Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activitytruetrue2023-01-01false29 SC048793 2023-01-01 2023-12-31 SC048793 2022-01-01 2022-12-31 SC048793 2023-12-31 SC048793 2022-12-31 SC048793 c:Director1 2023-01-01 2023-12-31 SC048793 c:Director3 2023-01-01 2023-12-31 SC048793 c:Director3 2023-12-31 SC048793 c:Director4 2023-01-01 2023-12-31 SC048793 c:Director4 2023-12-31 SC048793 c:Director5 2023-01-01 2023-12-31 SC048793 c:Director5 2023-12-31 SC048793 c:RegisteredOffice 2023-01-01 2023-12-31 SC048793 c:Agent1 2023-01-01 2023-12-31 SC048793 d:PlantMachinery 2023-01-01 2023-12-31 SC048793 d:MotorVehicles 2023-01-01 2023-12-31 SC048793 d:FurnitureFittings 2023-01-01 2023-12-31 SC048793 d:FurnitureFittings 2023-12-31 SC048793 d:FurnitureFittings 2022-12-31 SC048793 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC048793 d:ComputerEquipment 2023-01-01 2023-12-31 SC048793 d:ComputerEquipment 2023-12-31 SC048793 d:ComputerEquipment 2022-12-31 SC048793 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC048793 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC048793 d:OtherPropertyPlantEquipment 2023-12-31 SC048793 d:OtherPropertyPlantEquipment 2022-12-31 SC048793 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC048793 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC048793 d:CurrentFinancialInstruments 2023-12-31 SC048793 d:CurrentFinancialInstruments 2022-12-31 SC048793 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC048793 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 SC048793 d:ShareCapital 2023-12-31 SC048793 d:ShareCapital 2022-12-31 SC048793 d:OtherMiscellaneousReserve 2023-12-31 SC048793 d:OtherMiscellaneousReserve 2022-12-31 SC048793 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC048793 d:RetainedEarningsAccumulatedLosses 2022-12-31 SC048793 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC048793 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 SC048793 d:OtherDeferredTax 2023-12-31 SC048793 d:OtherDeferredTax 2022-12-31 SC048793 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 SC048793 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 SC048793 c:FRS102 2023-01-01 2023-12-31 SC048793 c:Audited 2023-01-01 2023-12-31 SC048793 c:FullAccounts 2023-01-01 2023-12-31 SC048793 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC048793 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC048793 2 2023-01-01 2023-12-31 SC048793 4 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: SC048793







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


BRAID LOGISTICS (UK) LIMITED






































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BRAID LOGISTICS (UK) LIMITED
 


 
COMPANY INFORMATION


Directors
A D Watson 
S Watson (resigned 29 February 2024)
K W Fry (appointed 29 February 2024)
K A Lewandowska (appointed 29 February 2024)




Registered number
SC048793



Registered office
4 Kings Inch Way

Renfrew

PA4 8YU




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX




Bankers
The Royal Bank of Scotland plc

Glasgow

G2 3AD




Solicitors
CMS Glasgow
1 West Regent Street

Glasgow

G2 1AP





 


BRAID LOGISTICS (UK) LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 9



 


BRAID LOGISTICS (UK) LIMITED
REGISTERED NUMBER:SC048793



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,868,895
6,632,226

  
5,868,895
6,632,226

Current assets
  

Debtors: amounts falling due within one year
 5 
4,721,404
22,330,549

Cash at bank and in hand
  
19,565,349
2,485,735

  
24,286,753
24,816,284

Creditors: amounts falling due within one year
 6 
(1,359,911)
(1,354,579)

Net current assets
  
 
 
22,926,842
 
 
23,461,705

Total assets less current liabilities
  
28,795,737
30,093,931

Provisions for liabilities
  

Deferred tax
 7 
(1,439,946)
(1,453,947)

Other provisions
 8 
(235,702)
-

  
 
 
(1,675,648)
 
 
(1,453,947)

Net assets
  
27,120,089
28,639,984


Capital and reserves
  

Called up share capital 
  
250,000
250,000

Capital contribution reserve
  
6,500,000
6,500,000

Profit and loss account
  
20,370,089
21,889,984

  
27,120,089
28,639,984


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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


A D Watson
Director

Date: 23 September 2024

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Braid Logistics (UK) Limited is a private company limited by shares and incorporated in Scotland. Its registered head office is located at 4 Kings Inch Way, Renfrew, Renfrewshire, PA4 8YU, Scotland. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Revenue recognition

Turnover represents the amount invoiced to customers for provision and management of ISO tanks fleet.
Revenue is exclusive of value added tax, rebates and other similar allowances. The company recognises revenue when it can be measured reliability, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company’s activities as described below.

Rendering of services
Turnover and attributable costs relating to individual ISO tank orders are recognised when:-
•    the order has been raised
•    final instructions have been received; and
•    the ISO tank has been gated-out

Page 2

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5 - 15% straight line
New ISO tanks (included in Plant & Machinery)
-
Straight line based on useful life of 20 years (residual value £2,000)
Fixtures and fittings
-
10 - 20% straight line
Computer equipment
-
10 - 20% straight line
Refurbished ISO tanks
-
Straight line based on useful life of 10 years (residual value of £2,000)

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position 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.

Page 4

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 9).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
326,241
510,027
9,516,854
10,353,122


Additions
-
-
36,209
36,209


Disposals
-
(258,509)
(539,286)
(797,795)



At 31 December 2023

326,241
251,518
9,013,777
9,591,536



Depreciation


At 1 January 2023
230,426
268,460
3,222,010
3,720,896


Charge for the year on owned assets
33,239
38,828
437,783
509,850


Disposals
-
(158,325)
(349,780)
(508,105)



At 31 December 2023

263,665
148,963
3,310,013
3,722,641



Net book value



At 31 December 2023
62,576
102,555
5,703,764
5,868,895



At 31 December 2022
95,815
241,567
6,294,844
6,632,226

Page 6

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
173,780
227,257

Amounts owed by group undertakings
4,203,154
21,681,619

Other debtors
336,734
37,651

Prepayments and accrued income
7,736
384,022

4,721,404
22,330,549



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
577,307
342,515

Amounts owed to group undertakings
-
244,550

Corporation tax
-
317,057

Other taxation and social security
32,946
24,159

Accruals and deferred income
749,658
426,298

1,359,911
1,354,579


Page 7

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Deferred taxation




2023


£






At beginning of year
(1,453,947)


Charged to the profit or loss
14,001



At end of year
(1,439,946)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,452,446)
(1,536,516)

Short term timing differences
12,500
82,569

(1,439,946)
(1,453,947)


8.


Provisions




Dilapidation provisions

£





Charged to profit or loss
235,702



At 31 December 2023
235,702


9.


Parent undetaking

The company's parent undertaking is Braid (Group) Holdings Limited, a company incorporated in Scotland.
The ultimate parent undertaking of the company is Deutsche Post AG, a company incorporated in Germany. The registered address of Deutsche Post AG is Charles-de-Gaulle-Str. 20, 53113 Bonn, Germany.
The largest and smallest company which prepares group accounts in the Group is Deutsche Post AG.
Consolidated group accounts are publicly available from:
www.deutschepost.de


10.


Controlling party

The ultimate controlling party is Deutsche Post AG.

Page 8

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 23 September 2024 by James Hadfield FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 9