Company registration number 06337165 (England and Wales)
POD-TRAK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
POD-TRAK LIMITED
COMPANY INFORMATION
Directors
P O'Donnell
B O'Donnell
S Given
Secretary
B O'Donnell
Company number
06337165
Registered office
Rivermead
1 Oxford Road
Uxbridge
UB9 4BF
Auditor
Goldblatts
4th Floor
4 Tabernacle Street
London
EC2A 4LU
Business address
Rivermead
1 Oxford Road
Uxbridge
UB9 4BF
POD-TRAK LIMITED
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 9
Independent auditor's report
10 - 12
Statement of comprehensive income
13
Balance sheet
14
Statement of changes in equity
15
Statement of cash flows
16
Notes to the financial statements
17 - 29
POD-TRAK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

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

Review of the business

Pod-Trak is a well-established specialist contractor operating within the infrastructure sector. Since it was founded in 2007, Pod-Trak has grown in strength within the following disciplines:

 

 

The company's head office is based at Uxbridge with further offices in Doncaster and Manchester, enabling the company to service all regions throughout the UK.

 

In the year to 31 August 2024, the directors are satisfied with Pod-Trak’s result for the year despite a reduction in turnover of just over 15%. Within all our infrastructure works the company’s performance remains strong but 2025 will see challenges resulting from inflationary and treasury pressures, that will slow down some of the Infrastructure spend temporarily. However, we feel that with an appetite from our clients and end users to continue to invest in infrastructure, this will lead to an increased market share for Pod-Trak in all disciplines. We have continued to strategise in the diversification of our existing rail business to allow us to create a more sustainable business whilst still working within transferrable skills markets. The Board uses Key Performance Indicators (KPI’s) to monitor results to ensure the business remains efficient and competitive. These are achieved through a range of activities including timely management accounts, HSQES (Health & Safety Quality Environment Sustainability) monitoring, cash management, customer satisfaction and a number of other financial and non-financial measures.

 

Rail InfrastructureThis is the core business of Pod-Trak. Our success over the past number of years including 2023/​24 is due to the desire by clients to invest progressively in Major and Minor Infrastructure Schemes throughout the UK. The business is well positioned, having invested in staff and business processes as we move towards the New Network Rail Control Period 7 frameworks, there has been a significant delay in funding for the workbank, resulting in a further projected decrease in turnover for 2024/25. Despite this, the company is anticipated to trade profitably throughout. Rail Infrastructure work has remained the core of our business in 2023/24 and was boosted again by client spend on enhancement projects nationally. With the end of the five-year control period (CP6) ending during the financial year, there was a push to get projects completed and utilise all available funding. Many projects that commenced prior to the end of the CP were still running out to the end of Q3 in the 2024 calendar year. The changeover period is proving to be much slower than anticipated across the industry due to a lack of Government funding and most schemes being in the early design stages

 

Infrastructure ProjectsThis division is progressing well however overall spend at Airports, in particular at Heathrow has been slow while budgets are being developed. Our tender activity has increased and there is good opportunity in this market in the coming years. Prospects have been boosted by securing specialist works for Train Operating Companies (TOC’s) supporting depot and TOC managed stations improvements which is funded separately to the Control Period that the Rail Infrastructure business relies on.

 

Network Services Pod-Trak have seen a decline in this work in the current financial year due to completion of projects. Strong tender activity has secured a number of contracts within the Government backed broadband rollout and these will be realised in 2024/25 and beyond. The sector remains a key focus for the future as we look to secure further contracts within this market and develop further in Power and Multi Utilities

Through our continued growth, we have maintained a strong HSQES trend by continuing to invest in better ways of doing things, introducing data-driven analysis. We have also continued to roll out our PALS- (Plan, Attitude, Lead & Share) which we have now adapted to a Business Cultural programme, which has been a great success and has helped us promote and develop our staff's ability to speak up and work better as a team. HSQES is one of the main drivers for the company as we strive daily to keep our workforce and associates safe. Our year-on-year KPI’s demonstrate a strong business culture with a good improvement on safety submissions and an overall reduction in incidents and accidents.

 

POD-TRAK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

One of the key concerns with the business is still inflation and world events that impact the UK and overseas markets. This continues to have an impact on resources, rising material costs and programme interruptions due to additional time required to ship materials and consumables to the UK. This is being monitored regularly by the company to avoid potential complications with managing projects. We will continue to closely monitor and manage these factors over the next 12 months and monitor our clients vigilantly to minimise such exposure in these turbulent times.

 

The company will continue to monitor its liquidity and we are confident that we are in a good position to continue to deliver quality and value for money to our clients and partners. The company has demonstrated throughout the year that it has systems in place to make it a very sustainable and scalable business. The directors are satisfied that this has been achieved and we are confident that we have successfully maintained our market share and commitments to our valued clients. Understanding the market conditions and the projections for the next financial year will see some scaling back to ensure we remain sustainable and ready to grow again when there is more confidence in the market and work is released.

 

As a result of the above, the company fundamentals remain solid. The directors believe that the company is well placed to continue to deliver profits and are confident of its future. Looking forward to 2024/25, we forecast that there will be a reduction in turnover due to some key factors such as the change in government with a new spending plan, Control Period 6 to Control Period 7 changeover, the continued global unsettlement and the direct effect this has on rising costs. The directors are confident that the business will adapt to suit the changing market and continue to provide the service our clients expect. The order book for the first six months of 2024/25 is projected to be stronger than the second half of the year but this is being closely monitored. We are working through our cost base to ensure that it is managed in line with market conditions and we are confident that the company will continue to deliver larger projects successfully and safely for its clients within the sectors in which it operates.

 

Principal risks and uncertainties

There are a number of potential risks and uncertainties which could impact the Company’s performance, and these are considered by the Board on a regular basis. The Board of Directors and the relevant management teams consider the risks of all significant business decisions and changes in the external environment and in the company’s operations. The key risks affecting the business are as follows:

Operating Risk - the company manages this risk by providing added value services to its clients, having fast response times not only in supplying products and services but also in handling all client queries and by maintaining strong relationships with clients. The company's operating risk is reduced due to the market share of their clients as many of the company's clients are long standing market leaders in their field. The company has spread its operating risk by not only actively seeking to widen its client base but also through continued expansion of its activities in the South and North of England.

 

Market Risk - the company operates in a specialised market and seeks to maintain a competitive advantage by offering an appropriate and relevant service range and providing a high level of customer service from professional and dedicated staff. The company keeps abreast of developments in the market through maintaining strong relationships with its clients and monitoring the wider economic environment.

 

Personnel Risk – the Company is a privately-owned business and places great emphasis on recruiting, training, rewarding and retaining high quality people. The Directors consider staff resourcing and on a regular basis. We promote from within whenever we can to maintain the company culture. We also embrace new people from elsewhere as they bring fresh ideas and the benefits of their experience. The Board have tried to ensure that the knowledge base of the operational management team is shared as much as possible throughout the company.

 

Taxation risk -the company is exposed to financial risks from increases in tax rates and changes to the basis of taxation including corporation tax and VAT. Principal controls to mitigate this risk include regular monitoring of legislative proposals and the engagement of experienced executives and the use of experienced sector-specific professional advisers to mitigate the impact of any changes and ensure compliance.

 

Financial Risk- the Company is principally funded from retained profits. Financial monitoring, forecasting, and planning are ever present processes with the care taken to achieve a reasonable profit margin and investment in resources whilst maintaining delivery of a high-quality service to its clients - see also Financial instruments.

POD-TRAK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Principal risks and uncertainties

Information Technology – the Company relies heavily on systems to operate its business, ordering goods, paying suppliers, ensuring health and safety records are accurate, accounting and payroll. The risk of Cyber-attacks is ever present and an increasing risk to every business. Ensuring we have robust and up to date Cyber security measures and vigilant users is critical to the successful running of these systems, as well as employing appropriately skilled and experienced staff and external specialist support as required.

Economic risk - the directors have identified and evaluated risks and uncertainties and have controls in place to mitigate these. Responsibility for management of each key risk is identified and delegated. The company is exposed to the economic risks that could lower the company's revenues and operating results in the future. However, actions continue to be taken to maximise the company's performance in all aspects of the business.

Development and performance

The balance sheet on page 14 of the financial statements shows that the company's financial position at the year end is, in terms of both net assets and liquidity, an improvement over the previous year.

Key performance indicators

The key financial and non financial performance indicators used to determine the progress and performance of the company are set out below:

 

     2024                   2023

 

Turnover                             £68,939,060            £81,613,182

 

Gross profit                          £7,842,064             £10,578,903

 

Gross margin                          11.4%             13.0%

 

Operating profit                          £3,675,486         £4,851,486

 

Operating profit as a % of sales                 5.3%              6.0%

 

Cash flow                         £2,890,830         £(3,930,351)

 

Net cash balance                      £7,386,842             £4,496,012

 

Market Share

The company is a large privately owned construction company based in England. Although difficult to quantify the company is estimated to have a strong market share.

 

Cash measure

The net cash balance (cash and cash equivalents less borrowings) is a measure of the strength of the balance sheet and to confirm that the group has the funds necessary to continue to fund its operations and to continue to grow organically.

 

Net cash balance of £7,386,842 (2023: £4,496,012), an increase of £2,890,830 on the previous year.

 

POD-TRAK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Other performance indicators

We measure and analyse a number of non-financial criteria in order to monitor our performance and to help identify trends, good or bad, including:

 

Health and Safety performance - the directors also view safety performance as a KPI and strive to ensure that all incidents and accidents are reduced as much as possible. RIDDOR accidents, minor accidents, Toolbox talks, Near Miss reports, Service Strikes and rolling Accident Frequency Rate (AFR) statistics are regularly monitored at management meetings and the company uses Close Call reporting and trend analysis to monitor performance.

 

Staff turnover – employees who leave and the reasons thereto.

Tenders - enquiry success rate for tenders and price estimates.

 

Safety, health and environmental policies

Pod-Trak has a fully integrated Health and Safety policy. The company continues to strive to improve its safety, health and environmental standards and performance. These are monitored regularly throughout the year and reviewed in response to performance and changes in legislation.

 

Health and safety

The company recognises the significance of health and safety in the workplace to ensure its work force is free from risk, through investment in continuing improvement in the occupational health and safety field.

 

In recognising the significance of health and safety, the company has made significant investment in, occupational health, a behavioural culture programme, ongoing external monitoring, evaluation of environmental impact, risk reduction methods, the employment of professionally qualified personnel and full-time safety officers.

 

Pod-Trak also has a commitment to the CSCS scheme. All new operatives receive full CSCS training and that their accreditation is appropriate to the work that they do. At Pod-Trak the belief is that all accidents are preventable with proper planning, information, training and adherence to Method Statements and Works Package Plans. Regular Toolbox Talks and Task Briefs also ensure continual development and sharing of information relevant to the works carried out, offering a forum for the workforce to get involved and provide feedback important to a healthy working environment.

 

In addition, the monitoring of the employees' health and welfare through regular site visits on each of its projects and the continuation of an extensive training programme, ensuring competency in the workplace, continue to play a major part in protecting the company's workforce, and the company's reputation.

 

Environment

The company recognises the importance of its environmental responsibilities, monitors its impact on the environment and designs and implements policies to reduce any damage that might be caused by the company's activities. Initiatives designed to minimise the company's impact on the environment include safe disposal of any product waste, recycling and reducing energy consumption.

POD-TRAK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Other information and explanations

Accreditations and memberships

The company has been assessed and has achieved the following accreditations and awards and is a member of the following :

- Quality Management System (ISO 9001: 2015);

- Environmental Management System (ISO 14001: 2015);

- Health & Safety Management System (BS OHSAS 45001: 2018 SSIP);

- Constructionline - Gold Member;

- Network Rail Ontrack Plant Operations Scheme Approval;

- Membership of CIRAS;

- FORS Silver accredited (Perivale and Manchester);

- Member of the Rail Industry Contractors Association (RICA);

- Member of the Construction Plant-Hire Association (CPA);

- Member of the Rail Plant Association (RPA);

- Member of the Freight Transport Association (FTA);

- Verified supplier - Railway Industry Supplier Qualification Scheme (RISQS);

- Registered as an upper tier waste carrier with the Environment Agency;

- Member of the Royal Society for the Prevention of Accidents (ROSPA);

- Approved Contractor Scheme - NICEIC;

- Network Rail - Principal Contractor Licence Management Systems Accepted;

- Cyber Essentials Scheme compliant.

- Member of the Supply Chain Sustainability School

The directors are of the opinion that these memberships, certifications and accreditations will ensure the continued efficiency of its internal and external processes, and aid the company's commitment to working towards health, safety and environmental best practice across the business.

Employee involvement and policy

The company continues to make significant investment in its human resources both in terms of necessary increases and strengthening of its management teams, supervisory personnel and work force.

 

Details of the number of employees and related costs can be found in note 6 to the financial statements.

 

The Company's employment policies respect the individual and offer career opportunities regardless of gender, race or religion. The company engages, promotes and trains staff on the basis of their capabilities, qualifications and experience without discrimination, giving all employees an equal opportunity to progress within the company.

 

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.

Statement in respect of Section 172(1) Companies Act 2006 for the Accounting period ended 31 August 2024

The company is owned by Pod-Trak (Holdings) Limited. Within the legal Group of companies is fellow subsidiary Pod-Trak Infrastructure Limited, based in Ireland. Pod-Trak (Holdings) Limited is owned by two shareholders. Other associated companies owned by the same shareholders provide labour and plant hire services to the Group.

The principal activity of Pod-Trak Limited is that of specialist rail contractors and electrical installations. The management define the success of the business as long-term value creation for all parts of the Pod-Trak Group and associated companies. Working together to provide efficient solutions that can use all elements of the group of companies’ resources, contracting, labour supply and plant hire.

The Board is committed to and actively encourages effective relationships and communications with all the company’s stakeholders to obtain a greater understanding of each other’s needs and objectives. This way we can optimise the long-term value creation and success of the company. The company has identified the following key stakeholders and explains how the Board considers their interests.

POD-TRAK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -

Shareholders

The company is a wholly-owned subsidiary of Pod-Trak (Holdings) Limited that is owned by two shareholders who both take an active role in managing the business along with the Executives and senior management. The Board has a very close dialogue with the shareholders through regular discussions, Board meetings and routine financial and operational reporting. These processes ensure the long-term strategy of the business is aligned with their expectations. Detailed budgets, sales forecasts and cash flows are prepared and regularly updated as well as tracking of tenders, all of which are regularly reviewed and discussed by senior management and directors, to ensure that they align to the shareholders’ goals.

 

People

The company recognises that its people are the key to delivering sustainable success. We continue to engage and develop Via our Business Cultural programme, Briefings of HSQES matters and continued training and mentoring.

 

Appraisals are a key driver within the business which allows all staff to sit with their manager one to one and tailor a plan so that the individual has all the tools to excel at their job.

 

The company continues to attract new talent and employ apprentices to start on the journey with the business and allow them to aspire to be managers of the future.

 

Wellbeing of our employees is key to the business, and we continue to support and promote our Employee Assistance Programme.

 

Community and environment

Environment – The Company seek to procure materials from a sustainable source and look to recycle and reuse materials to reduce the amount disposed off site.

 

Community – The company is involved with numerous local and industry charities at the locations we work. As part of our sustainable programme, we continue to engage and measure the social impact that we have on local communities.

Stakeholders

The Company carefully maintains good relationships with its stakeholders who continue to support the business.

 

Clients – The company and its Directors regularly engage with its clients through site visits, meetings and regular communications. Clients have direct access to Directors and management so that any changing circumstances can be dealt with in a positive and effective manner.

 

Supply Chain – The company recognises that our supply chain remain a key part of the long term success of the business, we engage with our supply chain in regular account review meetings. The Directors also monitor the treatment of supply chain to ensure that they are paid within the terms and treated fairly.

On behalf of the board

S Given
Director
28 May 2025
POD-TRAK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company was that of specialist rail contractors and electrical installations.

Results and dividends

The results for the year are set out on page 13.

Ordinary dividends were paid amounting to £2,000,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P O'Donnell
B O'Donnell
S Given
Financial instruments
Treasury operations and financial instruments

Objectives and policies

The company's principal financial instruments comprise bank balances, trade creditors, trade debtors, hire purchase creditors and loans to and from related companies. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

 

Cash flow and liquidity risk

In respect of bank balances the liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through and agreed payment policy. Strict payment terms are negotiated with the company's customers which enables it to ensure that it is paid promptly once an application has been issued. This policy ensures that sufficient funds are available to meet amounts due to trade creditors. 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.

 

In respect of loans to and from related companies, these are unsecured, interest-free with no fixed date for repayment.

Research and development

The company sees R&D activity as a vital part of sustaining competitive advantage and when presented with technical challenges, will seek to develop the optimal solution.

 

During the year the company undertook several Research and Development (‘R&D’) projects that sought to achieve advancements in technology in carrying out various railway systems and infrastructure projects.

 

POD-TRAK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
Future developments

The company remains in a strong position and is working closely with its customers, partners and people to continue to hold and grow its market share in the sectors in which we work, This will allow the company to focus on strengthening its financial performance in the industry by concentrating on current customer base retention, looking out for new clients by developing long-term relationships, while at the same time keeping a firm control of both direct and indirect costs in line with turnover. While a reduction in turnover is projected for 2024/25 due to factors detailed within the Strategic Report, the Directors remain confident that this will recover as confidence in the market continues to grow.

The company will continue to focus on securing profitable work and while doing this we will continue to develop the new markets that we have secured work within, (in particular the Utilities and Aviation sectors), which will help us to diversify the business to help us become more sustainable in the overall Infrastructure sector within which we operate. This will allow us to continue to increase our market share by expanding our customer base throughout the UK and abroad, and to seek to diversify the work we undertake within our core sectors.

The company currently has secured orders of £60m and the directors anticipate that in 2024/​25 and going forward into 2025/​26. The company will continue to be focused on further developing its market share within the infrastructure sectors and mainly focusing on expanding within the infrastructure markets in which we operate, and continue to develop our market share going forward.

Auditor

The auditor, Goldblatts, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The company has consumed more than 40,000 kWh of energy in this reporting period and has therefore prepared a SECR report for the financial year to August 2024 on its emissions, energy consumption and energy efficiency activities. The information from this report has been included in the consolidated accounts prepared by Pod-Trak (Holdings) Limited.

 

The company is also committed to achieving Net Zero by 2040. ten years in advance of the UK government requirements. Through a series of targets set through quantifiable data, Pod-Trak has been able to baseline its carbon footprint and implement solutions to deliver this plan. This plan will be reviewed yearly to ensure that it remains on track.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

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.

POD-TRAK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so by including in the Statement in respect of Section 172(1) Companies Act 2006, details of how the directors have had regard to the need to foster business relationships with suppliers, customers and others, including its effect on the principal decisions taken during the year.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
S Given
Director
28 May 2025
POD-TRAK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF POD-TRAK LIMITED
- 10 -
Opinion

We have audited the financial statements of Pod-Trak Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

POD-TRAK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF POD-TRAK LIMITED (CONTINUED)
- 11 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;

 

POD-TRAK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF POD-TRAK LIMITED (CONTINUED)
- 12 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware or any possible non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

Lawrence Issacharoff FCA
Senior Statutory Auditor
For and on behalf of Goldblatts
29 May 2025
Chartered Accountants
Statutory Auditor
4th Floor
4 Tabernacle Street
London
EC2A 4LU
POD-TRAK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
2024
2023
Notes
£
£
Turnover
3
68,939,060
81,613,182
Cost of sales
(61,096,996)
(71,034,279)
Gross profit
7,842,064
10,578,903
Administrative expenses
(4,166,578)
(5,727,417)
Operating profit
4
3,675,486
4,851,486
Interest receivable and similar income
8
559
84,860
Interest payable and similar expenses
9
(16,869)
-
0
Profit before taxation
3,659,176
4,936,346
Tax on profit
10
(539,561)
(678,062)
Profit for the financial year
3,119,615
4,258,284

The profit and loss account has been prepared on the basis that all operations are continuing operations.

POD-TRAK LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,064,104
447,075
Current assets
Stocks
13
177,865
163,669
Debtors
15
13,622,987
29,281,937
Cash at bank and in hand
7,386,842
4,496,012
21,187,694
33,941,618
Creditors: amounts falling due within one year
16
(12,898,723)
(23,502,868)
Net current assets
8,288,971
10,438,750
Total assets less current liabilities
12,353,075
10,885,825
Provisions for liabilities
Deferred tax liability
17
455,659
108,024
(455,659)
(108,024)
Net assets
11,897,416
10,777,801
Capital and reserves
Called up share capital
19
1
1
Profit and loss reserves
11,897,415
10,777,800
Total equity
11,897,416
10,777,801
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
S Given
Director
Company registration number 06337165 (England and Wales)
POD-TRAK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
1
9,519,516
9,519,517
Year ended 31 August 2023:
Profit and total comprehensive income
-
4,258,284
4,258,284
Dividends
11
-
(3,000,000)
(3,000,000)
Balance at 31 August 2023
1
10,777,800
10,777,801
Year ended 31 August 2024:
Profit and total comprehensive income
-
3,119,615
3,119,615
Dividends
11
-
(2,000,000)
(2,000,000)
Balance at 31 August 2024
1
11,897,415
11,897,416
POD-TRAK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
9,573,180
(887,839)
Interest paid
(16,869)
-
0
Income taxes paid
(1,088,065)
(131,928)
Net cash inflow/(outflow) from operating activities
8,468,246
(1,019,767)
Investing activities
Purchase of tangible fixed assets
(3,717,975)
(295,444)
Proceeds from disposal of tangible fixed assets
15,000
-
0
Repayment of loans
125,000
300,000
Interest received
559
84,860
Net cash (used in)/generated from investing activities
(3,577,416)
89,416
Financing activities
Dividends paid
(2,000,000)
(3,000,000)
Net cash used in financing activities
(2,000,000)
(3,000,000)
Net increase/(decrease) in cash and cash equivalents
2,890,830
(3,930,351)
Cash and cash equivalents at beginning of year
4,496,012
8,426,363
Cash and cash equivalents at end of year
7,386,842
4,496,012
POD-TRAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
1
Accounting policies
Company information

Pod-Trak Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rivermead, 1 Oxford Road, Uxbridge, UB9 4BF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Pod-Trak Limited is a wholly owned subsidiary of Pod-Trak (Holdings) Limited and the results of Pod-Trak Limited are included in the consolidated financial statements of Pod-Trak (Holdings) Limited which are available from Crove House, 14 Aintree Road, Perivale, UB6 7LA.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Income is recognised on the basis of work measured, valued and certified at the year end. The policies adopted for the recognition of turnover are as follows:

 

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

 

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

POD-TRAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Research and development expenditure

The company sees R&D activity as a vital part of sustaining competitive advantage and when presented with technical challenges, will seek to develop the optimal solution.

During the year the company undertook several Research and Development (‘R&D’) projects that sought to achieve advancements in technology. These advancements extended the overall knowledge or capability in a field of railway systems and infrastructure projects. Given the complexity of the built environment in which Pod-Trak operates, significant R&D resources are directed to overcoming system uncertainty.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Not depreciated as under the course of construction
Plant and machinery
25% Reducing Balance
Fixtures, fittings & equipment
25% Reducing Balance
Computer equipment
25% Reducing Balance
Motor vehicles
25% Reducing Balance

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stock and work in progress are valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work in progress is reflected in the accounts on a contract by contract basis and represents the unbilled direct and indirect costs incurred as at the year end. These typically arise where mid month valuations have occurred and a time apportioned estimate of the cost of measured work has been calculated. Net realisable value represents the certified value of the measured work carried out in a particular period, invoiced subsequent to the year end.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts, where relevant.

POD-TRAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 19 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

POD-TRAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 20 -
1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition - stage of completion for ongoing contracts

Revenue recognition is a key area of judgement especially in companies operating in the construction industry. The calculation of contract turnover, gross amounts due from customers and work in progress is contingent on the accurate measurement of work done and internal valuations by key management personnel. The amounts due from contract customers requires the company to make a judgement in relation to the stage of completion of the contracts ongoing at the year end. Management are provided with internal valuations by experienced personnel based on the costs incurred to date and the terms and conditions of the contract.

 

The directors have ensured that generally accepted industry practices and methodologies are followed by all relevant personnel and that accounting and quality management systems are regularly evaluated and certified.

Recoverability of intercompany balances

Management regularly review intercompany balances for recoverability.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Construction contract income
68,867,236
81,382,114
Other income
71,824
31,068
Management charge
-
200,000
68,939,060
81,613,182
POD-TRAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
67,134,438
79,570,508
Rest of Europe
1,804,622
2,042,674
68,939,060
81,613,182
2024
2023
£
£
Other revenue
Interest income
559
84,860
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
7,146
-
0
Depreciation of owned tangible fixed assets
87,151
77,783
Profit on disposal of tangible fixed assets
(1,205)
-
Operating lease charges
713,264
819,272

During the prior year the company incurred an exceptional bad debt in the sum of £1,695,168 relating to a customer that went into Administration.

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
33,083
30,000
For other services
Audit-related assurance services
17,225
18,525
Taxation compliance services
2,000
2,000
19,225
20,525
POD-TRAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Construction
53
59
Administration
70
70
Total
123
129

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,984,918
5,550,390
Social security costs
780,249
733,052
Pension costs
144,907
165,087
6,910,074
6,448,529
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
119,000
114,000
Company pension contributions to defined contribution schemes
346
346
119,346
114,346

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
327
37,846
Other interest income
232
47,014
Total income
559
84,860
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
327
37,846
POD-TRAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
16,869
-
0
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
546,971
1,057,474
Adjustments in respect of prior periods
(355,045)
(433,227)
Total current tax
191,926
624,247
Deferred tax
Origination and reversal of timing differences
347,635
53,815
Total tax charge
539,561
678,062

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,659,176
4,936,346
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.50%)
914,794
1,061,314
Tax effect of expenses that are not deductible in determining taxable profit
18,686
11,602
Adjustments in respect of prior years
(355,045)
(433,227)
Permanent capital allowances in excess of depreciation
(38,874)
37,632
Other tax adjustments
-
0
741
Taxation charge for the year
539,561
678,062
11
Dividends
2024
2023
£
£
Interim paid
2,000,000
3,000,000
POD-TRAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
12
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2023
156,697
201,631
120,464
401,856
117,465
998,113
Additions
3,688,528
-
0
-
0
29,447
-
0
3,717,975
Disposals
-
0
-
0
-
0
-
0
(117,465)
(117,465)
At 31 August 2024
3,845,225
201,631
120,464
431,303
-
0
4,598,623
Depreciation and impairment
At 1 September 2023
-
0
184,643
76,549
188,936
100,910
551,038
Depreciation charged in the year
-
0
4,248
10,968
69,175
2,760
87,151
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(103,670)
(103,670)
At 31 August 2024
-
0
188,891
87,517
258,111
-
0
534,519
Carrying amount
At 31 August 2024
3,845,225
12,740
32,947
173,192
-
0
4,064,104
At 31 August 2023
156,697
16,988
43,915
212,920
16,555
447,075
13
Stocks
2024
2023
£
£
Raw materials and consumables
177,865
163,669
14
Construction contracts
2024
2023
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
4,575,251
7,237,013
2024
2023
Other construction contract balances
£
£
Retentions held by customers for contract work
891,643
664,346
POD-TRAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,318,374
10,690,122
Gross amounts owed by contract customers
4,575,251
7,237,013
Corporation tax recoverable
358,100
455,595
Amounts owed by group undertakings
2,402,764
9,195,762
Other debtors
461,595
1,195,592
Prepayments and accrued income
506,903
507,853
13,622,987
29,281,937

The amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

 

Included in other debtors are amounts due from related parties that are unsecured, interest-free and with no fixed repayment dates.

16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,611,003
12,160,589
Corporation tax
63,840
1,057,474
Other taxation and social security
317,026
323,143
Other creditors
2,677,580
2,595,113
Accruals and deferred income
4,229,274
7,366,549
12,898,723
23,502,868

Included in other creditors are amounts due to related parties that are unsecured, interest-free and with no fixed repayment dates.

 

There is a Debenture dated 4 July 2013 in favour of the company's bankers, Barclays Bank Plc, to secure banking facilities. This comprises fixed and floating charges over the undertaking and all property and all fixed and current assets present and future, The Debenture contains a negative pledge.

 

There is a Legal Charge dated 7 September 2017, in favour of Metro Bank Plc, to secure leasehold property subject to a lease between the company and a related company. This comprises fixed and floating charges in connection with the leasehold property present and future, The Legal Charge contains a negative pledge.

 

There is a Legal charge dated 10 June 2024 being a Debenture and Cross Guarantee in favour of the company's bankers, Barclays Bank Plc, to secure a bank loan of a related company. This comprises first fixed charge over all vested land and fixed assets and all intellectual property rights of the company, both present and future and a floating charge over all the property or undertaking of the company. The Charge contains a negative pledge.

POD-TRAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
455,659
108,024
2024
Movements in the year:
£
Liability at 1 September 2023
108,024
Charge to profit or loss
347,635
Liability at 31 August 2024
455,659

Of the above deferred tax liability set out above, £86,432 is expected to reverse within the next 12 months and relates to accelerated capital allowances and structural buildings allowances that are expected to mature within the same period

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
144,907
165,087

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1

The company has one class of ordinary shares which carry no right to fixed income.

 

POD-TRAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
20
Financial commitments, guarantees and contingent liabilities

The company has provided guarantees in respect of unpaid hire purchase liabilities of a related company. At 31 August 2024, the outstanding hire purchase liabilities in that related company, which are not included in the company's balance sheet, amounted to £1,979,865 (2023: £436,650) - see also Note 22 ' Related party transactions'.

 

During the year, the company, in conjunction with its ultimate parent undertaking, entered into a cross guarantee arrangement with the company's bankers Barclays Bank Plc, to provide additional security for a loan taken out by a related company, with an additional charge registered at Companies House - see Creditors Note 16. At 31 August 2024, the maximum amount of the potential liabillity amounted to £3.957m (2023: £0).

21
Operating lease commitments
As lessee

Operating lease payments represent rentals payable by the company for office equipment and business premises. Leases are negotiated for a range of periods from 1 year to 5 years.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within 1 year
161,697
755,640
Years 2-5
101,252
280,400
262,949
1,036,040
22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities over which the entity has control, joint control or significant influence
4,160,390
3,706,555
8,391,860
7,742,185
Fellow subsidiary
1,804,622
2,042,674
-
-
Key management personnel
-
0
-
0
122,400
122,400
Other related parties
86,800
16,076
125,707
134,762
Loan interest received
2024
2023
£
£
Other related parties
-
236
POD-TRAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
22
Related party transactions
(Continued)
- 28 -

The loan interest received is inline with the loan agreement.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
2,327,974
2,146,619

The amounts owed to related parties are unsecured, interest-free, have no fixed dates of repayment and are repayable on demand.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
1,298,598
7,753,993
Entities over which the entity has control, joint control or significant influence
-
8,740
Fellow subsidiary
1,104,166
1,441,769
Other related parties
186,135
186,135

The amounts owed by related parties are unsecured, interest-free, have no fixed dates of repayment and are repayable on demand.

Other information

The amounts outstanding are unsecured and will be settled in cash.

 

As mentioned in Note 20, at 31st August 2024:

 

a) The company has guaranteed the unpaid finance lease commitments of a related company to a maximum of £1,979,865 (2023: £436,650).

 

b) The company has guaranteed the bank loan of a related company to a maximum of £3.957m (2023: £0).

23
Ultimate controlling party

The ultimate parent company of Pod-Trak Limited is Pod-Trak (Holdings) Limited.

The ultimate controlling party is P O'Donnell who owns the majority of the issued share capital of Pod-Trak (Holdings) Limited, the ultimate parent company.

The smallest and largest group financial statements that consolidate this company is Pod-Trak (Holdings) Limited. Copies of the group accounts are available to the public from the parent company's registered office at Rivermead, 1 Oxford Road, Uxbridge, UB9 4BF.

Largest group
Pod-Trak (Holdings) Limited
Smallest group
Pod-Trak (Holdings) Limited
POD-TRAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
24
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit after taxation
3,119,615
4,258,284
Adjustments for:
Taxation charged
539,561
678,062
Finance costs
16,869
-
0
Investment income
(559)
(84,860)
Gain on disposal of tangible fixed assets
(1,205)
-
Depreciation and impairment of tangible fixed assets
87,151
77,783
Movements in working capital:
Increase in stocks
(14,196)
(11,692)
Decrease/(increase) in debtors
15,436,455
(16,984,676)
(Decrease)/increase in creditors
(9,610,511)
11,179,260
Cash generated from/(absorbed by) operations
9,573,180
(887,839)
25
Analysis of changes in net funds
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
4,496,012
2,890,830
7,386,842
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