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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 2024






ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










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 2024







DIRECTORS: C A Delaney
Mrs S Delaney
A J Bush





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 2024


The directors present their strategic report for the year ended 31 October 2024.

REVIEW OF BUSINESS
The directors consider that Turnover is the key financial performance indicators.The revenue of the company from the sale of these services is shown in note 3 of the accounts.

Overall during 2024 the company saw a slight increase in revenue streams vs 2023 (8%).The UK economy stabilised slightly and gave consumers more confidence which saw an uplift in transport. The company, as per 2023 completed all work on its own fleet.

The company had to strategically and efficiency reduce overheads to accommodate the increase in costs from all supply chains while negotiating with customers as minimum uplift as possible to ensure it stayed profitable.

The company also suffered some bad debts with the market being so volatile. With the introduction of Debtor Insurance this stabilises the company's position to minimise any potential losses in the future.

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.

ON BEHALF OF THE BOARD:





A J Bush - Director


19 March 2025

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2024


The directors present their report with the financial statements of the company for the year ended 31 October 2024.

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 2024 will be £ 138,885 .

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 2023 to the date of this report.

C A Delaney
Mrs S Delaney

Other changes in directors holding office are as follows:

A J Bush was appointed as a director after 31 October 2024 but prior to the date of this report.

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.

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 OCTOBER 2024


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.

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

ON BEHALF OF THE BOARD:





A J Bush - Director


19 March 2025

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 2024 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 2024 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.

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, opportunities, and motivations for fraud. As part of this discussion, we identified 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.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We also 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 where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: the Health and Safety at Work Act 1974, the Working Time Regulations 1998, the Goods Vehicles (Licensing of Operators) Act 1995 and all applicable Road Laws.
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 Health and Safety Policy, physically verified cameras on vehicles used to view the whole perimeter of the vehicle as well as dash cam style cameras to monitor road laws adherence, gained an understanding of, and inspected, the Company's webfleet system to conclude vehicles and driving hours are monitored. We also obtained evidence of the Company's operators license and verified that it was in date.

Our audit procedures included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
The engagement team also completed the following procedures:
- Understood how management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- 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 rates, bad debt provision, stock valuation and going concern.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organization for fraud and identified the greatest potential for fraud in the following areas:
- Posting of unusual journals and complex transactions;
- Manipulation of amounts subject to significant judgement or estimate;
- Recognising revenue for transactions that do not meet the criteria for revenue recognition; and
- Completeness and valuation of related party transactions.

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


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 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 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-compliance with all laws and regulations.

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

19 March 2025

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

INCOME STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   

TURNOVER 3 12,743,669 11,806,849

Cost of sales 8,993,079 9,927,465
GROSS PROFIT 3,750,590 1,879,384

Administrative expenses 3,474,710 2,442,314
275,880 (562,930 )

Other operating income 4 1,627 255
OPERATING PROFIT/(LOSS) 6 277,507 (562,675 )


Interest payable and similar expenses 7 133,187 164,842
PROFIT/(LOSS) BEFORE TAXATION 144,320 (727,517 )

Tax on profit/(loss) 8 169,387 (11,263 )
LOSS FOR THE FINANCIAL YEAR (25,067 ) (716,254 )

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   

LOSS FOR THE YEAR (25,067 ) (716,254 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(25,067

)

(716,254

)

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 3,631,880 4,128,960

CURRENT ASSETS
Stocks 11 105,371 105,446
Debtors 12 3,489,308 2,894,964
Cash at bank 173,926 43,457
3,768,605 3,043,867
CREDITORS
Amounts falling due within one year 13 4,513,738 3,910,178
NET CURRENT LIABILITIES (745,133 ) (866,311 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,886,747

3,262,649

CREDITORS
Amounts falling due after more than one
year

14

(1,193,644

)

(1,469,608

)

PROVISIONS FOR LIABILITIES 18 (663,422 ) (599,408 )
NET ASSETS 1,029,681 1,193,633

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Retained earnings 20 1,019,681 1,183,633
SHAREHOLDERS' FUNDS 1,029,681 1,193,633

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:





A J Bush - Director


ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 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

Changes in equity
Dividends - (138,885 ) (138,885 )
Total comprehensive income - (25,067 ) (25,067 )
Balance at 31 October 2024 10,000 1,019,681 1,029,681

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,446,960 1,812,948
Interest paid (9,517 ) (27,548 )
Interest element of hire purchase payments
paid

(123,670

)

(137,294

)
Tax paid (140,343 ) -
Net cash from operating activities 1,173,430 1,648,106

Cash flows from investing activities
Purchase of tangible fixed assets (25,372 ) (96,544 )
Sale of tangible fixed assets 106,700 766,475
Net cash from investing activities 81,328 669,931

Cash flows from financing activities
Loan repayments in year (66,965 ) (83,519 )
Capital repayments in year (918,439 ) (1,892,526 )
Amount introduced by directors - 48,779
Equity dividends paid (138,885 ) (440,383 )
Net cash from financing activities (1,124,289 ) (2,367,649 )

Increase/(decrease) in cash and cash equivalents 130,469 (49,612 )
Cash and cash equivalents at beginning of
year

2

43,457

93,069

Cash and cash equivalents at end of year 2 173,926 43,457

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 144,320 (727,517 )
Depreciation charges 981,326 968,791
Profit on disposal of fixed assets (52,641 ) (73,473 )
Finance costs 133,187 164,842
1,206,192 332,643
Decrease/(increase) in stocks 75 (9,788 )
(Increase)/decrease in trade and other debtors (594,344 ) 1,113,010
Increase in trade and other creditors 835,037 377,083
Cash generated from operations 1,446,960 1,812,948

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 2024
31/10/24 1/11/23
£    £   
Cash and cash equivalents 173,926 43,457
Year ended 31 October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 43,457 93,069


ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/11/23 Cash flow changes At 31/10/24
£    £    £    £   
Net cash
Cash at bank 43,457 130,469 173,926
43,457 130,469 173,926
Debt
Finance leases (2,120,324 ) 918,439 (512,932 ) (1,714,817 )
Debts falling due
within 1 year (66,964 ) 18,907 - (48,057 )
Debts falling due
after 1 year (48,057 ) 48,057 - -
(2,235,345 ) 985,403 (512,932 ) (1,762,874 )
Total (2,191,888 ) 1,115,872 (512,932 ) (1,588,948 )

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


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.

In respect of haulage, the company recognises revenue at the point of delivery.
In respect of storage, the company recognises revenue at the end of each month as the service provided in line with the level of service and charge rates agreed on a customer by customer basis.

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 2024


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 2024


3. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

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

2024 2023
£    £   
General Haulage 8,641,141 8,357,405
Pallet Network Input 2,254,433 2,089,798
Pallet Network Deliveries 631,875 409,578
Pallet Network Depot 127 300,986 267,618
Management fees 631,200 82,100
Garage sales 25,260 19,622
Warehouse sales 257,095 -
Other 1,679 580,728
12,743,669 11,806,849

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 12,743,669 11,399,404
Europe - 407,445
12,743,669 11,806,849

4. OTHER OPERATING INCOME
2024 2023
£    £   
Rents received 3,100 -
Exchange gains (1,473 ) 255
1,627 255

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,879,028 1,607,224
Social security costs 141,868 127,718
Other pension costs 28,332 26,723
3,049,228 1,761,665

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Admin 14 17
Director 2 2
Driver 20 19
Warehouse 8 7
44 45

2024 2023
£    £   
Directors' remuneration 56,267 61,015

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

Money purchase schemes 2 2

6. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 67,638 103,625
Depreciation - owned assets 375,141 208,583
Depreciation - assets on hire purchase contracts 533,428 760,207
Profit on disposal of fixed assets (52,641 ) (73,473 )
Auditors' remuneration 7,391 5,500
Foreign exchange differences 1,473 (255 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 7,631 15,929
HMRC late payment 1,886 11,619
Hire purchase interest 123,670 137,294
133,187 164,842

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 105,373 (81,170 )

Deferred tax 64,014 69,907
Tax on profit/(loss) 169,387 (11,263 )

Reconciliation of total tax charge/(credit) 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:

2024 2023
£    £   
Profit/(loss) before tax 144,320 (727,517 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

36,080

(138,228

)

Effects of:
Expenses not deductible for tax purposes 9 67
Income not taxable for tax purposes (13,160 ) -
Depreciation in excess of capital allowances 82,444 208,068
for tax purposes
Adjustments to tax charge in respect of previous periods - (81,170 )
Timing difference 64,014 -
Total tax charge/(credit) 169,387 (11,263 )

9. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 138,885 440,383

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


10. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2023 367,679 353,629 169,879 6,247,108 7,138,295
Additions - 19,395 5,977 512,932 538,304
Disposals (3,000 ) (7,760 ) (6,517 ) (127,038 ) (144,315 )
At 31 October 2024 364,679 365,264 169,339 6,633,002 7,532,284
DEPRECIATION
At 1 November 2023 166,905 163,305 76,576 2,602,549 3,009,335
Charge for year 43,046 36,491 17,277 811,755 908,569
Eliminated on disposal - - - (17,500 ) (17,500 )
At 31 October 2024 209,951 199,796 93,853 3,396,804 3,900,404
NET BOOK VALUE
At 31 October 2024 154,728 165,468 75,486 3,236,198 3,631,880
At 31 October 2023 200,774 190,324 93,303 3,644,559 4,128,960

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 November 2023 20,000 20,000 3,788,180 3,828,180
Additions - - 512,932 512,932
Disposals - - (102,038 ) (102,038 )
Transfer to ownership (20,000 ) (20,000 ) - (40,000 )
Reclassification/transfer - - 68,464 68,464
At 31 October 2024 - - 4,267,538 4,267,538
DEPRECIATION
At 1 November 2023 10,627 10,627 1,104,729 1,125,983
Charge for year 195 573 532,660 533,428
Eliminated on disposal - - (62,924 ) (62,924 )
Transfer to ownership (10,822 ) (11,200 ) - (22,022 )
At 31 October 2024 - - 1,574,465 1,574,465
NET BOOK VALUE
At 31 October 2024 - - 2,693,073 2,693,073
At 31 October 2023 9,373 9,373 2,683,451 2,702,197

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


11. STOCKS
2024 2023
£    £   
Stocks 105,371 105,446

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,967,335 2,231,349
Bad debt provision (99,763 ) (91,730 )
Amounts owed by group undertakings 20,463 190,463
Other debtors 146,495 102,495
Prepayments 454,778 462,387
3,489,308 2,894,964

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans (see note 15) 48,057 66,964
Hire purchase contracts (see note 16) 521,173 698,773
Trade creditors 1,802,697 1,510,459
Corporation tax 110,901 145,871
PAYE & NIC control a/c 37,183 28,562
Pension control a/c 2,336 619
VAT 552,752 305,098
Other creditors 1,372,459 1,126,144
Wages control account (1,450 ) (4,761 )
Accrued expenses 67,630 32,449
4,513,738 3,910,178

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans (see note 15) - 48,057
Hire purchase contracts (see note 16) 1,193,644 1,421,551
1,193,644 1,469,608

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans - less than 1 yr 48,057 66,964

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


15. LOANS - continued
2024 2023
£    £   
Amounts falling due between one and two years:
Other loans - 1-2 years - 48,057

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 521,173 698,773
Between one and five years 1,193,644 1,421,551
1,714,817 2,120,324

Non-cancellable operating leases
2024 2023
£    £   
Within one year 436,963 465,860
Between one and five years 500,483 820,193
937,446 1,286,053

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 1,714,817 2,120,324
Factored debts 1,369,874 1,123,559
3,084,691 3,243,883

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

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 663,422 599,408

ONPOINT LOGISTICS LTD (REGISTERED NUMBER: 03326171)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2023 599,408
Provided during year 64,014
Balance at 31 October 2024 663,422

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
9,000 Ordinary A £1 9,000 9,000
1,000 Ordinary B £1 1,000 1,000
10,000 10,000

Ordinary A and B shares have full voting rights, dividend and capital return rights including on a winding up.

20. RESERVES
Retained
earnings
£   

At 1 November 2023 1,183,633
Deficit for the year (25,067 )
Dividends (138,885 )
At 31 October 2024 1,019,681

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 2024


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
C A Delaney
Balance outstanding at start of year - 48,779
Amounts repaid - (48,779 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

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
2024 2023
£    £   
Sales 667,969 606,805
Purchases - 679,490
Amount due from related party 515,050 9,050