Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31No description of principal activitytrue2024-01-01false32truefalse SC048793 2024-01-01 2024-12-31 SC048793 2023-01-01 2023-12-31 SC048793 2024-12-31 SC048793 2023-12-31 SC048793 c:Director1 2024-01-01 2024-12-31 SC048793 c:Director3 2024-01-01 2024-12-31 SC048793 c:Director3 2024-12-31 SC048793 c:Director4 2024-01-01 2024-12-31 SC048793 c:Director4 2024-12-31 SC048793 c:Director5 2024-01-01 2024-12-31 SC048793 c:Director5 2024-12-31 SC048793 c:RegisteredOffice 2024-01-01 2024-12-31 SC048793 c:Agent1 2024-01-01 2024-12-31 SC048793 d:MotorVehicles 2024-01-01 2024-12-31 SC048793 d:FurnitureFittings 2024-01-01 2024-12-31 SC048793 d:FurnitureFittings 2024-12-31 SC048793 d:FurnitureFittings 2023-12-31 SC048793 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC048793 d:ComputerEquipment 2024-01-01 2024-12-31 SC048793 d:ComputerEquipment 2024-12-31 SC048793 d:ComputerEquipment 2023-12-31 SC048793 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC048793 d:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 SC048793 d:OtherPropertyPlantEquipment 2024-12-31 SC048793 d:OtherPropertyPlantEquipment 2023-12-31 SC048793 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC048793 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 SC048793 d:CurrentFinancialInstruments 2024-12-31 SC048793 d:CurrentFinancialInstruments 2023-12-31 SC048793 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 SC048793 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC048793 d:ShareCapital 2024-12-31 SC048793 d:ShareCapital 2023-12-31 SC048793 d:OtherMiscellaneousReserve 2024-12-31 SC048793 d:OtherMiscellaneousReserve 2023-12-31 SC048793 d:RetainedEarningsAccumulatedLosses 2024-12-31 SC048793 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC048793 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 SC048793 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC048793 d:OtherDeferredTax 2024-12-31 SC048793 d:OtherDeferredTax 2023-12-31 SC048793 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 SC048793 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 SC048793 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 SC048793 c:FRS102 2024-01-01 2024-12-31 SC048793 c:Audited 2024-01-01 2024-12-31 SC048793 c:FullAccounts 2024-01-01 2024-12-31 SC048793 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC048793 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC048793 2 2024-01-01 2024-12-31 SC048793 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure
Company registration number: SC048793







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


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 auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX




Bankers
The Royal Bank of Scotland plc

Glasgow

G2 3AD




Solicitors
CMS Cameron McKenna Nabarro Olswang LLP
20 Castle Terrace

Edinburgh

EH1 2EN





 


BRAID LOGISTICS (UK) LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 8



 


BRAID LOGISTICS (UK) LIMITED
REGISTERED NUMBER:SC048793



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,296,155
5,868,895

  
5,296,155
5,868,895

Current assets
  

Debtors: amounts falling due within one year
 5 
1,227,212
4,721,404

Cash at bank and in hand
  
19,735,441
19,565,349

  
20,962,653
24,286,753

Creditors: amounts falling due within one year
 6 
(1,654,566)
(1,359,911)

Net current assets
  
 
 
19,308,087
 
 
22,926,842

Total assets less current liabilities
  
24,604,242
28,795,737

Provisions for liabilities
  

Deferred tax
 7 
(1,322,073)
(1,439,946)

Other provisions
 8 
(1,617,861)
(235,702)

  
 
 
(2,939,934)
 
 
(1,675,648)

Net assets
  
21,664,308
27,120,089


Capital and reserves
  

Called up share capital 
  
250,000
250,000

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

Profit and loss account
  
14,914,308
20,370,089

  
21,664,308
27,120,089


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: 6 June 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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 2024

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

Current and deferred taxation

i) Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of  tax rates and laws that have been enacted or substantively enacted by the year end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

ii) Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that resulted in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured at the tax rates that are expected to apply in the years in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. 
The company has entered into an agreement regarding UK corporation tax payments and refunds with Exel Limited, a fellow group undertaking. Under the terms of this agreement Exel Limited has undertaken to discharge the current and future UK corporation tax liabilities on behalf of and benefit from any tax recoverable due to, the company.
The indemnity provided by Exel Limited is accounted for as a capital contribution within reserves.  


 
2.8

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.

Page 3

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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:

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.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

There are no direct employees of the company. The average number of directors during the year was 3 (2023 - 2).

Page 4

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2024
326,241
251,518
9,013,777
9,591,536


Disposals
-
(78,846)
(392,811)
(471,657)



At 31 December 2024

326,241
172,672
8,620,966
9,119,879



Depreciation


At 1 January 2024
263,665
148,963
3,310,013
3,722,641


Charge for the year on owned assets
32,648
34,809
389,169
456,626


Disposals
-
(78,847)
(276,696)
(355,543)



At 31 December 2024

296,313
104,925
3,422,486
3,823,724



Net book value



At 31 December 2024
29,928
67,747
5,198,480
5,296,155



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


5.


Debtors

2024
2023
£
£


Trade debtors
133,377
173,780

Amounts owed by group undertakings
1,061,875
4,203,154

Other debtors
31,960
336,734

Prepayments and accrued income
-
7,736

1,227,212
4,721,404


Page 5

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
438,607
577,307

Amounts owed to group undertakings
409,743
-

Other taxation and social security
-
32,946

Accruals and deferred income
806,216
749,658

1,654,566
1,359,911


Page 6

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Deferred taxation




2024


£






At beginning of year
(1,439,946)


Charged to the profit or loss
117,873



At end of year
(1,322,073)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,322,073)
(1,452,446)

Short term timing differences
-
12,500

(1,322,073)
(1,439,946)

The company had a net deferred tax liability at 31 December 2024 of £1,322,073 (2023: £1,439,946) which has been recognised in the financial statements. 
The deferred tax liability is expected to be fully reversed in 2025. This is primarily due to the company's intention to dispose of its fixed assets during that year. 


8.


Provisions




Dilapidation provisions

£





At 1 January 2024
235,702


Charged to profit or loss
1,382,159



At 31 December 2024
1,617,861


9.


Parent undetaking

The company's immediate 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

Page 7

 


BRAID LOGISTICS (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Controlling party

The ultimate controlling party is Deutsche Post AG.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 9 June 2025 by Andrew Galliers FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 8