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 |
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: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 |
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: |
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. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditors |
Marston House |
5 Elmdon Lane |
Marston Green |
Solihull |
West Midlands |
B37 7DL |
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 |
( |
) |
(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 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 412,783 | 755,382 |
The financial statements were approved by the director and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2023 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
Registered office: 483 - 503 Garretts Green Lane Garretts Green, Birmingham, West Midlands, England, B33 0SL |
Nature of business: |
% |
Class of shares: | holding |
Company was acquired by Onpoint ST Ltd on the 22/11/21. |
Registered office: 483 - 503 Garretts Green Lane Garretts Green, Birmingham, West Midlands, England, B33 0SL |
Nature of business: |
% |
Class of shares: | holding |
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 |
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 |
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 | - | - |
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 |
3,967,390 | 4,071,160 |
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: | £ | £ |
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 |
Profit for the year |
Dividends | ( |
) |
At 31 October 2023 |
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 |