Company registration number 08120374 (England and Wales)
POD-TRAK (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
POD-TRAK (HOLDINGS) LIMITED
COMPANY INFORMATION
Director
P O'Donnell
Secretary
B O'Donnell
Company number
08120374
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 (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 6
Director's report
7 - 10
Independent auditor's report
11 - 13
Group statement of comprehensive income
14
Group balance sheet
15
Company balance sheet
16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Company statement of cash flows
20
Notes to the financial statements
21 - 41
POD-TRAK (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The director presents the strategic report for the year ended 31 August 2024.

Review of the business

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

 

 

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

 

In the year to 31 August 2024, the director is satisfied with Pod-Trak Group’s result for the year despite a decrease in turnover of just under 6%. Within all our infrastructure works the group'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 across the group. 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 the Pod-Trak Group. 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 group 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 although 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 on which the Rail Infrastructure business relies.

 

Network Services Pod-Trak has 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.

The Irish subsidiary, Pod-Trak Infrastructure Ltd (PTI), that trades in Ireland and Europe, has continued to grow in the financial year but has come under some strain on certain projects due to the nature and complexity of some new projects taken on in the year. This has seen PTI grow in turnover but achieve a lower gross margin mainly due to some poor performing projects in this new market where we have had large growth. This has now been addressed and we feel that for the year going forward there are more controls put in place to ensure these projects are managed more rigorously and margins restored in line with our expectations.

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

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.

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 group 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 group 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 group has demonstrated throughout the year that it has systems in place to make it a very sustainable and scalable business. The director is satisfied that this has been achieved and is 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 group fundamentals remain solid. The director believes that the group is well placed to continue to deliver profits and is 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, the Control Period 6 to Control Period 7 changeover, the continued global unsettlement and the direct effect this has on rising costs. The director is 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 Group’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 group’s operations. The key risks affecting the business are as follows:

Operating Risk - the group 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 group's operating risk is reduced due to the market share of their clients as many of the group's clients are long standing market leaders in their field. The group 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 group 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 group keeps abreast of developments in the market through maintaining strong relationships with its clients and monitoring the wider economic environment.

 

Personnel Risk – the Group 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 group 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 group.

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

Taxation risk -the group 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 group 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.

 

Information Technology – the group 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 director has 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 group is exposed to the economic risks that could lower the group's revenues and operating results in the future. However, actions continue to be taken to maximise the group's performance in all aspects of the business.

Development and performance

The balance sheets on pages 15 and 16 of the financial statements show that the group's and company's financial position at the year end is, in terms of net assets, 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 group are set out below:

 

     2024              2023

                                        

Turnover                             £90,703,234            £96,305,732

 

Gross profit                          £7,911,625             £12,102,336

 

Gross margin                          8.7%             12.5%

 

Operating profit                          £2,255,332         £5,651,181

 

Operating profit as a % of sales                 2.5%              5.9%

 

Cash flow                         £1,699,433         £(2,931,529)

 

Net cash balance                     £14,685,181            £12,985,748

 

Market Share

The principal subsidiary, Pod-Trak Limited 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 £14,685,181 (2023: £12,985,748), an increase of £1,699,433 on the previous year.

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

Health and Safety performance - the director also views safety performance as a KPI and strives to ensure that all incidents and accidents are reduced as much as possible. RIDDOR accidents, minor accidents, Toolbox talks, near misses, Service Strikes and rolling Accident Frequency statistics are regularly monitored at management meetings and the group 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

The Pod-Trak Group has a fully integrated Health and Safety policy. The group 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 group 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 group 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 group's workforce, and the group's reputation.

 

Environment

The group 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 group's activities. Initiatives designed to minimise the group's impact on the environment include safe disposal of any product waste, recycling and reducing energy consumption.

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

Accreditations and memberships

The principal subsidiary 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 group's commitment to working towards health, safety and environmental best practice across the business.

Employee involvement and policy

The group 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 Group's employment policies respect the individual and offer career opportunities regardless of gender, race or religion. The group 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 group.

 

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 group continues and that appropriate training is arranged. It is the policy of the group 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

Within the legal Group of companies is Pod-Trak Limited and Pod-Trak Infrastructure Limited. Pod-Trak (Holdings) Limited is owned by two shareholders.

The principal activity of Pod-Trak (Holdings) Limited is that of a holding company. The management defines 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 group’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 group. The group has identified the following key stakeholders and explains how the Board considers their interests.

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

Shareholders

The Group 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 Group 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 group 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 Group seeks to procure materials from sustainable sources and looks to recycle and reuse materials to reduce the amount disposed off site.

 

Community – The Group 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.

On behalf of the board

P O'Donnell
Director
29 May 2025
POD-TRAK (HOLDINGS) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -

The director presents his annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the group continued to be that of specialist rail contractors and electrical installations.

Results and dividends

The results for the year are set out on page 14.

Ordinary dividends were paid amounting to £963. The director does not recommend payment of a further dividend.

No preference dividends were paid. The director does not recommend payment of a final dividend.

Director

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

P O'Donnell
Financial instruments
Treasury operations and financial instruments

Objectives and policies

The group's principal financial instruments comprise bank balances, trade creditors, trade debtors, hire purchase creditors, loans to and from related companies and loans to/from the director. The main purpose of these instruments is to raise funds to finance the group's operations. The group'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 group'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. The loans from the director are interest-free and repayable on demand. The director is aware of the company's required financing and has determined that these will only be repaid, in whole or in part, when finance is available. Loans to the director are unsecured and repayable on demand.

Research and development

The group 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 group 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 (HOLDINGS) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
Future developments

The group 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 group 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 group 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 group currently has secured orders of over £71m and the director anticipates that in 2024/​25 and going forward into 2025/​26, the group 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.

In terms of the Irish marketplace, after a disappointing result in the Irish subsidiary, that has impacted Group gross profit in the year under review, the director has put additional checks in place to ensure that the subsidiary manages risks better going forward. The Irish subsidiary will be more selective on the contracts it signs up to and is also looking to restructure internally to ensure it has stronger processes and management in place going forward.

Auditor

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

Energy and carbon report

As the group has consumed more than 40,000 kWh of energy in this reporting period, it is required to prepare a Streamlined Energy and Carbon Reporting (SECR) on its omissions, energy consumption and energy efficiency activities.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
6,496,325
5,570,345
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
476.25
488.11
- Fuel consumed for owned transport
1,076.22
978.01
1,552.47
1,466.12
Scope 2 - indirect emissions
- Electricity purchased
49.56
30.13
Scope 3 - other indirect emissions
- Waste generated in operations
205.68
155.98
Total gross emissions
1,807.71
1,652.23
Intensity ratio
Per pound of revenue
0.00000218
0.00000150
POD-TRAK (HOLDINGS) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
Quantification and reporting methodology

This report marks the second consecutive year that Pod-Trak has undertaken reporting based on a full baseline emissions assessment. The baseline year remains 2020–21, selected due to the atypical impact of the Covid-19 pandemic on 2019–20 figures.

Climate Matters Ltd, a leading Dublin-based energy management company, has again been engaged to independently assess the Group’s Greenhouse Gas (GHG) emissions. The assessment continues to align with the UK Government’s “Environmental Reporting Guidelines: including Streamlined Energy and Carbon Reporting (SECR) guidance.”

GHG emissions have been evaluated in accordance with the ISO 14001:2015 Environmental Management System standard, using the latest emission conversion factors published by the Department for Environment, Food and Rural Affairs (Defra) and the Department for Energy Security and Net Zero (formerly BEIS). A location-based approach remains in use for assessing Scope 2 emissions from electricity consumption, and the financial control approach has been consistently applied.

Intensity measurement

The carbon intensity ratio was calculated to provide insight into our emissions relative to our business activities.

 

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per pound of revenue, the recommended ratio for the sector.

Measures taken to improve energy efficiency

Over the past 12 months, Pod-Trak has continued to build on its commitment to reducing our carbon footprint and promoting sustainable practices. Through sustained investment in energy efficiency measures and the adoption of eco-friendly technologies, we have further advanced our goal of minimising environmental impact while maintaining high standards of operational performance.

Key initiatives delivered or progressed this year include:
· Continued investment in modern, energy-efficient machinery to further reduce fuel consumption.
· Expansion of our electric vehicle (EV) fleet, significantly lowering emissions from transportation.
· Increased sourcing of sustainable and renewable energy to power our operations.
· Ongoing upgrades to energy-efficient lighting and heating systems across our office locations.
· Further integration of advanced telematics across the fleet to support economical and environmentally responsible driving behaviours

Carbon reduction projects

Over the past year, Pod-Trak has made continued progress in delivering its Annual Carbon Reduction Plan, which supports our long-term goal of achieving net zero emissions by 2040. We have advanced a number of carbon reduction initiatives introduced last year and embedded them further into our operations, including:

· ISO 14001 – We have maintained our ISO 14001 certification and delivered a new annual Sustainability Implementation Plan, setting and reviewing clear environmental objectives and performance targets.
· Flexible Working Policy – Our flexible working model remains in place and has contributed to a sustained reduction in travel-related emissions by enabling remote work where practical.
· PAS 2060 – Pod-Trak has upheld its commitment to PAS 2060, the internationally recognised carbon neutrality standard, and has taken further steps toward verifying our emissions and offsetting strategies.
· Net Zero Carbon Travel Policy – The revised travel procedures have now been introduced, promoting digital collaboration and prioritising lower-carbon transport options across all business travel planning.

POD-TRAK (HOLDINGS) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group'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 director's report. It has done so by including in the Statement in respect of Section 172(1) Companies Act 2006, details of how the director has 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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
P O'Donnell
Director
29 May 2025
POD-TRAK (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF POD-TRAK (HOLDINGS) LIMITED
- 11 -
Opinion

We have audited the financial statements of Pod-Trak (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group and parent 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 director's 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 group's and parent 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 director 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 director is 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 (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POD-TRAK (HOLDINGS) LIMITED
- 12 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the parent 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 director either intends to liquidate the parent company or to cease operations, or has 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 (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POD-TRAK (HOLDINGS) LIMITED
- 13 -

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 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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 members as a body, 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, Statutory Auditor
Chartered Accountants
4th Floor
4 Tabernacle Street
London
EC2A 4LU
29 May 2025
POD-TRAK (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
2024
2023
Notes
£
£
Turnover
3
90,703,234
96,305,732
Cost of sales
(82,791,609)
(84,203,396)
Gross profit
7,911,625
12,102,336
Administrative expenses
(5,656,293)
(6,451,155)
Operating profit
4
2,255,332
5,651,181
Share of profits of associates
100,633
75,981
Interest receivable and similar income
7
524,060
366,254
Interest payable and similar expenses
8
(16,869)
(2)
Profit before taxation
2,863,156
6,093,414
Tax on profit
9
(479,486)
(846,663)
Profit for the financial year
2,383,670
5,246,751
Other comprehensive income
Currency translation gain taken to retained earnings
679
-
0
Total comprehensive income for the year
2,384,349
5,246,751
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

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

POD-TRAK (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
11
4,497,397
819,179
Investments
12
509,721
457,089
5,007,118
1,276,268
Current assets
Stocks
15
177,865
163,669
Debtors
17
29,265,355
40,262,630
Cash at bank and in hand
14,685,181
12,985,748
44,128,401
53,412,047
Creditors: amounts falling due within one year
18
(16,901,496)
(25,185,313)
Net current assets
27,226,905
28,226,734
Total assets less current liabilities
32,234,023
29,503,002
Provisions for liabilities
Deferred tax liability
19
455,659
108,024
(455,659)
(108,024)
Net assets
31,778,364
29,394,978
Capital and reserves
Called up share capital
21
150,102
150,102
Profit and loss reserves
31,628,262
29,244,876
Total equity
31,778,364
29,394,978
The financial statements were approved and signed by the director and authorised for issue on 29 May 2025
29 May 2025
P O'Donnell
Director
Company registration number 08120374 (England and Wales)
POD-TRAK (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 16 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
150,092
150,092
150,092
150,092
Current assets
Debtors
17
13,903,394
17,552,451
Cash at bank and in hand
6,050,953
6,527,860
19,954,347
24,080,311
Creditors: amounts falling due within one year
18
(1,408,674)
(7,838,255)
Net current assets
18,545,673
16,242,056
Net assets
18,695,765
16,392,148
Capital and reserves
Called up share capital
21
150,102
150,102
Profit and loss reserves
18,545,663
16,242,046
Total equity
18,695,765
16,392,148

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,304,580 (2023 - £4,130,337 profit).

The financial statements were approved and signed by the director and authorised for issue on 29 May 2025
29 May 2025
P O'Donnell
Director
Company registration number 08120374 (England and Wales)
POD-TRAK (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 17 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
150,102
24,000,050
24,150,152
Year ended 31 August 2023:
Profit and total comprehensive income
-
5,246,751
5,246,751
Dividends
10
-
(1,925)
(1,925)
Balance at 31 August 2023
150,102
29,244,876
29,394,978
Year ended 31 August 2024:
Profit for the year
-
2,383,670
2,383,670
Other comprehensive income:
Currency translation differences
-
679
679
Total comprehensive income
-
2,384,349
2,384,349
Dividends
10
-
(963)
(963)
Balance at 31 August 2024
150,102
31,628,262
31,778,364
POD-TRAK (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 18 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
150,102
12,113,634
12,263,736
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
4,130,337
4,130,337
Dividends
10
-
(1,925)
(1,925)
Balance at 31 August 2023
150,102
16,242,046
16,392,148
Year ended 31 August 2024:
Profit and total comprehensive income
-
2,304,580
2,304,580
Dividends
10
-
(963)
(963)
Balance at 31 August 2024
150,102
18,545,663
18,695,765
POD-TRAK (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
5,986,901
(2,481,719)
Interest received
524,060
366,254
Interest paid
(16,869)
(2)
Income taxes paid
(1,012,342)
(675,792)
Net cash inflow/(outflow) from operating activities
5,481,750
(2,791,259)
Investing activities
Purchase of tangible fixed assets
(3,825,796)
(541,803)
Proceeds from disposal of tangible fixed assets
15,000
-
Dividend received from associate
48,001
58,002
Repayment of loans
(19,238)
345,456
Net cash used in investing activities
(3,782,033)
(138,345)
Financing activities
Dividends paid to equity shareholders
(963)
(1,925)
Net cash used in financing activities
(963)
(1,925)
Net increase/(decrease) in cash and cash equivalents
1,698,754
(2,931,529)
Cash and cash equivalents at beginning of year
12,985,748
15,917,277
Effect of foreign exchange rates
679
-
0
Cash and cash equivalents at end of year
14,685,181
12,985,748
POD-TRAK (HOLDINGS) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(2,839,498)
(3,358,058)
Interest received
523,501
281,394
Dividends received
2,000,000
3,855,859
Other income received from investments
48,002
58,002
Interest paid
-
0
(2)
Income taxes paid
(63,711)
(52,113)
Net cash (outflow)/inflow from operating activities
(331,706)
785,082
Investing activities
Repayment of loans
(144,238)
45,456
Net cash (used in)/generated from investing activities
(144,238)
45,456
Financing activities
Dividends paid to equity shareholders
(963)
(1,925)
Net cash used in financing activities
(963)
(1,925)
Net (decrease)/increase in cash and cash equivalents
(476,907)
828,613
Cash and cash equivalents at beginning of year
6,527,860
5,699,247
Cash and cash equivalents at end of year
6,050,953
6,527,860
POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
1
Accounting policies
Company information

Pod-Trak (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Rivermead, 1 Oxford Road, Uxbridge, UB9 4BF.

 

The group consists of Pod-Trak (Holdings) Limited and all of its subsidiaries.

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.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Pod-Trak (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 22 -
1.4
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.

 

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.

1.5
Research and development expenditure

The group 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 group 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.

1.6
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 land and buildings
not depreciated - see below
Leasehold improvements
not depreciated - see below
Plant and equipment
25% reducing balance and 12.5% straight line
Fixtures and fittings
25% reducing balance and 12.5% straight line
Computers
25% reducing balance
Motor vehicles
25% reducing balance

Short leasehold property and leasehold improvements were both in the course of construction at the year end and have therefore not been depreciated.

POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 23 -

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.9
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 the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.10
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. Bank overdrafts are shown within borrowings in current liabilities.

POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 24 -
1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

1.12
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 group’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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 if, and only if, there is 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.

1.13
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.

1.14
Retirement benefits

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

1.15
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 leased asset are consumed.

POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 25 -
1.16
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 group’s accounting policies, the director is 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

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

Valuation of Investments

The valuation of the company’s and group's investment in its subsidiary and associate companies. In the company accounts, the investments are held in the accounts at historic cost and have not been revalued. In the group accounts the investment in associates is calculated under the equity method of accounting. The carrying value of all investments are reviewed annually by the management for any impairment based on the trading results of the respective companies for the year with reference to the original cost and carrying value under the equity method of accounting.

 

 

POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Construction contract income
90,631,410
96,274,664
Other income
71,824
31,068
90,703,234
96,305,732
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
67,134,439
79,570,508
Ireland
19,951,528
6,073,191
Rest of Europe
3,617,267
10,662,033
90,703,234
96,305,732
2024
2023
£
£
Other revenue
Interest income
524,060
366,254
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
97,344
39,324
Depreciation of owned tangible fixed assets
133,783
123,921
Profit on disposal of tangible fixed assets
(1,205)
-
Operating lease charges
839,127
942,571

Of the £133,783 (2023: £123,921) depreciation of owned tangible fixed assets, £4,248 (2023: £5,664) is included within cost of sales. The balance is included in administration expenses.

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

POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
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 group and company
11,500
10,000
Audit of the financial statements of the company's subsidiaries
38,645
35,651
50,145
45,651
For other services
Audit-related assurance services
40,550
61,950
Taxation compliance services
3,500
7,000
44,050
68,950
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Construction
147
103
-
-
Administration
71
71
1
1
Total
218
174
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,671,265
7,091,666
-
0
-
0
Social security costs
1,075,679
869,040
-
-
Pension costs
166,195
174,596
-
0
-
0
9,913,139
8,135,302
-
0
-
0
POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
42,247
122,222
Other interest income
481,813
244,032
Total income
524,060
366,254
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
42,247
122,222
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
16,869
2
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
632,497
1,226,031
Adjustments in respect of prior periods
(459,889)
(433,183)
Total current tax
172,608
792,848
Deferred tax
Origination and reversal of timing differences
306,878
53,815
Total tax charge
479,486
846,663
POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Taxation
(Continued)
- 29 -

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
2,863,156
6,093,414
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.50%)
715,789
1,310,084
Tax effect of expenses that are not deductible in determining taxable profit
33,683
19,276
Unutilised tax losses carried forward
81,515
-
0
Adjustments in respect of prior years
(459,889)
(433,183)
Permanent capital allowances in excess of depreciation
(38,874)
37,632
Effect of overseas tax rates
171,742
(74,491)
Foreign exchange differences
679
-
0
Deferred tax movement
(1)
-
0
Other tax adjustments
-
0
3,681
Share of profits in associate
(25,158)
(16,336)
Taxation charge
479,486
846,663
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
963
1,925
POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
11
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 September 2023
64,166
156,697
396,100
132,271
401,856
281,617
1,432,707
Additions
-
0
3,688,528
80,608
3,914
29,447
23,299
3,825,796
Disposals
-
0
-
0
-
0
-
0
-
0
(117,465)
(117,465)
At 31 August 2024
64,166
3,845,225
476,708
136,185
431,303
187,451
5,141,038
Depreciation and impairment
At 1 September 2023
-
0
-
0
210,178
78,967
188,936
135,447
613,528
Depreciation charged in the year
-
0
-
0
28,545
12,919
69,175
23,144
133,783
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(103,670)
(103,670)
At 31 August 2024
-
0
-
0
238,723
91,886
258,111
54,921
643,641
Carrying amount
At 31 August 2024
64,166
3,845,225
237,985
44,299
173,192
132,530
4,497,397
At 31 August 2023
64,166
156,697
185,922
53,304
212,920
146,170
819,179
The company had no tangible fixed assets at 31 August 2024 or 31 August 2023.
POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Tangible fixed assets
(Continued)
- 31 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
90
90
Investments in associates
14
509,721
457,089
150,002
150,002
509,721
457,089
150,092
150,092
Fixed asset investments not carried at market value

The directors have opted to account for the company's investment in its subsidiary and associate companies at cost less impairment as set out in the above accounting policies and in accordance with the FRS 102. The reason for choosing this method is that both the subsidiary and associate have always been privately owned and its shares have never been publicly traded.

Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 September 2023
457,089
Share of profits in associate
100,633
Dividend received from associate
(48,001)
At 31 August 2024
509,721
Carrying amount
At 31 August 2024
509,721
At 31 August 2023
457,089
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 September 2023 and 31 August 2024
150,092
Carrying amount
At 31 August 2024
150,092
At 31 August 2023
150,092
POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 32 -
13
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Pod-Trak Limited
1
Specialist Infrastructure and Rail Contractor
Ordinary
100.00
Pod-Trak Infrastructure Limited
2
Specialist Infrastructure and Rail Contractor
Ordinary
100.00

1. The Registered office address is Rivermead, 1 Oxford Road, Uxbridge, UB9 4BF.

 

2. The Registered office address is Harcourt Centre, Block 4, Harcourt Road, Dublin 2, Dublin D02 HW77, Ireland .

14
Associates

Details of associates at 31 August 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
A&M Electricals Limited
3
Specialised industrial electrical engineering
Ordinary
50
A&M Electricals Limited
3
Specialised industrial electrical engineering
Preference
100

3. The registered office address of the associate is 17 Pennine Parade, Pennine Drive, London, NW2 1NT.

15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
177,865
163,669
-
-
16
Construction contracts
Group
Company
2024
2023
2024
2023
£
£
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
6,929,253
8,140,084
-
0
-
0
Retentions held by customers
1,918,845
1,398,577
-
-
POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 33 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,666,732
12,613,090
-
0
-
0
Gross amounts owed by contract customers
6,929,253
8,140,084
-
0
-
0
Corporation tax recoverable
773,410
905,495
312,184
312,184
Amounts owed by undertakings in which the company has a participating interest
243,135
243,135
57,000
57,000
Other debtors
5,228,850
5,327,552
4,837,190
4,736,247
Prepayments and accrued income
686,198
586,254
-
0
-
0
20,527,578
27,815,610
5,206,374
5,105,431
Deferred tax asset (note 19)
40,757
-
0
-
0
-
0
20,568,335
27,815,610
5,206,374
5,105,431
Amounts falling due after more than one year:
Other debtors
8,697,020
12,447,020
8,697,020
12,447,020
Total debtors
29,265,355
40,262,630
13,903,394
17,552,451

The amounts owed by undertakings in which the company has a participating interest are unsecured, interest-free and repayable on demand with no fixed repayment terms.

 

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

 

Included in other debtors falling due after more than one year are three unsecured loans to two related companies as follows:

 

- Two loans to a related company totalling £1,845,000 (2023: £1,845,000). The loans are unsecured, repayable over 2 years with an interest rates of 2% and 4%.

 

- A 2-year loan of £6,852,020 (2023: £10,602,020) to another related company in April 2023. The loan is unsecured, with an interest rate of 4%.

POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 34 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
7,637,465
13,388,930
600
600
Amounts owed to group undertakings
-
0
-
0
1,298,598
7,753,993
Corporation tax payable
149,319
1,121,138
85,479
63,664
Other taxation and social security
595,305
406,207
-
-
Other creditors
2,418,223
2,414,773
-
0
-
0
Accruals and deferred income
6,101,184
7,854,265
23,997
19,998
16,901,496
25,185,313
1,408,674
7,838,255

The director considers that the carrying amount of trade payables approximates to their fair value.

 

The amounts owed to group undertakings are unsecured, interest-free and repayable on demand with no fixed repayment terms.

 

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

 

Company

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.

 

There is a Fixed Charge over Accounts dated 3 July 2024, in favour of the company's bankers, Barclays Bank Plc, to secure a bank loan of a related company. This comprises fixed and floating charges in connection with the secured obligations of the related company. The Fixed Charge over Accounts contains a negative pledge.

 

Group

There is a Debenture dated 4 July 2013 in favour of the UK subsidiary 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 the UK subsidiary company's bankers Metro Bank Plc, to secure a leasehold property subject to a lease between the UK subsidiary 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 UK subsidiary company and parent 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 subsidiary company, both present and future and a floating charge over all the property or undertaking of the UK subsidiary company and parent company. The Charge contains a negative pledge.

 

There is a Fixed Charge over Accounts dated 3 July 2024, in favour of the UK subsidiary and parent company's bankers, Barclays Bank Plc, to secure a bank loan of a related company. This comprises fixed and floating charges in connection with the secured obligations of the related company. The Fixed Charge over Accounts contains a negative pledge.

POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 35 -
19
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
455,659
108,024
-
-
Tax losses
-
-
40,757
-
455,659
108,024
40,757
-
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
108,024
-
Charge to profit or loss
306,878
-
Liability at 31 August 2024
414,902
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
166,195
174,596

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
102
102
102
102
POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
21
Share capital
(Continued)
- 36 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares (non-voting) of £1 each
150,000
150,000
150,000
150,000
Preference shares classified as equity
150,000
150,000
Total equity share capital
150,102
150,102

The company has two classes of shares in issue:

 

- Ordinary shares which carry no right to fixed income, but which carry full voting rights; and

 

- Preference shares which carry neither any right to fixed income nor full voting rights.

22
Financial commitments, guarantees and contingent liabilities

Company

During the year, the company, in conjunction with its principal subsidiary, 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 two additional charges registered at Companies House - see Creditors Note 18. At 31 August 2024, the maximum amount of the potential liabillity amounted to £3.957m (2023: £0).

 

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 £2,170,787 (2023: £1,606,191) - see also Note 24 ' Related party transactions'.

 

Group

During the year, the group, entered into a cross guarantee arrangement with the group's bankers Barclays Bank Plc, to provide additional security for a loan taken out by a related company, with three additional charges registered at Companies House - see Creditors Note 18. At 31 August 2024, the maximum amount of the potential liabillity amounted to £3.957m (2023: £0).

 

The group 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 group's balance sheet, amounted to £3,092,292 (2023: £2,042,841) - see also Note 24 ' Related party transactions'.

 

POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 37 -
23
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the group for office equipment, vehicles and business premises. Leases are negotiated for a range of periods from 1 to 4 years.

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
334,711
979,169
-
-
Between two and five years
102,573
314,634
-
-
437,284
1,293,803
-
-
24
Related party transactions
Remuneration of key management personnel

Key personnel, comprising the three directors of the UK subsidiary company, received remuneration totalling £119,000 (2023: £114,000). In addition, directors of the Irish subsidiary received remuneration of £205,776 (2023: £199,691).

Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Entities over which the group has control, joint control or significant influence
4,160,390
3,706,555
9,215,133
8,198,364
Key management personnel
-
-
122,400
122,400
Other related parties
86,800
16,076
125,707
134,762
Company
Entities over which the company has control, joint control or significant influence
-
-
60,000
-
POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
24
Related party transactions
(Continued)
- 38 -
Loan interest received
2024
2023
£
£
Group
Entities over which the entity has control, joint control or significant influence
457,052
177,676
Other related parties
-
236
Company
Entities over which the entity has control, joint control or significant influence
457,052
177,676

Sales of goods to related parties were made at the company's usual list price. Purchases were made at market price discounted to reflect the quantity of services purchased and the relationships between the parties.

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities over which the group has control, joint control or significant influence
2,034,313
1,925,707
Company
Entities over which the company has control, joint control or significant influence
1,298,598
7,753,993

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:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities over which the group has control, joint control or significant influence
10,135,530
13,934,218
Key management personnel
131,227
106,710
Other related parties
1,539,056
1,781,054
Company
Entities over which the company has control, joint control or significant influence
10,729,030
14,518,978
Key management personnel
131,227
106,710
Other related parties
1,352,921
1,594,920
POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
24
Related party transactions
(Continued)
- 39 -

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.

 

Company

As mentioned in Note 22, at 31 August 2024, the parent company has guaranteed the unpaid finance lease commitments of a related company to a maximum of £2,170,787 (2023: £1,606,191).

 

As mentioned in Note 22, during the year, the parent company entered into a cross guarantee arrangement with the group's bankers Barclays Bank Plc, to provide additional security for a loan taken out by a related company. At 31 August 2024, the maximum amount of the potential liabillity amounted to £3.957m (2023: £0).

 

Group

As mentioned in Note 22, at 31 August 2024, the group have guaranteed the unpaid finance lease commitments of a related company to a maximum of £3,092,292 (2023: £2,042,841).

 

As mentioned in Note 22, during the year, the group entered into a cross guarantee arrangement with the group's bankers Barclays Bank Plc, to provide additional security for a loan taken out by a related company. At 31 August 2024, the maximum amount of the potential liabillity amounted to £3.957m (2023: £0).

25
Directors' transactions

Dividends totalling £500 (2023 - £1,000) were paid in the year in respect of shares held by the company's sole director.

Loans have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's loan
2.25
1,015,610
202,301
(58,063)
1,159,848
1,015,610
202,301
(58,063)
1,159,848

The maximum outstanding during the year was £1,159,848. The loan is unsecured and repayable on demand. Interest of £24,517 was charged at a rate of 2.25%.

26
Controlling party

The ultimate controlling party is P O'Donnell, by virtue of his majority shareholding in the called up share capital of the company.

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

Largest group
Pod-Trak (Holdings) Limited
Smallest group
Pod-Trak (Holdings) Limited
POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
26
Controlling party
(Continued)
- 40 -

The ultimate controlling party is P O'Donnell, by virtue of his majority shareholding in the called up share capital of the company.

27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit after taxation
2,383,670
5,246,751
Adjustments for:
Share of results of associates and joint ventures
(100,633)
(75,981)
Taxation charged
479,486
846,663
Finance costs
16,869
2
Investment income
(524,060)
(366,254)
Gain on disposal of tangible fixed assets
(1,205)
-
Depreciation and impairment of tangible fixed assets
133,783
123,921
Movements in working capital:
(Increase)/decrease in stocks
(14,196)
117,376
Decrease/(increase) in debtors
10,925,185
(21,632,527)
(Decrease)/increase in creditors
(7,311,998)
13,258,330
Cash generated from/(absorbed by) operations
5,986,901
(2,481,719)
28
Cash absorbed by operations - company
2024
2023
£
£
Profit after taxation
2,304,580
4,130,337
Adjustments for:
Taxation charged
85,526
63,700
Finance costs
-
0
2
Investment income
(2,571,503)
(4,195,255)
Movements in working capital:
Decrease/(increase) in debtors
3,793,295
(10,567,109)
(Decrease)/increase in creditors
(6,451,396)
7,210,267
Cash absorbed by operations
(2,839,498)
(3,358,058)
29
Analysis of changes in net funds - group
1 September 2023
Cash flows
Exchange rate movements
31 August 2024
£
£
£
£
Cash at bank and in hand
12,985,748
1,698,754
679
14,685,181
POD-TRAK (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 41 -
30
Analysis of changes in net funds - company
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
6,527,860
(476,907)
6,050,953
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