ACCOUNTS - Final Accounts

Registered number: 02006766

ON LINE ROADWAYS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

ON LINE ROADWAYS LIMITED

REGISTERED NUMBER: 02006766

BALANCE SHEET

AS AT 31 JANUARY 2024

		2024		2023
Note		£		£


Current assets
Debtors: amounts falling due within one year	5	33,957		56,271
Cash at bank and in hand	6	4,571		9,204
		38,528		65,475
Creditors: amounts falling due within one year	7	(132,164)		(159,111)
Net current liabilities			(93,636)		(93,636)
Total assets less current liabilities			(93,636)		(93,636)

Net liabilities			(93,636)		(93,636)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(93,736)	(93,736)
	(93,636)	(93,636)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 March 2025.

S J O'Leary

Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

ON LINE ROADWAYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

1.	General information

On Line Roadways Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is On Line House, 240 Freshwater Road, Chadwell Heath, Essex, RM8 1RX.
The principal activity of the Company is that of carrying and transporting goods, materials and international freight.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of O'Leary Group Limited as at 31 January 2024 and these financial statements may be obtained from Online House, 240 Freshwater Road, Dagenham, Essex, RM8 1RX.

2.3

Going concern

The company has net current liabilities as at 31 January 2024. The company is supported by its group members, who continue to be profitable after the year end based on management information avaliable. On this basis, the directors are of the opinion that the company will be able to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. They therefore consider it appropriate to continue to prepare the financial statements on a going concern basis.

Page 2

ON LINE ROADWAYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

2.4

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:
International haulage
Revenue from providing services through international haulage is recognised in the period in which the services are provided when all of the following conditions are satisfied:
• The Company has transferred the significant risks and rewards of ownership through the delivery of goods to the customer;
• The Company retains neither continuing managerial involvement to the degree of responsibility nor effective control over the goods being delivered;
• The amount of revenue can be measured reliably;
• It is probable that the Company will receive the consideration due under the transaction;
• The costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

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.

Depreciation is provided on the following basis:

Motor vehicles

20%

straight line

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 recognised in profit or loss.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.7

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.

Page 3

ON LINE ROADWAYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

2.8

Creditors

Short-term creditors are measured at the transaction price.

2.9

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds

2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 4

ON LINE ROADWAYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

4.	Tangible fixed assets

		Motor vehicles
		£
	Cost or valuation
	At 1 February 2023	36,000
	At 31 January 2024	36,000
	Depreciation
	At 1 February 2023	36,000
	At 31 January 2024	36,000
	Net book value
	At 31 January 2024	-
	At 31 January 2023	-

Debtors

					2024	2023
					£	£


Trade debtors	33,957	56,271

6.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	4,571	9,204
	4,571	9,204

Page 5

ON LINE ROADWAYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

	Amounts owed to group undertakings	132,164	159,111

8.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 100) Ordinary shares of £1.00 each	100	100

Reserves

Profit and loss account

The profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.

10.	Contingent liabilities

The Company is involved in a number of legal disputes, all of which are ongoing and the outcomes of which are unknown at this stage. On the basis of evidence available, the directors do not believe that any of the potential liabilities are probable and therefore no provision has been made in the accounts in accordance with FRS 102 section 21. The Group is also involved in a regulatory dispute which is expected to result in a probable future economic outflow. This obligation has been currently estimated at £1,753,258 and has been provided for in the consolidated financial statements of the ultimate parent undertaking as an exceptional item in the financial year ended 31 January 2022. It is impossible at this stage to determine reliably the proportion of this group economic outflow that applies to the company individually, and as such no provision has been made in these company financial statements. There are likely to be additional economic outflows in connection with this matter, but these cannot be estimated reliably at this stage either and as such no provision has been made in accordance with section 21.12 of FRS 102.

11.	Related party transactions

The Company has taken advantage of the exemption available under FRS 102 section 33 'Related Party Transactions' not to disclose transactions with entities included in the consolidated financial statements of O'Leary Group Limited, its ultimate parent undertaking.

Page 6

ON LINE ROADWAYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

12.	Controlling party

The immediate parent undertaking is Pass J Holdings Limited.
The company is under the control of the O'Leary family, by virtue of the ownership of the majority equity shares issued in the O'Leary Group Limited, the ultimate parent undertaking, a company registered in England and Wales.
O'Leary Group Limited prepares consolidated financial statements, copies of which can be obtained from Online House, 240 Freshwater Road, Dagenham, Essex, RM8 1RX.

13.	Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified.

The audit report was signed on 1 April 2025 by Adam Dodds (Senior statutory auditor) on behalf of Barnes Roffe LLP.

Page 7