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Company registration number: SC048793
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FOR THE YEAR ENDED
31 DECEMBER 2024
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BRAID LOGISTICS (UK) LIMITED
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BRAID LOGISTICS (UK) LIMITED
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COMPANY INFORMATION
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S Watson (resigned 29 February 2024)
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K W Fry (appointed 29 February 2024)
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K A Lewandowska (appointed 29 February 2024)
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Chartered Accountants & Statutory Auditor
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The Royal Bank of Scotland plc
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CMS Cameron McKenna Nabarro Olswang LLP
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BRAID LOGISTICS (UK) LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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BRAID LOGISTICS (UK) LIMITED
REGISTERED NUMBER:SC048793
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital contribution reserve
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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:
The notes on pages 2 to 8 form part of these financial statements.
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BRAID LOGISTICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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
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Basis of preparation of financial statements
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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:
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Foreign currency translation
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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'.
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
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BRAID LOGISTICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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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.
Interest income is recognised in profit or loss using the effective interest method.
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.
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Current and deferred taxation
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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.
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.
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BRAID LOGISTICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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New ISO tanks (included in Plant & Machinery)
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Straight line based on useful life of 20 years (residual value £2,000)
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Straight line based on useful life of 10 years (residual value of £2,000)
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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.
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Provisions for liabilities
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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.
There are no direct employees of the company. The average number of directors during the year was 3 (2023 - 2).
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BRAID LOGISTICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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BRAID LOGISTICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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BRAID LOGISTICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charged to the profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Short term timing differences
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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.
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Charged to profit or loss
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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
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BRAID LOGISTICS (UK) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The ultimate controlling party is Deutsche Post AG.
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.
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