McBraida Holdings Limited 07571422 false 2023-07-01 2024-06-30 2024-06-30 2024-06-30 The principal activity of the company is the management of the McBraida Group. The principal activity of the Group is precision engineering of high technology industries. Trading is undertaken through operating units in Bristol, UK and Rzeszów, Poland. 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Registration number: 07571422

McBraida Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 June 2024

 

McBraida Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 32

 

McBraida Holdings Limited

Company Information

Directors

M P McBraida

I J McBraida

Registered office

Bridgeyate Engineering Works
Warmley
Bristol
BS30 5JW

Bankers

HSBC Bank plc
79 Regent Street
Kingswood
Bristol
BS15 8LH

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

McBraida Holdings Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the Company is the management of the McBraida Group. The principal activity of the Group is precision engineering of high technology industries. Trading is undertaken through operating units in Bristol, UK and Rzeszów, Poland.

Fair review of the business

The results for the year, which are set out in the profit and loss account, show turnover of £29.09m (2023 - £22.37m) and an operating profit of £2.90m (2023 - £2.98m). At 30 June 2024, the group had net assets of £46.57m (2023 - £42.92m). The directors are satisfied with the performance of the group during the year and the results it has achieved.

The results this year reflect the continued impact of Covid-19 on the aerospace industry and the ongoing disruptions to supply chains and cost increases. While the aerospace industry is recovering, demand is returning to the sector, yet it is still facing these challenges. The fast and effective actions that the Directors took, including aggressive cost reductions, have been crucial in navigating these conditions.

Strategic actions to diversify the customer and product base, though still primarily within the aerospace sector, have continued and help to spread risk. The Group has maintained strong relationships with its principal customers and continues to provide an excellent level of service. Further investments in production facilities, processes, and staff will ensure flexibility as the industry continues to recover from extraordinary changes.

Future developments
While the aerospace industry continues to recover from disruptions to supply, shortages of skilled labour, and inflationary pressures, the Group remains robust with good management and financial resilience. The Directors are confident that the Group is well-placed to deliver excellent service, invest in its facilities and staff, and capitalise on opportunities in existing markets. Current industry predictions suggest that the impact will persist into 2024 and 2025. Prudent financial management has enabled the Group to remain stable over this extended period.

Financial key performance indicators
The Group uses several key financial and other performance indicators. Turnover and gross profit margins are the main financial measures the Directors use to judge the Group's performance.

Principal risks and uncertainties

The principal risks and uncertainties facing the Group concern changes in the aerospace industry due to prevailing economic circumstances and their impact on demand for the Group's products. This has been highlighted by the decline in airline passenger numbers and the demand for aerospace components during the pandemic. However, the mothballing of old aircraft and the availability of new, more cost-effective, and environmentally friendly aircraft are positive signs for the industry's long-term prospects. Difficult trading conditions often present opportunities for businesses with the reserves to emerge in good financial health, like McBraida. The risks are mitigated by continued significant investment in production facilities and staff to support customers and maintain performance relative to competitors in the industry.

Financial instruments
A commentary on the financial instruments held by the Group and the Group's exposure to price, credit, interest rate and liquidity risk is provided in note 22 to the financial statements.

Research and development

The Group undertakes research and development activities primarily in relation to its involvement in the high technology industry in which it is engaged to ensure it maintains its competitive position.

 

McBraida Holdings Limited

Strategic Report for the Year Ended 30 June 2024

Going concern

In accordance with Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2006' the directors of all companies are now required to provide disclosures regarding the adoption of the going concern basis of accounting.

After reviewing the Group's forecasts and projections, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

Approved by the Board on 7 March 2025 and signed on its behalf by:


I J McBraida
Director

 

McBraida Holdings Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the for the year ended 30 June 2024.

Directors of the company

The Directors who held office during the year were as follows:

M P McBraida

I J McBraida

Dividends
Dividends of £534k were payable in the year (2023 - £501k).

Charitable donations

During the year the Group made charitable donations totalling £300k (2023 - £375k) to a charity supporting humanitarian causes.

Disclosure of information to the auditor

Each Director has taken the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Group's auditor is aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Hazlewoods LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 7 March 2025 and signed on its behalf by:


I J McBraida
Director

 

McBraida Holdings Limited

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

 

McBraida Holdings Limited

Independent Auditor's Report to the Members of McBraida Holdings Limited

Opinion

We have audited the financial statements of McBraida Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

McBraida Holdings Limited

Independent Auditor's Report to the Members of McBraida Holdings Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

McBraida Holdings Limited

Independent Auditor's Report to the Members of McBraida Holdings Limited

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;.

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

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

Use of this 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.





Scott Lawrence (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

7 March 2025

 

McBraida Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
 £ 000

2023
 £ 000

Turnover

3

29,089

22,371

Cost of sales

 

(24,116)

(17,282)

Gross profit

 

4,973

5,089

Distribution costs

 

(131)

(187)

Administrative expenses

 

(1,943)

(1,923)

Operating profit

4

2,899

2,979

Income from and revaluation of other fixed asset investments

 

2,095

1,060

Interest receivable and similar income

8

873

291

 

2,968

1,351

Profit before tax

 

5,867

4,330

Taxation

9

(1,669)

(563)

Profit for the financial year

 

4,198

3,767

Profit attributable to:

 

Owners of the company

 

4,198

3,767

The above results were derived from continuing operations.

 

McBraida Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£ 000

2023
£ 000

Profit for the year

4,198

3,767

Foreign currency translation gains

(10)

(93)

Total comprehensive income for the year

4,188

3,674

Total comprehensive income attributable to:

Owners of the company

4,188

3,674

 

McBraida Holdings Limited

(Registration number: 07571422)
Consolidated Balance Sheet as at 30 June 2024

Note

2024
 £ 000

2023
 £ 000

Fixed assets

 

Tangible assets

10

3,387

3,688

Other financial assets

12

14,404

12,215

 

17,791

15,903

Current assets

 

Stocks

13

4,540

4,792

Debtors

14

8,717

5,492

Investments

15

18,522

18,052

Cash at bank and in hand

5,861

6,320

 

37,640

34,656

Creditors: Amounts falling due within one year

16

(7,906)

(7,240)

Net current assets

 

29,734

27,416

Total assets less current liabilities

 

47,525

43,319

Deferred taxation

20, 9

(951)

(399)

Other provisions

20

-

-

Net assets

 

46,574

42,920

Capital and reserves

 

Called up share capital

21

501

501

Merger reserve

(450)

(450)

Profit and loss account

46,523

42,869

Equity attributable to owners of the company

 

46,574

42,920

Total equity

 

46,574

42,920

Approved and authorised by the Board on 7 March 2025 and signed on its behalf by:
 

I J McBraida
Director

 

McBraida Holdings Limited

(Registration number: 07571422)
Balance Sheet as at 30 June 2024

Note

2024
 £ 000

2023
 £ 000

Fixed assets

 

Investments

11

501

501

Other financial assets

12

14,381

12,192

 

14,882

12,693

Current assets

 

Debtors

14

4,054

4,508

Investments

15

12,266

11,912

Cash at bank and in hand

 

34

14

 

16,354

16,434

Creditors: Amounts falling due within one year

16

(301)

(303)

Net current assets

 

16,053

16,131

Total assets less current liabilities

 

30,935

28,824

Provisions for liabilities

20, 9

(1,030)

(420)

Net assets

 

29,905

28,404

Capital and reserves

 

Called up share capital

21

501

501

Profit and loss account

29,404

27,903

Total equity

 

29,905

28,404

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £2,035k (2023 - profit of £3,332k).

Approved and authorised by the Board on 7 March 2025 and signed on its behalf by:
 

I J McBraida
Director

 

McBraida Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Share capital
£ 000

Merger reserve
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 July 2022

501

(450)

39,696

39,747

Profit for the year

-

-

3,767

3,767

Foreign currency translation

-

-

(93)

(93)

Total comprehensive income

-

-

3,674

3,674

Dividends

-

-

(501)

(501)

At 30 June 2023

501

(450)

42,869

42,920

Share capital
£ 000

Merger reserve
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 July 2023

501

(450)

42,869

42,920

Profit for the year

-

-

4,198

4,198

Foreign currency translation

-

-

(10)

(10)

Total comprehensive income

-

-

4,188

4,188

Dividends

-

-

(534)

(534)

At 30 June 2024

501

(450)

46,523

46,574

 

McBraida Holdings Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 July 2022

501

25,072

25,573

Profit for the year

-

3,332

3,332

Dividends

-

(501)

(501)

At 30 June 2023

501

27,903

28,404

Share capital
£ 000

Profit and loss account
£ 000

Total
£ 000

At 1 July 2023

501

27,903

28,404

Profit for the year

-

2,035

2,035

Dividends

-

(534)

(534)

At 30 June 2024

501

29,404

29,905

 

McBraida Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
 £ 000

2023
 £ 000

Cash flows from operating activities

Profit for the year

 

4,198

3,767

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

588

594

Loss on disposal of tangible assets

-

3

Profit from disposals of investments

(2,348)

(1,132)

Finance income

8

(873)

(291)

Income tax expense

9

1,669

563

Foreign exchange losses

 

(10)

(94)

 

3,224

3,410

Working capital adjustments

 

Decrease/(increase) in stocks

13

252

(1,683)

(Increase)/decrease in trade debtors

14

(3,903)

376

Increase in trade creditors

16

227

2,167

Cash generated from operations

 

(200)

4,270

Income taxes paid

9

-

(122)

Net cash flow from operating activities

 

(200)

4,148

Cash flows from investing activities

 

Interest received

873

291

Acquisitions of tangible assets

10

(287)

(532)

Dividend income

130

105

Acquisition of investments

 

(3,711)

(3,163)

Proceeds from disposal of investments

 

3,270

2,872

Net cash flows from investing activities

 

275

(427)

Cash flows from financing activities

 

Dividends paid

(534)

(501)

Net (decrease)/increase in cash and cash equivalents

 

(459)

3,220

Cash and cash equivalents at 1 July

 

6,320

3,100

Cash and cash equivalents at 30 June

 

5,861

6,320

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bridgeyate Engineering Works
Warmley
Bristol
BS30 5JW

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.

No income statement is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £2,035,000 (2023 - profit of £3,332,000).

In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 July 2014.

Therefore, the group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

2

Accounting policies (continued)

Going concern

As noted in the strategic report, after reviewing the Group's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

Valuation of stocks, and measurement of provision for impairment (see note 14):

The cost of work in progress and finished goods includes labour and attributable overheads. These estimates are based on factors that include the labour time spent bringing those stocks into their current location and condition, and an estimate of the overhead costs incurred during that period. Judgement is also required regarding the classification of labour and overhead costs between those that are attributable to production activity, and those that are non-production costs.

At each reporting date, stocks are assessed for impairment. The carrying values of stocks are compared to their net realisable values, being the estimate sales price less costs to complete and sell. This requires judgements regarding the expected future usage and / or sale of individual stock lines.

Key sources of estimation uncertainty

Tangible fixed assets (see note 11):

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Investments (see note 12):

In relation to the determination of carrying value of investments at fair value through the Statement of Comprehensive Income, the Group applies the overriding concept that fair value is the amount for which an asset can be exchanged between knowledgeable willing parties in an arm's length transaction. The nature, facts and circumstances of each investment drives the valuation methodology.

Listed investments are valued at the quoted bid price at the balance sheet date. Unquoted investments are valued using a price/earnings multiple methodology. The relevant price/earnings multiple is determined by reference to those applying to quoted companies. This multiple is then applied to the earnings of the investee company in the year, after adjustments for one-off unusual income or expenditure in the year.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

2

Accounting policies (continued)

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Foreign currency 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 the Consolidated Statement of Comprehensive Income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs’. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within 'administrative expenses'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Tax

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

The current 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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

2

Accounting policies (continued)

Depreciation

Depreciation is provided on the following basis:

Asset class

Depreciation method and rate

Freehold property

4% straight line

Leasehold improvements

8.33% straight line

Plant & machinery

15-19% reducing balance

Motor vehicles

25% reducing balance

Fixtures & fittings

20% reducing balance

Computer equipment

33.33% straight line

Short life plant & ancillary equipment

20% straight line

Intangible assets

Asset class

Amortisation method and rate

Patents

20% straight line

Investments

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

Investments in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Interest income

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

Financial Instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
 

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

2

Accounting policies (continued)

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
 

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets:
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets:
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

3

Turnover

Turnover is attributable to one class of business.

The analysis of the group's turnover for the year by market is as follows:

2024
£ 000

2023
£ 000

UK

24,400

18,121

Europe

2,429

2,436

Rest of world

2,260

1,814

29,089

22,371

 

4

Operating profit

Arrived at after charging/(crediting)

2024
 £ 000

2023
 £ 000

Depreciation expense

588

594

Foreign exchange (gains)/losses

(61)

122

Operating lease expense - property

175

175

 

5

Auditors' remuneration

2024
£ 000

2023
£ 000

Audit of these financial statements

39

37

Other fees to auditors

All other non-audit services

76

41


 

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

6

Staff costs

Group

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £ 000

2023
 £ 000

Wages and salaries

7,286

6,279

Social security costs

554

465

Pension costs, defined contribution scheme

268

323

8,108

7,067

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Factory

199

164

Sales and administration

24

27

223

191

 

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£ 000

2023
£ 000

Directors' emoluments

578

493

Contributions paid to money purchase schemes

-

60

578

553

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

In respect of the highest paid director:

2024
£ 000

2023
£ 000

Remuneration

428

396

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

8

Interest receivable and similar income

2024
£ 000

2023
£ 000

Interest income on investments

578

3

Interest income on bank deposits

275

288

Dividend income

20

-

873

291

 

9

Taxation

Tax charged/(credited) in the profit and loss account

2024
 £ 000

2023
 £ 000

Current taxation

UK corporation tax

1,095

740

UK corporation tax adjustment to prior periods

22

(94)

1,117

646

Deferred taxation

Arising from origination and reversal of timing differences

650

(48)

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

(98)

(35)

Total deferred taxation

552

(83)

Tax expense in the income statement

1,669

563

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 20.5%).

The differences are reconciled below:

2024
£ 000

2023
£ 000

Profit before tax

5,867

4,330

Corporation tax at standard rate

1,467

929

Effect of revenues exempt from taxation

(55)

(21)

Effect of expense not deductible in determining taxable profit (tax loss)

(390)

(246)

UK deferred tax expense/(credit) relating to changes in tax rates or laws

552

(83)

Increase/(decrease) in UK and foreign current tax from adjustment for prior periods

22

(94)

Tax increase from effect of capital allowances and depreciation

73

78

Total tax charge

1,669

563

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

9

Taxation (continued)

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£ 000

Liability
£ 000

Accelerated capital allowances

-

127

Investments held at valuation

-

1,035

Other timing differences

211

-

211

1,162

2023

Asset
£ 000

Liability
£ 000

Accelerated capital allowances

-

154

Investments held at valuation

-

420

Other timing differences

175

-

175

574

Company

Deferred tax assets and liabilities

2024

Asset
£ 000

Liability
£ 000

Investments held at valuation

-

1,035

Other timing differences

5

-

5

1,035

2023

Liability
£ 000

Investments held at valuation

420

420

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

10

Tangible assets

Group

Land and buildings
£ 000

Leasehold Improvements
£'000

Plant & Machinery
£'000

Furniture, fittings and equipment
 £ 000

Motor vehicles
 £ 000

Total
£ 000

Cost

At 1 July 2023

2,467

577

10,876

501

63

14,484

Additions

-

-

256

-

31

287

At 30 June 2024

2,467

577

11,132

501

94

14,771

Depreciation

At 1 July 2023

849

574

8,862

454

57

10,796

Charge for the year

87

1

470

21

9

588

At 30 June 2024

936

575

9,332

475

66

11,384

Carrying amount

At 30 June 2024

1,531

2

1,800

26

28

3,387

At 30 June 2023

1,618

3

2,014

47

6

3,688

Although the Group holds no formal lease to the premises from which it operates, the Group is assured of its tenure by the Landlord and Tennant Act 1954.

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

11

Investments

Company

2024
£ 000

2023
£ 000

Investments in subsidiaries

501

501

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

McBraida Plc
Bridgeyate Engineering Works, Bridgeyate, Warmley, Bristol, BS30 5JW

England

Ordinary

100%

100%

McBraida Polska Sp. z o.o.
McBraida Polska, Tajęcina 107, 36-002 Jasionka, Poland

Poland

Ordinary

100%

100%

Subsidiary undertakings

McBraida Plc

The principal activity of McBraida Plc is precision engineering.

McBraida Polska Sp. z o.o.

The principal activity of McBraida Polska Sp. z o.o. is precision engineering.

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

12

Other financial assets

Group

Listed investments
£ 000

Unlisted investments
£ 000

Total
£ 000

Non-current financial assets

Cost or valuation

At 1 July 2023

11,373

842

12,215

Revaluations

2,327

(50)

2,277

Additions

3,111

-

3,111

Disposals

(2,990)

(209)

(3,199)

At 30 June 2024

13,821

583

14,404

Company

Listed investments
£ 000

Unlisted investments
£ 000

Total
£ 000

Non-current financial assets

Cost or valuation

At 1 July 2023

11,373

819

12,192

Revaluations

2,327

(50)

2,277

Additions

3,111

-

3,111

Disposals

(2,990)

(209)

(3,199)

At 30 June 2024

13,821

560

14,381

 

13

Stocks

 

Group

Company

2024
£ 000

2023
£ 000

2024
£ 000

2023
£ 000

Raw materials and consumables

4,213

3,642

-

-

Finished goods and goods for resale

327

1,150

-

-

4,540

4,792

-

-

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

14

Debtors

 

Group

Company

2024
 £ 000

2023
 £ 000

2024
 £ 000

2023
 £ 000

Trade debtors

8,432

4,671

-

-

Amounts owed by related parties

-

-

3,525

3,944

Other debtors

156

29

126

-

Prepayments

129

114

-

-

Corporation tax asset

-

678

403

564

Total current trade and other debtors

8,717

5,492

4,054

4,508

 

15

Current asset investments

 

Group

Company

2024
£ 000

Restated
2023
£ 000

2024
£ 000

Restated
2023
£ 000

Short term liquid investments

18,522

18,052

12,266

11,912

 

16

Creditors

 

Group

Company

2024
 £ 000

2023
 £ 000

2024
 £ 000

2023
 £ 000

Due within one year

Loans and borrowings

1,653

2,361

-

-

Trade creditors

2,448

2,108

-

-

Social security and other taxes

903

62

-

-

Outstanding defined contribution pension costs

136

52

-

-

Other creditors

583

299

-

-

Accrued expenses

1,744

2,358

301

303

Corporation tax liability

439

-

-

-

7,906

7,240

301

303

 

17

Financial instruments

Group

Categorisation of financial instruments

2024
£ 000

2023
£ 000

Financial assets measured at fair value through profit or loss

32,926

30,267

Financial assets that are debt instruments measured at amortised cost

14,578

11,812

47,504

42,079

Financial liabilities measured at amortised cost

(7,003)

(7,178)

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

17

Financial instruments (continued)

Company

Categorisation of financial instruments

2024
£ 000

2023
£ 000

Financial assets measured at fair value through profit or loss

24,199

23,237

24,199

23,237

Financial assets that are debt instruments measured at amortised cost

4,123

4,522

Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group faces interest rate risk through holding cash and cash equivalents with financial institutions.

Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with its financial liabilities. The Group's financial liabilities include its trade creditors, other creditors and accruals.

Sensitivity analysis
No sensitivity analysis has been disclosed as there would not be a material impact on the profit and loss account from a change in either equity prices or interest rates.

Fair values
The carrying amount of short term trade debtors and trade creditors is considered to be a reasonable approximation of their fair value.

Financial assets measured at fair value through profit and loss comprise investments and current asset investments.

Financial assets measured at amortised cost comprise trade debtors, amounts owed by group undertakings, other debtors and cash at bank and in hand.

Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, government grants received and other creditors.

The Group faces price risk, credit risk, interest rate risk and liquidity risk as a result of its financial assets and liabilities. There is no significant currency risk, being the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

Price risk
Price risk is the risk that an entity will suffer a financial loss through the fall in the price of an asset. The Group is exposed to equity security price risk because of equity investments held by the Group that are included as fixed asset investments on the statement of financial position. The Group seeks to manage the price risk by having a diverse portfolio of investments held for the long term and investing in a number of different sectors.

Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Group faces credit risk as a result of offering credit terms to its customers and holding cash and cash equivalents with financial institutions. The Group seeks to mitigate the risk that arises from offering credit terms by performing credit checks before terms are advanced and thereafter actively monitoring amounts receivable and denying additional credit when appropriate. The Group's maximum exposure to credit risk is equal to the value of trade debtors, other debtors, prepayments and accrued income and cash and cash equivalents.

 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

18

Loans and borrowings

 

Group

Company

2024
£ 000

2023
£ 000

2024
£ 000

2023
£ 000

Current loans and borrowings

Other borrowings

1,653

2,361

-

-

 

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £268,000 (2023 - £323,000).

Contributions totalling £136,000 (2023 - £52,000) were payable to the scheme at the end of the year and are included in creditors.

 

20

Deferred tax and other provisions

Company

Deferred tax
£ 000

Total
£ 000

At 1 July 2023

420

420

Increase (decrease) in existing provisions

610

610

At 30 June 2024

1,030

1,030

 

21

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No. 000

£ 000

No. 000

£ 000

501,000 Ordinary shares of £1 each

501

501

501

501

         
 

McBraida Holdings Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

22

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 7 to the financial statements.
 

Other transactions with directors

During the year, rent totalling £175k (2023 - £175k) has been charged to the Group by M P McBraida, a director, in respect of the land and factory owed by M P McBraida from which the Group operates.

Summary of transactions with other related parties

During the year the group made donations to the MPM Charitable Trust of £300k (2023 - £375k), a trust of which some of the Trustees are also directors of the group.

The group has taken advantage of the exemption available under Section 33.1A of FRS 102 whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

 

 

23

Parent and ultimate parent undertaking

The company is controlled by its directors Michael and Ian McBraida and is majority owned by them.

 

24

Reserves

Merger reserve

The merger reserve arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.