Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-3121228truefalsetruetruetrueNo description of principal activity2022-02-01109103false 01949116 2022-02-01 2023-01-31 01949116 2021-02-01 2022-01-31 01949116 2023-01-31 01949116 2022-01-31 01949116 2021-02-01 01949116 3 2022-02-01 2023-01-31 01949116 3 2021-02-01 2022-01-31 01949116 d:CompanySecretary1 2022-02-01 2023-01-31 01949116 d:Director1 2022-02-01 2023-01-31 01949116 d:Director2 2022-02-01 2023-01-31 01949116 d:Director3 2022-02-01 2023-01-31 01949116 d:RegisteredOffice 2022-02-01 2023-01-31 01949116 d:Agent1 2022-02-01 2023-01-31 01949116 e:Buildings e:LongLeaseholdAssets 2022-02-01 2023-01-31 01949116 e:Buildings e:LongLeaseholdAssets 2023-01-31 01949116 e:Buildings e:LongLeaseholdAssets 2022-01-31 01949116 e:PlantMachinery 2022-02-01 2023-01-31 01949116 e:PlantMachinery 2023-01-31 01949116 e:PlantMachinery 2022-01-31 01949116 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01949116 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-02-01 2023-01-31 01949116 e:MotorVehicles 2022-02-01 2023-01-31 01949116 e:MotorVehicles 2023-01-31 01949116 e:MotorVehicles 2022-01-31 01949116 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01949116 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-02-01 2023-01-31 01949116 e:FurnitureFittings 2022-02-01 2023-01-31 01949116 e:FurnitureFittings 2023-01-31 01949116 e:FurnitureFittings 2022-01-31 01949116 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01949116 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2022-02-01 2023-01-31 01949116 e:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 01949116 e:LeasedAssetsHeldAsLessee 2022-02-01 2023-01-31 01949116 e:CurrentFinancialInstruments 2023-01-31 01949116 e:CurrentFinancialInstruments 2022-01-31 01949116 e:Non-currentFinancialInstruments 2023-01-31 01949116 e:Non-currentFinancialInstruments 2022-01-31 01949116 e:CurrentFinancialInstruments e:WithinOneYear 2023-01-31 01949116 e:CurrentFinancialInstruments e:WithinOneYear 2022-01-31 01949116 e:Non-currentFinancialInstruments e:AfterOneYear 2023-01-31 01949116 e:Non-currentFinancialInstruments e:AfterOneYear 2022-01-31 01949116 e:ReportableOperatingSegment1 2022-02-01 2023-01-31 01949116 e:ReportableOperatingSegment1 2021-02-01 2022-01-31 01949116 f:UnitedKingdom 2022-02-01 2023-01-31 01949116 f:UnitedKingdom 2021-02-01 2022-01-31 01949116 e:UKTax 2022-02-01 2023-01-31 01949116 e:UKTax 2021-02-01 2022-01-31 01949116 e:ShareCapital 2023-01-31 01949116 e:ShareCapital 2022-01-31 01949116 e:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 01949116 e:RetainedEarningsAccumulatedLosses 2023-01-31 01949116 e:RetainedEarningsAccumulatedLosses 2021-02-01 2022-01-31 01949116 e:RetainedEarningsAccumulatedLosses 2022-01-31 01949116 e:RetainedEarningsAccumulatedLosses 2021-02-01 01949116 e:AcceleratedTaxDepreciationDeferredTax 2023-01-31 01949116 e:AcceleratedTaxDepreciationDeferredTax 2022-01-31 01949116 d:OrdinaryShareClass1 2022-02-01 2023-01-31 01949116 d:OrdinaryShareClass1 2023-01-31 01949116 d:OrdinaryShareClass1 2022-01-31 01949116 d:FRS102 2022-02-01 2023-01-31 01949116 d:Audited 2022-02-01 2023-01-31 01949116 d:FullAccounts 2022-02-01 2023-01-31 01949116 d:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 01949116 e:Subsidiary1 2022-02-01 2023-01-31 01949116 e:Subsidiary1 1 2022-02-01 2023-01-31 01949116 e:Subsidiary2 2022-02-01 2023-01-31 01949116 e:Subsidiary2 1 2022-02-01 2023-01-31 01949116 e:Subsidiary3 2022-02-01 2023-01-31 01949116 e:Subsidiary3 1 2022-02-01 2023-01-31 01949116 e:WithinOneYear 2023-01-31 01949116 e:WithinOneYear 2022-01-31 01949116 e:BetweenOneFiveYears 2023-01-31 01949116 e:BetweenOneFiveYears 2022-01-31 01949116 e:HirePurchaseContracts e:WithinOneYear 2023-01-31 01949116 e:HirePurchaseContracts e:WithinOneYear 2022-01-31 01949116 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-01-31 01949116 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-01-31 01949116 6 2022-02-01 2023-01-31 01949116 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-01-31 01949116 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-01-31 01949116 e:LeasedAssetsHeldAsLessee 2023-01-31 01949116 e:LeasedAssetsHeldAsLessee 2022-01-31 01949116 1 2023-01-31 01949116 2 2023-01-31 01949116 1 2022-01-31 01949116 2 2022-01-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01949116









PASS J. HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

 
PASS J. HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
P R O'Leary 
S J O'Leary 
J D O'Leary 




Company secretary
P R O'Leary



Registered number
01949116



Registered office
Leytonstone House
3 Hanbury Drive

Leytonstone

London

E11 1GA




Independent auditors
Barnes Roffe LLP
Chartered Accountants

Leytonstone House

3 Hanbury Drive

Leytonstone

London

E11 1GA




Bankers
Bank of Scotland
38 Threadneedle Street

London

EC2P 2HL





 
PASS J. HOLDINGS LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of income and retained earnings
 
9
Balance sheet
 
10
Notes to the financial statements
 
11 - 28


 
PASS J. HOLDINGS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

Introduction
 
The principal activity of the company in the year under review was that of the carrying and transporting of goods, materials and international freight.

Business review
 
The director aims to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business. The directors consider the key financial performance indicators to be turnover and net assets. Turnover provides a good measure of the performance of the company, whilst net assets demonstrate the financial strength of the company.
The financial position of the group also continues to be strong. The group had a healthy net asset position at the year-end in excess of £7m 
(2022 - £6.6m). Looking ahead, the group' s business environment is expected to remain challenging. However, the director considers initiatives in place should provide a conducive platform to capitalise on current and future opportunities.
The results for the year and the financial position of the company are as shown in the annexed financial statements.

Principal risks and uncertainties
 
A number of risks, including compliance with Road Haulage Legislation, arise in the ordinary course of the company's business and these are reviewed regularly by the Board of Directors as part of its ongoing corporate governance procedures. This review considers only the principal risks and uncertainties.

Financial key performance indicators
 
The company has the following Key Performance Indicators to monitor the performance of the company:
Total Sales                              £12.3m 
(2022 - £11.4m)
Gross Profit Percentage         22.65% (2022 - 24.3%)
Profit Before Tax                     £261,262 (2022 - £447,852)

Credit and liquidity risks
 
The company has limited exposure to credit risk by virtue of its client base. The cash balance at the year-end was £224k (2022 - £132k) which provides the company with adequate working capital. The directors recognise the importance of funding and liquidity under the current economic climate and will continue to monitor the company's financial resources to ensure that the company is able to support its activities and future growth.
Interest rate and cash flow risk 
The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets include cash balances, which attract interest at the prevailing market rate. Interest bearing liabilities include bank loans and overdrafts which attract interest at fixed rates. 

Page 1

 
PASS J. HOLDINGS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023


This report was approved by the board on 25 October 2023 and signed on its behalf.



S J O'Leary
Director

Page 2

 
PASS J. HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The directors present their report and the financial statements for the year ended 31 January 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £350,422 (2022 - £115,968).

The directors do not recommend payment of any dividends.

Directors

The directors who served during the year were:

P R O'Leary 
S J O'Leary 
J D O'Leary 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 
PASS J. HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 25 October 2023 and signed on its behalf.
 





S J O'Leary
Director

Page 4

 
PASS J. HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PASS J. HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Pass J. Holdings Limited (the 'Company') for the year ended 31 January 2023, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policiesThe 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 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
PASS J. HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PASS J. HOLDINGS LIMITED (CONTINUED)


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 ReportOur 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 3, 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 is 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.


Page 6

 
PASS J. HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PASS J. HOLDINGS LIMITED (CONTINUED)


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:
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 relevant 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 and ISO standards;
- We assessed the extent of compliance with laws and regulations identified above through making enquires 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 enquires 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 and 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; and
- Investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. 
 
Page 7

 
PASS J. HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PASS J. HOLDINGS LIMITED (CONTINUED)



Auditing standards also limit the audit procedures 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 that those that arise from errors as they may involve deliberate concealment or collusion


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Adam Dodds (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Statutory Auditor
Chartered Accountants
Leytonstone House
3 Hanbury Drive
Leytonstone
London
E11 1GA

26 October 2023
Page 8

 
PASS J. HOLDINGS LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
                                                                                                                    Note
£
£

  

Turnover
 4 
12,289,027
11,397,465

Cost of sales
  
(9,505,648)
(8,629,165)

Gross profit
  
2,783,379
2,768,300

Administrative expenses
  
(2,755,412)
(2,703,810)

Other operating income
 5 
315,599
262,912

Operating profit
 6 
343,566
327,402

Income from shares in group undertakings
  
-
157,500

Income from fixed assets investments
  
703
120

Interest payable and similar expenses
 11 
(83,007)
(37,170)

Profit before tax
  
261,262
447,852

Tax on profit
 12 
89,160
(331,884)

Profit after tax
  
350,422
115,968

  

  

Retained earnings at the beginning of the year
  
6,169,378
6,053,410

Profit for the year
  
350,422
115,968

Retained earnings at the end of the year
  
6,519,800
6,169,378
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 11 to 28 form part of these financial statements.

Page 9

 
PASS J. HOLDINGS LIMITED
REGISTERED NUMBER: 01949116

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
                                                                   Note
£
£

Fixed assets
  

Tangible assets
 13 
1,852,522
2,334,356

Investments
 14 
3,014,264
3,014,264

  
4,866,786
5,348,620

Current assets
  

Stocks
 15 
44,733
27,033

Debtors: amounts falling due within one year
 16 
7,433,254
6,881,944

Cash at bank and in hand
 17 
224,383
131,972

  
7,702,370
7,040,949

Creditors: amounts falling due within one year
 18 
(4,874,980)
(4,477,301)

Net current assets
  
 
 
2,827,390
 
 
2,563,648

Total assets less current liabilities
  
7,694,176
7,912,268

Creditors: amounts falling due after more than one year
 19 
(373,855)
(853,209)

Provisions for liabilities
  

Deferred tax
 21 
(300,521)
(389,681)

  
 
 
(300,521)
 
 
(389,681)

Net assets
  
7,019,800
6,669,378


Capital and reserves
  

Called up share capital 
 22 
500,000
500,000

Profit and loss account
 23 
6,519,800
6,169,378

  
7,019,800
6,669,378


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 October 2023.




S J O'Leary
Director

The notes on pages 11 to 28 form part of these financial statements.

Page 10

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Pass J. Holdings Limited ("the Company") is a company limited by shares, incorporated in England and Wales. Its registered office is Leytonstone House, Hanbury Drive, Leytonstone, E11 1GA.
The principal acitivty of the company continued to be that of the provision of haulage services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The Company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of O'Leary Group Limited  as at 31 January 2023 and these financial statements may be obtained from the company's registered office.

Page 11

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

  
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
International haulage
Revenue from providing services through the international haulage of customers' goods to their intended recipient is recognised in the period in which the services are provided when all of the following conditions are satisfied:
• The Company has completed delivery of goods to the recipient;
• The amount of revenue can be measured reliably;
• It is probable that the Company will receive the consideration due under the transaction;
• The costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
5% straight line
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 12

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

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 has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 13

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.14

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 15

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.18

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 16

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgements in applying the entity’s accounting policies 
No significant judgements have had to be made by management in preparing these financial statements.
b) Critical accounting estimates and assumptions 
(i) The annual depreciation charge for tangible fixed assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on the technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property, plant and equipment, and note 2.4 for useful economic lives for each class of assets.
(ii) Provision is made for contingencies. These provisions require management's best estimate of the costs that will be incurred based on legislative and contractual requirements. 
(iii) The directors consider the impairment of investments on an annual basis. The directors consider that the investment balance carried forward as per note 14 of the accounts does not need to be impaired.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

International haulage
12,289,027
11,397,465


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
12,289,027
11,397,465

12,289,027
11,397,465


Page 17

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Other operating income

2023
2022
£
£

Other operating income - CJRS Claim and other income
1,675
102,228

Insurance claims (payable)/receivable
(3,576)
(12,334)

Management charges receivable
317,500
173,018

315,599
262,912



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
492,384
667,363

Exchange differences
(2,947)
25,929

Defined contribution pension costs
120,000
189,533

Loss/(profit) on sale of fixed assets
122,490
(105,200)

Operating lease rentals: plant and machinery
555,732
617,545

Operating lease rentals: other
377,210
517,210


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,000
12,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 18

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,599,846
3,515,108

Social security costs
328,189
305,542

Cost of defined contribution scheme
120,000
189,533

4,048,035
4,010,183


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Adminstration
19
19



Drivers and manual staff
90
84

109
103


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
228,726
227,332

Company contributions to defined contribution pension schemes
17,434
22,904

246,160
250,236


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £120,978 (2022 - £182,441).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,620 (2022 - £16,200).

Page 19

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Income from investments

2023
2022
£
£



Income from current asset investments
(703)
(120)





11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
20

Finance leases and hire purchase contracts
83,007
35,887

Other interest payable
-
1,263

83,007
37,170


12.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
-
55,633


-
55,633


Total current tax
-
55,633

Deferred tax


Origination and reversal of timing differences
(89,160)
276,251

Total deferred tax
(89,160)
276,251


Tax on profit
(89,160)
331,884
Page 20

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
261,262
447,852


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
49,640
85,092

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
26,708
19,858

Capital allowances for year in excess of depreciation
(28,091)
70,614

Utilisation of tax losses
-
(29,948)

Adjustments to tax charge in respect of prior periods
-
55,633

Unrelieved tax losses carried forward
(240)
121,226

Group relief
(137,177)
9,409

Total tax charge for the year
(89,160)
331,884


Factors that may affect future tax charges

In the UK Budget on 3 March 2021, it was announced that legislation will be introduced in Finance Bill 2021 to increase the main rate of UK corporation tax from 19% to 25%, effective 1 April 2023. This was substantively enacted in May 2021 and its effects have beeen reflected in these financial statements and deferred tax has been measured at a rate of 25%.

Page 21

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

13.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 February 2022
425,397
556,906
8,014,535
362,133
9,358,971


Additions
1,475
-
246,233
-
247,708


Disposals
-
-
(2,502,117)
-
(2,502,117)



At 31 January 2023

426,872
556,906
5,758,651
362,133
7,104,562



Depreciation


At 1 February 2022
382,627
546,360
5,733,495
362,133
7,024,615


Charge for the year on owned assets
21,228
4,081
6,728
-
32,037


Charge for the year on financed assets
-
-
460,348
-
460,348


Disposals
-
-
(2,264,960)
-
(2,264,960)



At 31 January 2023

403,855
550,441
3,935,611
362,133
5,252,040



Net book value



At 31 January 2023
23,017
6,465
1,823,040
-
1,852,522



At 31 January 2022
42,770
10,546
2,281,040
-
2,334,356

Page 22

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
1,245,133
1,857,285

1,245,133
1,857,285


14.


Fixed asset investments





Investments in subsidiary companies
Listed investments
Unlisted investments
Total

£
£
£
£



Cost or valuation


At 1 February 2022
3,696,466
6,802
330,657
4,033,925



At 31 January 2023

3,696,466
6,802
330,657
4,033,925



Impairment


At 1 February 2022
1,019,661
-
-
1,019,661



At 31 January 2023

1,019,661
-
-
1,019,661



Net book value



At 31 January 2023
2,676,805
6,802
330,657
3,014,264



At 31 January 2022
2,676,805
6,802
330,657
3,014,264

Unlisted investments 
Unlisted investments as at the year end relate to a shareholding in Online Technology International Limited. The company owns 40% of the Non-voting Ordinary shares in this investment.

Page 23

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Mike Beer Transport Limited
Ordinary
100%
On Line Roadways Limited
Ordinary
100%
Online Truck and Trailer Parts Limited*
Ordinary
100%

Indirect subsidiary undertakings
The Company also had an indirect undertaking in Online Truck and Trailer Parts Limited during the year. The class of shares are ordinary and the Company has a 100% holding. The principal activity of the indirect subsidiary is the supply of parts to heavy goods vehicles. 
Listed investments
The fair value of listed investments as at 31 January 2023 was £2,570 (2022 - £3,222).


15.


Stocks

2023
2022
£
£

Raw materials and consumables
44,733
27,033



16.


Debtors

2023
2022
£
£


Trade debtors
1,551,092
1,371,541

Amounts owed by group undertakings
5,217,378
4,910,956

Other debtors
334,161
426,020

Prepayments and accrued income
330,623
173,427

7,433,254
6,881,944


Page 24

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
224,383
131,972

Less: bank overdrafts
(802,875)
(694,864)

(578,492)
(562,892)



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
802,875
694,864

Trade creditors
1,221,449
1,186,260

Amounts owed to group undertakings
881,504
494,496

Corporation tax
133,737
235,090

Other taxation and social security
482,084
400,819

Obligations under finance lease and hire purchase contracts
573,511
595,302

Other creditors
488,086
513,193

Accruals and deferred income
291,734
357,277

4,874,980
4,477,301


Bank overdrafts are secured by a floating charge over all assets. Finance leases and hire purchase contracts are secured on the underlying fixed assets as detailed in the fixed asset note.


19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
373,855
853,209


Page 25

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
573,511
595,302

Between 1-5 years
373,855
853,209

947,366
1,448,511


21.


Deferred taxation




2023
2022


£

£






At beginning of year
(389,681)
(113,430)


Charged to profit or loss
89,160
(276,251)



At end of year
(300,521)
(389,681)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(300,521)
(389,681)

(300,521)
(389,681)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5,000,000 (2022 - 5,000,000) Ordinary shares of £0.10 each
500,000
500,000


Page 26

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

23.


Reserves

Profit and loss account

The profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.


24.


Contingent liabilities

The Company is involved in a number of legal disputes, all of which are ongoing and the outcomes of which are unknown at this stage. On the basis of evidence available, the directors do not believe that any of the potential liabilities are probable and therefore no provision has been made in the accounts in accordance with FRS 102 section 21. The Group is also involved in a regulatory dispute which is expected to result in a probable future economic outflow. This obligation has been currently estimated at £1,753,258 and has been provided for in the consolidated financial statements of the ultimate parent undertaking as an exceptional item within the financial year ended 31 January 2022. It is impossible at this stage to determine reliably the proportion of this group economic outflow that applies to the company individually, and as such no provision has been made in these company financial statements. There are likely to be additional economic outflows in connection with this matter, but these cannot be estimated reliably at this stage either and as such no provision has been made in accordance with section 21.12 of FRS 102. 


25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £120,000 (2022 - £189,533). Contributions totalling £60,793 (2022 - £99,282) were payable to the fund at the balance sheet date and are included in creditors.


26.


Commitments under operating leases

At 31 January 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
55,572
93,159

Later than 1 year and not later than 5 years
68,741
58,518

124,313
151,677

Page 27

 
PASS J. HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

27.


Related party transactions

Other
During the year the Company had transactions with entities connected via virtue of directors in common. The Company made total purchases from these entities in the year of £8,708 (2022 - £8,632). At the year end the Company owed a total of £318 (2022 - £32,170) to these entities.
Key Management Personnel
Included within other debtors are amounts owed by directors of £591,697 (2022 - £341,778).
The Company has taken advantage of the exemption available under FRS 102 section 33 'Related Party Transactions' not to disclose transactions with entities included in the consolidated financial statements of O'Leary Group Limited, its ultimate parent undertaking.


28.


Controlling party

The company is under the control of the O’Leary family, by their ownership of the majority of the equity shares issued in O’Leary Group Limited, the ultimate parent undertaking, a company registered in England and Wales.
O’Leary Group Limited prepares consolidated financial statements, copies of which can be obtained from Companies House.

 
Page 28