to manage financial risks arising from these financial instruments:

1. The company regularly monitors the level of debtors to ensure that they are kept at reasonable levels within a predetermined strict credit limit.
2. The company carefully manages its cash position by regularly monitoring its cash flow.
3. The company regularly monitors the trade balance and credit terms for all suppliers.
4. The company performs ongoing credit evaluation of its customers financial condition and has implemented policies to ensure credit checks on all potential customers carried out.


Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Strategic Report
for the Year Ended 31 January 2023

FUTURE DEVELOPMENT
The directors plan to improve profitability in the future by generating larger volumes of sales by expanding and improving the size of their fleet but also by scrutinizing all costs of suppliers and revenues paid by customer either through guarantees or steady volume.

ON BEHALF OF THE BOARD:





M Scheijde - Director


19 October 2023

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Report of the Directors
for the Year Ended 31 January 2023

The directors present their report with the financial statements of the company for the year ended 31 January 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

W A Baber
M Scheijde

DIRECTORS' RESPONSIBILITIES STATEMENT
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 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, Ballams Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Scheijde - Director


19 October 2023

Report of the Independent Auditors to the Members of
Leisure Displays Ltd

Opinion
We have audited the financial statements of Leisure Displays Ltd (the 'company') for the year ended 31 January 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 January 2023 and of its loss 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 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.

Other Matters
The comparative figures have not been audited. Opening balances were tested where sufficient appropriate evidence could be obtained. No material misstatement were identified that would affect the year ended 31st January 2023.

Report of the Independent Auditors to the Members of
Leisure Displays Ltd


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 Directors' Responsibilities Statement 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
Leisure Displays Ltd


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 a Report of the Auditors 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.

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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's operating sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements 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;
- 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 were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions; and
- performed an overall review of the financial statements considering all areas requiring some level of management judgement and so could be susceptible to management bias and ensuring adequate testing has been done to cover the risk presented by these areas.

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 the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC, relevant regulators [Office of the Traffic Commissioner] and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


Report of the Independent Auditors to the Members of
Leisure Displays Ltd

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.

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.




James Knights ACA BSc (Senior Statutory Auditor)
for and on behalf of Ballams Chartered Accountants
Crane Court
302 London Road
Ipswich
Suffolk
IP2 0AJ

19 October 2023

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Income Statement
for the Year Ended 31 January 2023

2023 2022
Notes £    £   

TURNOVER 12,629,105 10,394,031

Cost of sales 11,907,210 9,637,299
GROSS PROFIT 721,895 756,732

Administrative expenses 1,177,919 900,572
(456,024 ) (143,840 )

Other operating income 454,274 451,985
OPERATING (LOSS)/PROFIT 4 (1,750 ) 308,145

Interest receivable and similar income 2,875 2,229
1,125 310,374

Interest payable and similar expenses 5 92,659 69,865
(LOSS)/PROFIT BEFORE TAXATION (91,534 ) 240,509

Tax on (loss)/profit 6 - -
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (91,534 ) 240,509

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Other Comprehensive Income
for the Year Ended 31 January 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (91,534 ) 240,509


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(91,534

)

240,509

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Statement of Financial Position
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 1,337,382 987,642

CURRENT ASSETS
Debtors 8 1,041,177 1,033,370
Cash at bank and in hand 223,693 53,771
1,264,870 1,087,141
CREDITORS
Amounts falling due within one year 9 2,059,781 1,691,127
NET CURRENT LIABILITIES (794,911 ) (603,986 )
TOTAL ASSETS LESS CURRENT LIABILITIES 542,471 383,656

CREDITORS
Amounts falling due after more than one
year

10

1,192,133

941,784
NET LIABILITIES (649,662 ) (558,128 )

CAPITAL AND RESERVES
Called up share capital 14 2 2
Retained earnings 15 (649,664 ) (558,130 )
SHAREHOLDERS' FUNDS (649,662 ) (558,128 )

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:




W A Baber - Director



M Scheijde - Director


Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Statement of Changes in Equity
for the Year Ended 31 January 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 February 2021 2 (798,639 ) (798,637 )

Changes in equity
Total comprehensive income - 240,509 240,509
Balance at 31 January 2022 2 (558,130 ) (558,128 )

Changes in equity
Total comprehensive income - (91,534 ) (91,534 )
Balance at 31 January 2023 2 (649,664 ) (649,662 )

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Statement of Cash Flows
for the Year Ended 31 January 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 616,218 210,543
Interest paid (34,310 ) (37,757 )
Interest element of hire purchase payments
paid

(58,349

)

(32,108

)
Tax paid (34,888 ) (12,442 )
Net cash from operating activities 488,671 128,236

Cash flows from investing activities
Purchase of tangible fixed assets (705,413 ) (328,150 )
Sale of tangible fixed assets 105,499 102,486
Interest received 2,875 2,229
Net cash from investing activities (597,039 ) (223,435 )

Cash flows from financing activities
Loan repayments in year - (50,000 )
New HP/Finance Leases 677,813 287,703
Capital repayments in year (385,464 ) (279,073 )
Amount withdrawn by directors (14,059 ) (38,285 )
- 1,021
Net cash from financing activities 278,290 (78,634 )

Increase/(decrease) in cash and cash equivalents 169,922 (173,833 )
Cash and cash equivalents at beginning of
year

2

53,771

227,604

Cash and cash equivalents at end of year 2 223,693 53,771

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Notes to the Statement of Cash Flows
for the Year Ended 31 January 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
(Loss)/profit before taxation (91,534 ) 240,509
Depreciation charges 265,199 170,066
(Profit)/loss on disposal of fixed assets (15,025 ) 43,792
Government grants - (1,021 )
Finance costs 92,659 69,865
Finance income (2,875 ) (2,229 )
248,424 520,982
Decrease/(increase) in trade and other debtors 6,252 (236,175 )
Increase/(decrease) in trade and other creditors 361,542 (74,264 )
Cash generated from operations 616,218 210,543

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 223,693 53,771
Year ended 31 January 2022
31.1.22 1.2.21
£    £   
Cash and cash equivalents 53,771 227,604


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.2.22 Cash flow At 31.1.23
£    £    £   
Net cash
Cash at bank and in hand 53,771 169,922 223,693
53,771 169,922 223,693
Debt
Finance leases (480,396 ) (292,349 ) (772,745 )
Debts falling due after 1 year (720,000 ) - (720,000 )
(1,200,396 ) (292,349 ) (1,492,745 )
Total (1,146,625 ) (122,427 ) (1,269,052 )

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Leisure Displays Ltd 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, has been written down to zero due to the company being struck off during the period.

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.
Short leasehold - 5 years straight line
Plant and machinery - 5 years straight line
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

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 statement of financial position date.


Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

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

Going concern
As at the balance sheet date the company had negative shareholders' funds. The Company's board is of the opinion that the Company can continue to trade as a going concern, as important measures have been put in place to improve operational results. These measures include further and profound co-operation with the Company's most important client to improve volumes and margins. To strengthen the cash position this same client granted a loan (as preference shares) to the Company. Furthermore a new director was appointed who has a long experience in logistics and who will be involved in the day-to-day business operations. All these measures give the Board the confidence to continue the activities. At the accounts approval date these measures have already proven effective, as results for the FY 2022-2023 show a positive position.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,624,977 2,886,872
Social security costs 368,278 257,574
Other pension costs 48,833 45,921
4,042,088 3,190,367

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Cost of sales 53 57
Admin 5 5
Directors 2 2
60 64

2023 2022
£    £   
Directors' remuneration 78,097 70,269

4. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 94,240 83,841
Other operating leases 454,731 449,358
Depreciation - owned assets 108,298 95,421
Depreciation - assets on hire purchase contracts 156,901 102,740
(Profit)/loss on disposal of fixed assets (15,025 ) 43,792
Auditors' remuneration 10,000 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest (143 ) 14
Bank loan interest - 1,021
A2B interest 34,453 36,722
Hire purchase interest 58,349 32,108
92,659 69,865

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 January 2023 nor for the year ended 31 January 2022.

Leisure Displays Ltd (Registered number: 06440764)
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Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

6. TAXATION - continued

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:

2023 2022
£    £   
(Loss)/profit before tax (91,534 ) 240,509
(Loss)/profit multiplied by the standard rate of corporation tax in the UK
of 19% (2022 - 19%)

(17,391

)

45,697

Effects of:
Expenses not deductible for tax purposes (1,104 ) 9,400
Capital allowances in excess of depreciation (119,890 ) (63,484 )
Utilisation of tax losses 138,385 8,387
Total tax charge - -

7. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2022 76,951 63,885 1,857,756 43,145 2,041,737
Additions 2,675 36,315 664,013 2,410 705,413
Disposals - - (233,440 ) - (233,440 )
At 31 January 2023 79,626 100,200 2,288,329 45,555 2,513,710
DEPRECIATION
At 1 February 2022 34,888 47,825 939,358 32,024 1,054,095
Charge for year 15,682 10,648 234,230 4,639 265,199
Eliminated on disposal - - (142,966 ) - (142,966 )
At 31 January 2023 50,570 58,473 1,030,622 36,663 1,176,328
NET BOOK VALUE
At 31 January 2023 29,056 41,727 1,257,707 8,892 1,337,382
At 31 January 2022 42,063 16,060 918,398 11,121 987,642

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

7. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2022 1,118,707
Additions 657,263
Disposals (123,740 )
Transfer to ownership (318,650 )
At 31 January 2023 1,333,580
DEPRECIATION
At 1 February 2022 464,111
Charge for year 156,901
Eliminated on disposal (68,454 )
Transfer to ownership (182,222 )
At 31 January 2023 370,336
NET BOOK VALUE
At 31 January 2023 963,244
At 31 January 2022 654,596

8. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 249,005 504,984
Other debtors 208,449 154,221
Directors' current accounts 135,466 121,407
VAT 154,573 126,590
Prepayments and accrued income 249,658 86,711
997,151 993,913

Amounts falling due after more than one year:
S455 tax 44,026 39,457

Aggregate amounts 1,041,177 1,033,370

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 12) 300,612 258,612
Trade creditors 958,173 802,788
Corporation tax 4,569 39,457
Social security and other taxes 100,252 89,435
Wages control 82,679 55,724
Pension 2,955 2,641
Amounts owed to connected
companies 239,137 295,684
Accruals and deferred income 371,404 146,786
2,059,781 1,691,127

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Preference shares (see note 11) 720,000 720,000
Hire purchase contracts (see note 12) 472,133 221,784
1,192,133 941,784

£650k of the preference fixed rate shares is charged at 4% per annum. The preference shares are held by A2B Online Limited, a company which Mr M Scheijde has a directorship in.

£70k preference shares are held by the W A Baber's wife. No interest has been charged on these shares.

These preference shares will be redeemed in more than 1 year, please see note 11.

11. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due between two and five years:
Preference shares 650,000 650,000

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 70,000 70,000

Leisure Displays Ltd (Registered number: 06440764)
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Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

11. LOANS - continued

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
70,000 Preference £1 70,000 70,000
650,000 Fixed Rate Preference Shares £1 650,000 650,000
720,000 720,000

12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 300,612 258,612
Between one and five years 472,133 221,784
772,745 480,396

Non-cancellable operating leases
2023 2022
£    £   
Within one year 916,013 664,450
Between one and five years 1,663,937 1,639,525
2,579,950 2,303,975

13. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 772,745 480,396

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

15. RESERVES
Retained
earnings
£   

At 1 February 2022 (558,130 )
Deficit for the year (91,534 )
At 31 January 2023 (649,664 )

16. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 441,413 -

17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022:

2023 2022
£    £   
W A Baber
Balance outstanding at start of year 121,407 83,122
Amounts advanced 14,058 38,285
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 135,465 121,407

Interest is charged at current HM Revenue and Customs approved rates.

18. RELATED PARTY DISCLOSURES

Other related parties
2023 2022
£    £   
Sales 6,332,135 5,058,185
Purchases 4,330,944 2,774,071
Interest charged on loans 34,453 36,722
Preference shares 750,000 750,000
Wages paid to connected parties excluding directors 116,130 93,132
Amount due from related party 11,238 28,985
Amount due to related party 867,100 680,756

During the year, a total of key management personnel compensation of £ 89,072 was paid.

Leisure Displays Ltd (Registered number: 06440764)
T/A Ontime Logistics

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

19. ULTIMATE CONTROLLING PARTY

The controlling party is W A Baber.

Mr W A Baber controls the company by virtue of his majority shareholding.