Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-01truetruetruetruefalseNo description of principal activity22truefalsefalse SC299361 2024-01-01 2024-12-31 SC299361 2023-01-01 2023-12-31 SC299361 2024-12-31 SC299361 2023-12-31 SC299361 5 2024-01-01 2024-12-31 SC299361 5 2023-01-01 2023-12-31 SC299361 6 2024-01-01 2024-12-31 SC299361 6 2023-01-01 2023-12-31 SC299361 1 2024-01-01 2024-12-31 SC299361 e:Director1 2024-01-01 2024-12-31 SC299361 e:Director2 2024-01-01 2024-12-31 SC299361 e:Director2 2024-12-31 SC299361 e:Director3 2024-01-01 2024-12-31 SC299361 e:Director3 2024-12-31 SC299361 e:Director4 2024-01-01 2024-12-31 SC299361 e:Director4 2024-12-31 SC299361 e:RegisteredOffice 2024-01-01 2024-12-31 SC299361 e:Agent1 2024-01-01 2024-12-31 SC299361 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 SC299361 d:FurnitureFittings 2024-01-01 2024-12-31 SC299361 d:CurrentFinancialInstruments 2024-12-31 SC299361 d:CurrentFinancialInstruments 2023-12-31 SC299361 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 SC299361 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 SC299361 d:UKTax 2024-01-01 2024-12-31 SC299361 d:UKTax 2023-01-01 2023-12-31 SC299361 d:ShareCapital 2024-12-31 SC299361 d:ShareCapital 2023-12-31 SC299361 d:SharePremium 2024-01-01 2024-12-31 SC299361 d:SharePremium 2024-12-31 SC299361 d:SharePremium 2023-12-31 SC299361 d:CapitalRedemptionReserve 2024-01-01 2024-12-31 SC299361 d:CapitalRedemptionReserve 2024-12-31 SC299361 d:CapitalRedemptionReserve 2023-12-31 SC299361 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 SC299361 d:RetainedEarningsAccumulatedLosses 2024-12-31 SC299361 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC299361 d:RetainedEarningsAccumulatedLosses 2023-12-31 SC299361 d:RetainedEarningsAccumulatedLosses 2023-01-01 SC299361 e:OrdinaryShareClass1 2024-01-01 2024-12-31 SC299361 e:OrdinaryShareClass1 2024-12-31 SC299361 e:OrdinaryShareClass1 2023-12-31 SC299361 e:OrdinaryShareClass2 2024-01-01 2024-12-31 SC299361 e:OrdinaryShareClass2 2024-12-31 SC299361 e:OrdinaryShareClass2 2023-12-31 SC299361 e:FRS102 2024-01-01 2024-12-31 SC299361 e:Audited 2024-01-01 2024-12-31 SC299361 e:FullAccounts 2024-01-01 2024-12-31 SC299361 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC299361 d:Subsidiary1 2024-01-01 2024-12-31 SC299361 d:Subsidiary1 1 2024-01-01 2024-12-31 SC299361 d:Subsidiary3 2024-01-01 2024-12-31 SC299361 d:Subsidiary3 1 2024-01-01 2024-12-31 SC299361 d:Subsidiary4 2024-01-01 2024-12-31 SC299361 d:Subsidiary4 1 2024-01-01 2024-12-31 SC299361 d:Subsidiary5 2024-01-01 2024-12-31 SC299361 d:Subsidiary5 1 2024-01-01 2024-12-31 SC299361 d:Subsidiary6 2024-01-01 2024-12-31 SC299361 d:Subsidiary6 1 2024-01-01 2024-12-31 SC299361 2 2024-01-01 2024-12-31 SC299361 6 2024-01-01 2024-12-31 SC299361 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: SC299361







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


BRAID GROUP (HOLDINGS) LIMITED






































img7512.png                        

 


BRAID GROUP (HOLDINGS) LIMITED
 


 
COMPANY INFORMATION


Directors
A D Watson 
J Moe (resigned 30 April 2024)
K W Fry (appointed 30 April 2024)
K A Lewandowska (appointed 30 April 2024)




Registered number
SC299361



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 GROUP (HOLDINGS) LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Income and Retained Earnings
9
Statement of Financial Position
10
Notes to the Financial Statements
11 - 21


 


BRAID GROUP (HOLDINGS) LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present the strategic report of Braid Group (Holdings) Limited for the year ended 31 December 2024.

Principal activities and business review
 
The principal activity of the company during the period was that of a holding company.
For the period under review profit after tax is £745,473 (2023: loss £59,179).
It is the view of the Directors that the accounts presented here represent a true and fair view of the state of affairs of the company and the results for the year to 31 December 2024.

Financial risk management objectives and policies
 
In managing our business the principal risks that the group are exposed to are:
Competition across all divisions;
Reliability and quantity of supplies and equipment;
Commodity price risk and impact on margins and
Managing foreign currency exposure;
Geopolitical instability continues to presents a risk to trade and profitability.
The board are of the opinion that the company can respond to and mitigate the impact of these risks and uncertainties.
The company’s operations expose it to a variety of financial risks and has in place procedures designed to limit any adverse effects arising from these risks on the financial performance of the company by monitoring levels of debt finance and the related finance costs.
The company’s principal financial instruments comprise cash in a number of different currencies and cash equivalents. The company also has access to various finance lease and lease purchase facilities for the purchase of ISO tanks. Other financial assets and liabilities, such as trade debtors and creditors arise directly from the company’s operating activities.
The company is exposed to commodity price risk as a result of its operations. However, given the size of the company’s operations, the cost of managing exposure to commodity price risk exceeds the potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
In the current economic climate the company is aware of the risk posed by non-payment of receivables and has a policy that requires credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed regularly by the finance function. Average debtor days is a KPI that is monitored on a local and group level.
The company manages financial risk through the compilation and monitoring of cash flow forecasts in addition to ensuring that adequate borrowing facilities are maintained.
The company is exposed to transaction foreign exchange risk. Currency exposure is now managed at group level.

Key performance indicators
 
In the period of reporting, Braid Group (Holdings) Limited has been a near dormant holding company so there are no key
performance indicators to report for this company.

Future developments
 
The company continues to review the structure of its subsidiaries and the business operations within them. The
expectation is that ultimately all Braid Group Holding subsidiaries and their operations will transfer to DPDHL entities.

Page 1

 


BRAID GROUP (HOLDINGS) LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board and signed on its behalf.



A D Watson
Director

Date: 6 June 2025

Page 2

 


BRAID GROUP (HOLDINGS) LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

Results and dividends

The profit for the year, after taxation, amounted to £745,473 (2023 - loss £59,179).

Directors

The directors who served during the year were:

A D Watson 
J Moe (resigned 30 April 2024)
K W Fry 
K A Lewandowska 

Future developments

Please refer to strategic report.

Matters covered in the Strategic Report

The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.

Page 3

 


BRAID GROUP (HOLDINGS) LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

In February 2025, the company completed the sale of the shares of Braid Logistics Africa (Pty) Ltd to Hillebrand Gori South Africa (Pty) Ltd for a purchase price of R3,000,000. The transaction was completed after balance sheet date but before financial statements were approved for issue. The proceeds from sale amounts to £37,378. The gain will be recognised in the financial statements for the year ending 31 December 2025.

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





A D Watson
Director

Date: 6 June 2025

Page 4

 


BRAID GROUP (HOLDINGS) LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRAID GROUP (HOLDINGS) LIMITED

Opinion


We have audited the financial statements of Braid Group (Holdings) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 2024 and of its 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's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


BRAID GROUP (HOLDINGS) LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRAID GROUP (HOLDINGS) LIMITED (CONTINUED)

Opinion on other matters 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 the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the 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 the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


BRAID GROUP (HOLDINGS) LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRAID GROUP (HOLDINGS) LIMITED (CONTINUED)

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.


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:

The Company is subject to laws and regulations that directly affect the financial statements including financial
reporting legislation, and general regulations such as health and safety. There are no industry specific laws and
regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent
of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement
items.
 
We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures and the company secretary.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
 
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
°Understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger.
°Manipulation of amounts subject to significant judgment or estimate.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 7

 


BRAID GROUP (HOLDINGS) LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRAID GROUP (HOLDINGS) LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





Andrew Galliers FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

9 June 2025
Page 8

 


BRAID GROUP (HOLDINGS) LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Administrative expenses
  
(7,429)
(543,284)

Operating loss
 4 
(7,429)
(543,284)

Interest receivable and similar income
 8 
752,902
477,197

Profit/(loss) before tax
  
745,473
(66,087)

Tax on profit/(loss)
 9 
-
6,908

Profit/(loss) after tax
  
745,473
(59,179)

  

  

Retained earnings at the beginning of the year
  
14,767,621
14,826,800

  
14,767,621
14,826,800

Profit/(loss) for the year
  
745,473
(59,179)

Retained earnings at the end of the year
  
15,513,094
14,767,621
The notes on pages 11 to 21 form part of these financial statements.

Page 9

 


BRAID GROUP (HOLDINGS) LIMITED
REGISTERED NUMBER:SC299361



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 10 
8,723,006
8,723,006

  
8,723,006
8,723,006

Current assets
  

Debtors: amounts falling due within one year
 11 
-
12,510,422

Cash at bank and in hand
  
11,504,775
91,262

  
11,504,775
12,601,684

Creditors: amounts falling due within one year
 12 
(248,755)
(2,091,137)

Net current assets
  
 
 
11,256,020
 
 
10,510,547

Total assets less current liabilities
  
19,979,026
19,233,553

  

Net assets
  
19,979,026
19,233,553


Capital and reserves
  

Called up share capital 
 13 
1,206,572
1,206,572

Share premium account
 14 
415,360
415,360

Capital redemption reserve
 14 
2,844,000
2,844,000

Profit and loss account
 14 
15,513,094
14,767,621

  
19,979,026
19,233,553


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 11 to 21 form part of these financial statements.

Page 10

 


BRAID GROUP (HOLDINGS) LIMITED
 


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

1.


General information

Braid Group (Holdings) Limited is a private company limited by shares, incorporated in Scotland. Its registered head office is located at Riverside Braehead, 4 Kings Inch Way, Renfrew, PA4 8YU. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Deutsche Post AG as at 31 December 2024 and these financial statements may be obtained from www.deutschepost.de.

Page 11

 


BRAID GROUP (HOLDINGS) LIMITED
 


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

2.Accounting policies (continued)

 
2.3

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'.

 
2.4

Interest income

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

 
2.5

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.

Page 12

 


BRAID GROUP (HOLDINGS) LIMITED
 


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

2.Accounting policies (continued)

 
2.6

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.  
 


 
2.7

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:

Leasehold property improvements
-
20%
Fixtures and fittings
-
20%

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.

Page 13

 


BRAID GROUP (HOLDINGS) LIMITED
 


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

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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 instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments
Page 14

 


BRAID GROUP (HOLDINGS) LIMITED
 


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

2.Accounting policies (continued)


2.9
Financial instruments (continued)

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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the amounts reported. These estimates and judgements are continually reviewed and are based on
experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
The estimates included in the financial statements do not give rise to any material adjustments.


4.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
(52,037)
335,386


5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
10,030
9,550

Fees payable to the Company's auditor in respect of:

Taxation compliance services
-
1,150

All non-audit services not included above
1,370
1,300

Page 15

 


BRAID GROUP (HOLDINGS) LIMITED
 


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

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
-
99,137

Cost of defined contribution scheme
-
2,637

-
101,774


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
-
74,040

Company contributions to defined contribution pension schemes
-
667

-
74,707


During the year retirement benefits were accruing to  no directors (2023 - 1) in respect of defined contribution pension schemes.


8.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
752,902
477,197

752,902
477,197

Page 16

 


BRAID GROUP (HOLDINGS) LIMITED
 


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

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
-

Adjustments in respect of previous periods
-
(6,908)


-
(6,908)


Total current tax
-
(6,908)

Deferred tax


Origination and reversal of timing differences
1,408
1,560

Changes to tax rates
-
99

Adjustments in respect of prior periods
269,867
(31,871)

Movement on deferred tax not recognised
(271,275)
30,212

Total deferred tax
-
-


Tax on profit/(loss)
-
(6,908)
Page 17

 


BRAID GROUP (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
745,473
(66,087)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
186,368
(15,544)

Effects of:


Adjustments to tax charge in respect of prior periods
269,867
(6,908)

Adjustments to tax charge in respect of prior periods - deferred tax
-
(31,871)

Group relief
(184,961)
9,067

Remeasurement of deferred tax for changes in tax rates
-
99

Permanent differences
1
8,037

Movement in deferred tax asset not recognised
(271,275)
30,212

Total tax charge for the year
-
(6,908)

Pillar Two legislation has been enacted in the UK and is effective from 1 January 2024. The company is within the scope of this legislation, however, no additional tax liability is currently expected to arise. Accordingly, no accrual has been recorded in the 2024 financial statements.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.



Page 18

 


BRAID GROUP (HOLDINGS) LIMITED
 


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

10.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
8,723,006



At 31 December 2024
8,723,006





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Braid Logistics (UK) Limited
4 Kings Inch Way, Renfrew, Renfrewshire, PA4 8YU, Scotland
Ordinary
100%
Braid Logistics Latin America SpA
General John O'Brien 2379, Vitacura, Santiago, Chile
Ordinary
100%
Intercomercial Limitada
Avenida Augusto Leguia Norte 100, of.7, Las condes, Santiago, Chile
Ordinary
100%
Braid Logistics Africa (Pty) Ltd
22 Swart Hout Cresent, Plattekloof,Cape Town,South Africa,7506
Ordinary
100%
Braid Logistics Latin America S.A.
Calle Paraguay, 2141 S/N Oficina 24, Piso 17 11800, Uruguay
Ordinary
100%

Page 19

 


BRAID GROUP (HOLDINGS) LIMITED
 


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

11.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
-
12,448,702

Prepayments and accrued income
-
61,720

-
12,510,422



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
146,508
2,026,603

Other creditors
83,628
48,000

Accruals and deferred income
18,619
16,534

248,755
2,091,137



13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,101,932 (2023 - 1,101,932) Ordinary shares of £1.00 each
1,101,932
1,101,932
104,640 (2023 - 104,640) 'A'; Ordinary shares of £1.00 each
104,640
104,640

1,206,572

1,206,572


The 'A' Ordinary shares do not carry any voting rights.


14.


Reserves

Share premium account

This reserve includes any premiums received on issue of any share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit and loss account

This reserve includes all current and prior period retained profits and losses.

Page 20

 


BRAID GROUP (HOLDINGS) LIMITED
 


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

15.


Parent undertaking

The company's immediate parent undertaking is Hillebrand Gori Group GMBH, a company incorporated in Germany.
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.
The company has not prepared group accounts as it is exempt from the requirement to do so by section 401 of the Companies Act 2006 as it is a subsidiary undertaking of Deutsche Post AG, a company incorporated in Germany, and is included in the consolidated accounts of the company.
Consolidated group accounts are publicly available from:
www.deutschepost.de


16.


Post balance sheet events

In February 2025, the company completed the sale of the shares of Braid Logistics Africa (Pty) Ltd to Hillebrand Gori South Africa (Pty) Ltd for a purchase price of R3,000,000. The transaction was completed after balance sheet date but before financial statements were approved for issue. The proceeds from sale amounts to £37,378. The gain will be recognised in the financial statements for the year ending 31 December 2025.


17.


Controlling party

The ultimate controlling party is Deutsche Post AG.

 
Page 21