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REGISTERED NUMBER: 02558621 (England and Wales)
























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: P Bailey
K Johnson





REGISTERED OFFICE: Office 4
New Mead Barn
Wickham Hall
Bishops Stortford
Hertfordshire
CM23 1JG





REGISTERED NUMBER: 02558621 (England and Wales)





AUDITORS: TC Group
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 6,695 10,504
Investments 5 100 100
6,795 10,604

CURRENT ASSETS
Debtors 6 398,682 497,993
Cash at bank and in hand 7 275,319 523,948
674,001 1,021,941
CREDITORS
Amounts falling due within one year 8 420,951 851,253
NET CURRENT ASSETS 253,050 170,688
TOTAL ASSETS LESS CURRENT LIABILITIES 259,845 181,292

PROVISIONS FOR LIABILITIES 10 - 3,637
NET ASSETS 259,845 177,655

CAPITAL AND RESERVES
Called up share capital 11 104 104
Share premium 102,034 102,034
Other reserves 2 2
Retained earnings 157,705 75,515
SHAREHOLDERS' FUNDS 259,845 177,655

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:





K Johnson - Director


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 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 16 (2023 - 21 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 November 2023 64,464
Additions 3,517
At 31 October 2024 67,981
DEPRECIATION
At 1 November 2023 53,960
Charge for year 7,326
At 31 October 2024 61,286
NET BOOK VALUE
At 31 October 2024 6,695
At 31 October 2023 10,504

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 50 50 100
NET BOOK VALUE
At 31 October 2024 50 50 100
At 31 October 2023 50 50 100

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

OnTrack International Inc
Registered office: USA
Nature of business: Management consultancy activities
%
Class of shares: holding
Ordinary 100.00

Joint venture

GCOTI Ltd
Registered office: UK
Nature of business: Information technology and computer service
%
Class of shares: holding
Ordinary 50.00

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 342,105 434,278
Amounts owed by group undertakings 20,050 20,050
Other debtors 12,624 10,078
Deferred tax asset 7,518 7,109
Prepayments 16,385 26,478
398,682 497,993

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 - 93
275,319 523,948

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 49,981 110,690
Amounts owed to group undertakings - 145,563
Social security and other taxes 22,817 28,274
VAT 18,068 60,358
Other creditors 23,841 33,582
Accrued expenses 306,244 472,786
420,951 851,253

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 year7,109
Charged to profit or loss409
At end of year7,518

The deferred tax asset is made up as follows:

20242023
£   £   

Accelerated capital allowances1,021336
Tax losses carried forward4,8964,896
Other timing differences1,6011,877
7,5187,109

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: £    £   
10,374 Ordinary £0.01 104 104

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Grant (Senior Statutory Auditor)
for and on behalf of TC Group

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