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REGISTERED NUMBER: 11022437 (England and Wales)















ONPOINT ST LTD

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023






ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


ONPOINT ST LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: C A Delaney





REGISTERED OFFICE: Marston House
5, Elmdon Lane
Marston Green
Solihull
West Midlands
B37 7DL





BUSINESS ADDRESS: 483-503 Garretts Green Lane
Garretts Green
Birmingham
West Midlands
B33 0SL





REGISTERED NUMBER: 11022437 (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 ST LTD (REGISTERED NUMBER: 11022437)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023


The director presents his strategic report of the company and the group for the year ended 31 October 2023.

REVIEW OF BUSINESS
We consider that our key performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, profit before tax and net assets.

Turnover has decreased by 25% resulting in a loss before tax of 7.3% of turnover compared to the previous years profit before tax of 12.4% of turnover.

Net assets have decreased to £1,983,223 from £2,962,291 the previous year.

The majority of the groups trading takes place in the United Kingdom.

The group remains in a stable financial position.

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 manage effectively the principle strategic, financial and operational risks faced by the business.

The group's principle 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. However, the adverse condition of the UK's Economy is something the directors are monitoring very closely

ON BEHALF OF THE BOARD:





C A Delaney - Director


29 July 2024

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 OCTOBER 2023


The director presents his report with the financial statements of the company and the group for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of haulage and storage

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2023 will be £ 100,000 .

FUTURE DEVELOPMENTS
The directors anticipate the business environment will remain competitive. They believe that the group 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.

DIRECTOR
C A Delaney held office during the whole of the period from 1 November 2022 to the date of this report.

FINANCIAL INSTRUMENTS
The group 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 group does not enter into any formally designated hedging arrangements.

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

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

REPORT OF THE DIRECTOR
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 ST LTD


Opinion
We have audited the financial statements of Onpoint ST Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 October 2023 and of the group's 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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.

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


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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ONPOINT ST 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 ST 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 ST LTD (REGISTERED NUMBER: 11022437)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

TURNOVER 3 12,118,060 16,201,112

Cost of sales 9,860,080 11,650,431
GROSS PROFIT 2,257,980 4,550,681

Administrative expenses 2,969,618 2,421,497
(711,638 ) 2,129,184

Other operating income 255 34,088
OPERATING (LOSS)/PROFIT 5 (711,383 ) 2,163,272


Interest payable and similar expenses 6 173,030 148,615
(LOSS)/PROFIT BEFORE TAXATION (884,413 ) 2,014,657

Tax on (loss)/profit 7 (5,245 ) 333,167
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(879,168

)

1,681,490
(Loss)/profit attributable to:
Owners of the parent (879,168 ) 1,681,490

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (879,168 ) 1,681,490


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(879,168

)

1,681,490

Total comprehensive income attributable to:
Owners of the parent (879,168 ) 1,681,490

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

CONSOLIDATED BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 (39,233 ) (47,827 )
Tangible assets 11 4,371,317 4,374,138
Investments 12 - -
4,332,084 4,326,311

CURRENT ASSETS
Stocks 13 140,206 101,658
Debtors 14 3,752,886 4,300,008
Cash at bank and in hand 43,918 705,880
3,937,010 5,107,546
CREDITORS
Amounts falling due within one year 15 3,967,390 4,071,160
NET CURRENT (LIABILITIES)/ASSETS (30,380 ) 1,036,386
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,301,704

5,362,697

CREDITORS
Amounts falling due after more than one year 16 (1,696,170 ) (1,853,920 )

PROVISIONS FOR LIABILITIES 20 (622,311 ) (546,386 )
NET ASSETS 1,983,223 2,962,391

CAPITAL AND RESERVES
Called up share capital 21 100 100
Retained earnings 22 1,983,123 2,962,291
SHAREHOLDERS' FUNDS 1,983,223 2,962,391

The financial statements were approved by the director and authorised for issue on 29 July 2024 and were signed by:





C A Delaney - Director


ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

COMPANY BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 190,464 190,464
190,464 190,464

CURRENT ASSETS
Debtors 14 1,032,854 120,000
Cash at bank and in hand 141 581,612
1,032,995 701,612
CREDITORS
Amounts falling due within one year 15 209,063 190,463
NET CURRENT ASSETS 823,932 511,149
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,014,396

701,613

CAPITAL AND RESERVES
Called up share capital 21 100 100
Retained earnings 22 1,014,296 701,513
SHAREHOLDERS' FUNDS 1,014,396 701,613

Company's profit for the financial year 412,783 755,382

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





C A Delaney - Director


ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

CONSOLIDATED 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 100 1,334,670 1,334,770

Changes in equity
Dividends - (53,869 ) (53,869 )
Total comprehensive income - 1,681,490 1,681,490
Balance at 31 October 2022 100 2,962,291 2,962,391

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - (879,168 ) (879,168 )
Balance at 31 October 2023 100 1,983,123 1,983,223

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

COMPANY 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 100 - 100

Changes in equity
Dividends - (53,869 ) (53,869 )
Total comprehensive income - 755,382 755,382
Balance at 31 October 2022 100 701,513 701,613

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - 412,783 412,783
Balance at 31 October 2023 100 1,014,296 1,014,396

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,942,534 2,415,507
Interest paid (28,367 ) (39,563 )
Interest element of hire purchase payments
paid

(144,663

)

(109,052

)
Net cash from operating activities 1,769,504 2,266,892

Cash flows from investing activities
Purchase of intangible fixed assets - 65,387
Purchase of tangible fixed assets (96,544 ) (1,507,663 )
Sale of tangible fixed assets 1,018,465 32,000
Net cash from investing activities 921,921 (1,410,276 )

Cash flows from financing activities
New loans in year - 46,857
Loan repayments in year (93,347 ) (219,099 )
Capital repayments in year (2,175,964 ) 152,903
Amount introduced by directors 148,779 -
Amount withdrawn by directors (1,132,855 ) (114,946 )
Equity dividends paid (100,000 ) (53,869 )
Net cash from financing activities (3,353,387 ) (188,154 )

(Decrease)/increase in cash and cash equivalents (661,962 ) 668,462
Cash and cash equivalents at beginning of
year

2

705,880

37,418

Cash and cash equivalents at end of year 2 43,918 705,880

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

NOTES TO THE CONSOLIDATED 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 (884,413 ) 2,014,657
Depreciation charges 981,968 901,928
Profit on disposal of fixed assets (73,473 ) (2,071 )
Amortisation of goodwill - (18,678 )
Finance costs 173,030 148,615
197,112 3,044,451
(Increase)/decrease in stocks (38,548 ) 7,281
Decrease in trade and other debtors 1,531,198 1,452,978
Increase/(decrease) in trade and other creditors 252,772 (2,089,203 )
Cash generated from operations 1,942,534 2,415,507

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 43,918 705,880
Year ended 31 October 2022
31/10/22 1/11/21
£    £   
Cash and cash equivalents 705,880 37,431
Bank overdrafts - (13 )
705,880 37,418


ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

NOTES TO THE CONSOLIDATED 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
and in hand 705,880 (661,962 ) 43,918
705,880 (661,962 ) 43,918
Debt
Finance leases (2,725,039 ) 2,175,964 (1,191,214 ) (2,385,264 )
Debts falling due
within 1 year (93,346 ) 16,305 - (77,041 )
Debts falling due
after 1 year (142,464 ) 77,042 - (65,422 )
(2,960,849 ) 2,269,311 (1,191,214 ) (2,527,727 )
Total (2,254,969 ) 1,607,349 (1,191,214 ) (2,483,809 )

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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


1. STATUTORY INFORMATION

Onpoint ST 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 General 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.

Basis of consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 October.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a businesses in 2017 and 2021, is being amortised evenly over useful life of 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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


2. ACCOUNTING POLICIES - continued

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.

Financial instruments
The group 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 Consolidated 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.

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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


2. ACCOUNTING POLICIES - continued

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

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

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

2023 2022
£    £   
Haulage 11,806,849 15,560,055
Storage 311,211 566,824
Other - 74,233
12,118,060 16,201,112

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 11,710,615 13,567,700
Europe 407,445 2,633,412
12,118,060 16,201,112

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,729,469 1,589,517
Social security costs 131,457 164,384
Other pension costs 28,159 26,268
1,889,085 1,780,169

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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


4. EMPLOYEES AND DIRECTORS - continued

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

Admin 17 14
Director 2 2
Driver 19 28
Warehouse 12 11
50 55

2023 2022
£    £   
Director's remuneration 61,015 32,537

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

Money purchase schemes 2 2

5. OPERATING (LOSS)/PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 130,625 144,347
Depreciation - owned assets 212,355 371,900
Depreciation - assets on hire purchase contracts 778,207 530,028
Profit on disposal of fixed assets (73,473 ) (2,071 )
Goodwill amortisation (8,594 ) (18,680 )
Auditors' remuneration 20,600 5,500
Foreign exchange differences (255 ) (34,088 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 16,748 27,259
HMRC late payment 11,619 12,304
Hire purchase interest 144,663 109,052
173,030 148,615

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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


7. 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 ) 200,115

Deferred tax 75,925 133,052
Tax on (loss)/profit (5,245 ) 333,167

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 (884,413 ) 2,014,657
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

(168,038

)

382,785

Effects of:
Expenses not deductible for tax purposes 67 2,414
Income not taxable for tax purposes - (3,549 )
Capital allowances in excess of depreciation - (32,277 )
Depreciation in excess of capital allowances 190,724 -
Utilisation of tax losses (27,998 ) (16,206 )
Total tax (credit)/charge (5,245 ) 333,167

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Interim 100,000 53,869

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 (70,990 )
AMORTISATION
At 1 November 2022 (23,163 )
Amortisation for year (8,594 )
At 31 October 2023 (31,757 )
NET BOOK VALUE
At 31 October 2023 (39,233 )
At 31 October 2022 (47,827 )

Negative goodwill has occurred from the acquisition of Onpoint Logistics Ltd and and OPL Distribution Limited.

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 367,679 369,319 173,050 6,048,962 6,959,010
Additions - - - 1,932,733 1,932,733
Disposals - - - (1,482,597 ) (1,482,597 )
At 31 October 2023 367,679 369,319 173,050 6,499,098 7,409,146
DEPRECIATION
At 1 November 2022 109,198 121,128 51,027 2,303,519 2,584,872
Charge for year 57,707 50,769 27,451 854,635 990,562
Eliminated on disposal - - - (537,605 ) (537,605 )
At 31 October 2023 166,905 171,897 78,478 2,620,549 3,037,829
NET BOOK VALUE
At 31 October 2023 200,774 197,422 94,572 3,878,549 4,371,317
At 31 October 2022 258,481 248,191 122,023 3,745,443 4,374,138

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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


11. TANGIBLE FIXED ASSETS - continued

Group

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 4,508,726 4,586,147
Additions - - - 1,836,189 1,836,189
Disposals - - - (896,965 ) (896,965 )
Transfer to ownership - (11,635 ) (25,786 ) (1,407,780 ) (1,445,201 )
At 31 October 2023 20,000 20,000 - 4,040,170 4,080,170
DEPRECIATION
At 1 November 2022 7,933 12,549 7,375 1,175,707 1,203,564
Charge for year 2,694 4,260 4,110 767,143 778,207
Transfer to ownership - (6,182 ) (11,485 ) (820,120 ) (837,787 )
At 31 October 2023 10,627 10,627 - 1,122,730 1,143,984
NET BOOK VALUE
At 31 October 2023 9,373 9,373 - 2,917,440 2,936,186
At 31 October 2022 12,067 19,086 18,411 3,333,019 3,382,583

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 190,464
NET BOOK VALUE
At 31 October 2023 190,464
At 31 October 2022 190,464

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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


12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

OPL Distribution Limited
Registered office: 483 - 503 Garretts Green Lane Garretts Green, Birmingham, West Midlands, England, B33 0SL
Nature of business: Storage
%
Class of shares: holding
Ordinary 100.00

Company was acquired by Onpoint ST Ltd on the 22/11/21.

Onpoint Logistics Ltd
Registered office: 483 - 503 Garretts Green Lane Garretts Green, Birmingham, West Midlands, England, B33 0SL
Nature of business: Haulage
%
Class of shares: holding
Ordinary class A 100.00
Ordinary class B 100.00


13. STOCKS

Group
2023 2022
£    £   
Stocks 140,206 101,658

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,231,470 3,630,328 - -
Bad debt provision (91,730 ) (97,410 ) - -
Other debtors 102,495 273,215 - 120,000
Directors' current accounts 1,032,854 48,778 1,032,854 -
Tax 15,410 15,410 - -
VAT - 38,805 - -
Prepayments 462,387 390,882 - -
3,752,886 4,300,008 1,032,854 120,000

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 10,077 9,829 - -
Other loans (see note 17) 66,964 83,517 - -
Hire purchase contracts (see note 18) 754,516 1,013,583 - -
Trade creditors 1,482,206 1,430,191 - -
Amounts owed to group undertakings - - 190,463 190,463
Corporation tax 145,871 215,525 - -
PAYE & NIC control a/c 28,562 32,997 - -
Pension control a/c 619 3,683 - -
VAT 290,485 - - -
Other creditors 1,126,144 1,249,395 - -
Wages control account (4,761 ) (2,922 ) - -
Accrued expenses 66,707 35,362 18,600 -
3,967,390 4,071,160 209,063 190,463

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Bank loans (see note 17) 17,365 27,443
Other loans (see note 17) 48,057 115,021
Hire purchase contracts (see note 18) 1,630,748 1,711,456
1,696,170 1,853,920

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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


17. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,077 9,829
Other loans - less than 1 yr 66,964 83,517
77,041 93,346
Amounts falling due between one and two years:
Bank loans - 1-2 years 17,365 10,078
Other loans - 1-2 years 48,057 66,964
65,422 77,042
Amounts falling due between two and five years:
Bank loans - 2-5 years - 17,365
Other loans - 2-5 years - 48,057
- 65,422

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 754,516 1,013,583
Between one and five years 1,630,748 1,711,456
2,385,264 2,725,039

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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


18. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 590,860 641,120
Between one and five years 820,193 1,283,957
1,411,053 1,925,077

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 2,385,264 2,725,039
Factored debts 1,123,559 1,245,343
3,508,823 3,970,382

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

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 622,311 546,386

Group
Deferred
tax
£   
Balance at 1 November 2022 546,386
Provided during year 75,925
Balance at 31 October 2023 622,311

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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


21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

22. RESERVES

Group
Retained
earnings
£   

At 1 November 2022 2,962,291
Deficit for the year (879,168 )
Dividends (100,000 )
At 31 October 2023 1,983,123

Company
Retained
earnings
£   

At 1 November 2022 701,513
Profit for the year 412,783
Dividends (100,000 )
At 31 October 2023 1,014,296


23. DIRECTOR'S 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 1,032,854 114,947
Amounts repaid (48,779 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,032,854 48,779

ONPOINT ST LTD (REGISTERED NUMBER: 11022437)

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


23. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued

Amount is repayable on demand, no interest is charged.

24. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2023 2022
£    £   
Sales 606,805 2,655,711
Purchases 679,490 23,197
Amount due from related party 9,050 682,260

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