REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
FOR |
ONTRACK INTERNATIONAL LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
FOR |
ONTRACK INTERNATIONAL LTD |
ONTRACK INTERNATIONAL LTD (REGISTERED NUMBER: 02558621) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 October 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
ONTRACK INTERNATIONAL LTD |
COMPANY INFORMATION |
For The Year Ended 31 October 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Brightfield Business Hub |
Bakewell Road |
Orton Southgate |
Peterborough |
PE2 6XU |
ONTRACK INTERNATIONAL LTD (REGISTERED NUMBER: 02558621) |
STATEMENT OF FINANCIAL POSITION |
31 October 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
ONTRACK INTERNATIONAL LTD (REGISTERED NUMBER: 02558621) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 October 2024 |
1. | STATUTORY INFORMATION |
OnTrack International Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Fixtures & fittings | - | 33% on the straight line basis over useful life |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
ONTRACK INTERNATIONAL LTD (REGISTERED NUMBER: 02558621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 October 2024 |
2. | ACCOUNTING POLICIES - continued |
Exemption from preparing consolidated financial statements |
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts. |
Going concern |
The financial statements have been prepared on the going concern basis. In assessing the appropriateness of the going concern basis, the Directors have taken account of all relevant information covering a period of at least twelve months from the date of approval of the financial statements. The Directors consider it appropriate to continue to use the going concern assumption on the basis that the Company will have sufficient resources to enable it to meet its liabilities as they fall due. |
Operating leases: the company as lessee |
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term |
Interest Income |
Interest income is recognised in profit or loss using the effective interest method. |
Pensions |
Defined contribution pension plan |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. |
ONTRACK INTERNATIONAL LTD (REGISTERED NUMBER: 02558621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 October 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currency translation |
Functional and presentation currency |
The Company's functional and presentational currency is Pounds Sterling. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. |
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
a) the amount of revenue can be measured reliably; |
b) it is probable that the Company will receive the consideration due under the contract; |
c) the stage of completion of the contract at the end of the reporting period can be measured |
reliably; and |
d) the costs incurred and the costs to complete the contract can be measured reliably. |
Valuation of investments |
Investments in subsidiaries are measured at cost less accumulated impairment. |
Associates and joint ventures |
Associates and Joint Ventures are held at cost less impairment. |
Debtors |
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
ONTRACK INTERNATIONAL LTD (REGISTERED NUMBER: 02558621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 October 2024 |
2. | ACCOUNTING POLICIES - continued |
Creditors |
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Provisions for liabilities |
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. |
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. |
Increases in provisions are generally charged as an expense to profit or loss. |
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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 November 2023 |
Additions |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
ONTRACK INTERNATIONAL LTD (REGISTERED NUMBER: 02558621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 October 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in joint |
undertakings | venture | Totals |
£ | £ | £ |
COST |
At 1 November 2023 |
and 31 October 2024 | 100 |
NET BOOK VALUE |
At 31 October 2024 | 100 |
At 31 October 2023 | 100 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Registered office: USA |
Nature of business: |
% |
Class of shares: | holding |
Joint venture |
Registered office: UK |
Nature of business: |
% |
Class of shares: | holding |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Deferred tax asset |
Prepayments |
Amounts owed by joint ventures and associated undertakings include a provision for doubtful debts of £156,477 (2023 - £156,477). |
ONTRACK INTERNATIONAL LTD (REGISTERED NUMBER: 02558621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 October 2024 |
7. | CASH AT BANK AND IN HAND |
2024 | 2023 |
£ | £ |
Bank current account | 10,000 | 10,000 |
Bank account no. 2 | 236,381 | 386,522 |
Bank account no. 3 | 8,101 | 90,860 |
Bank account no. 4 | 20,837 | 36,473 |
Cash in hand |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 18,068 | 60,358 |
Other creditors |
Accrued expenses |
9. | LEASING AGREEMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. |
10. | PROVISIONS FOR LIABILITIES |
DEFERRED TAXATION |
2024 |
£ |
At beginning of year | 7,109 |
Charged to profit or loss | 409 |
At end of year | 7,518 |
The deferred tax asset is made up as follows: |
2024 | 2023 |
£ | £ |
Accelerated capital allowances | 1,021 | 336 |
Tax losses carried forward | 4,896 | 4,896 |
Other timing differences | 1,601 | 1,877 |
7,518 | 7,109 |
ONTRACK INTERNATIONAL LTD (REGISTERED NUMBER: 02558621) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 October 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.01 | 104 | 104 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | RELATED PARTY DISCLOSURES |
During the period the Company paid business premises rentals of £Nil (2023 - £24,787), to OnTrack International Limited SSAS Retirement Benefit Scheme, a scheme of which P E and R H Bailey are beneficiaries. At the period end, the Company owed £Nil(2023 - £Nil) |
During the period the Company paid dividends totalling £Nil (2023 - £145,646), to P E Bailey, R H Bailey and K D Johnson, the Directors of the Company. |
At 1 November 2023, the Company was owed £176,527 by GCOTI Limited, with which the Company is in a joint venture agreement. During the year, the Company recharged £Nil, rendered charges of £Nil and made advances of £Nil leaving a balance of £176,527 owed to OnTrack International Limited from GCOTI Limited at the year end. Amounts owed by joint ventures and associated undertakings include a provision for doubtful debts of £156,477 (2023 - £156,477). |
The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are P E Bailey and the administrators of the estate of R H Bailey |
15. | PENSION COMMITMENTS |
The Company operates a defined contribution pension scheme. Contributions for the year amounted to £41,186 (2023 - £40,066). At the reporting date the Company owed £6,404 (2023 - £7,510). |
16. | COMMITMENTS UNDER OPERATING LEASES |
At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods: |
2024 | 2023 |
Other assets | £ | £ |
Not later than 1 year | 11,665 | 30,571 |
Later than 1 year and not later than 5 years | 7,188 | 48,888 |
Later than 5 years | Nil | 559 |
80,058 | 80,058 |