Company registration number 06970756 (England and Wales)
BEUMER Group UK Limited
Annual Report and Financial Statements
for the year ended 31 December 2024
BEUMER Group UK Limited
Company Information
Directors
J Karia
B Jones
D McGarry
Secretary
D R Critchley
Company number
06970756
Registered office
BEUMER House
L1/L2 Ivanhoe Business Park
Smisby Road
Ashby de la Zouch
Leicestershire
LE65 2AB
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Bankers
Nordea Bank Abp
6th Floor,
5 Aldermanbury Square
London
EC2V 7AZ
BEUMER Group UK Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Income statement
10
Statement of financial position
11 - 12
Statement of changes in equity
13
Notes to the financial statements
14 - 21
BEUMER Group UK Limited
Strategic Report
for the year ended 31 December 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Business review

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

This financial year has seen a sixty two percent increase in revenue from the previous financial year. This is a result of continued strong performance in our Customer Support business, good progress on two large Airports projects and the award of four Logistics contract awards in the year with activities starting and progressing well in the year on two of them.

 

2024

2023

 

 

£m

£m

 

Airports

12.9

11.4

 

Logistics Systems

18.4

0.8

 

Customer Support

23.0

21.2

 

Mineral & Mining

0.0

0.2

 

 

54.3

33.6

 

 

Airports

 

The company started the year on a strong footing with the award of the contract for a new baggage system in Terminal 2 at Heathrow in Dec 2023. The design validation works started in early 2024 and have continued throughout the year, with close collaboration with the customer on some large changes to the scope of work. The project remains in a very positive position and is scheduled to complete over a five-year timescale.

The early works contract on the baggage system in Terminal 4 at Heathrow Airport was completed in the early part of the year and the company then entered into a contract for the commencement of the installation and commissioning works. The award for the remainder of the installation and commissioning works has been signed in January 2025 and the completion of the baggage system is expected by the end of 2026.

 

These two projects are significant and have enabled the company to further enhance its relationship with one of the world's largest and busiest airports. The company has engaged in many strategic initiatives with Heathrow Airport for the baggage systems across the airport and are looking forward to being a partner to the Airport in delivering future world class baggage systems. The completion of the two current contracts will allow for 'Operational and Maintenance' contracts as well as new opportunities at the Airport.

 

To achieve the Airport activities, the company embarked on a drive to build talented, skilled and experienced teams to deliver the projects. This has seen external resources joining the business in the UK, as well as relocation of employees from the wider BEUMER group to the UK to take up key roles for these projects.

 

Logistics Systems Projects

 

The company entered 2024 on the back of a year where Logistic customers were largely re-evaluating their investment strategies, resulting in many pipeline projects being moved out to 2024 and further.

 

Ongoing negotiations into 2024 resulted in four significant contract awards in this financial year, two projects in CEP and two projects in W&D markets marked a significant achievement for the company. The projects re-enforce strong relationships with our key Logistics customer base, with the awards coming from existing customers. Two of the projects began installation in Q4 2024 and will complete in 2025, the others will begin in Q2/Q3 2025 for completion before the end of 2026. The project opportunities are born from e-commerce, supporting both cross border traffic and domestic last mile solutions.

 

For existing projects, a W&D project that had been delayed for approximately two years, on the customer's request, was completed and handed over in the last quarter of the year. This was another successful on time delivery. Work continued on the large Midlands project where system extensions were implemented to meet the growing requirements of the customer and this project will be closed out in the early months of 2025. The company also delivered its first line sorter system in the UK and this project was delivered successfully in the last quarter of the year.

BEUMER Group UK Limited
Strategic Report (continued)
for the year ended 31 December 2024
- 2 -

The outlook for 2025 is also very encouraging for the Logistics business, with targeted pipeline projects on the radar for the Sales team. The recruitment of a new Sales Manager in late 2024 will strengthen the team and its focus for the upcoming year.

 

Customer Support

 

The increase in Customer Support business over the last few years has continued into 2024, with a record level of sales and associated margin in this business segment.

 

The sales of spare parts rose steeply in the year to record levels, with delivery of two large consolidated spares packages for existing sites and a general increase on spares orders throughout the year. The challenges from the supply chain experienced in the last couple of years have eased and the company has established a stable and skilled spare parts team driving this increase in this business.

 

The year has seen the continuation of existing Operations and Maintenance service contracts in the Logistics sector, where the company has seen some challenges in retaining skilled employees and hiring adequately skilled replacements where needed. The Operations and Maintenance service contracts have performed well and the company continues to be a valued partner to all our customers.

 

The main challenge in the year has come from expected modernisation projects in Airports not materialising. Planned projects from the Airport sector are still in discussion and fall into the 2025 pipeline. On the Logistics side, expected expansions for several customers in the CEP market did not materialise, with indications of further growth analysis is needed across the sector being measured prior to CAPEX commitment for volume forecasts.

 

Overall

 

Another strong performance in 2024, continuing the trend since 2021. The Logistics business has picked up after a slow 2023 and has boosted the company's financials for the current year. The company has established a very good relationship with Heathrow Airport that has seen the start of two key projects in late 2023 and this has been very positive on the company's results in 2024. The Customer Support business continues to grow, with spare parts business compensating for lower than expected modernisation project activity.

 

The company has grown in the year with a headcount increasing from 119 at the start of the year and finishing with 147 employees at the end of 2024. This growth in resource will continue over the next number of years with the project pipeline secured and the 'Operations and Maintenance' contracts placed.

 

Principle Risk

 

The principal risks facing BEUMER Group UK centre around the ability to retain and recruit skilled labour to deliver the contracts in place and the expected contracts in the next few years.

 

In 2024 the company experienced the highest rate of employee attrition due to the competitive employment market. However, the company also experienced the highest level of recruitment of new employees to finish the year with a headcount of 147. The company is continuously monitoring the market to ensure that the compensation packages for employees are competitive and able to attract the right calibre of new employees.

 

The company is a subsidiary of a strong group in its field of expertise and has the ability to utilise resource from around the globe. However, the company has embarked on a drive to recruit the best skilled workers from the local markets to drive the successful delivery of current and future projects.

BEUMER Group UK Limited
Strategic Report (continued)
for the year ended 31 December 2024
- 3 -

Future Developments

 

The company is very optimistic about the Airport business with the relationship with Heathrow Airport and the engagement as a partner going forward. The airport will see significant baggage enhancement projects in the next few years and this gives a fantastic opportunity for long term partnership with Heathrow. Some initial discussions have also commenced with other airports in the UK and these opportunities are also welcome to enable the Airports business to develop and grow.

 

The Logistics business has a strong pipeline moving into 2025 and 2026 and the company is confident on several contracts where initial discussions have taken place. The CEP and Warehouse and Distribution opportunities continue to grow in the UK. The company will look to further establish its capabilities on delivering such projects by increasing the headcount in 2025.

 

The Customer Support business continues to go from strength to strength and increasing activities in both Airports and Logistics Systems will see the opportunity to continue this growth. There are significant opportunities in the near future for 'Operational and Maintenance' contracts and this will see a significant growth in revenue opportunity.

 

The company has been working on a strategy to leverage the large install base in the Products market in the UK and this has resulted in the recruitment of a Product Sales Manager to lead this in early 2025. Opportunities for both new systems and modernisations / upgrades have been identified and the company is confident of building a growing business in this area in 2025 and beyond. The company was successful in securing nine installations over two projects at the latter half of 2024 for delivery throughout 2025.

Section 172(1) Statement

In the performance of their duties and in regard to promoting the success of the company for the benefit of its members, the Directors hold board meetings when appropriate, seek external professional advice when required, and have an open relationship with employees, customers and suppliers.

Engagement with Employees

Directors and management are regularly engaged with employees through meetings and frequent small group discussions.

Engagement with Suppliers, Customers and Others

Meaningful engagement occurs with both suppliers and customers as follows:

 

-     Regular strategic operating reviews with major suppliers are undertaken to discuss relationship     priorities going forward.

 

-     Market research discussions are frequently held with customers in order to ascertain their     priority and focus areas as these evolve and develop.

On behalf of the board

J Karia
Director
14 February 2025
BEUMER Group UK Limited
Directors' report
for the year ended 31 December 2024
- 4 -

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

Principal activities

There is no change to the principal activity of the Company which provides intralogistic solutions and life cycle support for conveying, loading, palletising, packaging, sortation and baggage handling markets.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £1,000,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Karia
B Jones
D McGarry
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

 

Trade creditors of the company at the year end were equivalent to 24 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Auditor

The auditor, B M Howarth Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

Here follows the data prepared for Streamlined Energy and Carbon reporting requirements.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
313,042
366,450
BEUMER Group UK Limited
Directors' report (continued)
for the year ended 31 December 2024
- 5 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Fuel consumed for owned transport
141.85
96.03
Scope 2 - indirect emissions
- Electricity purchased
10.64
9.69
Total gross emissions
152.49
105.72
Intensity ratio
Intensity ratio: tCO2  / Revenue (£'000)
2.81
3.18
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per Revenue (£'000), the recommended ratio for the sector.

Measures taken to improve energy efficiency

The introduction of the company salary sacrifice Electric Vehicle Scheme has enabled 11 employees to enroll in the year and has contributed towards the decrease in the emissions in the year. In addition, one member of the Senior Leadership Team replaced his company vehicle with an electric vehicle, further reducing the overall emissions.

 

The company moved to booking all flights through an agency, who were able to provide overall emissions for both domestic and international flights undertaking by the employees. The comparative figure for the previous year is unavailable.

 

The introduction of new projects led to the company requiring larger offices in the last quarter of the year in London. During the fitout low energy LED panels have been installed throughout the office, controlled by motion sensors to avoid unnecessary energy consumption. The overall emissions from electricity and others, has shown an increase of 7.3% compared to 2023 as the company's activities have increased considerably during the year with new projects, and head count has gone up to 147 (increased by 23%) as compared to 119 (at the end of 2023). This increase in headcount has resulted in increased footfall through the company offices during working hours, consuming more energy. The use of photocoltaic panels contributed to a 40% savings for office in Ashby and an overall 36% saving in the total electricity consumed by the company.

 

The decrease in the intensity ratio for 2024 has been heavily effected by the increase in revenue for the year.

 

For 2025 the company will continue its focus on replacing aging motor vehicles in the fleet with either "Hybrid" or "Electric" vehicles. Employees will continued to be encouraged to take advantage of the salary sacrifice scheme for electric vehicles. Electric vehicle chargers are due to be installed at the offices in Heathrow area, further assisting employees within the ULEZ Zone. The company is also fully engaged with customers who have energy savings initiatives and targets to achieve at their sites.

BEUMER Group UK Limited
Directors' report (continued)
for the year ended 31 December 2024
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
J Karia
D McGarry
Director
Director
14 February 2025
BEUMER Group UK Limited
Independent Auditor's Report
to the members of BEUMER Group UK Limited
- 7 -
Opinion

We have audited the financial statements of BEUMER Group UK Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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 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 report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

BEUMER Group UK Limited
Independent Auditor's Report
to the members of BEUMER Group UK Limited (continued)
- 8 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

 

We evaluated management incentives and opportunities for manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.

 

There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

BEUMER Group UK Limited
Independent Auditor's Report
to the members of BEUMER Group UK Limited (continued)
- 9 -

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 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.

Charles R Moorby (Senior Statutory Auditor)
For and on behalf of B M Howarth Ltd, Statutory Auditor
Chartered Accountants
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
14 February 2025
BEUMER Group UK Limited
Income Statement
for the year ended 31 December 2024
- 10 -
2024
2023
Notes
£
£
Revenue
2
54,260,034
33,596,963
Cost of sales
(47,614,328)
(27,484,496)
Gross profit
6,645,706
6,112,467
Administrative expenses
(4,200,923)
(4,113,081)
Operating profit
4
2,444,783
1,999,386
Interest income
234,876
172,106
Finance costs
8
(229,012)
(296,192)
Profit before taxation
2,450,647
1,875,300
Tax on profit
7
-
0
-
0
Profit and total comprehensive income for the financial year
2,450,647
1,875,300

The income statement has been prepared on the basis that all operations are continuing operations.

BEUMER Group UK Limited
Statement of financial position
as at 31 December 2024
- 11 -
2024
2023
Notes
£
£
Non-current assets
Property, plant and equipment
9
1,103,228
895,501
Investments
10
2
2
1,103,230
895,503
Current assets
Trade and other receivables
11
22,590,642
11,801,007
Cash and cash equivalents
4,614,793
3,386,669
27,205,435
15,187,676
Current liabilities
Trade and other payables
13
20,527,453
8,784,923
Taxation and social security
613,781
691,817
Lease liabilities
15
226,750
226,955
21,367,984
9,703,695
Net current assets
5,837,451
5,483,981
Total assets less current liabilities
6,940,681
6,379,484
Non-current liabilities
Borrowings
14
1,900,000
2,793,626
Lease liabilities
15
509,423
505,247
2,409,423
3,298,873
Net assets
4,531,258
3,080,611
BEUMER Group UK Limited
Statement of financial position (continued)
as at 31 December 2024
2024
2023
Notes
£
£
- 12 -
Equity
Called up share capital
17
1
1
Retained earnings
4,531,257
3,080,610
Total equity
4,531,258
3,080,611
The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
J Karia
D McGarry
Director
Director
Company Registration No. 06970756
BEUMER Group UK Limited
Statement of changes in equity
for the year ended 31 December 2024
- 13 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2023
1
1,205,310
1,205,311
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
1,875,300
1,875,300
Balances at 31 December 2023
1
3,080,610
3,080,611
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
2,450,647
2,450,647
Dividends
-
(1,000,000)
(1,000,000)
Balances at 31 December 2024
1
4,531,257
4,531,258
BEUMER Group UK Limited
Notes to the financial statements
for the year ended 31 December 2024
- 14 -
1
Accounting policies
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to share based payments, financial instruments, capital management, presentation of a cash flow statement, presentation of comparative information in respect of certain assets, standards not yet effective, impairment of assets, business combinations, discontinued operations and related party transactions.

 

Where required, equivalent disclosures are given in the group accounts of the ultimate parent company.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities. Income is recognised on delivery of the relevant goods and services or on acknowledgement of completion by the customer. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done during the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Contract Assets/ Liabilities

Amounts recoverable on long term contracts, which are included in receivables, are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in payables as payments received on account.

BEUMER Group UK Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies
(continued)
- 15 -
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives using the following rates:

Leasehold property
Straight line over the life of the lease
Fixtures and fittings
20% - 33.3% straight line
Motor vehicles
25% straight line
Non-current investments

Fixed asset investments are stated at cost less provision for permanent diminution in value.

Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The company is exempt under FRS 101 from the disclosure requirements of IFRS 13. There was no impact on the company from the adoption of IFRS 13.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

Employee benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Leases

The company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment.

 

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

BEUMER Group UK Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
1
Accounting policies
(continued)
- 16 -

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2
Revenue

The company's revenue all derives from it's principal activities undertaken in the United Kingdom.

 

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
26,500
35,000
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
85,527
65,053
Auditor remuneration
26,500
35,000
Depreciation of property, plant and equipment
325,934
411,119
Profit on disposal of property, plant and equipment
-
(30,137)
BEUMER Group UK Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 17 -
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
310,225
291,206
Company pension contributions to defined contribution schemes
104,744
100,668
414,969
391,874

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
129,476
114,638
Company pension contributions to defined contribution schemes
21,191
18,590
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Direct
121
95
Administration
26
24
147
119

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
8,384,581
7,432,539
Social security costs
989,004
749,316
Pension costs
1,001,502
874,547
10,375,087
9,056,402
BEUMER Group UK Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 18 -
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
-

The unrecognised deferred tax asset comprises:

2024
2023
£'000's
£'000's
Losses carried forward
2,007
2,580
Accelerated capital allowances
(158)
(22)
1,849
2,558
Unrecognised deferred tax assets are stated at 25% (2023: 25%). The asset has not been recognised as the extent to its recoverability remains uncertain.
8
Finance costs
2024
2023
£
£
Interest on group loans
194,432
261,132
Interest on lease liabilities
34,580
35,060
Total interest expense
229,012
296,192
9
Property, plant and equipment
Leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
652,772
443,887
563,295
1,659,954
Additions
159,444
349,386
128,813
637,643
Disposals
-
0
-
0
(211,807)
(211,807)
At 31 December 2024
812,216
793,273
480,301
2,085,790
Accumulated depreciation and impairment
At 1 January 2024
130,555
324,137
309,761
764,453
Charge for the year
138,526
84,826
102,582
325,934
Eliminated on disposal
-
0
-
0
(107,825)
(107,825)
At 31 December 2024
269,081
408,963
304,518
982,562
BEUMER Group UK Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
9
Property, plant and equipment
Leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
(continued)
- 19 -
Carrying amount
At 31 December 2024
543,135
384,310
175,783
1,103,228
At 31 December 2023
522,217
119,750
253,534
895,501

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£
£
Net values at the year end
Property
543,135
522,218
Motor vehicles
163,209
199,528
706,344
721,746
Depreciation charge for the year
Property
138,526
130,555
Motor vehicles
61,153
156,841
199,679
287,396
10
Investments
2024
2023
£
£
Investments in subsidiaries
2
2

Beumer Ltd incorporated in England and Wales. Its principal activity is the provider of materials handing solutions and associated service and maintenance services. 100% of its issued share capital is held by Beumer Group UK Limited.

 

Beumer UK Material Handling Ltd incorporated in England and Wales. The company has remained dormant throughout the year. 100% of its issued share capital is held by Beumer Group UK Limited.

BEUMER Group UK Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 20 -
11
Trade and other receivables
2024
2023
£
£
Trade receivables
20,080,187
4,241,123
Contract assets
2,247,306
7,335,841
Amounts owed by fellow group undertakings
76,407
85,411
Prepayments
186,742
138,632
22,590,642
11,801,007
12
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£
£
£
£
Borrowings
14
-
0
-
0
1,900,000
2,793,626
Trade and other payables
13
20,527,453
8,784,923
-
0
-
0
Taxation and social security
613,781
691,817
-
-
Lease liabilities
15
226,750
226,955
509,423
505,247
21,367,984
9,703,695
2,409,423
3,298,873
13
Trade and other payables
2024
2023
£
£
Trade payables
680,866
475,529
Contract liabilities
785,050
500,820
Amounts owed to fellow group undertakings
15,472,138
527,151
Accruals
3,589,399
7,281,423
20,527,453
8,784,923
14
Borrowings
2024
2023
£
£
Loans from fellow group undertaking
1,900,000
2,793,626
BEUMER Group UK Limited
Notes to the financial statements (continued)
for the year ended 31 December 2024
- 21 -
15
Lease liabilities

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
226,750
226,955
Non-current liabilities
509,423
505,247
736,173
732,202
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
34,580
35,060

The fair value of the company's lease obligations is approximately equal to their carrying amount.

16
Retirement benefit schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The total costs charged to income in respect of defined contribution plans is £1,001,502 (2023 - £874,547).

17
Share capital
2024
2023
£
£
Allotted, called up and fully paid equity shares:
1 Ordinary of £1 each
1
1
18
Related party transactions

The company has taken advantage of the exemption available in FRS101 not to disclose transactions with other wholly owned members of the group headed by Beumer Group GmbH & Co. KG.

19
Parent company

The directors consider Beumer Group GmbH & Co.KG, a company incorporated in Germany, to be the ultimate parent company. This company is the largest company for which group accounts are drawn up including Beumer Group UK Ltd and Beumer Beteiligungsgesellschaft MBH.

20
Company information

BEUMER Group UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is BEUMER House, L1/L2 Ivanhoe Business Park, Smisby Road, Ashby de la Zouch, Leicestershire, LE65 2AB. The company's principal activities and nature of its operations are disclosed in the directors' report.

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