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REGISTERED NUMBER: 03326171 (England and Wales)















ONPOINT LOGISTICS LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023






ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


ONPOINT LOGISTICS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: C A Delaney
Mrs S Delaney





REGISTERED OFFICE: 483 - 503 Garretts Green Lane
Garretts Green
Birmingham
West Midlands
B33 0SL





REGISTERED NUMBER: 03326171 (England and Wales)





AUDITORS: Sephton & Company LLP
Chartered Certified Accountants
Statutory Auditors
Marston House
5 Elmdon Lane
Marston Green
Solihull
West Midlands
B37 7DL

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023


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

REVIEW OF BUSINESS
The company has 6 main divisions of income. The directors consider that the key financial performance indicators are those that monitor the performance in respect of each of these divisions. The revenue of the company from the sale of these services is shown in note 3 of the accounts.

During 2023 the company has seen a decrease in all revenue streams of 24%, this was mainly due to to the aftermath of Covid 19 and a real decline in the UK economy. The company completed all work on its own fleet rather than sub-contracting any haulage. Due to the strong position of the business from previous years this did not put the company under any financial strain.

PRINCIPAL RISKS AND UNCERTAINTIES
In common with its competitors, the business has a risk relating to price inflation of wages, goods, and services. The directors continue to monitor the risk and actively manage the mitigation of inflation.

The directors have developed review procedures and control systems to effectively manage the principle strategic, financial, and operational risks faced by the business.

The company's principal instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due.

We have considered the external impact of Covid-19 and Brexit, based on the current financial years performance that there would be no material impacts on the trade of the company. We are satisfied the impact of Covid-19 and Brexit does not create any going concern issues.

ON BEHALF OF THE BOARD:





C A Delaney - Director


29 July 2024

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2023


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of haulage

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2023 will be £ 440,383 .

FUTURE DEVELOPMENTS
The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and that the risks that have been identified are being well managed. The directors are confident in the company's ability to maintain and build on this position, albeit with cautious growth expectations.

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

C A Delaney
Mrs S Delaney

FINANCIAL INSTRUMENTS
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling.The company does not enter into any formally designated hedging arrangements.

POLITICAL DONATIONS AND EXPENDITURE
No political donations have been made during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2023


AUDITORS
The auditors, Sephton & Company LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C A Delaney - Director


29 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ONPOINT LOGISTICS LTD


Opinion
We have audited the financial statements of Onpoint Logistics Ltd (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 October 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ONPOINT LOGISTICS 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 Statement of Directors' Responsibilities set out on page three, 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
ONPOINT LOGISTICS 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity, and motivations for fraud. As part of this discussion, we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the entity that were contrary to these laws and regulations, including fraud.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, The Working Time Directive, Road Laws and The Goods Vehicles (Licensing of Operators) Act 1995.
We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example we gained an understanding of, and inspected, the entity's webfleet and smart analysis systems which manage fleet and driver hours, we physically verified the existence of cameras on vehicles from which management can view the vehicle and its surroundings live at any given time and we obtained copies of the operators licenses and ensured all were suitable and in date.
Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.

We also completed the following procedures:
Performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
In addressing the risk of fraud through management override of controls, we tested journal entries and other adjustments for inappropriate or unusual journals outside of our expectations, as well as for any significant transactions outside the normal course of business, taking into consideration the scope for management to manipulate financial results;
Assessed the appropriateness of key estimates and judgements made by management and challenged the assumptions used in accounting estimates. We considered the key estimates to be depreciation, bad debt, stock valuation and going concern.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliant with all laws and regulations.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ONPOINT LOGISTICS 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.




Darren Paul Carter (Senior Statutory Auditor)
for and on behalf of Sephton & Company LLP
Chartered Certified Accountants
Statutory Auditors
Marston House
5 Elmdon Lane
Marston Green
Solihull
West Midlands
B37 7DL

29 July 2024

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

TURNOVER 3 11,806,849 15,634,288

Cost of sales 9,927,465 11,540,511
GROSS PROFIT 1,879,384 4,093,777

Administrative expenses 2,442,314 2,069,221
(562,930 ) 2,024,556

Other operating income 4 255 34,088
OPERATING (LOSS)/PROFIT 6 (562,675 ) 2,058,644


Interest payable and similar expenses 7 164,842 147,553
(LOSS)/PROFIT BEFORE TAXATION (727,517 ) 1,911,091

Tax on (loss)/profit 8 (11,263 ) 331,692
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(716,254

)

1,579,399

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (716,254 ) 1,579,399


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(716,254

)

1,579,399

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 4,128,960 4,110,009

CURRENT ASSETS
Stocks 11 105,446 95,658
Debtors 12 2,894,964 4,056,752
Cash at bank 43,457 93,069
3,043,867 4,245,479
CREDITORS
Amounts falling due within one year 13 3,910,178 3,909,257
NET CURRENT (LIABILITIES)/ASSETS (866,311 ) 336,222
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,262,649

4,446,231

CREDITORS
Amounts falling due after more than one year 14 (1,469,608 ) (1,566,460 )

PROVISIONS FOR LIABILITIES 18 (599,408 ) (529,501 )
NET ASSETS 1,193,633 2,350,270

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Retained earnings 20 1,183,633 2,340,270
SHAREHOLDERS' FUNDS 1,193,633 2,350,270

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





C A Delaney - Director


ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 10,000 1,516,253 1,526,253

Changes in equity
Dividends - (755,382 ) (755,382 )
Total comprehensive income - 1,579,399 1,579,399
Balance at 31 October 2022 10,000 2,340,270 2,350,270

Changes in equity
Dividends - (440,383 ) (440,383 )
Total comprehensive income - (716,254 ) (716,254 )
Balance at 31 October 2023 10,000 1,183,633 1,193,633

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,812,948 2,631,440
Interest paid (27,548 ) (38,501 )
Interest element of hire purchase payments
paid

(137,294

)

(109,052

)
Net cash from operating activities 1,648,106 2,483,887

Cash flows from investing activities
Purchase of tangible fixed assets (96,544 ) (1,251,045 )
Sale of tangible fixed assets 766,475 32,000
Net cash from investing activities 669,931 (1,219,045 )

Cash flows from financing activities
Loan repayments in year (83,519 ) (209,513 )
Capital repayments in year (1,892,526 ) (129,250 )
Amount introduced by directors 48,779 -
Amount withdrawn by directors - (114,946 )
Equity dividends paid (440,383 ) (755,382 )
Net cash from financing activities (2,367,649 ) (1,209,091 )

(Decrease)/increase in cash and cash equivalents (49,612 ) 55,751
Cash and cash equivalents at beginning of
year

2

93,069

37,318

Cash and cash equivalents at end of year 2 43,457 93,069

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
(Loss)/profit before taxation (727,517 ) 1,911,091
Depreciation charges 968,791 895,205
Profit on disposal of fixed assets (73,473 ) (2,071 )
Finance costs 164,842 147,553
332,643 2,951,778
(Increase)/decrease in stocks (9,788 ) 13,281
Decrease in trade and other debtors 1,113,010 1,871,287
Increase/(decrease) in trade and other creditors 377,083 (2,204,906 )
Cash generated from operations 1,812,948 2,631,440

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 43,457 93,069
Year ended 31 October 2022
31/10/22 1/11/21
£    £   
Cash and cash equivalents 93,069 37,331
Bank overdrafts - (13 )
93,069 37,318


ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/11/22 Cash flow changes At 31/10/23
£    £    £    £   
Net cash
Cash at bank 93,069 (49,612 ) 43,457
93,069 (49,612 ) 43,457
Debt
Finance leases (2,428,651 ) 1,892,526 (1,584,199 ) (2,120,324 )
Debts falling due
within 1 year (83,517 ) 16,553 - (66,964 )
Debts falling due
after 1 year (115,021 ) 66,964 - (48,057 )
(2,627,189 ) 1,976,043 (1,584,199 ) (2,235,345 )
Total (2,534,120 ) 1,926,431 (1,584,199 ) (2,191,888 )

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Onpoint Logistics 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

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.

Plant & machinery - 25% on reducing balance & 10% on cost
Fixture & fittings - 25% on reducing balance
Motor vehicles - 14% on cost & 20% on cost
Short leasehold - 25% on reducing balance

Stocks
Stock relates to fuel for vehicles and is valued at lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other accounts receivable and payable, cash and bank balances, loans to or from related parties and current asset investments. All such instruments are measured initially and subsequently at the transaction price.

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment is recognised in the profit and loss account.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Government grants
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

3. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
General Haulage 8,357,405 11,632,933
Sub-Contracted Haulage - 901,339
Pallet Network Input 2,089,798 2,220,053
Pallet Network Deliveries 409,578 622,854
Pallet Network Depot 127 267,618 182,876
Management fees 82,100 -
Garage sales 19,622 -
Other 580,728 74,233
11,806,849 15,634,288

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 11,399,404 13,000,876
Europe 407,445 2,633,412
11,806,849 15,634,288

4. OTHER OPERATING INCOME
2023 2022
£    £   
Exchange gains 255 34,088

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,607,224 1,466,248
Social security costs 127,718 153,218
Other pension costs 26,723 23,672
1,761,665 1,643,138

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

Admin 17 14
Director 2 2
Driver 19 28
Warehouse 7 4
45 48

2023 2022
£    £   
Directors' remuneration 61,015 32,537

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. OPERATING (LOSS)/PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 103,625 123,097
Depreciation - owned assets 208,583 365,179
Depreciation - assets on hire purchase contracts 760,207 530,027
Profit on disposal of fixed assets (73,473 ) (2,071 )
Auditors' remuneration 5,500 5,500
Foreign exchange differences (255 ) (34,088 )

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 15,929 26,197
HMRC late payment 11,619 12,304
Hire purchase interest 137,294 109,052
164,842 147,553

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (81,170 ) 215,525

Deferred tax 69,907 116,167
Tax on (loss)/profit (11,263 ) 331,692

Reconciliation of total tax (credit)/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 (727,517 ) 1,911,091
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

(138,228

)

363,107

Effects of:
Expenses not deductible for tax purposes 67 2,414
Capital allowances in excess of depreciation - (17,623 )
Depreciation in excess of capital allowances 208,068 -
Utilisation of tax losses - (16,206 )
for tax purposes
Adjustments to tax charge in respect of previous periods (81,170 ) -
Total tax (credit)/charge (11,263 ) 331,692

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


9. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of £1 each
Interim 440,383 755,382

10. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 367,679 353,629 169,879 5,796,972 6,688,159
Additions - - - 1,680,743 1,680,743
Disposals - - - (1,230,607 ) (1,230,607 )
At 31 October 2023 367,679 353,629 169,879 6,247,108 7,138,295
DEPRECIATION
At 1 November 2022 109,198 115,674 49,759 2,303,519 2,578,150
Charge for year 57,707 47,631 26,817 836,635 968,790
Eliminated on disposal - - - (537,605 ) (537,605 )
At 31 October 2023 166,905 163,305 76,576 2,602,549 3,009,335
NET BOOK VALUE
At 31 October 2023 200,774 190,324 93,303 3,644,559 4,128,960
At 31 October 2022 258,481 237,955 120,120 3,493,453 4,110,009

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 20,000 31,635 25,786 4,256,736 4,334,157
Additions - - - 1,584,199 1,584,199
Disposals - - - (644,975 ) (644,975 )
Transfer to ownership - (11,635 ) (25,786 ) (1,407,780 ) (1,445,201 )
At 31 October 2023 20,000 20,000 - 3,788,180 3,828,180
DEPRECIATION
At 1 November 2022 7,933 12,549 7,375 1,175,706 1,203,563
Charge for year 2,694 4,260 4,110 749,143 760,207
Transfer to ownership - (6,182 ) (11,485 ) (820,120 ) (837,787 )
At 31 October 2023 10,627 10,627 - 1,104,729 1,125,983
NET BOOK VALUE
At 31 October 2023 9,373 9,373 - 2,683,451 2,702,197
At 31 October 2022 12,067 19,086 18,411 3,081,030 3,130,594

11. STOCKS
2023 2022
£    £   
Stocks 105,446 95,658

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,231,349 3,364,692
Bad debt provision (91,730 ) (97,410 )
Amounts owed by group undertakings 190,463 190,463
Other debtors 102,495 134,100
Directors' current accounts - 48,778
VAT - 25,247
Prepayments 462,387 390,882
2,894,964 4,056,752

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans (see note 15) 66,964 83,517
Hire purchase contracts (see note 16) 698,773 977,212
Trade creditors 1,510,459 1,324,352
Corporation tax 145,871 215,525
PAYE & NIC control a/c 28,562 30,750
Pension control a/c 619 3,683
VAT 305,098 -
Other creditors 1,126,144 1,249,188
Wages control account (4,761 ) (2,636 )
Accrued expenses 32,449 27,666
3,910,178 3,909,257

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans (see note 15) 48,057 115,021
Hire purchase contracts (see note 16) 1,421,551 1,451,439
1,469,608 1,566,460

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Other loans - less than 1 yr 66,964 83,517

Amounts falling due between one and two years:
Other loans - 1-2 years 48,057 66,964

Amounts falling due between two and five years:
Other loans - 2-5 years - 48,057

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 698,773 977,212
Between one and five years 1,421,551 1,451,439
2,120,324 2,428,651

Non-cancellable operating leases
2023 2022
£    £   
Within one year 465,860 503,620
Between one and five years 820,193 1,283,957
1,286,053 1,787,577

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 2,120,324 2,428,651
Factored debts 1,123,559 1,245,343
3,243,883 3,673,994

Net obligations under the hire purchase contracts and the factored debts are secured by fixed charges on the assets concerned.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 599,408 529,501

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2022 529,501
Provided during year 69,907
Balance at 31 October 2023 599,408

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
9,000 Ordinary A £1 9,000 9,000
1,000 Ordinary B £1 1,000 1,000
10,000 10,000

20. RESERVES
Retained
earnings
£   

At 1 November 2022 2,340,270
Deficit for the year (716,254 )
Dividends (440,383 )
At 31 October 2023 1,183,633

21. ULTIMATE PARENT COMPANY

The immediate and ultimate parent undertaking and controlling party is Onpoint ST Ltd, which prepares group financial statements. The registered office of Onpoint ST Ltd is Marston House 5, Elmdon Lane, Marston Green, Solihull, West Midlands, England, B37 7DL

22. OFF-BALANCE SHEET ARRANGEMENTS

The company is guarantor of an operating lease of a company within the Onpoint group. The amount totals £125,000.

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
C A Delaney
Balance outstanding at start of year 48,779 (66,168 )
Amounts advanced - 114,947
Amounts repaid (48,779 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 48,779

Amount is repayable on demand, no interest is charged.

24. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2023 2022
£    £   
Sales 606,805 2,655,711
Purchases 679,490 23,197
Amount due from related party 9,050 562,260

Other related parties
2023 2022
£    £   
Sales - 49,321
Purchases - 194,387
Amount due from related party - 45,842