2024
Annual Report & Accounts 2024
Braime Group PLC
The Group is involved in the
manufacture of metal presswork
and the distribution of bulk
material handling components.
Our electronics division specialises
in level controls, intelligent sensors
and safety control systems for
bucket elevators and conveyors.
The Group is headquartered in
Leeds, United Kingdom, but also
trades from locations in France,
South Africa, Australia, Thailand,
Indonesia, China, the United Arab
Emirates and the United States.
OVER 130 YEARS OF ENGINEERING EXCELLENCE
Front cover: Installation of oil resistant elevator belting and antistatic elevator buckets handling 1 million tons of rapeseed per annum at ADM Agriculture, Erith.
Above: Jetty conveyor belt 600m long loading and unloading vessels with grain at 1000 tonnes per hour at Port of Tilbury Grain Terminal, London.
Financial Highlights 2024
“The Group is poised to explore opportunities for
potential future growth.”
Nicholas Braime, Chairman
17th April 2025
Contents
Strategic report
Chairman’s statement
4
Business review
5
Group strategic report
7
Corporate social responsibility
11
The Board
12
Governance
Corporate governance report
13
Directors’ report
19
Directors’ remuneration report
21
Independent auditors’ report
22
Financial statements
Consolidated income statement
28
Consolidated statement of
comprehensive income
29
Consolidated balance sheet
30
Consolidated cash flow statement
31
Consolidated statement of
changes in equity
32
Notes to the accounts
33
Company balance sheet
59
Company statement of changes
in equity
60
Notes to the Company accounts
61
Five year record
68
Notice of meeting
69
Explanatory notes of resolutions
71
Directors and advisers
72
Turnover (£m)
Profit from operations (£m)
before exceptional item
2021
2.5
2022
4.4
3.7
3.7
2023
2024
2020
1.4
Profit before tax (£m)
Profit after tax (£m)
2021
0.8
2022
2.7
2.3
2.3
2023
2020
0.9
2024
Basic and diluted earnings
per share (pence)
Dividend per share
(pence)
2021
52.08
2022
2023
2024
188.96
157.88
158.37
2020
59.31
2021
1.1
2022
2023
2024
3.8
3.3
3.2
2020
1.2
2021
36.4
2022
2023
44.9
48.2
48.9
2024
2020
32.8
2021
12.45
2022
2023
2024
13.75
14.75
15.25
2020
11.8
Braime Group PLC Annual Report & Accounts 2024
1
Strategic Report
Governance
Financial Statements
Group at a glance
Principal activities
The Group manufactures deep drawn metal presswork and distributes material handling
components and monitoring equipment. Manufacturing activity is delivered through
Braime Pressings Limited and the distribution activity is through the 4B division.
Our strategy
The main area of the business is the supply of goods and services for handling and processing industrial, and in particular,
agricultural commodities. This sector is currently a growth industry with a global market. Our strategy is to invest in increasing
our market reach while continuing to develop new products. Our latest addition to the 4B division is 4B Indonesia, based in Jakarta.
This was opened in December 2024, having closely consulted on local opportunities with our key customers in the region.
We continue to enhance features of our secure, cloud based industrial monitoring solution, Hazardmon which is revolutionary
for introducing greater levels of transparency and record keeping.
We will continue to investigate new geographical markets.
Braime Pressings
Braime Pressings specialises in metal presswork, including
deep drawing, multi-stage progression and transfer presswork.
The business manufactures precision stamped components
for the automotive and industrial sectors, with automation
capabilities such as pick and place, roll threading, washing
and robotic welding.
Braime Pressings has over 130 years of manufacturing
experience and a proven record of world class supply to the
automotive industry and a range of other markets. It offers
innovative solutions to customer requirements which exceed
expectations on cost, quality and delivery.
• Deep Drawn Presswork
• Multi Stage Progression
• Transfer Presswork
• Robot Technology
• Sub Assembly
Braime Pressings prides itself on the maintenance and continual
improvement of a full quality management system and is
accredited to IATF and ISO.
For more information please visit: www.braimepressings.com
Seamless Steel Buckets
Braime Pressings have manufactured
pressed seamless steel buckets and
supplied them worldwide to the bulk
material handling sector for over
120 years. The buckets, including the
Company’s “StarcoTM” and “Super
StarcoTM” models, have been designed
after extensive research and development
and offer a range of alternative styles
to suit the different individual materials
being conveyed and achieve the
optimum fill, effective discharge and
throughput over a wide speed range.
Pressings
Braime Pressings is equipped with
5 transfer presses, each with up
to 8 stations, as well as numerous
single station and progression presses,
fed by coil, and including robotic
transfer of product where appropriate.
The range of equipment includes both
mechanical and hydraulic presses
with capacities up to 500T, as
well as ancillary forming and
welding machinery.
Deep Seamless Enclosures
and Large Panels
Production includes deep drawn
pressings up to 500mm deep, as well
as large panels up to 2.4 meters long.
The Company manufactures to the
highest quality standards required by the
automotive and other industry sectors
and holds annual accreditation to:
IATF 16949:2016
ISO 9001:2015
Elevator Bolts
Braime Pressings manufactures bolts
and fasteners, used in bulk material
handling to attach elevator buckets to
vertical conveyors which are used in the
storage and processing of agricultural
products, such as cereals, animal feed,
and sugar, and equally for moving
industrial commodities, such as
aggregates, cement, coal and glass
cullet. The bolts are cold forged making
them exceptionally strong.
Braime Group PLC Annual Report & Accounts 2024
2
Strategic Report
Elevator Buckets
4B has the world’s largest range
of elevator buckets used for conveying
bulk materials. With over 400 different
sizes and styles, 4B supplies steel and
plastic elevator buckets for both
agricultural applications such as grain,
feed, seeds, and sugar and industrial
applications such as cement,
glass, aggregates and coal.
Electronic Monitoring
4B offers an extensive range of
monitoring equipment and sensors
for bucket elevators, belt and chain
conveyors, screw conveyors and silos.
4B’s sensors and monitors have
worldwide approvals for use in dust
hazardous environments. Our sensors
and hazard monitoring systems are
designed to reduce the risk of fires and
explosions, and prevent breakdowns
that result in costly down time.
Elevator Belting
4B has a wide range of elevator belting
to suit all applications. Belt types
include anti-static, abrasion-resistant,
high temperature, oil resistant and
flame retardant and steel web belting
for the toughest environments. Belts are
supplied slit, cut to length and punched
to customer requirement.
Dropped Forged Conveyor Chain
4B is a manufacturer of drop forged chain
for agricultural and industrial applications.
4B’s superior heat treatment technique
provides the optimum chain link with
a more resilient ductile core for shock
resistance, and an extremely hard exterior
surface for superior wear resistance, ideal
for handling ash, cement, gypsum, coal
and wood chips. 4B offers a range of
conveyor sprockets and trailers and
nylon or welded flights.
4B Group “Better by design”
The 4B division is an industry leader in developing high quality,
innovative and dependable material handling components for the
agricultural and industrial sector, from elevator buckets to forged
conveyor chain and level monitors to hazard monitors. 4B works
in close partnership with its customers on new designs and on
the upgrade of existing elevators and conveyor machines.
The 4B division consists of the following trading companies:
•
4B Braime Components Limited, based in Leeds, UK
•
4B Braime Components Limited, based in Sharjah, UAE
•
4B Elevator Components Limited, based in Morton,
Illinois, USA
•
4B-France sarl, based in Villers-Bretonneux, France
•
4B Africa Elevator Components (Pty) Limited, based
in Johannesburg, South Africa
•
4B Australia Pty Limited, based in Queensland,
Australia
•
4B Asia Pacific Company Limited, based in
Samutprakam, Thailand
•
4B Braime (Changzhou) Industrial Control Equipment
Co Limited, based in Changzhou, China
• PT Braime Components Indonesia, based in Jakarta,
Indonesia
For more information please visit: www.go4b.com
Braime Group PLC Annual Report & Accounts 2024
3
Strategic Report
Governance
Financial Statements
Chairman’s statement
High level results
I am pleased to announce Group revenue for 2024 of £48.9m and
profit before tax of £3.2m. These results are discussed further in
the Chief Executives’ Business Review and the Group Strategic
Report, however I am delighted with the results given the general
sentiment about the economic climate at the start of the year.
Dividends
The Company paid an interim dividend of 5.25p in October 2024.
Based on the results above the directors propose paying a second
interim dividend of 10.0p on the 23rd May 2025 to the holders of
the Ordinary and “A” Ordinary Shares on the share register on 9th
May 2025. The ex-dividend date is 8th May 2025. This brings the
total dividend paid in relation to the 2024 financial year to 15.25p,
compared to 14.75p in 2023.
Overall strategy
Our strategy remains largely unchanged, continuing to invest in
constantly improving our production processes and exploring new
global markets for our niche products and developing new
innovations for our customers’ engineering challenges.
Staff
I would like to thank all our staff and colleagues who have
continued to provide commitment, ideas and enthusiasm
throughout the year. In a fast-changing world, the quality and
commitment of our people remains at the heart of our business
success. This manifests in many ways, including the deepening
relationships with our customers and key partners, continual
development of our product lines and their flexible adaptation to
the ever-changing business landscape.
Current trading and outlook
The Group, as outlined above, is in a relatively strong position, in
spite of the already subdued economic situation and the turmoil
created by the recent US tariff announcement. Although our main
business sector, centred historically on the growth and processing
of the basic commodities for food production (particularly
surrounding arable farming) is no longer the consistent, universal,
and often subsidised growth sector that it has been for the past
50 years, fortunately our markets are diverse. We operate globally
and we see a number of opportunities for potential future growth
which we are poised to exploit.
However, the current economic and geo-political situation is more
fraught than at any time in my lifetime. So the “Outlook”
currently for the business is simply and frankly one of uncertainty.
Nicholas Braime, Chairman
17th April 2025
Nicholas Braime
Chairman
Braime Group PLC Annual Report & Accounts 2024
4
Strategic Report
Business review
Business overview
We are delighted that the Group has had another excellent
year with revenue reaching £48.9m in 2024. This is again a
record as the business has continued to see year on year
growth in sales over the last 5 years, navigating our way
through some turbulent global economic conditions since the
pandemic. Profit from operations of £3.7m was unchanged
from prior year, the increase in employee costs having been
offset by improvements in margin.
The USA consolidated the growth in revenue that they
generated last year with similar sales of £23m. Sales in the UK
and Europe were also in line with prior year as investment has
remained subdued against the backdrop of the ongoing war
in Ukraine, rising energy costs and continued inflation. We
have seen some strong growth in revenue in Africa,
Australasia and the Asia Pacific region all of which have
benefited from increased interest in the Company’s range of
Hazard monitors and electrical sensors used for predictive
maintenance.
Investments made in new business development for products
supplied into the construction and building sectors have
benefited our UK steel pressings business expanding its
product mix and customer base. However, despite increased
revenue in these sectors, overall sales fell as the UK and
European automobile sector remained sluggish and this
continues to represent the largest proportion of sales for our
UK business. Intercompany sales of parts for the bulk material
handling sector also fell as a consequence of the continuing
difficult market conditions experienced across much of
Europe.
New business product development
The Group has continued to strengthen its global footprint
with the opening of another 4B subsidiary in Indonesia in
December of 2024. This follows on from the opening of 4B
Middle East in the UAE in 2023 and further extends the
Company’s international presence. The 4B Group now has nine
international subsidiaries around the world servicing their local
and regional markets enabling faster deliveries and timely
engineering and sales support. We are excited about the
opportunities in Indonesia which is the fourth most populous
country in the world with over 280 million people and
therefore represents a very significant and rapidly growing
market for the feed and flour milling sectors into which 4B is
selling its range of products.
The Group’s strategy of investment in innovation continues to
drive revenue growth. The Guardflex released in 2023 has
allowed our electronics team to capitalise on opportunities in
the UK and Africa working with End Users to install
comprehensive plant wide hazard monitoring solutions while
the Vib-Mil vibration monitoring has enabled us to pursue new
applications for condition monitoring. The business has also
expanded its range of material handling components. 4B USA
extended its range of CC-S plastic elevator buckets with the
release of a Jumbo 20x10 inch bucket with a massive 16.78
litre capacity and a 19mm thick back wall. These ultra heavy-
duty elevator buckets are typically used in bucket elevators at
port terminals handling large volumes of grains, particularly in
the US and South American markets. When installed in a triple
row configuration these buckets can transport in excess of
2,000 tonnes of grain per hour. Our engineers are excited to be
able to explore the high-capacity conveying possibilities that
these larger sizes offer with our OEM and End User customers.
Our new range of Jumbo CC-S buckets on display at
GEAPS (Grain Elevator and Processing Society) exhibition,
Kansas USA.
Our new water jet wire EDM (electrical discharging
machine) is capable of precision machining complex
geometries within an accuracy tolerance of ±2.5 microns,
enabling the production of complex steel tooling
components.
Braime Group PLC Annual Report & Accounts 2024
5
Strategic Report
Governance
Financial Statements
Business review (continued)
New capital investments
In 2024, the Group invested £1.4m in capital investments.
£0.66m of this was for the purchase of four acres of land and
property adjoining our USA warehouse. This investment will
allow for the future expansion of our US facility as the business
continues to grow. It enables the business to carry more
inventory to support growth in revenue and opens up a
number of possibilities to expand its manufacturing operations.
In addition to the USA land and property purchase, other
investments included a waterjet wire cutter, sealer and heat
tunnel to package our plastic buckets in our US moulding
facility, new decoilers and robot control systems for our UK
steel bucket manufacturing.
In 2025 we look forward to developing the opportunities
created by these investments, product developments and
expansion into new markets. The Company continues to
expand globally and strengthen its position to respond to
customer demands while the broadening of both our product
range and engineering know how builds resilience and
competitive advantage ensuring the longevity of our business.
Carl Braime,
Alan Braime,
Joint Chief Executive Officer
Joint Chief Executive Officer
Elevator buckets being fitted on
an 85 meter belt at Schoeman,
Boerdery, Delmas, South Africa.
Braime Group PLC Annual Report & Accounts 2024
6
Strategic Report
Group strategic report
The directors present their strategic report of the Company
and the Group for the year ended 31st December 2024.
Principal activities
The principal activities of the Group during the year under
review was the manufacture of deep drawn metal presswork
and the distribution of material handling components and
monitoring equipment. Manufacturing activity is delivered
through the Group’s subsidiary Braime Pressings Limited and
the distribution activity through the Group’s 4B division.
Braime Pressings specialises in metal presswork, including
deep drawing, multi-stage progression and transfer
presswork. Founded in 1888, the business has over 130 years
of manufacturing experience. The metal presswork segment
operates across several industries including the automotive
sector and supplies external as well as Group customers.
The subsidiaries within the 4B division are industry leaders in
developing high quality, innovative and dependable material
handling components for the agricultural and industrial
sectors. They provide a range of complementary products
including elevator buckets, elevator and conveyor belting,
elevator bolts and belt fasteners, forged chain, level monitors
and sensors and controllers for monitoring and providing
preventative maintenance systems which facilitate handling
and minimise the risk of explosion in hazardous areas. The 4B
division has operations in the Americas, Europe, the Middle
East, Asia, Australia and Africa and in 2024 traded in ninety-
six countries. The US subsidiary also has an injection-moulding
plant. All injection-moulded products are made wholly for 4B
internal consumption and this is classed as 4B division activity
rather than included in the manufacturing segment. In
December 2024, the Group established a new subsidiary in
Indonesia to tap into the opportunities of the large grain
industry in the country.
Performance highlights
For the year ended 31st December 2024, the Group
generated revenues of £48.9m, up marginally from prior year
revenues of £48.2m. Profit from operations was £3.7m,
down £16,000 from prior year and EBITDA (Profit from
operations, excluding depreciation and amortisation) was
£5.1m, down £300,000 from prior year. The board is pleased
with the Group results given concerns over the parlous state
of the economy at the start of the year.
Profit before tax was £3.2m, down £137,000 from prior year.
At 31st December 2024, the Group had net assets of £23.0m.
Cash flow
Inventories increased by £1.9m as the Group built up stock
reserves in light of recent tariff announcements by the new
US administration. Trade and other receivables decreased by
£20,000 but this was offset by an increase in trade and other
payables by the same amount. In total the business
generated funds from operations of £2.6m (2023 – £3.2m).
During the year, the Group spent £1.4m on property, plant
and equipment. £665,000 of this related to the four acres of
land and property adjoining our USA warehouse which we
purchased in August 2024 as announced in our interim
report. Other additions were for plant and machinery and
replacement vehicles. After the payment of other financial
costs and the dividend, the cash balance (net of overdraft)
was £1.9m, a decrease of £245,000 from the prior year.
Bank facilities
The Group’s operating banking facilities are renewed
annually. At the year end, the available headroom on its
operating facilities was £3.1m. The Company has agreed the
provisional terms of the development loan of £2.0m to
finance the refurbishment of the oilcan roof at Hunslet Road
and a further announcement will be made when the bank
documentation is signed. The business continues to enjoy
good relations with its bankers.
Taxation
The tax charge for the year was £865,000, with an effective
rate of tax of 27.0% (2023 – 30.0%). The effective rate is
higher than the averaged UK standard tax rate of 25.0%
(2023 – 23.5%); this results from the blending effect of the
different rates of tax applied by each of the countries in
which the Group operates, in particular, our US operations’
tax charge affects the blended rate. In any financial year the
effective rate will depend on the mix of countries in which
profits are made, however the Group continues to review its
tax profile to minimise the impact.
Capital expenditure
In 2024, the Group invested £1.4m (2023 – £1.6m) in
property, plant and equipment and intangible assets. In
addition to the USA land and property purchase, other
additions included replacement vehicles, a waterjet wire
cutter, sealer and heat tunnel, new decoilers and robot
control systems.
Balance sheet
Net assets of the Group have increased to £23.0m (2023 –
£20.8m). During the year sterling strengthened against the
United States dollar but fell back again at the year end.
Consequently, a small foreign exchange gain of £12,000
(2023 – £505,000 loss) was recorded on the re-translation of
the net assets of the overseas operations.
Customised belt slitting at 4B Asia Pacific, Bangkok,
Thailand.
Braime Group PLC Annual Report & Accounts 2024
7
Strategic Report
Governance
Financial Statements
ENGINEERING
LED
IDENTIFY
OPPORTUNITIES
STRONG
RELATIONSHIPS
LONG
TERM
VALUED
EMPLOYEES
Engineering led
business focused
on the needs of
the end user
Identify opportunities
to suit local
conditions and
local markets
Strong relationships
with long term
partners
Long term outlook –
continuing to invest
in designs and
new machinery
Place value on
employee engagement –
loyalty and creativity
and entrepreneurship
STRATEGY DRIVERS
Currency
Symbol
Average rate
Full year 2024
Average rate
Full year 2023
Closing rate
31st Dec 2024
Closing rate
31st Dec 2023
Australian Dollar
AUD
1.943
1.880
2.023
1.868
Chinese Renminbi (Yuan)
CNY
9.128
8.821
9.077
9.041
Euro
EUR
1.184
1.152
1.210
1.154
South African Rand
ZAR
23.466
23.088
23.644
23.307
Thai Baht
THB
44.976
43.423
42.898
43.805
United Arab Emirates Dinar
AED
4.695
4.578
4.601
4.671
United States Dollar
USD
1.278
1.248
1.253
1.275
Our business model
The two segments of the Group are very different operations
and serve different markets, however together they provide
diversification, strength and balance to the Group and their
activities.
The focus of the presswork manufacturing business is to
produce quality, technically demanding steel components. The
use of automated equipment allows us to produce in high
volumes whilst maintaining flexibility to respond to customer
demands.
The material handling components business operates from a
number of locations around the globe allowing us to be close to
our core markets. The focus of the business is to provide
innovative solutions drawing on our expertise in material
handling and access to a broad product range. We continually
assess new locations in response to rising demand and market
trends.
Performance of Braime Pressings Limited,
manufacturer of deep drawn metal presswork
Braime Pressings Limited sales of £9.9m were down £591,000
on prior year. External sales and intercompany sales were £5.2m
and £4.6m as compared to £5.7m and £4.8m respectively in
2023. Profit for the period was £631,000 (2023 – £613,000).
The board believes the business continues to add strategic value
through its supply to the 4B division and complementary
engineering expertise.
Performance of the 4B division, world-wide
supplier of components and monitoring
systems for the material handling industry
Revenues increased from £50.3m to £52.2m, with external sales
up £1.3m to £43.7m. Profit for the period increased by £64,000
to £2.3m. Our American market grew during the year, but
allowing for the effect of foreign currency translation, sales, as
reported in sterling, were down by less than 1% compared to
last year. The strongest growth was seen in our African and
Australasian markets, which saw growth of 17% and 14%
respectively.
Key performance indicators
The Group uses the following key performance indicators to
assess the performance of the Group as a whole and of the
individual businesses:
Key performance indicator
Note
2024
2023
Turnover growth
1
1.6%
7.3%
Gross margin
2
47.7%
46.8%
Operating profit
3
3.65m
3.75m
Stock days
4
206 days
179 days
Debtor days
5
52 days
52 days
Group strategic report (continued)
Principal exchange rates
The Group reports its results in sterling, its presentational currency. The Group operates in a number of other currencies and the
principal exchange rates in use during 2024 and the comparative figures for 2023 are shown in the table below.
Braime Group PLC Annual Report & Accounts 2024
8
Strategic Report
Notes to KPIs
1. Turnover growth
The Group aims to increase shareholder value by measuring
the year-on-year growth in Group revenue. Whilst growth is
lower than 2023, given the outlook for the sector and the
concern over the parlous state of the economy particularly at
the beginning of the year, the board remains pleased with
the revenue growth.
2. Gross margin
Gross profit (revenue plus change in inventories less raw
materials used) as a percentage of revenue is monitored to
maximise profits available for reinvestment and distribution to
shareholders. The board is pleased to report an increase in
margin as a result of an improved mix in electronics over
mechanical products.
3. Operating profit
Sustainable growth in operating profit is a strategic priority
to enable ongoing investment and increase shareholder
value. Reduction in operating profit resulted from an
increase in overheads due to higher inflation, nevertheless
management remains pleased with the results in the current
economic climate.
4. Stock days
The value of period end inventories divided by raw materials
and consumables used and changes in inventories of finished
goods and work in progress expressed as a number of days is
monitored to ensure the right level of stocks are held in order
to meet customer demands whilst not carrying excessive
amounts which impacts upon working capital requirements.
Stock days have increased due to inventory build-up in
December 2024, which was put in place to mitigate the
impact of potential tariffs that may be imposed following the
outcome of the US election and change in administration.
5. Debtor days
The value of period end trade receivables divided by revenue
expressed as a number of days. This is an important indicator
of working capital requirements. Debtor days have remained
in line with prior year. Management are focused on cash
collections.
Other metrics monitored weekly or monthly include quality
measures (such as customer complaints), raw material
buying prices, capital expenditure, line utilisation, reportable
accidents and near-misses.
Principal risks and uncertainties
The geo-political landscape is currently in constant flux and
established alliances are being reset. The continued conflict in
Ukraine and Gaza and new uncertainties over Europe’s security
impact the world markets in which the Group operates. As
commented in the Chairman’s statement, the current economic
and geopolitical situation is fraught with uncertainty.
However, the Group’s short reporting lines of management means
it can remain nimble footed to sudden and/or large changes in the
business landscape and our global operations gives us diversity and
protection from extreme fluctuations.
General risks
The market remains challenging for our manufacturing division,
due to pricing pressures throughout the supply chain and
competition from the Far East. The maintenance of the TS16949
quality standard is important to the Group and allows it to access
growing markets within the automotive and other sectors. A
process of continual improvement in systems and processes
reduces this risk as well as providing increased flexibility to allow
the business to respond to customer requirements.
Our 4B division maintains its competitive edge in a price sensitive
market through the provision of engineering expertise and by
working closely with our suppliers to design and supply innovative
components of the highest standard. In addition, ranges of
complementary products are sold into different industries.
Continual feedback from our customers regarding product
performance drive our new product designs. The monitoring
systems are developed and improved on a regular basis.
The directors receive monthly reports on key customer and
operational metrics from subsidiary management and review these.
The potential impact of business risks and actions necessary to
mitigate the risks, are also discussed and considered at the monthly
board meetings. The directors have put in place formal business
continuity and disaster recovery plans with respect to its UK and
overseas operations. During the year as part of the Group’s
strategic planning process, each subsidiary set out the key risks
specifically facing the business and these are evaluated further to
develop the Group risk register. The more significant risks and
uncertainties faced by the Group are set out below:-
• Raw material price fluctuation:- The Group is exposed to
fluctuations in steel and other raw material prices and to
mitigate this volatility, the Group fixes its prices with
suppliers where possible.
• Energy price fluctuation:- The manufacturing division is
energy intensive. It uses forward contracts to mitigate
volatility and is continually evaluating its processes to reduce
energy consumption and generate energy.
• Reputational risk:- As the Group operates in relatively
small markets any damage to, or loss of reputation could be
a major concern. Rigorous management attention and
quality control procedures are in place to maximise right first
time and on time delivery. Responsibility is taken for
ensuring swift remedial action on any issues and complaints.
• Damage to warehouse or factory:- Any significant
damage to a factory or warehouse will cause short-term
disruption. To mitigate these risks, the Group has
arrangements with key suppliers to step up supply in the
event of a disruption.
• Economic fluctuations:- The Group derives a significant
proportion of its profits from outside the UK and is therefore
sensitive to fluctuations in the economic conditions of
overseas operations including foreign currency fluctuations.
As the Covid-19 pandemic demonstrated, economies are
greatly intertwined and reverberations feed through the
supply chain. The recent imposition of tariffs by the US is
likely to disrupt established trading patterns.
• Cyber security:- All businesses now rely almost totally on
computers, networks and systems with ‘data’ information
held on them, and require privacy and integrity of this data.
The likelihood of cyber security attacks and security threats
are key risks for every organisation. The Group reviews its
security measures regularly with its IT providers and has
recently commissioned a cyber security review across all its
operations.
Braime Group PLC Annual Report & Accounts 2024
9
Strategic Report
Governance
Financial Statements
Financial instruments
The operations expose the Group to a variety of financial risks
including the effect of changes in interest rates on debt, foreign
exchange rates, credit risk and liquidity risk.
The Group’s exposure in the areas identified above are discussed
in note 17 of the financial statements.
The Group’s principal financial instruments comprise sterling and
foreign cash and bank deposits, bank loans and overdrafts,
other loans and obligations under finance leases together with
trade debtors and trade creditors that arise directly from
operations. The main risks arising from the Group’s financial
instruments can be analysed as follows:
Price risk
The Group has no direct exposure to securities price risk, as it
holds no listed equity instruments. The Group maintains a
defined benefit scheme, the asset valuations are subject to
market changes (note 19).
Foreign currency risk
The Group operates a centralised treasury function which
manages the Group’s banking facilities and all lines of funding.
Forward contracts are on occasions used to hedge against
foreign exchange differences arising on cash flows in currencies
that differ from the operational entity’s reporting currency.
Credit risk
The Group’s principal financial assets are bank balances, cash
and trade receivables, which represent the Group’s maximum
exposure to credit risk in relation to financial assets.
The Group’s credit risk is primarily attributable to its trade
receivables. Credit risk is mitigated by a stringent management
of customer credit limits by monitoring the aggregate amount
and duration of exposure to any one customer depending upon
their credit rating. The Group also has credit insurance in place.
The amounts presented in the balance sheet are net of
allowance for doubtful debts, estimated by the Group’s
management based on prior experience and their assessment of
the current economic environment.
The credit risk on liquid funds is limited because the
counterparties are banks with high credit-ratings assigned by
international credit-rating agencies. The Group has no
significant concentration of credit risk, with exposure spread
over a large number of counterparties and customers.
Liquidity risk
The Group’s policy has been to ensure continuity of funding
through acquiring an element of the Group’s fixed assets under
medium term loans and finance leases and arranging funding
for operations via bank overdrafts to aid short term flexibility.
Cash flow interest rate risk
Interest rate bearing assets comprise cash and bank deposits, all
of which earn interest at a fixed rate. The interest rate on the
bank overdraft is at market rate and the Group’s policy is to keep
the overdraft within defined limits, such that the risk that could
arise from a significant change in interest rates would not have a
material impact on cash flows. The Group’s policy is to maintain
other borrowings at fixed rates to fix the amount of future
interest cash flows.
The directors monitor the level of borrowings and interest costs
to limit any adverse effects on the financial performance of the
Group.
Research and development
The Group continues to invest in research and development and
from time to time liaises with university engineering groups with
a view to improving features of its products. This has resulted in
innovations in the products which will benefit the Group in the
medium to long term.
Duties to promote the success of the Company
Section 172 of the Companies Act 2006 requires the directors to
act in a way that they consider, in good faith, would be most
likely to promote the success of the Company for the benefit of
its members as a whole, and in doing so have regard (amongst
other matters) to:
– the most likely consequences of any decision in the long term;
– the interest of the Company’s employees;
– the need to foster the Company’s business relationships with
suppliers, customers and others;
– the impact of the Company’s operations on the community
and the environment;
– the desirability of the Company maintaining a reputation for
high standards of business conduct; and
– the need to act fairly between the members of the Company.
The board confirms that, during the year, it has had regard to
the matters set out above. Further details as to how the
directors have fulfilled their duties are set out below and in the
Governance Report which in particular, expands on directors’
duties and stakeholder liaison.
On behalf of the board
Cielo Cartwright, Chief Financial Officer
17th April 2025
Group strategic report (continued)
Braime Group PLC Annual Report & Accounts 2024
10
Strategic Report
Business ethics and human rights
The board is respectful of the Company’s long history, and
considers the long-lasting impact of its decisions. We are
committed to conducting our business ethically and
responsibly, and treating employees, customers, suppliers and
shareholders in a fair, open and honest manner. As a business,
we receive audits by both our independent auditors and by
our customers and we look to source from suppliers who
share our values. We encourage our employees to provide
feedback on any issues they are concerned about and have a
whistle-blowing policy that gives our employees the chance to
report anything they believe is not meeting our required
standards.
The Group is similarly committed to conducting our business
in a way that is consistent with universal values on human
rights and complying with the Human Rights Act 1998. The
Group gives appropriate consideration to human rights issues
in our approach to supply chain management, overseas
employment policies and practices. Where appropriate, we
support community partnering.
Health and safety
We maintain healthy and safe working conditions on our sites
and measure our ability to keep employees and visitors safe.
We continuously aim to improve our working environments to
ensure we are able to provide safe occupational health and
safety standards to our employees and visitors. The directors
receive monthly H&S reports and we carry out regular risk
management audits to identify areas for improvement and to
minimise safety risks. As a global business, the Group is able to
tap into the experience of its various international locations to
share best practice and learning points. The experience of
Covid-19 has improved our plans and procedures in the event
of future pandemics.
Employees
The quality and commitment of our people has played a major
role in our business success. This has been demonstrated in
many ways, including improvements in customer satisfaction,
the development of our product lines and the flexibility they
have shown in adapting to changing business requirements.
Employee performance is aligned to the achievement of goals
set within each subsidiary and is rewarded accordingly.
Employees are encouraged to use their skills to best effect and
are offered training either externally or internally to achieve this.
As a global business, the Group fully recognises and seeks to
harness the benefits of diversity within its work force.
Environment
The Group’s policy with regard to the environment is to
understand and effectively manage the actual and potential
environmental impact of our activities. Operations are
conducted such that we comply with all legal requirements
relating to the environment in all areas where we carry out our
business and is currently looking at the new reporting
requirements that may fall due in the future. The Group
continuously looks for ways to harness energy reduction
(electricity and gas) and water. The Company has already
installed two solar PV systems on its UK premises generating
310 KWh of energy and is looking to install a further PV system
once the roof refurbishment is complete. During the period of
this report the Group has not incurred any fines or penalties or
been investigated for any breach of environmental regulations.
The board is cognizant that climate change will change the
business landscape for the future and is working to understand
its wide-ranging impact on the Group’s activities and operations.
Social and community matters
We recognise our responsibility to work in partnership with the
communities in which we operate and we encourage active
employee support for their community in particular, in aid of
technical awareness and training. We regularly participate in a
number of education events encouraging interest in engineering
in young people. It is our policy not to provide political
donations.
Cielo Cartwright, Chief Financial Officer
17th April 2025
Corporate social responsibility
Skilful installation of IE node electronic monitoring
equipment on a silo elevator at Shobnall Maltings,
Soufflet Malt, Burton on Trent, England.
Braime Group PLC Annual Report & Accounts 2024
11
Strategic Report
Governance
Financial Statements
The Board
Nicholas joined the Group in 1972 and was
instrumental in the set-up of the 4B division’s
USA business in 1984, where he spent a number
of years before returning as Sales Director for
Braime Pressings Limited. Nicholas was appointed
Chairman in 1987 and became Group Managing
Director in 2006. Nicholas is Executive Chairman
and takes a prime interest in the Group’s
infrastructure and product development. Nicholas
has built close relationships with the Company’s
key suppliers over several decades and has a clear
vision of expansion for the business in strategic
locations.
Alan qualified as a chartered accountant with
KPMG where he worked for four years before
joining the Group. Alan joined the board in 2010
as Group Commercial Director. He oversees the
commercial operations of our manufacturing
division Braime Pressings Limited as well as our
operations in Thailand. Alan is also responsible
for the Group’s IT operations and strategy. Alan
has spent considerable time on the development
of the Group’s ERP systems, giving him a unique
perspective into the impact of technology on the
Group’s business drivers.
Carl joined the Group in 2004 as Group Sales
Director. Carl spent a number of years in South
America with the Group prior to being appointed
to the board in 2010. He is responsible for the
4B division, overseeing its strategic customer
relationships, as well as the management of key
supply chains and its marketing strategy. Carl has
built up a strong expertise and know-how of the
Group’s product offerings and technologies, and
their interdependencies.
Cielo joined the Group in 2018. Cielo qualified
as a chartered accountant with EY and has been
divisional finance director in various public listed
companies including KCOM plc and NEXT plc. She
was Group FD of Chaucer Foods, a private-equity
owned multinational manufacturer and before
joining the Group, she was at Froneri, a JV of Nestle
SA. Cielo’s extensive experience in international
businesses makes her fully attuned to the cultural
issues of global operations and their impact on
financial management. Cielo is the Deputy Chair of
the board of governors of Leeds Becketts University
and is a member of the regional advisory board of
Make UK for Yorkshire and the Humber.
Mark was until 2022 the Managing Director of
Steel & Alloy, which is part of the multinational
conglomerate Gonvarri Industries. Mark has
40 years of experience with Steel & Alloy and
has served in a variety of senior executive roles
including sales and procurement and was
instrumental in setting up Steel & Alloy’s plant in
Turkey where he also served as Managing Director.
Mark brings with him significant knowledge of the
steel and automotive industry.
Tony was previously Chief Executive of Mpac
Group PLC and has a significant track record
of profitable, sustainable growth in the global
technology and capital equipment industry. Tony
has held a number of senior executive UK and
international management positions at Cytec
Industries Inc., Umeco Plc and Georg Fischer AG,
based in the UK and China. He has degrees in
engineering, management and a PhD in business
process modelling from UMIST. Tony is the Senior
Independent Director.
Philip has a degree in mathematics and electronics
from the OU, and is a certified electrical engineer.
He has extensive experience of the nuclear, oil and
gas, engineering and manufacturing industries.
Philip has previously held senior executive roles
in a number of multinationals including AGT
International, Thales, and Engica Technology
Systems International. Philip’s key expertise is
strategy and business development.
Nicholas Braime, Executive Chairman
Alan Braime, Joint Chief Executive Officer
Carl Braime, Joint Chief Executive Officer
Cielo Cartwright, Chief Financial Officer
Mark Cooper, Non-Executive Director
Dr Tony Steels, Non-Executive Director
Philip Stockdale, Non-Executive Director
Braime Group PLC Annual Report & Accounts 2024
12
Strategic Report
Chairman’s statement on corporate governance
At Braime we recognise that high standards of corporate
governance underpin our continuing success.
We continually review the framework within which we operate
and the processes implemented to ensure that they reflect the
complexities of our business and, whilst acknowledging our size,
are also capable of adding value as the business grows to ensure
that the stakeholders interests are always aligned with the
Company. The Company seeks guidance from the Quoted
Companies Alliance, as set out in their 2023 publication, "The
QCA Corporate Governance Code".
The board sets out the overall strategic direction for the Group,
regularly reviews management performance and ensures that
the Group has the right level of resources available to support
our strategic goals. The board is satisfied that the necessary
controls and resources are in place such that these
responsibilities can be properly addressed.
Within the Group we promote a culture of good governance in
dealing with all key stakeholders: our employees, our customers
and our shareholders. The following report describes our
corporate governance structures and processes
and how they have been applied throughout the
year ended 31st December 2024. The board
considers that it has complied with the
recommendations of the QCA Code throughout
the year. This is commented on further below.
Principles and approach
As an AIM Company, Braime Group PLC is not required to
comply with the UK Corporate Governance Code (the 'Code')
which applies only to fully listed UK companies and adherence
to which requires the commitment of significant resources and
cost. However high standards of corporate governance are a key
priority of the board. Details of how the Company addresses key
governance issues by reference to the 10 Principles of Corporate
Governance as developed by the Quoted Companies Alliance
(QCA) are discussed further in this report and set out in the
Corporate Governance section of the Group website www.
braimegroup.com/corporate-governance. These principles
are as follows:
QCA Code Principle
1. Establish a purpose,
strategy and business
model which promote
long-term value for
shareholders
2. Promote a corporate
culture that is based
on ethical values and
behaviours
How it should be applied
The board must be able to express a shared view of
the Company’s purpose, business model and strategy.
The board should be able to explain how the Company
intends to deliver shareholder value in the medium
to long-term. The board should have specific long-
term objectives against which it can determine if the
Company is succeeding in delivering on its purpose.
It should demonstrate that the delivery of long-term
growth is underpinned by a clear set of values aimed
at protecting the Company from unnecessary risk and
securing its long-term future.
The board should embody and promote a corporate
culture that is based on sound ethical values and
behaviours, and which is supportive of the delivery of the
Company’s established purpose, strategy and business
model. The desired culture should be reflected in the
actions and decisions of the board and management
team. Corporate values should guide objectives and
strategy. The culture should be visible throughout the
Company’s operations. The performance and reward
system should reflect and reinforce this. The corporate
culture should be recognisable throughout the
disclosures in the annual report, website, and any other
communications by the Company, both internal and
external.
How the Company applied it
The main area of our business is focused on handling agricultural
commodities and our strategy is to continue to increase our geographical
reach in this global market and to develop new products to enhance our
offering. The principal risks and uncertainties surrounding execution of
our strategy are set out in the Group strategic report.
The board believes that the promotion of a corporate culture based on
sound ethical values and behaviours is essential to maximise shareholder
value. The companies in the Group maintain handbooks which include
clear guidance on what is expected of every employee and officer of the
Company and further development of this guidance is being undertaken
to continually strive for high standards. Staff matters are a standing topic
at every board meeting and the board discusses examples of behaviours
that either aligns with or at odds with the Group's stated values. The
directors believe that the Company's culture encourages collaborative,
ethical behaviour which benefits employees, clients and stakeholders.
It is committed to conducting business ethically and responsibly, and
treating employees, customers, suppliers and shareholders in a fair,
open and honest manner. We aim to maintain healthy and safe working
conditions on all our sites and measure our ability to keep employees and
visitors safe. We encourage our employees to provide feedback on any
issues they are concerned about and the directors maintain a culture of
accessibility and fair play and travel extensively to keep in touch with all
areas of the business. The directors believe all employees and contractors
have worked in line with the Group's values during this financial year.
Corporate governance report
Braime Group Plc
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
13
Corporate governance report (continued)
QCA Code Principle
5. Embed effective
risk management,
internal controls and
assurance activities,
considering both
opportunities and
threats, throughout
the organisation
6. Establish
and maintain
the board as a
well-functioning,
balanced team led
by the Chair
How it should be applied
The board needs to ensure that the Company’s risk management
framework identifies and addresses all relevant risks in order to
execute and deliver on its state purpose and strategy. Companies need
to consider their extended business, including the Company’s entire
supply chain, other material third-parties and reliance on strategic
partners. Setting strategy includes determining the extent of exposure
that the Company is able to bear and willing to take (risk tolerance
and risk appetite). The Company should ensure that a balanced view is
achieved, and, as well as threats should consider opportunities and the
potential for value creation. The board should ensure that all potential
risks are considered, proportionately and materially, including climate
change. The board should review and consider whether the Company’s
enterprise-wide internal controls are sufficiently robust to manage
the identified risks adequately. The board, and in particular the audit
committee, must ensure that there are appropriate assurance activities.
This may be based on access to internal resources, or the utilisation of
external experts. It is important to ensure that the Company auditor is
and is seen to be sufficiently independent of management.
The board members are collectively legally responsible for promoting
the interests of the Company and for defining corporate governance
arrangements. The board should not be dominated by one person or a
Group of people, and each director must be able to commit the time
necessary. Ultimate responsibility for the quality and effectiveness
of the board lies with the Chair. Shareholders should be given the
opportunity to vote annually on the (re-) election of all individual
directors to the board. In order to uphold the quality of board
independence, the board should be comprised of an appropriate
balance between executive and non-executive directors. As a minimum
there should be at least two non-executive directors. Key committees,
in particular the audit committee and remuneration committee, should
comprise at least a majority of independent NEDs and ideally aim for
full independence. NEDs should rarely participate in performance-
related remuneration schemes or have a significant interest in the
Company’s shares. The board should reflect on its own levels of
diversity. Boards should assess how their collective and individual
perspectives add to board discussions.
How the Company applied it
The executives have undergone a business continuity planning
exercise to understand its exposure to the loss of key staff,
suppliers, customers and other natural catastrophic events,
enabling the generation of a risk register. Principal risks
facing the Group are set out in the Group strategic report.
Insurance of key risks is an integral part of the Group’s risk
management framework and the board actively reviews its
cover requirements on an ongoing and at least annual basis.
The Company undertook a tender process to appoint new
auditors in 2024, the process was presented to the Audit
Committee. The auditors document their assessment of audit
risks in their Planning memorandum which is received by the
board. The Audit Committee receives the auditors key findings
report at the end of the audit. To maintain independence, the
Group auditors are not involved in any preparation of the
financial statements and do not provide any tax compliance
advice. They have not provided any other services other than
audit services during the year.
The board consists of four executive directors, Nicholas Braime,
Carl Braime, Alan Braime and Cielo Cartwright, and three
independent non-executive directors, Mark Cooper, Tony Steels
and Philip Stockdale. Tony Steels is Senior Independent Director
and chairs the board meetings in Nicholas’ absence. The Board
considers that the number of independent non-executives is
appropriate for the size and nature of the Company. Board
meetings are held monthly. Certain matters are standing
agenda items at each board meeting – these include disclosure
of directors’ interests, health and safety, reports from the CEOs
and heads of the subsidiary businesses, the CFO's report,
specific customer issues, IT, major capital expenditure, business
development and AIM disclosures. A formal agenda, board
papers including minutes of the last meeting are circulated in
advance. The attendance of the directors at board meetings
can be found below. The Company’s Articles of Association
provide for at least one third of all directors to resign annually
and put themselves forward for reelection.
Principles and approach (continued)
4. Take into
account wider
stakeholder interests,
including social
and environmental
responsibilities, and
their implications for
long-term success
Long-term success relies upon good relations with a range of different
stakeholder Groups. The board should periodically identify the Company’s
key stakeholders and should understand their needs, interests, and
expectations. Systems need to be in place to solicit, consider and act
on feedback from all stakeholders. In particular, the Company should
ensure that its practices towards its employees are consistent with
the Company’s values. Employees should be able to raise concerns
in confidence and processes should ensure that such matters are
considered and where appropriate actions are taken. The governance of
relevant environmental and social issues is a responsibility of the board.
Matters that relate to the Company’s impact on society, the communities
within which it operates, or the environment (including those relating to
climate change) may affect the Company’s ability to deliver shareholder
value over the medium to long-term. These must be integrated into the
Company’s strategy, risk management and business model.
The Company recognises the importance of maintaining
good relations with key stakeholder Groups, in addition to its
members, these are its employees, customers, key suppliers
and regulatory bodies. The Company dedicates significant time
to understanding and acting on the needs and requirements
of each of these Groups via meetings dedicated to obtaining
feedback. The Group is fortunate to have so many proactive
and longstanding employees and staff turnover remains very
low. The Group has dedicated quality teams and works very
closely with its key suppliers in key product categories such
as monitors, chain, belts and steel, to ensure that products
continue to meet the appropriate quality standards, and
features are regularly enhanced to obtain and maintain
competitive edge. Each subsidiary is encouraged to engage in
activities which support its local community.
3. Seek to
understand and meet
shareholder needs
and expectations
Directors must develop a good understanding of the needs and
expectations of all elements of the Company’s shareholder base.
Where there is a controlling shareholder the Company should consider
arrangements to protect minority shareholders. The board should ensure
proactive engagement with shareholders on governance matters. This
should be led by the Chair or, where appropriate, the Senior Independent
Director. Other directors should also make themselves available for
engagement with shareholders. The board must manage shareholders’
expectations and seek to understand the motivations behind voting
decisions.
The Company engages with shareholders through its website
and at the annual general meeting. At the AGM, a presentation
of the business activity and outlook is presented by the
Chairman. The executives make themselves available for
other meetings at other times of the year. The feedback from
shareholders attending the most recent AGM has been very
positive. Responsibility for shareholder liaison rests with the
Chairman, and in his absence, with the Company Secretary.
Braime Group PLC Annual Report & Accounts 2024
14
Strategic Report
QCA Code Principle
9. Establish a
remuneration policy
which is supportive
of long-term value
creation and the
Company’s purpose,
strategy and culture
10. Communicate
how the Company
is governed and
is performing by
maintaining a dialogue
with shareholders and
other key stakeholders
7. Maintain appropriate
governance structures
and ensure that
individually and
collectively the directors
have the necessary up-
to-date experience, skills
and capabilities
How it should be applied
It is the board’s responsibility to establish an effective remuneration
policy which is aligned with the Company’s purpose, strategy and
culture, as well as its stage of development and should motivate
management and promote the long-term growth of shareholder
value. Remuneration practices across the Company, in should support
and reinforce the desired corporate culture and promote the right
behaviours and decisions. Pay structures for senior management should
be simple and easy for participants to understand and foster alignment
with shareholders through the building and holding of a meaningful
shareholding in the Company. The remuneration committee should,
as necessary, consult with other board committees in order to set
appropriate incentive targets and to appraise performance in respect
of those targets. The annual remuneration report should be put to an
advisory shareholder vote. Where not mandated to be put to a binding
vote, remuneration policies should at least be put to an advisory vote.
A healthy dialogue should exist between the board and all of its key
stakeholders, including shareholders, to enable all interest parties to come
to informed decisions about the Company. Board members, in particular
the Chair, should be proactive in their effort. In particular, appropriate
communication and reporting structures should exist between the board
its shareholder base and other key stakeholders. This will assist the
understanding of the unique circumstances and constraints faced by the
Company.
.
The Company should maintain governance structures and processes
in line with its desired culture and appropriate to its size, complexity,
risk appetite and risk tolerance. The governance structures, processes
and policies should evolve over time to reflect its maturity and stage
of development. The board should be supported by committees that
also have the necessary skills and knowledge. The board should ensure
that it has the necessary skills and experience to fulfil its governance
responsibilities, including among other things with respect to cyber
security, emerging technologies, and sustainability. The board should
consider any need, seek input from external advisers on such matters. All
directors should continually update their skills and knowledge. The board
(and any committees) should be provided with high quality information in
a timely manner to facilitate proper assessment of the matters requiring
a decision or insight.
How the Company applied it
The management of subsidiaries are based on
performance and are incentivised to promote long term
growth. Executives pay is recommended by the Chair
having regard to the results for the year and reviewed by
the Remuneration Committee as are the annual bonuses.
The Company believes the remuneration and pay
structures of the board are modest and commensurate
for the type and size of the business and the market in
which it operates.
The Company's website provides all historical RNS
announcements, interim reports and annual reports. The
annual reports and AGM circulars are posted directly to
all registered shareholders or nominees. Communication
with shareholder base is primarily conducted at
general meetings which include presentations by the
Chairman. Historical annual reports including notices of
all general meetings are shown in the investor section.
The Company also maintains email and phone contacts
which shareholders can use to make enquiries or
requests. At the last AGM, all resolutions were passed
unanimously by the shareholders voting. At this stage
the Company does not publish an Audit Committee
report or a Remuneration Committee report but it may
look to do so in the future.
The board members' experience and areas of expertise can
be found in The Board section. The board is committed to
the promotion of gender balance and diversity within its
workforce. At the time of writing there are six male board
members and one female board member.
The Company organises briefings from its NOMAD for the
directors covering regulations that are relevant to their
role as directors of an AIM-quoted Company. These are
held at a minimum on an annual basis. The Company has
not to date, sought external advice on keeping directors'
skills up to date but the directors believe that their blend
of formal qualifications, past and ongoing experience
provides them with the relevant up-to-date skills needed
to act as board members for a Company of its size.
8. Evaluate board
performance
based on clear and
relevant objectives,
seeking continuous
improvements
The board should regularly review its performance as a unit, as well
as that of its committees and the individual directors. It is healthy for
membership of the board to be periodically refreshed. No member of the
board should become indispensable. Succession planning for both the
executives and non-executives is a vital task for board. This should extend
to contingency planning for the absence of key staff.
Performance targets are set as part of the budgeting
process. Evaluation of the performance of the Company's
board has historically been implemented in an informal
manner and no formal board performance evaluation
took place during the year. On an ongoing basis, board
members maintain a watching brief to identify relevant
internal and external candidates who may be suitable
additions to or backup for current board members.
However, the directors consider that the Company is
too small to have either an internal succession plan and
it would not be cost effective to maintain an external
candidate list prior to the need arising. Key performance
indicators are set out in the annual report. The role of the
various governance committees are set out further down
this section.
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
15
Strategy and risks
The Group strategic report on pages 7 to 10 sets out our strategy,
which focuses on increasing our geographical reach in global
markets, and developing new products to enhance our offering,
particularly in the agricultural commodities sector. Our strategy
setting includes review of the principal risks pertaining to the
business and the extent to which the Group is able and willing to
bear these risks. The board has put into place formal business
continuity plans across all its operations to understand its
exposure to loss of key staff, suppliers, customers and other
natural catastrophic events, enabling the generation of a risk
register. The existence of this plan was particularly helpful at the
onset of the Covid-19 pandemic. The principal risks facing the
business are set out in pages 9 to 10 of the Group strategic
report. Insurance of key risks is an integral part of the Group’s risk
management framework, and the board actively reviews its cover
requirements on an ongoing, and at least annual, basis.
The duties of the board of directors
The board is responsible for the overall operations of the Group,
including strategic planning, approval of the annual budget,
changes to the Group’s financing arrangements, acquisitions and
disposals, material contract and significant capital expenditure. It
meets monthly to discuss reports from the overseas operations
and to assess and action areas of significant change, risks and
opportunities for the Group.
The board’s time can be grouped into six key areas as outlined
below. A portion of their time is also spent on administrative
matters.
Strategy
• Setting strategic targets.
• Reviewing new business developments,
including potential acquisitions.
• Research and technology.
Risk
• Group’s risk and internal control framework.
Governance
• Legal updates and new disclosure requirements.
• Internal board review.
• Succession planning.
Finance
• Budget approval.
• Oversight of the preparation and management
of the financial statements.
• Dividend policy.
• Pensions strategy.
Stakeholder
engagement
• AGM and other shareholder feedback.
• Investor calls and meetings.
Safety
• Health and safety monthly updates and
management.
The powers of the directors are set out in the Company’s Articles
of Association. In addition, the directors have responsibilities and
duties under legislation, in particular the Companies Act 2006.
Composition of the board
The board comprises of four executive Directors and three
non-executive Directors. The Chief Financial Officer also serves as
Company Secretary to the board.
The board members’ experience and areas of expertise can be
found in the board biography section on page 12. The board is
committed to the promotion of gender balance and diversity
within its workforce. There are currently three male executive
members and one female executive board member and three
male non-executive independent board members.
The Company has periodically held briefings for directors covering
regulations that are relevant to their role as directors of an AIM
quoted Company. Historically, these briefings have coincided with
significant changes in regulations and accounting standards,
however going forward, the Company proposes that such
briefings should be held at a minimum on an annual basis. The
Company has not sought external advice on keeping directors’
skills up to date but the directors believe that their blend of
formal qualifications, past and ongoing experience provides them
with the relevant up-to-date skills needed to act as board
members for a Company of its size.
Board committees
The board operates a number of informal sub-committees as set
out below, these are also available on the Group website.
Remuneration committee
The executive directors’ pay is subject to the decision of the
whole board and not of a separate committee. However, a
separate meeting takes place annually whereby the non-
executives receive and consider recommendations from the
Chairman of proposed pay for the executive directors as shown in
the meeting attendance table. Any significant changes to awards
to senior management are discussed by the whole board. The
Company’s policy on directors’ remuneration is discussed further
in the directors’ remuneration report. The directors believe this is
adequate for a Group of this size.
Audit and risk committee
The whole board formally receives presentation of audit and risk
matters from the Group’s independent statutory auditors at least
once a year. The consideration of business risks is a regular item
on the board’s agenda. The board considers that the size of the
Group does not justify an internal audit function but continues to
assess the requirement for an internal audit function under review.
Nomination committee
The Company typically uses the whole board to consider matters
of nomination and succession. The nomination committee
ensures there is a robust process for the appointment of new
board directors, and works to identify the skills, experience,
personal qualities and capabilities required for the next stage in
the Company’s development, linking the Company’s strategy to
future changes. The nomination committee also discusses the
appointment and replacement of senior management within the
Group.
Corporate governance report (continued)
Braime Group PLC Annual Report & Accounts 2024
16
Governance
Responsibilities of the board
The board members are collectively and legally responsible for
promoting the interests of the Company and for defining
corporate governance arrangements. Ultimately, the quality of
and approach to governance lies with the Chair. The QCA Code
recommends that there should be a clear division of responsibility
between the running of the board and executive responsibilities
for running the Company.
The Chairman is responsible for:
•
setting the board agenda;
• the leadership of the board and ensuring its effectiveness on
all aspects of its role;
•
providing strategic insight from his long business experience in
the industry and with the Company; and
•
providing a sounding board for the executives on key business
decisions and challenging proposals where appropriate.
The executive directors are responsible for:
•
the day-to-day management of the Group’s business;
•
leading the business and the rest of the management team in
accordance with the strategy agreed by the board;
•
leading the development of the Group’s strategy with input
from the rest of the board;
•
leading the management team in the implementation of the
Group’s strategy; and
•
bringing matters of particular significance to the board for
discussion and consideration by the board if appropriate.
In prior years, the roles of Chairman and Chief Executive were
fulfilled by Nicholas Braime. Whilst this was a departure from the
recommendation of the QCA code, the board considered this
practical arrangement enabled the Group to utilise Nicholas’ deep
knowledge of the business and his extensive relationships with key
stakeholders, whilst at the same time benefiting from his strategic
vision. As part of the Group’s succession planning, Nicholas
stepped down as Chief Executive in February 2023, and Alan
Braime and Carl Braime were appointed Joint Chief Executives,
thereby splitting Nicholas’ role as both Chairman and Chief
Executive. Together Alan and Carl lead the execution of the overall
Group strategy. In particular, Carl Braime oversees the 4B division
whilst Alan focuses on the manufacturing division. Nicholas
remains Executive Chairman.
The role of Company Secretary is fulfilled by Cielo Cartwright, the
Chief Financial Officer. The Company Secretary liaises with the
Chairman and the independent directors in the preparation of
board meetings, including the timely provision of information. The
Company Secretary also acts as a link between the Company and
shareholders on matters of governance and investor relations. The
Company is aware that at certain times, it may become necessary
to separate the role of executive and secretary and should such
events occur, takes the appropriate steps to do so.
Board attendance and agenda
Executive directors are employed on a full time basis and non-
executive directors are expected to commit to a minimum of 20
days per year.
The board met formally 12 times throughout the year. Briefing
papers were circulated electronically but available in paper format
on request. During the year some board meetings were held as
hybrid meetings, with some board members participating online.
In addition to the regular scheduled meetings throughout the
year, unscheduled supplementary meetings also take place as and
when necessary. Directors who are unable to attend a particular
meeting receive relevant briefing papers and are given the
opportunity to discuss any issues with the executives.
To enable the directors of the board to carry out their
responsibilities all directors are provided access to all relevant
information. The board has a schedule of matters for its
discussion, which is reviewed against best practice. A summary of
matters reserved for the schedule is available on the Group’s
website.
In advance of all board meetings the directors are supplied with
papers covering the Group’s strategy and operations. Members of
the executive management team can attend and make
presentations as appropriate at meetings of the board.
Details of the number of meetings of the board during the period
are set out in the table below.
Meeting attendance during 2024
Director
Board
(12)
Audit & Risk
Committee (1)
Remuneration
Committee (1)
O. N. A. Braime
11
1
1
A. Q. Braime
12
1
–
C. O. Braime
11
1
–
C. B. Cartwright
12
1
–
M. T. Cooper
12
1
1
T. Steels
11
1
1
P. P. Stockdale
12
1
1
Board evaluation
The board continues to evaluate improvements to its conduct of
business. Improvements have continued to be implemented
throughout the year. During 2024, presentations from the
Managing Directors of all subsidiaries have taken place to
provide the non-executive directors with a greater opportunity
to hear the diverse nature of the Group’s operations first hand
and a rolling programme of such presentations are again
planned for 2025, and will include heads of product.
Performance targets are set as part of the budgeting process.
Evaluation of the performance of the board has historically been
implemented in an informal manner whereby the Chairman
appraised the individual performance of the executives. The
board supports and encourages all directors to undertake the
necessary training and take up opportunities for professional
and personal development. The board makes informal enquiries
to compare its practices with other companies of a similar size
but it has not conducted an externally facilitated board
evaluation exercise or undertaken formal benchmarks on the
grounds of cost.
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
17
Board evaluation (continued)
On an ongoing basis, board members maintain a watching brief
to identify relevant internal and external candidates who may be
suitable additions to or backup for current board members.
However, the directors consider that the Company is too small to
either have an internal succession plan and it would not be cost
effective to maintain an external candidate list prior to the need
arising. Key performance indicators are set out in the Group
strategic report.
Support
Directors can obtain independent professional advice at the
Company’s expense in performance of their duties as directors.
None of the directors obtained independent professional advice
in the period under review. All directors have access to the advice
and the services of the Company Secretary. In addition to these
formal roles, the non-executive directors have access to senior
management of the business either by telephone or via
involvement at informal meetings. At least annually, our
nominated advisor (NOMAD) is invited to a board meeting to
provide training updates on directors’ duties and any legislative
changes.
Directors’ conflict of interests
The Companies Act 2006 and the Company’s Articles of
Association require the board to consider any potential conflicts
of interest. The board has procedures for managing and, where
appropriate, authorising actual or potential conflicts of interest.
Under those procedures, directors are required to declare at board
meetings all directorships or other appointments to organisations
that are not part of the Group and which could result in actual or
potential conflicts of interest, as well as other situations which
could result in a potential conflict of interest.
The board is required to review directors’ actual or potential
conflicts of interest at least annually. Directors are required to
disclose proposed new appointments to the Chairman before
taking them on, to ensure that any potential conflicts of interest
can be identified and addressed appropriately. Any potential
conflicts of interest in relation to proposed directors are
considered by the board prior to their appointment. In this
financial year there have been no declared conflicts of interest.
Elections
The Company’s Articles of Association provide that one third of
the directors retire by rotation each year at the AGM.
Relations with stakeholders
As required under by Section 172 of the Companies Act 2006,
directors preside over the Group for the benefit of all
stakeholders. Decisions taken by the board are always cognizant
of the impact of each stakeholder group. Fundamentally, the goal
is the long-term sustainable growth of the business, which will
see returns to shareholders increasing, enable employees to
realise their ambitions, and support customers in achieving their
goals.
The directors consider the key stakeholders of the Group to fall
into the following categories: its employees, its shareholders,
customers, suppliers and other business-related parties.
Employees as stakeholders
Employees are key internal stakeholders with significant time and
financial investment in the business. The Group provides both
formal and informal communications through letters and notices,
as well as regular visits by the directors to sites to meet with
employees. However, the use on-line video conferencing, has also
become established as a regular feature of communications. The
directors are committed to providing a working environment that
promote employees’ wellbeing whilst facilitating their
performance. Further details of employee engagement can be
found in the Group strategic report.
Shareholders as stakeholders
The board recognises and values the importance of good
communications with all shareholders. The Company engages
with shareholders through the Group’s website and at the AGM.
At the AGM, a presentation of the business activity and outlook is
presented by the Chairman. The feedback from shareholders
attending our AGM has been positive. Responsibility for
shareholder liaison rests with the Chairman, and in his absence,
with the Company Secretary. All reports and updates are made
available on the Group’s website.
The AGM provides all shareholders with the opportunity to
develop further their understanding of the Company. It is the
principal forum for all the directors to engage in dialogue with
private investors. All shareholders are given the opportunity to
raise questions on any matter at the meeting. The Group aims to
send notices of Annual General Meetings to shareholders at least
21 clear days before the meeting. Notices of the AGM are
available on the Group’s website. Following the AGM the voting
results for each resolution are published and are available on the
Group’s website.
The Group’s website www.braimegroup.com/investor-
information provides all historical RNS announcements, interim
reports and annual reports.
Customers and other stakeholders
The directors ensure that stakeholder management plans are in
place for key customers and key suppliers. Directors ensure that
appropriate levels of management time is afforded to meet with
customers to understand their needs and with key suppliers to
forge a strong, mutually beneficial partnership built on the
principles of respect and long-term outlook.
Maintaining a reputation for high standards of
business conduct
The board believes that the promotion of a corporate culture
based on sound ethical values and behaviours is essential to
maximise shareholder value. This is discussed further in point 8 of
the QCA Code Principles.
Fair, balanced and understandable
The directors have also reviewed the financial statements and
taken as a whole consider them to be fair, balanced and
understandable, and provide the information necessary for
shareholders to assess the Company’s performance, business
model and strategy and have considered the need to act fairly as
between the members of the Company.
Corporate governance report (continued)
Braime Group PLC Annual Report & Accounts 2024
18
Governance
Directors’ report
The directors present their annual report and financial
statements for the year ended 31st December 2024.
Results and dividends
The profit for the year after taxation and transferred to reserves
was £2,333,000 (2023 – £2,336,000). No dividend is to be
proposed at the Annual General Meeting, but the interim
dividends will be confirmed.
Directors
The directors who served during the year and their beneficial
interests in the shares of the Company are detailed below:
31st December
2024
1st January
2024
Alan Braime
Ordinary shares
35,175
35,175
Carl Braime
Ordinary shares
35,175
35,175
Nicholas Braime
Ordinary shares
143,400
143,400
Cielo Cartwright
Ordinary shares
–
–
Mark Cooper
Ordinary shares
–
–
Tony Steels
Ordinary shares
–
–
Philip Stockdale
Ordinary shares
–
–
In accordance with the Company’s Articles of Association
O. N. A. Braime retires by rotation and, being eligible, offers
himself for re-election.
In accordance with the Company’s Articles of Association
M. Cooper retires by rotation and, being eligible, offers himself
for re-election.
In accordance with the Company’s Articles of Association
T. Steels retires by rotation and, being eligible, offers himself for
re-election.
None of the directors had a beneficial interest in any contract to
which the Company or a subsidiary Company was a party during
the financial year.
The Company has made qualifying third party indemnity
provisions for the benefit of its directors and officers. The
indemnity was in force throughout the tenure of each director
during the year and is currently in force. The Company also
maintains Directors’ and Officers’ liability insurance in respect of
itself and its directors.
Substantial shareholdings
The Company has been notified that as at 10th April 2025, apart
from the directors, only the following persons are interested in
more than 3% of the Ordinary shares of the Company:
Ordinary shares held
Percentage
Town Centre Securities
71,000
14.79%
Hargreaves Lansdown
Stockbrokers
40,649
8.47%
Mrs P. V. Smith
27,500
5.73%
Mrs P. S. Braime
26,063
5.43%
Walker Crips Investment
Management
21,000
4.38%
Mrs B. R. Marshall &
Family Trust
20,000
4.17%
Mrs A. Barnes
16,655
3.47%
Internal controls
The board is responsible for the Group’s system of internal
control and reviewing its effectiveness. Identification and
evaluation of risks is an integral part of the board’s planning
process. The board receives monthly reports from the managing
directors of all its subsidiaries and there is a financial controls
procedure handbook which sets out the required controls.
Controls within the Group are designed to provide the board
with reasonable assurance regarding the maintenance of proper
accounting records, the reliability of financial information and
the safeguarding of assets. The Group’s system of internal
control is designed to manage rather than eliminate the risk of
failure to achieve business objectives. It can only provide
reasonable and not absolute assurance against material loss or
misstatement. The board considers that the size of the Group
does not justify an internal audit function, but continues to keep
the need for an internal audit function under review. The board
has conducted a review of the effectiveness of the Company’s
risk management and internal control systems.
Section 172 statement
The board states its compliance with s172(1) of the Companies
Act 2006. Details as to how the directors have fulfilled their
duties can be found in the Group strategic report and the
Governance report.
Going concern
As noted in its Group strategic report, the Group operates in a
number of currencies other than sterling, its principal currency.
The exchange rate between sterling, the US dollar and the euro
and the price of raw materials creates inherent uncertainty over
the future gross margin of the Group.
The Group's net cash figure decreased from an opening figure
of £2,172,000 to £1,927,000 as at 31st December 2024.
During the period the Group funding of working capital
decreased by £1,867,000 due to an increase in inventories, as a
result of stock build up in anticipation of potential tariffs. Overall
cash derived from operating activities generated £2,637,000
(2023 – £3,237,000) net of the increased working capital
funding.
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
19
Going concern (continued)
At 31st December 2024, the available headroom within the
Group’s borrowing facilities amounted to £3,051,000. The
directors are of the continued view that through its Group
banking partner it has sufficient access to financial resources.
The Group has contracts with a number of customers and
suppliers across different geographic areas and industries which
act to mitigate the volatility in any one area. The Group’s
forecasts and projections, taking account reasonably possible
changes in trading performance, show that there is no
substantial risk that the Group will not be able to operate within
the level of its current facilities.
After due consideration, the directors confirm that they have a
reasonable expectation that the Company and the Group have
adequate resources to continue in operational existence for the
foreseeable future. Accordingly, they continue to adopt the
going concern basis in preparing the Company’s and the
Group’s financial statements.
Statement of directors’ responsibilities
The directors are responsible for preparing the annual report,
the directors’ report, the directors’ remuneration report and the
financial statements in accordance with applicable laws and
regulations.
Company law requires the directors to prepare financial
statements for each financial year. Under that law the directors
have prepared the Group financial statements in accordance
with International Financial Reporting Standards (IFRSs) as
adopted by the UK and the rules of the London Stock Exchange
for companies trading on the AIM. The directors have chosen to
prepare financial statements for the Company in accordance
with UK Generally Accepted Accounting Practice. Under
Company law the directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Group and the Company and
of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are
required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and accounting estimates that are
reasonable and prudent;
• state whether applicable United Kingdom Accounting
Standards have been followed by the parent company and
applicable IFRSs as adopted by the UK have been followed
by the Group, subject to any material departures disclosed
and explained in the financial statements; and
• prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group’s and
Company’s transactions and disclose with reasonable accuracy
at any time the financial position of the Group and Company
and to enable them to ensure that the financial statements and
the Directors’ remuneration report comply with the Companies
Act 2006 and, as regards the Group financial statements, Article
4 of the IAS Regulation. They are also responsible for
safeguarding the assets of the Group and the Company and
hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity
of the Company’s website. Legislation in the United Kingdom
governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Each of the directors at the date of this report confirms that:
(a) so far as the director is aware, there is no relevant audit
information of which the Company’s auditors are unaware;
and
(b) he/she has taken all the steps that he/she ought to have
taken as a director in order to make himself or herself aware
of any relevant audit information and to establish that the
Company’s auditors are aware of that information.
This confirmation is given and should be interpreted in
accordance with the provision of Section 418 of the Companies
Act 2006.
Subscriptions and donations
Charitable donations amounting to £16,000 (2023 – £13,000)
were paid during the year. There were no donations to political
organisations.
Streamlined Energy and Carbon Reporting
(“SECR”)
The directors are of the opinion that the disclosure required by
the Companies (Directors’ Report) and Limited Liability
Partnerships (Energy and Carbon Report) Regulations 2018 are
not required because the reporting requirements fall on the
Company as an individual entity, and neither the Company, nor
any of its individual subsidiaries, met the threshold criteria for
the year ended 31st December 2024.
Auditors
A resolution proposing Azets be re-appointed as auditors of the
Company will be put to the Annual General Meeting.
By order of the board
Cielo Cartwright, Secretary
17th April 2025
Directors’ report (continued)
Braime Group PLC Annual Report & Accounts 2024
20
Governance
The purpose of this report is to inform shareholders of the
Company’s policy with regard to executive remuneration and to
provide full details of the salary and other benefits received by
individual directors. The directors have adopted the principles of
good governance as set out in the Combined Code and the
Directors’ Remuneration Report Regulations 2002. However,
following the Company’s move to AIM, compliance with this
report is no longer mandatory.
Remuneration committee
As noted in the corporate governance report, executive
directors’ pay is subject to the decision of the whole board and
not of a formal Remuneration Committee. The directors believe
that this is adequate for a Group of this size.
Statement of Company’s policy on directors’
remuneration
The board’s policy is that the remuneration of the directors
should reflect market rates applicable to a business of its size
and complexity. This information is assessed by the board based
on their commercial contacts within the industry and the local
business community. It is intended that this policy will remain in
place for the following financial year and subsequent periods.
There are no formal performance related elements, entitlements
to share options or entitlements under long-term incentive plans
in directors’ remuneration. All employees of the Group,
including directors, may however receive a discretionary bonus
which reflects the results of the Group.
The only elements of directors’ remuneration that are
pensionable are salaries.
There are no performance conditions relating to the non-
executive directors’ fees.
Service contracts
The non-executive directors have service contracts with the
Company. Other than Cielo Cartwright, the executive directors
do not have service contracts with the Company or its
subsidiaries. The executive directors are subject to election by
the shareholders at the first Annual General Meeting following
their appointment and thereafter at least at every third
subsequent Annual General Meeting. No compensation other
than that prescribed by legislation is payable on termination of
their employment.
Directors’ remuneration
The remuneration of the individual directors who served during the period was as follows:
Fees
£’000
Salary
£’000
Estimated taxable
value of benefits
in kind
£’000
Total
2024
£’000
Total
2023
£’000
Pension
contributions
2024
£’000
Pension
contributions
2023
£’000
Bonus payments are included in salaries. The estimated taxable value of benefits-in-kind includes private medical cover. Pension
contributions represent amounts paid to defined contribution pension schemes. Cielo Cartwright is provided with an electric
company car.
Approval
The directors’ remuneration report was approved by the board on 17th April 2025.
Nicholas Braime, Director
Executive directors
Nicholas Braime
Alan Braime
Carl Braime
Cielo Cartwright
Non-executive directors
–
–
–
–
201
196
196
154
10
2
2
1
211
198
198
155
202
177
177
141
–
28
28
14
–
25
25
12
Directors’ remuneration report
Mark Cooper
35
–
–
35
22
–
–
Tony Steels
35
–
–
35
22
–
–
Philip Stockdale
35
–
–
35
22
–
–
105
747
15
867
763
70
62
Paid by the Company
105
540
13
658
586
42
37
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
21
Opinion on financial statements of Braime Group PLC
We have audited the financial statements of Braime Group PLC (the ‘parent company’) and its subsidiaries (the ‘Group’) for the year
ended 31 December 2024 which comprise the Consolidated income statement, the Consolidated statement of comprehensive
income, the Consolidated and Company balance sheets, the Consolidated cash flow statement, the Consolidated and Company
statements of changes in equity and notes to the accounts, including significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and UK adopted international accounting standards. The
financial reporting framework that has been applied in the preparation of the parent company financial statements is applicable law
and United Kingdom Accounting Standards, including FRS102 “The Financial Reporting Standard applicable in the UK and Republic
of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and of the parent company’s affairs as at
31 December 2024 and of the Group’s profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with UK adopted international accounting standards;
• the parent company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
• the financial statements 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 Group and parent 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 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.
Our approach to the audit
The Group consists of four UK entities and five overseas entities.
Braime Group PLC, Braime Pressings Limited, 4B Elevator Components Limited and 4B Braime Components Limited on which we are
engaged to perform a statutory audit under ISAs (UK). These components comprised 73.92% of Group revenue, 72.59% of net
profit and 78.19% of Gross Assets.
4B France Sarl, 4B Africa Elevator Components (Proprietary) Limited, 4B Braime (Changzhou) Industrial Control Equipment Co. Ltd.
and 4B Asia Pacific Company Limited have had audits performed by component auditors in accordance with local legislation.
4B Australia PTY Limited is not required by local legislation to have an audit performed.
In accordance with ISA600 (revised), for all component entities, we carried out an assessment to determine what audit work was
required to provide sufficient audit evidence for the purposes of Group reporting. Our assessment involved:
• Considering any conditions that may give rise to risk of material misstatement at the assertion level of the Group financial
statements that are associated with that component.
• Considering specific risks that have been identified for the UK subsidiaries, and whether these risks apply to our overseas entities
due to commonality of controls.
• Whether sufficient appropriate audit evidence is expected to be obtained for all significant balances, transactions and accounts
disclosures from the audit work planned.
• The nature and extent of misstatements or control deficiencies identified at a component in prior year audits.
On completion of the assessment, we determined appropriate Component Performance Materialities for each component within the
Group, to ensure sufficient audit work was carried out to provide an audit report on the consolidated accounts. Group instructions
were issued to all component auditors that detailed the work to be performed and the materiality to be used for their audit work.
The component auditors returned to us our Group instructions, and in addition to a review of the Group instructions, discussions
were held with the component auditors to confirm the extent of the work carried out. The working papers prepared by the
component auditors were reviewed to ensure the work was completed as per our audit plan, and sufficient audit evidence had been
obtained in order for us to provide an opinion on the Group.
We carried out our own detailed audit procedures on 4B Australia PTY Limited, due to an audit not being required by local
legislation.
A firm of auditors in the USA attended a year-end inventory count of 4B Elevator Components Limited, and a firm of Chartered
Accountants in Australia attended a year-end inventory count of 4B Australia PTY Limited.
Independent auditors’ report
to the members of Braime Group PLC
Braime Group PLC Annual Report & Accounts 2024
22
Governance
Key audit matters
Key audit matters are those which, in our professional judgement, were of most significance during the audit of the financial
statements for the current period and include the most significant assessed risks of material misstatement (whether or not due to
fraud) we identified, including those which had the greatest effect on the overall audit strategy, the allocation of resources in the
audit; and directing the efforts of the engagement team.
These matters were addressed during our audit of the financial statements as a whole, and in forming an opinion thereon, and we
do not provide a separate opinion on these matters. We have outlined below a summary of how the scope of our audit addressed
each matter. This is not a complete list of all risks identified by our audit.
Key Audit Matter Description of Key Audit Matter
Carrying value of
Inventories – £14,454k
(2023 – £12,587k)
Carrying value of
Inventories in Braime
Pressings Limited –
£705k (2023 – £626k)
Value of impairment
recognised in the
Income Statement –
£290k (2023 – £195k)
(Group)
Refer to the accounting
policy in note 1.20 in the
Group financial
statements. Also see
note 10 in relation to
the impairment of
inventories.
Management value stock at the lower of cost and net realisable value. Braime Pressings Limited
manufacture stock which requires management’s assessment of overhead absorption giving rise to
estimation uncertainty.
This relates to the assessment of the manufacturing overheads to be absorbed into the cost of stock.
Management perform an estimate of the overhead absorption rate based on key assumptions. These
include level of manufacturing labour, allocation of overheads (such as depreciation, utilities and
management charges) which is then reduced by an overall efficiency rate which is estimated based on
operational reports.
Management have to exercise judgement in order to calculate provisions for slow-moving, damaged
and obsolete inventories. The Group has consistently adopted a policy of making impairment
provisions based upon the ageing of inventories, where items which have not moved within 12 months
are provided against. As such, the estimation uncertainty surrounding provisions is deemed to be a key
audit matter.
How the scope of our audit addressed this matter:
Assessed the Group's calculation of the overhead absorption rate used within inventories by carrying out the following:-
• Reviewing management’s efficiency rates against operating efficiency figures maintained by the production team and ensuring
these have been applied appropriately to the workings, considering the weighted average efficiency per machine and ensuring
this is calculated appropriately across the period.
• Obtaining an understanding as to why each cost line has been included within the overhead absorption rate, assessing
compliance with IAS2.
• Agreeing a sample of costs included within the calculation back to the financial statements or other supporting evidence.
• Assessing accuracy of the workings provided by management, ensuring formulae were working as intended.
• Performing a sensitivity analysis in respect of the key inputs within managements’ assessment.
We concluded that management’s assessment of the overhead absorption was materially correct.
Assessed management’s assumptions in relation to the stock provisions by carrying out the following:-
• Reviewing accuracy of the workings provided by management, ensuring formulae were working as intended.
• Challenging management's approach to assessing the impact of recent sales on the provisions required.
• Reviewing the reasonableness of the assessment that all stock aged over 12 months which has not moved is provided against.
• Forming an Auditor’s point estimate by carrying out a recalculation of the provision.
• In addition to the above, assessing the net realisable value (NRV) of inventories by agreeing our finished goods sample through
to post year end sales invoices, to ensure goods are being sold at greater than cost.
• Observing the condition of inventories during our stock count procedures for any evidence of obsolete or damaged inventories
held.
• Reviewing relevant disclosures made in the financial statements and agreed to supporting documentation where appropriate.
We concluded that management’s assessment of the stock provision was deemed to be appropriate and materially correct.
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
23
Our application of materiality
Materiality has been applied as a basis for identifying the scope of our work performed in combination with risk assessment
procedures. We set certain quantitative thresholds for materiality, in conjunction with qualitative considerations to help determine
the scope of our audit and the nature, timing and extent of our audit procedures. We use materiality both in planning the scope of
our audit work and in evaluating the results of our work and evaluate the effect of misstatements, both individually and in
aggregate, on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Group
Parent
Overall Materiality
£400,000
£50,000
Performance Materiality
£280,000
£35,000
Benchmark
0.8% of Turnover
3% of Net Assets
In determining our benchmark for materiality, we have considered the metrics used by investors and other users of the financial
statements. Given the Group’s profit before tax has been historically volatile, we determined that Profit before tax would not be an
appropriate benchmark for calculating materiality for the current year audit. Instead, we have determined materiality using the
benchmark of revenue which is a key principal consideration in the performance of the Group.
For the Parent company, the primary activity of the Company is that of a holding Company and therefore is not profit or revenue
orientated. We have therefore used 3% of Net Assets as a generally accepted audit benchmark for holding companies.
We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and
undetected misstatements exceed the materiality for the financial statements as a whole. In determining performance materiality, we
considered the quality of the control environment and the nature, volume and size of uncorrected misstatements arising in the
previous audit.
Component performance materiality: For each component in our audit scope, we allocated a component performance materiality
that is less than our overall Group materiality. The range of component performance materiality across components ranged from
£50,000 to £190,000.
We reported any corrected or uncorrected misstatements greater than £20,000 to the audit committee as well as those which
warranted reporting on qualitative grounds. We also report to the audit committee on disclosure matters that we identified when
assessing the overall presentation of the financial statements.
Independent auditors’ report (continued)
to the members of Braime Group PLC
Carrying value of
Investment in
subsidiaries – £2,491k
(2023: £1,978k)
(Parent)
Refer to the accounting
policy in note 2.6 and
note 5 in the parent
financial statements.
Braime Group PLC holds an investment in its subsidiaries which is subject to an impairment review
under IAS36.
The directors assess the carrying value of investments by considering the final reported results of each
subsidiary, and the overall net asset position of each company, to assess whether the value of the
business is indicating a reduction in value, which would therefore lead to an impairment being
required. The directors also consider future results of the business, to consider if any changes to future
trade would indicate an impairment being required at the balance sheet date. This is deemed to be a
key audit matter due to the significance of the balance to the Parent company’s financial position and
the level of estimation in the assessment noted above
How the scope of our audit addressed this matter:
• Obtaining management’s assessment of impairment and assessed its appropriateness and compliance with the requirements of
IAS36.
• Challenging management’s assumptions and corroborated reasons as to why investments were not impaired.
• Performing our own impairment assessment, comparing each subsidiaries net asset position with the value of the investments
held for indication of any impairment.
• Reviewing relevant disclosures made in the financial statements and agreed to supporting documentation where appropriate.
Based on our audit procedures, we concluded that no impairment to the carrying value of investments was necessary.
Key Audit Matter Description of Key Audit Matter
Braime Group PLC Annual Report & Accounts 2024
24
Governance
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.
Our evaluation of the directors’ assessment of the entity’s ability to adopt the going concern basis of accounting included:
• Obtaining and agreeing the directors’ going concern assessment to the budget and ensuring that the business is expected to
generate sufficient cash to meet its liabilities as they fall due;
• Reviewing actual results to prior year forecasts to evaluate the accuracy of management’s forecasting;
• Evaluating and assessing the process by which the Group’s future cash flow forecasts were prepared, including the historical
accuracy of forecasting;
• Assessing and challenging the key assumptions in the going concern forecasts including revenue, gross margins and profitability
and other cost assumptions for the period to April 2026;
• Ensuring the mathematical accuracy of the forecasts;
• Performing our own sensitivity analysis on the budgets and forecasts prepared by management; and
• Considering the adequacy of disclosures in the financial statements.
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 about the Group’s or parent 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 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 Group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been
received from branches not visited by us; or
• the parent company financial statements the part of the directors’ remuneration report to be audited 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.
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
25
Responsibilities of directors
As explained more fully in the statement of directors’ responsibilities set out on page 20, the directors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group’s and the parent
company’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Group or parent company or to cease operations, or
have no realistic alternative but to do so.
Auditors’ 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 aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditors
reponsibilites. This description forms part of our auditor’s report.
The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of
irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments,
including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based
on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and
regulations, including fraud.
Laws and regulations of direct significance in the context of the Group and parent company include The Companies Act 2006, the
AIM Rules for Companies and UK Tax legislation.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures
which included:
• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual,
suspected and alleged fraud;
• Reviewing minutes of meetings of those charged with governance;
• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial
statements or the operations of the Company through enquiry and inspection;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws
and regulations;
• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other
adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of
business and reviewing accounting estimates for indicators of potential bias; and
• Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct
accounting period.
Independent auditors’ report (continued)
to the members of Braime Group PLC
Braime Group PLC Annual Report & Accounts 2024
26
Governance
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 of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
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 a Report of the Auditors 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.
Chris Butt FCA
(Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
Chartered Accountants and Statutory Auditors
12 King Street
Leeds
LS1 2HL
17th April 2025
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
27
Consolidated income statement
For the year ended 31st December 2024
Note
2024
£’000
2023
£’000
Revenue
3
48,947
48,155
Changes in inventories of finished goods and work in progress
1,718
(426)
Raw materials and consumables used
(27,292)
(25,188)
Employee benefits costs
6
(11,956)
(11,009)
Depreciation and amortisation expense
(1,474)
(1,678)
Other expenses
(6,388)
(6,270)
Other operating income
2
97
164
Profit from operations
3,652
3,748
Finance expense
4
(513)
(485)
Finance income
4
59
72
Profit before tax
3,198
3,335
Tax expense
5
(865)
(999)
Profit for the year
2,333
2,336
Profit attributable to:
Owners of the parent
2,280
2,274
Non-controlling interests
53
62
2,333
2,336
Basic and diluted earnings per share
18
158.37p
157.88p
All operations are continuing operations.
The notes on pages 33 to 58 form part of these financial statements.
Braime Group PLC Annual Report & Accounts 2024
28
Financial Statements
Consolidated statement of comprehensive income
For the year ended 31st December 2024
Note
2024
£’000
2023
£’000
Profit for the year
2,333
2,336
Items that will not be reclassified subsequently to profit or loss
Net pension remeasurement gain on post employment benefits
19.3
6
19
Items that may be reclassified subsequently to profit or loss
Foreign exchange gain/(loss) on re-translation of overseas operations
12
(505)
Other comprehensive income/(loss) for the year
18
(486)
Total comprehensive income for the year
2,351
1,850
Total comprehensive income attributable to:
Owners of the parent
2,297
1,775
Non-controlling interests
54
75
2,351
1,850
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
29
Consolidated balance sheet
As at 31st December 2024
Note
2024
£’000
2023
£’000
Assets
Non-current assets
Property, plant and equipment
7
10,377
10,082
Intangible assets
8
342
489
Right of use assets
9
522
717
Total non-current assets
11,241
11,288
Current assets
Inventories
10
14,454
12,587
Trade and other receivables
11
7,950
7,973
Cash and cash equivalents
2,381
2,310
Total current assets
24,785
22,870
Total assets
36,026
34,158
Liabilities
Current liabilities
Bank overdraft
454
138
Trade and other payables
12
7,080
6,991
Other financial liabilities
13
2,693
3,769
Corporation tax liability
90
52
Total current liabilities
10,317
10,950
Non-current liabilities
Financial liabilities
14
2,610
2,325
Deferred income tax liability
15
99
44
Total non-current liabilities
2,709
2,369
Total liabilities
13,026
13,319
Total net assets
23,000
20,839
Share capital
16
360
360
Capital reserve
257
257
Foreign exchange reserve
238
221
Retained earnings
22,250
20,182
Total equity attributable to the shareholders of the parent
23,105
21,020
Non-controlling interests
(105)
(181)
Total equity
23,000
20,839
The financial statements on pages 28 to 58 were approved and authorised for issue by the board of directors on 17th April 2025
and were signed on its behalf by:
Nicholas Braime, Chairman Cielo Cartwright, Chief Financial Officer
Company Registration Number 488001
The notes on pages 33 to 58 form part of these financial statements.
Braime Group PLC Annual Report & Accounts 2024
30
Financial Statements
Consolidated cash flow statement
For the year ended 31st December 2024
Note
2024
£’000
2023
£’000
Operating activities
Net profit
2,333
2,336
Adjustments for:
Depreciation and amortisation
7, 8 & 9
1,474
1,678
Foreign exchange gains/(losses)
118
(424)
Finance income
4
(59)
(72)
Finance expense
4
513
485
Gain on sale of land and buildings, plant, machinery and motor vehicles
(29)
(80)
Adjustment in respect of defined benefit scheme
58
69
Income tax expense
5
865
999
Income taxes paid
(769)
(1,401)
2,171
1,254
Operating profit before changes in working capital and provisions
4,504
3,590
Decrease in trade and other receivables
20
998
(Increase)/decrease in inventories
(1,867)
702
Decrease in trade and other payables
(20)
(2,053)
(1,867)
(353)
Cash generated from operations
2,637
3,237
Investing activities
Purchases of property, plant, machinery and motor vehicles
(1,426)
(1,421)
Sale of land and buildings, plant, machinery and motor vehicles
36
88
Interest received
7
22
(1,383)
(1,311)
Financing activities
Proceeds from long term borrowings
–
977
Repayment of borrowings
(391)
(372)
Repayment of lease liabilities
(383)
(455)
Bank interest paid
(433)
(404)
Lease interest paid
(80)
(81)
Dividends paid
(212)
(205)
(1,499)
(540)
(Decrease)/increase in cash and cash equivalents
(245)
1,386
Cash and cash equivalents, beginning of period
2,172
786
Cash and cash equivalents, end of period
20
1,927
2,172
The notes on pages 33 to 58 form part of these financial statements.
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
31
Consolidated statement of changes in equity
For the year ended 31st December 2024
Note
Share
Capital
£’000
Capital
Reserve
£’000
Foreign
Exchange
Reserve
£’000
Retained
Earnings
£’000
Total
£’000
Non-
Controlling
Interests
£’000
Total
Equity
£’000
Balance at 1st January 2023
360
257
742
18,091
19,450
(256)
19,194
Comprehensive income
Profit
–
–
–
2,274
2,274
62
2,336
Other comprehensive income
Net pension remeasurement gain
recognised directly in equity
19.3
–
–
–
19
19
–
19
Foreign exchange losses on
re-translation of overseas
subsidiaries consolidated
operations
–
–
(521)
3
(518)
13
(505)
Total other comprehensive income
–
–
(521)
22
(499)
13
(486)
Total comprehensive income
–
–
(521)
2,296
1,775
75
1,850
Transactions with owners
Dividends
18
–
–
–
(205)
(205)
–
(205)
Total transactions with owners
–
–
–
(205)
(205)
–
(205)
Balance at 1st January 2024
360
257
221
20,182
21,020
(181)
20,839
Comprehensive income
Profit
–
–
–
2,280
2,280
53
2,333
Other comprehensive income
Net pension remeasurement gain
recognised directly in equity
19.3
–
–
–
6
6
–
6
Foreign exchange gains on
re-translation of overseas
subsidiaries consolidated
operations
–
–
17
(6)
11
1
12
Total other comprehensive income
–
–
17
–
17
1
18
Total comprehensive income
–
–
17
2,280
2,297
54
2,351
Transactions with owners
Share capital introduced by minority
–
–
–
–
–
22
22
Dividends
18
–
–
–
(212)
(212)
–
(212)
Total transactions with owners
–
–
–
(212)
(212)
22
(190)
Balance at 31st December 2024
360
257
238
22,250
23,105
(105)
23,000
The capital reserve arose on the listing of the Company’s shares on the London Stock Exchange and the cancellation of the 180,000
5% Cumulative Preference shares at a redemption price of £1.125 per share. The foreign exchange reserve relates to the differences
arising on the re-translation of overseas subsidiaries consolidated within the Group financial statements. The retained earnings
reserve includes the accumulated profit and losses of the Group.
There was no movement in the share capital of the Company.
Braime Group PLC Annual Report & Accounts 2024
32
Financial Statements
Notes to the accounts
For the year ended 31st December 2024
1.
ACCOUNTING POLICIES
1.1 General Company information
Braime Group PLC (‘the Company’) and its subsidiaries (together ‘the Group’) manufacture metal presswork and through its 4B
brand, handle the supply of bulk material handling components through trading from locations in Australia, China, England, France,
Indonesia, South Africa, Thailand, the United Arab Emirates and the United States.
The Company is incorporated and domiciled in the UK. The Company’s registered number is 488001. The address of its registered
office is Hunslet Road, Leeds, LS10 1JZ. The Company is a public limited company and has its primary listing on the AIM division of
the London Stock Exchange.
The Group consolidated financial statements were authorised for issue by the board on 17th April 2025.
1.2 Basis of preparation
The principal accounting policies adopted in the preparation of the consolidated financial statements are set out below. The policies
have been consistently applied to all the years presented, unless otherwise stated.
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as
adopted by the UK (IFRSs as adopted by the UK), IFRIC interpretations and the Companies Act 2006 applicable to companies
reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention.
In adopting the going concern basis for preparing the financial statements, the directors have considered the business activities
including the Group’s principal risks and uncertainties. The board also considered the Group’s current cash position, the repayment
profile of its obligations, its financial covenants and the resilience of its 12 month cash flow forecasts to a series of severe but
plausible downside scenarios. Having considered these factors the board is satisfied that the Group has adequate resources to
continue in operational existence and therefore it is appropriate to adopt the going concern basis in preparing the consolidated
financial statements for the year ended 31st December 2024.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated
financial statements are disclosed in paragraph 1.3 below entitled critical accounting estimates and assumptions.
The Company has elected to prepare its parent company financial statements in accordance with UK GAAP; these are presented on
pages 59 to 67.
1.3 Critical accounting estimates and assumptions
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances.
Areas of judgement
Judgements are made by management in the application its accounting policies which can have a significant effect on the amounts
recognised in the financial statements. During the year, management made judgements in the following area:
Capitalisation of property expenditure
The Group is headquartered in a listed building which requires a significant level of ongoing maintenance by the Company. Where
expenditure is judged to result in an enhancement of the value of the property, the expenditure is capitalised in line with the Group’s
depreciation policies. Otherwise expenditure on the property is taken as repair costs which are charged in the year.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition seldom
equal the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are discussed below:
Assumptions about the future and critical accounting estimates
Inventory
Inventories are stated at the lower of cost and net realisable value. The Group establishes an impairment provision for inventory
estimated to realise a lower value than cost. When calculating the impairment provision, management considers the nature and
condition of the inventory as well as applying assumptions around the saleability of stock and its estimated selling value less cost
expected to be incurred and sell the item. The directors also consider the purchase history of the inventory items to assess whether
the items remain in use.
Cost of work in progress and finished goods
The Group values the work in progress and finished goods inventory at the cost of direct materials and labour plus attributable
overheads and certain administrative costs based on normal levels of activity. When calculating overhead absorption rates,
management considers the percentage of costs that are directly attributable to bringing inventory to its present location and
condition, and estimated wastage based on historical experience and through knowledge of the business.
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
33
1.
ACCOUNTING POLICIES (CONTINUED)
1.3 Critical accounting estimates and assumptions (continued)
Useful economic lives of property, plant and equipment
The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and
residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when
necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical
condition of the assets.
Lease liabilities
Under IFRS16, leases over 12 months are capitalised as “right of use” assets and the present value of future lease payments also
recognised as a liability. Management is required to apply an incremental borrowing rate in order to discount the liabilities to their
present value. This is the rate that would have to be paid to borrow over a similar term and with a similar security, the funds
necessary to obtain an asset of similar value to the right-of-use asset in similar economic circumstances. The rate is therefore to some
extent a judgemental accounting estimate. Management has assessed this borrowing rate as 10% and has calculated that a +/- 5%
change in borrowing rate does not materially alter the calculation of the liability.
Retirement benefit obligations
The Group operates a defined benefit pension scheme (note 19). Asset valuations are based on the fair value of the assets. The
valuation of the liabilities of the scheme are based on statistical and actuarial calculations, using various assumptions including
discount rates, future salary and pension increases, life expectancy of scheme members and cash commutations. The actuarial
assumptions may differ materially from actual experience due to changes in economic and market conditions, variations in actual
mortality, higher or lower cash withdrawal rates and other changes in factors assessed. Any of these differences could impact the
assets or liabilities recognised in the balance sheet in future periods.
1.4 Changes to accounting policy and disclosure
(a) New and amended standards adopted by the Group.
The Group has adopted the following new and amended IFRS’s as of 1st January 2024:
•
Amendments to IAS 1 – Classification of Liabilities as Current or Non-current – Clarifies that the classification of liabilities as
current or non-current should be based on rights that exist at the end of the reporting period – effective accounting periods
beginning on or after 1st January 2024.
•
Amendments to IAS 1 – Non-current Liabilities with Covenants – Clarifies that only those covenants with which an entity must
comply on or before the end of the reporting period affect the classification of a liability as current or non-current – effective
accounting periods beginning on or after 1st January 2024.
•
Amendments to IFRS 16 – Lease Liability in a Sales and Leaseback – Specifies requirements relating to measuring the lease liability
in a sale and leaseback transaction after the date of the transaction – effective accounting periods beginning on or after 1st
January 2024.
•
Amendments to IAS 7 and IFRS 7 – Supplier Finance Arrangements – Requires an entity to provide additional disclosures about its
supplier finance arrangements – effective accounting periods beginning on or after 1st January 2024.
(b) New standards, amendments and interpretations issued but not effective for the financial year beginning 1st January
2024 and not early adopted.
•
Amendments to IAS 21 – Lack of Exchangeability - Requires a consistent approach to assessing whether a currency is
exchangeable and, when it is not, to determining the exchange rate to use and the disclosures to provide – effective accounting
periods beginning on or after 1st January 2025.
•
Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments - Clarifies how
contractual cash flows on financial assets with environmental, social and governance (ESG) and similar features should be assessed
when determining if they are consistent with a basic lending arrangement and, hence, whether they are measured at amortised
cost or fair value. Clarifies the date on which a financial asset or financial liability can be derecognised when settlement is via an
electronic cash transfer. Requires additional disclosures for certain equity investments and financial investments with contingent
features – effective accounting periods beginning on or after 1st January 2026. This has not yet been endorsed.
•
Annual Improvements to IFRS Accounting Standards – Volume 11 – Minor amendments to IFRS 1 First-time Adoption of
International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures, IFRS 9 Financial Instruments, IFRS 10
Consolidated Financial Statements and IAS 7. Statement of Cash Flows – effective accounting periods beginning on or after 1st
January 2026.
•
IFRS 18 Presentation and Disclosure in Financial Statements - Introduces new requirements for classification of income and
expenses in specified categories and presentation of defined subtotals in the statement of profit or loss, enhanced guidance and
requirements for more useful aggregation and disaggregation of information in the primary financial statements and in the notes;
and additional disclosures about management-defined performance measures related to the statement of profit or loss.
Supersedes IAS 1 Presentation of Financial Statements – effective accounting periods beginning on or after 1st January 2027.
This has not yet been endorsed.
Notes to the accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
34
Financial Statements
• IFRS 19 Subsidiaries without Public Accountability: Disclosures - Permits eligible subsidiaries to use IFRS Accounting Standards
with reduced disclosure requirements in their consolidated, separate or individual financial statements - effective accounting
periods beginning on or after 1 January 2027. This has not yet been endorsed.
1.5 Revenue recognition
IFRS 15 ‘Revenue from Contracts with Customers’ establishes a comprehensive framework for determining whether, how much and
when revenue is recognised. Under IFRS 15, revenue recognition is based on the principle that revenue is recognised when control of
a good or service transfers to a customer. Where sale of goods occur, revenue is recognised at a point in time when goods are
delivered to customers. Revenue streams for both of the Group’s income segments are recognised when the Group’s performance
obligations are fulfilled, that is when control over goods has transferred to the customer. Customers obtain control of the goods
when they are delivered to and have been accepted at their premises or made available for ex-works collections, depending on
individual customer arrangements. For the Group, the transfer of control under IFRS 15 and satisfaction of performance obligations
therefore remains consistent with the transfer of risks and rewards. Revenue represents the fair value of consideration received or
receivable for the sale of goods in the ordinary course of the Group’s activities, and is stated exclusive of VAT, similar taxes and after
eliminating sales within the Group. Payment is typically due within 60 days. Interest receivable on bank deposits and other items
such as rentals, insurance proceeds, and receipts to fund capital assets are not classed as revenue but included within finance income
and other operating income respectively. The breakdown of revenue from ordinary activities used within the Group to assess the
performance is presented, by operating segment, in the segment analysis (see note 3).
1.6 Basis of consolidation
Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies generally
accompanying a shareholding of more than one half of the voting rights. Subsidiaries are fully consolidated from the date on which
control is transferred to the Group. They are de-consolidated from the date that control ceases. The consolidated financial
statements of Braime Group PLC incorporate the financial statements of the parent company as well as those entities controlled by
the Group by full consolidation.
The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the
acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the
Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition
basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s
proportionate share of the acquiree’s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition date fair
value of any previous equity interest in the acquiree over the fair value of the Group’s share of the identifiable net assets acquired is
recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase,
the difference is recognised directly in the income statement.
Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised
losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the
policies adopted by the Group.
Non-controlling interests in the net assets of the consolidated subsidiaries are identified separately from the Group’s equity therein.
Non-controlling interests consist of the amount of those interests at the date of the original business combination and the minority’s
share of changes in equity since the date of the combination. Where losses are accumulated, all earnings and losses of the
subsidiaries are attributed to the parent and the non-controlling interest in proportion to their ownership.
1.7 Foreign currency
Braime Group PLC consolidated financial statements are presented to the nearest thousand, in sterling (£), which is also the functional
currency of the Company.
In the separate financial statements of the consolidated entities, foreign currency transactions are translated into the functional currency
of the individual entity using the month end exchange rates as an approximation to that prevailing at the dates of the transactions (spot
exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of
monetary assets and liabilities at year-end exchange rates are recognised in the income statement under ‘other income’ or ‘other
expenses’, respectively.
In the consolidated financial statements, all separate financial statements of subsidiaries originally presented in a currency different from
the Group’s presentation currency, have been converted into sterling. Assets and liabilities have been translated into sterling at the
closing rate at the balance sheet date. Income and expenses have been converted into the Group’s presentation currency using average
rates of exchange. Any differences arising from this procedure have been charged/(credited) to the currency translation reserve in equity.
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Financial Statements
Braime Group PLC Annual Report & Accounts 2024
35
1. ACCOUNTING POLICIES (CONTINUED)
1.8 Financial assets
The Group considers that its financial assets comprise loans and receivables only. These assets are non-derivative financial assets with
fixed or determinable payments, not quoted in an active market. They arise principally through the provision of goods and services to
customers (trade receivables) but also incorporate other types of contractual monetary assets. They are carried at amortised cost less
provision for impairment.
Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the
counterparty or default or significant delay in payment) that the Group will be unable to collect all of the amounts due under the terms
receivable, the amount of such a provision being the difference between the net carrying amount and the present value of the future
expected cash flows associated with the impaired receivable. For trade receivables, which are reported net, such provisions are recorded
in a separate allowance account with the loss being recognised within administrative expenses in the income statement. On
confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated
provision.
The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is
considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable
and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
Financial assets are recognised when the Group enters into a contractual agreement with a third party through an instrument. All
interest received is recognised as finance income in the income statement.
1.9 Financial liabilities
The Group’s financial liabilities include bank loans and overdrafts, other loans, trade and other payables and finance leasing liabilities
and any forward currency contracts. They are included in balance sheet line items ‘bank overdraft’, ‘trade and other payables’, ‘long-
term financial liabilities’ and ‘other financial liabilities’.
Financial liabilities are recognised when the Group becomes a party to the contractual agreements of the instrument. All interest related
charges are recognised as an expense in ‘finance cost’ in the income statement.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the income statement.
Bank loans are raised for support of long term funding of the Group’s operations. They are recognised at fair value, net of direct issue
costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are charged to the income
statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not
settled in the period in which they arise.
Trade payables are recognised initially at their fair value and subsequently measured at amortised cost less settlement payments.
1.10 Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand as well as short term highly liquid investments such as money market
instruments and bank deposits. For the purposes of the cash flow statement cash and cash equivalents include bank overdrafts.
1.11 Borrowing costs
All borrowing costs are expensed as incurred.
1.12 Pension obligations and short term employee benefits
Pensions to employees are provided through a defined benefit plan as well as a defined contribution plan.
A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually
dependent on one or more factors such as age, years of service and salary. The legal obligation for any benefits from this kind of
pension plan remains with the Group, even if the plan assets for funding the defined benefit plan have been acquired. Plan assets may
include assets specifically designated to a long term benefit fund as well as qualifying insurance policies.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into an independent entity. The Group
has no legal or constructive obligations to pay further contributions after payment of the fixed contribution.
The asset or liability recognised in the balance sheet for defined benefit pension plans is the present value of the defined benefit
obligation (DBO) at the balance sheet date less the fair value of plan assets, together with adjustments for past service costs. The DBO
is calculated annually by independent actuaries using the projected unit credit method. The present value of the DBO is determined by
discounting the estimated future cash outflows using interest rates of high quality corporate bonds that are denominated in the
currency in which the benefits will be paid and that have terms to maturity approximating to the terms of the related pension liability.
Notes to the accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
36
Financial Statements
Remeasurement gains and losses are recognised immediately and in full in other comprehensive income. Past service costs are
recognised immediately in the consolidated income statement, unless the changes to the pension plan are conditional on the
employees remaining in service for a specified period of time (the vesting period). In this case, the past service costs are amortised on a
straight-line basis over the vesting period.
If the Group will not benefit from a scheme surplus in the form of refunds from the plan or reduced future contributions, an
adjustment is made in respect of the minimum funding requirement and no asset resulting from the above policy is recognised.
The contribution recognised in respect of defined contribution plans are expensed as they fall due. Liabilities and assets may be
recognised if underpayment or prepayment has occurred and are included in current liabilities or current assets as they are normally of a
short-term nature.
Short-term employee benefits are recognised for the number of paid leave days (usually holiday entitlement) remaining at the balance
sheet date. They are included in current pension and other employee obligations at the undiscounted amount that the Group expects
to pay as a result of the unused entitlement.
1.13 Right of use assets and lease liabilities
The Group as a lessee
The Group makes the use of leasing arrangements principally for the provision of warehouses and related facilities, office space, IT
equipment, fork lift trucks, and motor vehicles. The rental contracts for warehouses and offices are typically negotiated for terms of
between 3 and 5 years and some of these have extension terms. Lease terms for office and IT equipment, fork lift trucks and motor
vehicles typically have lease terms of between 1 and 6 years without any extension terms. The Group does not enter into sale and
leaseback arrangements. All the leases are negotiated on an individual basis and contain a wide variety of different terms and
conditions such as purchase options and escalation clauses.
The Group assesses whether a contract is or contains a lease at inception of the contract. A lease conveys the right to direct the use
and obtain substantially all of the economic benefits of an identified asset for a period of time in exchange for consideration.
Some lease contracts contain both lease and non-lease components. These non-lease components are usually associated with facilities
management services at offices and servicing and repair contracts in respect of motor vehicles. The Group has elected to not separate
its leases for offices into lease and non-lease components and instead accounts for these contracts as a single lease component. For its
other leases, the lease components are split into their lease and non-lease components based on their relative stand-alone prices.
Measurement and recognition of leases as a lessee
At lease commencement date, the Group recognises a right-of-use asset and a lease liability in its consolidated balance sheet. The right-
of-use asset is measured at cost, which is made up of the initial measurement of the lease liability.
The Group depreciates the right-of-use asset on a straight-line basis from the lease 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.
At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date,
discounted using the Group's incremental borrowing rate because as the lease contracts are negotiated with third parties it is not
possible to determine the interest rate that is implicit in the lease. The incremental borrowing rate is the estimated rate that the Group
would have to pay to borrow the same amount over a similar term, and with similar security to obtain an asset of equivalent value. This
rate is adjusted should the lessee entity have a different risk profile to that of the Group.
Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable
payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from
options reasonably certain to be exercised.
Subsequent to initial measurement, the liability will be reduced by lease payments that are allocated between repayments of principal
and finance costs. The finance cost is the amount that produces a constant periodic rate of interest on the remaining balance of the
lease liability.
The lease liability is reassessed when there is a change in the lease payments. Changes in lease payments arising from a change in the
lease term or a change in the assessment of an option to purchase a leased asset. The revised lease payments are discounted using the
Group's incremental borrowing rate at the date of reassessment when the rate implicit in the lease cannot be readily determined. The
amount of the remeasurement of the lease liability is reflected as an adjustment to the carrying amount of the right-of-use asset. The
exception being when the carrying amount of the right-of-use asset has been reduced to zero then any excess is recognised in profit or
loss.
The Group has elected to account for short-term leases and leases of low-value assets using the practical expedients. These leases relate
to items of office equipment such as desks, chairs, and certain IT equipment. Instead of recognising a right-of-use asset and lease
liability, the payments in relation to these are recognised as an expense in profit or loss on a straight-line basis over the lease term.
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Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
37
1. ACCOUNTING POLICIES (CONTINUED)
1.14 Impairment of non-financial assets
The Group’s non-current assets are subject to impairment testing.
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition,
the estimated recoverable value of the asset has been reduced.
Individual assets or cash-generating units with an indefinite useful life or those not yet available for use are tested for impairment at
least annually. All individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of fair value, reflecting market conditions less costs to sell and value in
use, based on an internal discounted cash flow evaluation. Impairment losses are charged pro-rata to the assets in the cash-
generating unit. All assets are subsequently re-assessed for indications that an impairment loss previously recognised may no longer
exist.
1.15 Research and development
Costs associated with research activities are expensed in the consolidated income statement as they occur.
1.16 Income taxes
Current income tax assets and/or liabilities comprise those obligations to, or claims from, fiscal authorities relating to the current or
prior reporting period, that are unpaid at the balance sheet date. They are calculated according to the tax rates and tax laws
applicable to the fiscal periods to which they relate, based on the taxable profit for the year. All changes to current tax assets or
liabilities are recognised as a component of tax expense in the consolidated income statement.
Deferred income taxes are calculated using the liability method on temporary differences. This involves the comparison of the
carrying amounts of assets and liabilities in the consolidated financial statements with their respective tax bases. This applies also to
temporary differences associated with shares in subsidiaries if reversal of these temporary differences can be controlled by the Group
and it is probable that reversal will not occur in the foreseeable future. In addition, tax losses available to be carried forward as well
as other income tax credits to the Group are assessed for recognition as deferred tax assets.
Deferred tax liabilities where material are always provided for in full. Deferred tax assets are recognised to the extent that it is
probable that they will be able to be offset against future taxable income. Deferred tax assets and liabilities are calculated, without
discounting, at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or
substantively enacted at the balance sheet date.
Most changes in deferred tax assets or liabilities are recognised as components of tax expense in the income statement. Only
changes in deferred tax assets or liabilities that relate to a change in value of assets or liabilities that are charged or credited directly
to equity are charged or credited directly to equity.
1.17 Dividends
Equity dividends are recognised when they become legally payable. In the case of dividends to equity shareholders, they are
recognised when paid. In the case of final dividends, this is when approved by the shareholders at the Annual General Meeting.
1.18 Property, plant and equipment
Property, plant and equipment (other than freehold land) are carried at acquisition cost less subsequent depreciation and impairment
losses. No depreciation has been charged in respect of certain land and buildings as the directors have assessed that those assets
have residual values equal to or greater than current carrying values.
The useful lives of property, plant and equipment can be summarised as follows
• Land and buildings
25 – 50 years
• Plant, machinery and motor vehicles
3 – 5 years
Notes to the accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
38
Financial Statements
1.19 Intangible assets
An intangible asset is an identifiable non-monetary asset without physical substance. Intangible assets are recognised if, and only if:
a) It is probable that the expected future economic benefits that are attributable to the asset will flow to the Group; and
b) the cost of the asset can be measured reliably.
The cost of an acquired intangible asset comprises its purchase price and any directly attributable cost of preparing the asset for its
intended use. After initial recognition, intangible assets are measured at cost less accumulated amortisation and impairment losses,
if any.
Intangible assets are amortised on a straight-line basis over their estimated useful lives, which do not exceed the contractual period,
if any. The estimated useful lives, residual values, and amortisation methods are reviewed at each year end, and any changes in
estimates are accounted for prospectively.
• Patents and trademarks
2 – 20 years
• Software and intellectual property
3 – 5 years
• Development expenditures
2 – 5 years
• Customer relationships and distribution rights
5 – 29 years
1.20 Inventories
Inventories comprise raw materials, supplies and purchased goods. Cost includes all expenses directly attributable to the
manufacturing process as well as suitable portions of related production overheads, based on normal operating capacity. Financing
costs are not taken into consideration. At the balance sheet date, inventories are carried at the lower of cost and net realisable value.
Net realisable value is the estimated selling price in the ordinary course of business less any applicable selling expenses.
1.21 Government grants
Government grants received on capital expenditure are generally deducted in arriving at the carrying amount of the asset purchased.
Grants for revenue expenditure are netted against the cost incurred by the Group.
Where retention of a government grant is dependent on the Group satisfying certain criteria, it is initially recognised as deferred
income. When the criteria for retention has been satisfied, the deferred income balance is released to the consolidated income
statement or netted against the asset purchased as appropriate.
1.22 Other provisions, contingent liabilities and contingent assets
Other provisions are recognised when present obligations will probably lead to an outflow of economic resources from the Group
and they can be estimated reliably. Restructuring provisions are recognised only if a detailed formal plan for the restructuring has
been developed and implemented, or management has at least announced the plan’s main features to those affected by it.
Provisions are not recognised for future operating losses.
Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence
available at the balance sheet date, including the risks and uncertainties associated with the present obligation. Any reimbursement
expected to be received in the course of settlement of the present obligation is recognised, if virtually certain as a separate asset, not
exceeding the amount of the related provision. Where there are a number of similar obligations, the likelihood that an outflow will
be required in settlement is determined by considering the class of obligations as a whole. In addition, long term provisions are
discounted to their present values, where time value of money is material.
All provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.
In those cases where the possible outflow of economic resource as a result of present obligations is considered improbable or
remote, or the amount to be provided for cannot be measured reliably, no liability is recognised in the consolidated balance sheet.
These contingent liabilities are recognised in the course of the allocation of purchase price to the assets and liabilities acquired in the
business combination. They are subsequently measured at the higher amount of a comparable provision as described above and the
amount initially recognised, less any amortisation.
Probable inflows of economic benefits to the Group that do not yet meet the recognition criteria of an asset are considered
contingent assets.
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Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
39
2. PROFIT FROM OPERATIONS
Note
2024
£’000
2023
£’000
Profit from operations has been arrived at after charging/(crediting):
Depreciation and amortisation
7, 8 & 9
1,474
1,678
Foreign exchange differences – losses
247
318
Research and development costs
159
171
Write-down of inventory to net realisable value
10
290
195
Inventory recognised as an expense
25,283
25,417
Impairment/(write back of) of trade receivables
11
36
(25)
Fees payable to the Company’s auditor:
• for the audit of the Company’s annual accounts
32
27
• the audit of the Company’s subsidiaries, pursuant to legislation
99
71
Fees payable to overseas auditors
20
21
Profit on disposal of fixed assets
(29)
(80)
Other operating income
(68)
(84)
3. SEGMENTAL INFORMATION
Segmental information is presented in respect of the Group’s business segments, which are based on the Group’s management and
internal reporting structure as at 31st December 2024.
The chief operating decision-maker has been identified as the board of directors (‘the board’). The board reviews the Group’s internal
reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these
reports and on the internal reporting structure.
The board assesses performance based on a measure of earnings before tax. Other information provided to the board is measured in a
manner consistent with that in the financial statements. Total segment assets exclude assets and liabilities that are managed on a central
basis. These balances are part of the reconciliation to the total balance sheet assets and liabilities. Inter-segment pricing is determined
on an arms-length basis.
The Group comprises the following segments: the manufacture of metal presswork, and the 4B division, supplier of bulk material
handling components.
Central
2024
£’000
Presswork
Manufacturing
2024
£’000
4B
2024
£’000
Total
2024
£’000
Revenue
External
–
5,227
43,720
48,947
Inter Company
2,681
4,640
8,489
15,810
Total
2,681
9,867
52,209
64,757
Profit
EBITDA*
346
702
4,078
5,126
Finance costs
(291)
(92)
(130)
(513)
Finance income
–
52
7
59
Depreciation and amortisation
(670)
(31)
(773)
(1,474)
Tax expense
(1)
–
(864)
(865)
(Loss)/profit for the period
(616)
631
2,318
2,333
Assets
Total assets
8,035
10,993
16,998
36,026
Additions to non current assets
1,018
43
478
1,539
Liabilities
Total liabilities
1,860
2,729
8,437
13,026
*EBITDA is Profit from operations, excluding depreciation and amortisation expense.
Notes to the accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
40
Financial Statements
Central
2023
£’000
Presswork
Manufacturing
2023
£’000
4B
2023
£’000
Total
2023
£’000
Revenue
External
–
5,710
42,445
48,155
Inter Company
2,567
4,747
7,819
15,133
Total
2,567
10,457
50,264
63,288
Profit
EBITDA
490
692
4,244
5,426
Finance costs
(255)
(94)
(136)
(485)
Finance income
–
50
22
72
Depreciation and amortisation
(720)
(35)
(923)
(1,678)
Tax expense
(46)
–
(953)
(999)
(Loss)/profit for the period
(531)
613
2,254
2,336
Assets
Total assets
7,739
10,664
15,755
34,158
Additions to non current assets
1,319
40
879
2,238
Liabilities
Total liabilities
2,337
3,000
7,982
13,319
Geographical analysis
The Group is domiciled in the UK. Analysis of revenues from external customers by continent is provided below:
Revenue
2024
£’000
Non-current
assets
2024
£’000
Revenue
2023
£’000
Non-current
assets
2023
£’000
UK
9,189
7,098
9,338
6,910
Rest of Europe and the Middle East
8,835
1,919
8,704
2,174
Americas
22,850
1,754
23,075
1,643
Africa
2,211
166
1,897
112
Australia and Asia
5,862
304
5,141
449
48,947
11,241
48,155
11,288
No one customer accounted for more than 10% of the Group’s revenues (2023: One customer accounted for 10.5% of the Group’s
revenues).
4. FINANCE INCOME AND EXPENSE
2024
2023
£’000
£’000
Finance expense
Bank borrowings
433
404
Lease interest
80
81
513
485
Finance income
Other interest received
59
72
59
72
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Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
41
5. TAX EXPENSE
2024
£’000
2023
£’000
Current tax expense
UK corporation tax
UK tax expense on profits for the year
554
658
Double tax relief
(554)
(658)
–
–
Foreign corporation tax
Foreign tax expense on profits for the year
946
1,069
Prior year adjustment
(136)
(22)
810
1,047
Current tax charge
810
1,047
Deferred tax
Origination and reversal of timing differences
67
(60)
Adjustments in respect of prior periods
(12)
25
Adjustments in respect of rate differences
–
(13)
Total tax charge
865
999
The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the UK applied
to profits for the year are as follows:
2024
£’000
2023
£’000
Profit before tax
3,198
3,335
Expected tax charge based on the standard rate of corporation tax in the UK
of 25% (2023 – 23.52%)
800
784
Expenses not deductible for tax purposes
29
10
Fixed asset differences
4
–
Items charged to reserves regarding post employment benefits
2
4
Rate difference on foreign tax
145
259
Deferred tax not provided
24
(48)
Deferred tax – prior year
(12)
25
Prior year items
(136)
(22)
Rate differences relating to deferred tax
9
(13)
865
999
Other than as shown in note 15, no deferred tax asset arising on tax losses or other short term timing differences has been
recognised as their future realisation is relatively uncertain. The amounts not recognised are estimated at £58,000 and £38,000
respectively (2023 – £25,000 and £19,000 respectively) calculated at a rate of 25% (2023 – 25%).
Notes to the accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
42
Financial Statements
6. EMPLOYEES
The average number of employees of the Group during the year was made up as follows:
2024
No.
2023
No.
Office and management
59
59
Sales and distribution
61
59
Manufacturing
84
83
204
201
Staff costs (including directors) comprise:
Note
2024
£’000
2023
£’000
Wages and salaries
10,357
9,867
Employee retention grant
–
(337)
Defined contribution pension cost
386
285
Defined benefit pension cost
19.3
118
121
Other long-term employee benefits
65
71
Employer’s national insurance contributions and similar taxes
1,030
1,002
11,956
11,009
The 2023 Employee retention grant related to US government assistance with regards to the Covid pandemic.
2024
£’000
2023
£’000
Directors’ remuneration:
Emoluments of qualifying services
867
795
Company pension contributions to money purchase schemes
70
62
937
857
The number of directors for whom retirement benefits accrued under money purchase pension schemes amounted to 3 (2023 – 3)
and under defined benefit pension schemes amounted to nil (2023 – nil). Further details of directors’ remuneration are included in
the remuneration report.
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Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
43
7. PROPERTY, PLANT AND EQUIPMENT
Land and
buildings
£’000
Plant,
machinery
and motor
vehicles
£’000
Total
£’000
At 31st December 2024
Cost
8,815
15,123
23,938
Accumulated depreciation
(605)
(12,956)
(13,561)
Net book value
8,210
2,167
10,377
At 31st December 2023
Cost
8,172
14,511
22,683
Accumulated depreciation
(438)
(12,163)
(12,601)
Net book value
7,734
2,348
10,082
Year ended 31st December 2024
Opening net book value
7,734
2,348
10,082
Additions
736
690
1,426
Disposals
–
(7)
(7)
Depreciation
(177)
(862)
(1,039)
Exchange differences
(83)
(2)
(85)
Closing net book value
8,210
2,167
10,377
Year ended 31st December 2023
Opening net book value
7,170
2,612
9,782
Additions
775
860
1,635
Disposals
–
(7)
(7)
Depreciation
(167)
(1,078)
(1,245)
Exchange differences
(44)
(39)
(83)
Closing net book value
7,734
2,348
10,082
The net book value of tangible fixed assets includes an amount of £139,000 (2023 – £278,000) in respect of assets held under hire
purchase contracts. The related depreciation charge on these assets for the year was £114,000 (2023 – £195,000). There were no
additions during the year (2023 – £235,000) of assets held under hire purchase contracts.
Assets in the course of construction which have not been depreciated total £223,000 (2023 – £421,000).
The total cost of non-depreciable assets included in freehold land and buildings was £3,500,000 (2023 – £3,158,000).
Notes to the accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
44
Financial Statements
8. INTANGIBLE ASSETS
Goodwill and
software
£’000
Distribution
rights
£’000
Total
£’000
At 31st December 2024
Cost
147
725
872
Accumulated amortisation
(131)
(399)
(530)
Net book value
16
326
342
At 31st December 2023
Cost
151
725
876
Accumulated amortisation
(133)
(254)
(387)
Net book value
18
471
489
Year ended 31st December 2024
Opening net book value
18
471
489
Additions
–
–
–
Amortisation
(1)
(145)
(146)
Exchange differences
(1)
–
(1)
Closing net book value
16
326
342
Year ended 31st December 2023
Opening net book value
20
616
636
Additions
–
–
–
Amortisation
(1)
(145)
(146)
Exchange differences
(1)
–
(1)
Closing net book value
18
471
489
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Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
45
9. RIGHT OF USE ASSETS
Buildings
£’000
Equipment
£’000
Vehicles
£’000
Total
£’000
At 31st December 2024
Cost
592
44
442
1,078
Accumulated depreciation
(308)
(19)
(229)
(556)
Net book value
284
25
213
522
At 31st December 2023
Cost
550
67
515
1,132
Accumulated depreciation
(149)
(41)
(225)
(415)
Net book value
401
26
290
717
Buildings
£’000
Equipment
£’000
Vehicles
£’000
Total
£’000
Year ended 31st December 2024
Opening net book value
401
26
290
717
Additions
56
14
43
113
Depreciation
(162)
(14)
(113)
(289)
Exchange differences
(11)
(1)
(7)
(19)
Closing net book value
284
25
213
522
Year ended 31st December 2023
Opening net book value
143
67
215
425
Additions
414
–
189
603
Depreciation
(138)
(38)
(111)
(287)
Exchange differences
(18)
(3)
(3)
(24)
Closing net book value
401
26
290
717
Buildings include warehouses and office leases. Equipment include sundry IT and broadband fibre leases. Vehicles include fork lift
trucks and motor vehicles. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected
in the Group accounts as a right-of-use (RoU) asset and a lease liability (see note 14b).
10. INVENTORIES
2024
£’000
2023
£’000
Raw materials
646
696
Work in progress
268
211
Finished goods
12,739
11,078
Goods in transit
801
602
14,454
12,587
During the twelve months ended 31st December 2024 the Group increased charges against finished goods inventories of £290,000
(2023 – £195,000) following reassessment of the saleability of certain stock items (note 2).
Notes to the accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
46
Financial Statements
11. TRADE AND OTHER RECEIVABLES
2024
£’000
2023
£’000
Trade receivables
7,000
6,923
Other receivables
490
528
Prepayments
460
522
7,950
7,973
Where possible credit insurance is obtained and sales to customers kept within agreed credit limits. All outstanding balances over 90
days are fully provided for. In general, the risk in relation to customer default is low given the profile of the customer base. The total
bad debt impairment cost in the year in relation to trade receivables was £36,000 representing 0.5% of trade receivables (2023:
write-back of £25,000). At the year end the ageing profile of the Group trade receivables expressed as a percentage was as follows:
current – 88%, 30 days – 10%, 60 days – 1%, and 90 days and over – 1% (2023 – 87%,6%, 4%,3% respectively).
The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is
considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable
and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
Included in other receivables is £207,000 (2023 – £211,000) of corporation tax repayable and £191,000 (2023 – £212,000) in
relation to a VAT claim.
12. TRADE AND OTHER PAYABLES – CURRENT
2024
£’000
2023
£’000
Trade payables
5,016
4,850
Other taxes and social security costs
296
298
Other payables
110
100
Accruals
1,657
1,743
7,079
6,991
13. OTHER FINANCIAL LIABILITIES – CURRENT
Note
2024
£’000
2023
£’000
Bank loans – secured
14a
339
1,267
Lease liabilities
14b
328
375
Other creditors
2,026
2,127
2,693
3,769
An analysis of the interest rate payable on financial liabilities and information about fair values is given in note 17. Other creditors
comprise of an invoice discounting facility which has been secured by a fixed and floating charge over certain assets of certain Group
companies.
14. FINANCIAL LIABILITIES – NON-CURRENT
Note
2024
£’000
2023
£’000
Bank loans – secured
14a
2,155
1,618
Lease liabilities
14b
403
646
Other creditors (non-current)
52
61
2,610
2,325
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
47
14. FINANCIAL LIABILITIES – NON-CURRENT (CONTINUED)
14a. Obligations under bank loan agreements comprise amounts payable as follows:
2024
£’000
2023
£’000
Within one year
339
1,267
One to two years
357
271
Two to five years
1,242
657
Over five years
556
690
2,494
2,885
Terms and conditions of outstanding loans were as follows:
Interest
rate
%
Year of
maturity
2024
£’000
2023
£’000
GBP term loan
2.50% over Bank of England base rate
2029
924
978
GBP term loan
2.50% over Bank of England base rate
2027
520
678
US dollar term loan
3.74% fixed
2024
–
29
EUR term loan
1.31% fixed
2034
1,050
1,200
The 2029 GBP term loan relates to the chain cell project. This was initially a development loan taken out in 2023 and later converted
to a five-year term loan in February 2024. The GBP term loan relates to the construction of the Hunslet Road warehouse. The GBP
term loans are secured by fixed and floating charges over certain assets of certain Group companies. The EUR term loan relates to the
French warehouse and is secured against the property.
14b. Lease liabilities:
Minimum lease payment commitments in respect of RoU assets and assets on hire purchase contracts at the year end were as follows:-
Lease
Payments
£’000
Finance
Charges
£’000
Net Present
Value
£’000
Less than one year
383
(55)
328
One to two years
264
(27)
237
Two to five years
177
(11)
166
824
(93)
731
At 31st December 2023 the minimum lease payment commitments in respect of RoU assets and assets on hire purchase contracts
were as follows:-
£’000
£’000
£’000
Less than one year
454
(79)
375
One to two years
380
(46)
334
Two to five years
334
(22)
312
1,168
(147)
1,021
The lease liabilities on RoU assets are calculated from the present values of the lease rentals based on the Group’s estimated
borrowing rate of 10%. A change of +/- 5% to the implied discount rate does not result in a material change to the estimates.
Finance charges on hire-purchase contracts are based on the payment terms specified in the agreement over the period of the hire.
Each lease generally imposes a restriction that, unless there is a contractual right for the Group to sublet the asset to another party,
the right-of-use asset can only be used by the Group. Leases are either non-cancellable or may only be cancelled by incurring a
substantive termination fee. Some leases contain an option to purchase the underlying leased asset outright at the end of the lease,
or to extend the lease for a further term. The Group is prohibited from selling or pledging the underlying leased assets as security.
For leases over office buildings and factory premises the Group must keep those properties in a good state of repair and return the
properties in their original condition at the end of the lease. Further, the Group must insure right-of-use assets and incur
maintenance fees on such items in accordance with the lease contracts.
Notes to the accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
48
Financial Statements
At 31st December 2024, the Group had 28 leased RoU assets by category as follows: Buildings: 6, Equipment: 5, and Vehicles: 17.
The average remaining lease commitments were: Buildings: 2.2 years, Equipment: 2.2 years, and Vehicles: 2.0 years respectively.
Lease payments not recognised as a liability
The Group has elected not to recognise a lease liability for short term leases (leases with an expected term of 12 months or less) or
for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. In addition, certain variable
lease payments are not permitted to be recognised as lease liabilities and are expensed as incurred.
The total cash outflow for leases for the year ended 31st December 2024 was £463,000 (2023 – £536,000).
At 31st December 2024 the Group had not committed to any new leases that had yet to commence.
15. DEFERRED INCOME TAX LIABILITY
Deferred tax liability at 31st December 2024 comprised of the following:-
Accelerated Capital
Allowances
£’000
Losses
£’000
Roll Over
Capital Gains
£’000
Total
£’000
Balance at 1st January
186
(209)
67
44
Charge to income statement during the year
53
3
(1)
55
Balance at 31st December
239
(206)
66
99
Deferred tax liability at 31st December 2023 comprised of the following:-
Accelerated Capital
Allowances
£’000
Losses
£’000
Roll Over
Capital Gains
£’000
Total
£’000
Balance at 1st January
195
(171)
68
92
Credit to income statement during the year
(9)
(38)
(1)
(48)
Balance at 31st December
186
(209)
67
44
Deferred tax has been recognised at a blended rate of 29% (2023 – 29%) on accelerated capital allowances in 4B Elevator Components
Limited and 25% (2023 – 25%) in respect of the Company, 4B Braime Components Limited and Braime Pressings Limited.
16. SHARE CAPITAL
2024
£’000
2023
£’000
Authorised:
480,000 Ordinary shares of 25p each
120
120
1,200,000 ‘A’ Ordinary shares of 25p each
300
300
420
420
Allotted, called up and fully paid:
480,000 Ordinary shares of 25p each
120
120
960,000 ‘A’ Ordinary shares of 25p each
240
240
360
360
The ‘A’ Ordinary shares rank pari passu in all respects with Ordinary shares except that the holders of ‘A’ Ordinary shares are not
entitled to vote at general meetings. Holders of Ordinary shares are entitled to one vote for every four shares held.
Strategic Report
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Financial Statements
Braime Group PLC Annual Report & Accounts 2024
49
17. FINANCIAL INSTRUMENTS
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk and cash flow interest rate risk), credit risk
and liquidity risk.
The Group holds financial instruments in order to finance its operations and to manage the interest rate and currency risks arising from
those operations.
All financial assets and liabilities are initially measured at transaction price (including transaction costs). If an arrangement constitutes a
financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a
market rate of interest for a similar debt instrument.
Trade and other receivables net of impairment losses, cash and bank balances, trade and other payables are subsequently measured at the
amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.
Bank loans are initially measured at the present value of future payment, discounted at a market rate of interest and subsequently
measured at amortised cost using the effective interest method.
There is no formal policy for matching foreign currency cash flows, or matching exposure to foreign currency net assets or liabilities
although a careful watch is kept on the positions. The Group’s currency exposure at the year end was £25,000 (2023 – £3,240,000). This
has reduced considerably from prior year due to the timing of a large sterling liability in the USD entity at the year end which has hedged
the Group’s large USD assets.
The Group’s policy is to ensure a balance of financial instruments to meet its operating requirements. This has been achieved during the
period. Unutilised committed borrowing facilities have been maintained in order to provide flexibility in the management of liquidity.
Fair values
There is no material difference between the carrying value and the fair value of the Group’s financial assets and liabilities. Financial
instruments carried at fair value are required to be measured by reference to the following levels:
Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 – inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices); and
Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The level within which the financial asset or liability is classified is determined based on the lowest level of significant input to one fair
value measurement. The only instruments entered into by the Group are included in level 2 and consist of fixed interest term loans.
Forward contracts
There were no forward currency contracts outstanding at 31st December 2024 (31st December 2023 – £nil).
Fixed interest term loans
Fixed interest term loans as at 31st December 2024 were euro bank term loans of £1,050,000 (2023 – euro bank term loans of
£1,200,000 and US dollar term bank loans of £29,000) (see note 14a).
Maturity analysis
Other than is disclosed in note 14 regarding bank loans and lease liabilities all financial instruments fall due within one year.
In addition to the maturity analysis disclosed in note 14, the interest due on bank loans repayable within one year totals £117,000
(2023 – £65,000), the interest due on bank loans repayable after one year but not more than five years totals £273,000 (2023 –
£102,000), and the interest due on bank loans repayable after more than five years totals £21,000 (2023 – £30,000).
Interest due on lease liabilities are shown in note 14b.
Notes to the accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
50
Financial Statements
Interest rate and currency of financial assets and liabilities
The currency and interest rate profile of the Group’s interest bearing financial assets is shown below:
Floating rate
financial assets
£’000
Fixed rate
financial assets
£’000
Financial assets
Total
£’000
Currency
As at 31st December 2024
Sterling
(716)
–
(716)
Euro
360
–
360
US dollar
1,214
–
1,214
Other
1,386
137
1,523
2,244
137
2,381
Negative sterling floating rate financial assets relate to bank overdrafts available for offset against credit currency balances where a
legal right of set-off exists.
Floating rate
financial assets
£’000
Fixed rate
financial assets
£’000
Financial assets
Total
£’000
Currency
As at 31st December 2023
Sterling
(1,489)
–
(1,489)
Euro
534
–
534
US dollar
1,939
–
1,939
Other
1,189
137
1,326
2,173
137
2,310
The currency and interest rate profile of the Group’s interest bearing financial liabilities is shown below:
Floating rate
financial liabilities
£’000
Fixed rate
financial liabilities
£’000
Financial liabilities
Total
£’000
Currency
As at 31st December 2024
Sterling
(3,774)
(246)
(4,020)
Euro
(151)
(1,189)
(1,340)
US dollar
–
(11)
(11)
Other
–
(333)
(333)
(3,925)
(1,779)
(5,704)
Floating rate
financial liabilities
£’000
Fixed rate
financial liabilities
£’000
Financial liabilities
Total
£’000
Currency
As at 31st December 2023
Sterling
(3,692)
(360)
(4,052)
Euro
(229)
(1,396)
(1,625)
US dollar
–
(35)
(35)
Other
–
(459)
(459)
(3,921)
(2,250)
(6,171)
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
51
17. FINANCIAL INSTRUMENTS (CONTINUED)
Interest rate and currency of financial assets and liabilities
Floating rate financial liabilities comprise bank borrowings and lease assets.
Currency exposure
The Group operates in a number of currencies and the monetary assets and liabilities of the Group that are not denominated in the
functional currency of the operating unit concerned are shown below.
Non interest bearing financial assets/(liabilities)
Sterling
£’000
Euro
£’000
US dollar
£’000
Other
currencies
£’000
Total
£’000
Functional currency
As at 31st December 2024
Sterling
–
600
(2,762)
2,438
276
Euro
–
–
–
–
–
US dollar
(1,158)
(25)
–
–
(1,183)
Other
(506)
–
(147)
(4)
(657)
(1,664)
575
(2,909)
2,434
(1,564)
Sterling
£’000
Euro
£’000
US dollar
£’000
Other
currencies
£’000
Total
£’000
Functional currency
As at 31st December 2023
Sterling
–
1,076
(1,304)
3,174
2,946
Euro
–
–
–
–
–
US dollar
(877)
(136)
–
–
(1,013)
Other
(509)
–
(67)
–
(576)
(1,386)
940
(1,371)
3,174
1,357
Risk sensitivity
Interest rate sensitivity
Based on the year end balance of floating rate assets and liabilities, a change in interest rates of 1% in the monetary assets and
liabilities mentioned above invested or borrowed will not affect the income statement by a figure greater or less than £17,000 (2023
– £18,000).
Currency rate sensitivity
A weakening in the value of sterling by 10% will benefit the operating profit by a figure not exceeding £3,000 (2023 – £360,000). A
strengthening of sterling by 10% will reduce the operating profit by a figure not greater than £3,000 (2023 - £295,000). The change
is due to a better hedged mix of foreign assets and liabilities.
These amounts are estimates. Actual results in the future may differ materially from these due to development in the global financial
markets which may cause fluctuations in interest and exchange rates to vary. The amounts stated above should not be considered a
projection of likely future events and losses.
Notes to the accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
52
Financial Statements
Borrowing facilities
The Group has the following undrawn committed borrowing facilities:
2024
£’000
2023
£’000
Expiring in one year or less
3,051
3,390
These facilities are for the purposes of working capital flexibility and are reviewed annually.
Group bank loans and overdrafts and invoice discounting facilities have been secured by a fixed and floating charge over certain
assets of certain Group companies.
Foreign currency risk
Foreign exchange risk arises because the Group has operations located in various parts of the world whose functional currency is not
the same as the Group’s primary functional currency (sterling). Although its global market penetration arguably reduces the Group’s
risk in that it has diversified into several markets, the net assets from such overseas operations are exposed to currency risk giving rise
to gains or losses on re-translation into sterling. Only in exceptional circumstances will the Group consider hedging its net
investments in overseas operations as generally it does not consider that the cash flow risk created from such hedging techniques
warrants the reduction in volatility in consolidated net assets.
Foreign exchange risk also arises when individual Group operations enter into transactions denominated in a currency other than
their functional currency. It is Group policy that all such transactions should be hedged locally by entering into forward contracts
with Group treasury. Where it is considered that the risk to the Group is significant, Group treasury will assess the costs of entering
into a matching forward contract with a reputable bank.
It is Group policy that transactions between Group entities are generally denominated in the selling entity’s functional currency
thereby giving rise to foreign exchange risk in the income statement of both the purchasing entity and the Group. The exception to
this are charges made by the UK, since it is deemed to control treasury risks. Although the selling entity might hedge this exposure
with Group treasury, no external hedge is entered into at Group level as there is no exposure to consolidated net assets from
intra-Group transactions.
Liquidity risk
The liquidity risk of each Group entity is managed centrally by the Group treasury function. Each operation has a facility with Group
treasury, the amount of the facility being based on budgets. The budgets are set locally and agreed by the board annually in
advance, enabling the Group’s cash requirements to be anticipated. Where facilities of Group entities need to be increased, approval
must be sought from the Chief Financial Officer. Where the amount of the facility is above a certain level agreement of the board is
needed.
All surplus cash is managed centrally to maximise the returns on deposits through economics of scale. The type of cash instrument
used and its maturity date will depend on the Group’s forecast cash requirements. The Group maintains a draw down facility with a
major banking corporation to manage any unexpected short-term cash shortfalls.
Interest rate risk
The Group finances its operations through a mixture of retained profit, bank borrowings and finance lease arrangements. The Group
generally borrows at floating rates but some borrowing arrangements provide fixed interest payments for a proportion of its debt
over a specified period. This enables the Group to forecast borrowing costs with a degree of certainty.
Credit risk
The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to insure sales when insurance
cover is available. Quantitative disclosures have been made in note 11. The Group does not enter into complex derivatives to manage
credit risk.
Capital risk
The Group’s objective when maintaining capital, being the share capital and capital reserves, is to safeguard the Group’s ability to
continue as a going concern so that it is able to provide returns for shareholders and benefits for other stakeholders.
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
53
18. EARNINGS PER SHARE AND DIVIDENDS
Both the basic and diluted earnings per share have been calculated using the net results attributable to shareholders of Braime
Group PLC as the numerator. The figure for 2023 has been restated to exclude results attributable to minority interests.
The weighted average number of outstanding shares used for basic earnings per share amounted to 1,440,000 shares (2023 –
1,440,000). There are no potentially dilutive shares in issue.
Dividends paid
2024
£’000
2023
£’000
Equity shares
Ordinary shares
Interim of 9.50p (2023 – 9.00p) per share paid on 24th May 2024
46
43
Interim of 5.25p (2023 – 5.25p) per share paid on 11th October 2024
25
25
71
68
‘A’ Ordinary shares
Interim of 9.50p (2023 – 9.00p) per share paid on 24th May 2024
91
87
Interim of 5.25p (2023 – 5.25p) per share paid on 11th October 2024
50
50
141
137
Total dividends paid
212
205
An interim dividend of 10.00p per Ordinary and ‘A’ Ordinary share will be paid on 23rd May 2025.
19. PENSION COSTS
19.1 Scheme summary
The Group operates a number of defined contribution schemes, the cost of which are disclosed in note 6. Additionally the Group
operates a funded defined benefit pension scheme, the Braime Pressings Limited Retirement Benefits Scheme (the Scheme). The
Scheme provides benefits based on final salary and length of service on retirement, leaving service or death on behalf of certain
companies in the Group. The Scheme is closed to new members. The assets of the Scheme are held separately from those of the
Group, being predominantly invested with an insurance company. The Scheme is funded to cover future pension liabilities. The
following disclosures refer only to the Scheme.
The Scheme is managed by a board of trustees appointed in part by the Group and part from elections by members of the Scheme.
The trustees have responsibility for obtaining valuations of the fund, administering benefit payments and investing the Scheme’s
assets. The trustees delegate some of these functions to their professional advisers where appropriate.
The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at
least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the Group must
agree with the trustees of the Scheme the contributions to be paid to address any shortfall against the Statutory Funding Objective,
and contributions to pay for future accrual of benefits. A qualified actuary determines the contributions payable to the Scheme. The
most recent actuarial valuation was conducted at 6th April 2022. The market value of Scheme assets at 6th April 2022 was
£8,655,000. The funding level at 6th April 2022 was 110% on an ongoing basis. The Statutory Funding Objective does not currently
impact on the recognition of the Scheme in these accounts.
The next valuation of the scheme is due as at 6th April 2025. In the event that the actuarial valuation reveals a larger deficit than
expected, the Company may be required to increase contributions above those set out in the existing schedule of contributions.
Conversely, if the position is better than expected contributions may be reduced.
Based on the existing valuation, the Group expects to pay contributions of around £62,000 during the year to 31st December 2025.
The weighted average duration of the defined benefit obligation is approximately 12 years.
In July 2024 the Court of Appeal upheld a June 2023 High Court ruling that may have consequences for defined benefit pension
schemes. The case, brought by the trustees of the NTL Pension Scheme against Virgin Media Ltd, considered the implications of
section 37 (s37) of the Pension Schemes Act 1993, which required an actuary to certify amendments to scheme benefits for
contracted-out schemes. Under section 9(2B) of the Act, schemes that were contracted out of the additional state pension were
required to provide benefits at least equivalent to a minimum level laid out in a hypothetical “reference scheme”. This was known as
the reference scheme test. When amendments were subsequently made, s37 of the Act required scheme actuaries to certify that the
scheme still met this standard.
According to the court’s decision, any amendments to scheme benefits that affect members’ section 9(2B) rights during the relevant
period will be void unless confirmation from the scheme actuary was obtained, in writing, when the amendment was made. The
ruling may affect schemes that were contracted out of the additional state pension at any point between April 1997 and April 2016,
when contracting out was abolished.
Notes to the accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
54
Financial Statements
The Scheme was contracted out between April 1997 and April 2016, and therefore the ruling may affect the Scheme. However, the
position remains uncertain. For example, the DWP may consider retrospective action to remove the impact of the ruling, and another
Court case is due in 2025 which may have implications on the impact of the Virgin Media ruling. Given this uncertainty, it is not yet
possible to quantify the potential impact of this ruling on the Scheme or on the Defined Benefit Obligation.
19.2 Risks
The cost of the Scheme to the Group depend upon a number of assumptions about future events. Future contributions may be
higher (or lower) than those currently agreed if the assumptions are not borne out in practice or if different assumptions are agreed
in the future.
• Investment risk. The Scheme holds investments in asset classes such as equities, which have volatile market values and while
these assets are expected to provide real returns over the long-term the short-term volatility can cause additional funding to be
required if a deficit emerges.
• Interest rate risk. The Scheme’s liabilities are assessed using market yields on high quality corporate bonds to discount the
liabilities. As the Scheme holds assets such as equities and annuity policies the value of the assets and liabilities may not move in
the same way.
• Inflation risk. A significant proportion of the benefits under the Scheme are linked to inflation. Although the Scheme’s assets are
expected to provide some hedging against inflation over the long-term, movements over the short-term could lead to deficits
emerging.
• Mortality risk. In the event that members live longer than assumed a deficit will emerge in the Scheme.
19.3 Reconciliation of defined benefit obligation and fair value of scheme assets
Defined benefit obligation
Fair value of scheme assets
Net defined scheme liability
2024
£’000
2023
£’000
2024
£’000
2023
£’000
2024
£’000
2023
£’000
Balance at 1st January
6,421
6,081
(6,421)
(6,081)
–
–
Service cost – current
40
36
–
–
40
36
Administration costs
–
–
78
85
78
85
IInterest cost/(income)
286
292
(338)
(342)
(52)
(50)
Included in comprehensive
income – profit or loss
326
328
(260)
(257)
66
71
Effect of asset ceiling
–
–
404
101
404
101
Remeasurement loss/(gain)
a) Actuarial loss/(gain) from:
– Financial assumptions
(578)
222
–
–
(578)
222
– Demographic assumption
(154)
–
–
–
(154)
–
– Adjustments (experience)
35
43
–
–
35
43
b) Return on plan asset
(excluding interest)
–
–
287
(385)
287
(385)
Included in other
comprehensive income
(697)
265
287
(385)
(410)
(120)
Employers contributions
–
–
(60)
(52)
(60)
(52)
Employees contributions
9
8
(9)
(8)
–
–
Benefits paid
(270)
(261)
270
261
–
–
Other movements
(261)
(253)
201
201
(60)
(52)
Balance at 31st December
5,789
6,421
(5,789)
(6,421)
–
–
Net remeasurement gain taken
to other comprehensive income
(687)
(265)
691
284
(6)
19
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
55
19. PENSION COSTS (CONTINUED)
19.3 Reconciliation of defined benefit obligation and fair value of scheme assets (continued)
The asset ceiling arises as based on the assumptions adopted there is a net pension scheme asset of £1,541,000 at 31st December
2024 but as Braime Pressings Limited does not have an unconditional right to any surplus of the scheme, the surplus of £1,541,000
has not been recognised in the Group balance sheet and therefore assets have been reduced by £1,541,000 to £5,789,000 so as to
equal scheme liabilities at that date.
There were no plan amendments, curtailments or settlements during the period. Remeasurement gains and losses arising from
experience adjustments and changes in actuarial assumptions are recognised within the consolidated statement of comprehensive
income. Included in remeasurement losses are the effect of asset ceiling of £404,000 (2023 – £101,000) but the interest effect of
asset ceiling are recognised in the profit for the year.
The actual return on assets during the year was a gain of £51,000 (2023 – £727,000).
19.4 Analysis of fair value of plan assets between asset categories
2024
% of total
assets
2023
% of total
assets
2024
£’000
2023
£’000
Annuity policies in payment
49.9%
55.4%
3,658
4,187
Equities – quoted – overseas
29.3%
23.3%
2,148
1,761
Equities – quoted – UK
4.1%
3.6%
300
272
Cash
0.7%
0.6%
51
45
With profit deferred annuities
16.0%
17.1%
1,173
1,293
Asset ceiling
–
–
(1,541)
(1,137)
Total
100%
100%
5,789
6,421
The assets do not include any investment in shares of the Company.
19.5 Reconciliation of effect of asset ceiling
2024
£’000
2023
£’000
Effect of asset ceiling at start
1,137
1,036
Interest on effect of asset ceiling
52
51
Actuarial losses
352
50
Effect of asset ceiling at end
1,541
1,137
19.6 Key assumptions and sensitivities
The key actuarial assumptions at balance sheet date are shown below:
2024
2023
Discount rate
5.45%
4.55%
Inflation (RPI)
3.45%
3.35%
Salary increases
3.45%
3.35%
Pension increase (LP15)
3.30%
3.20%
Post retirement mortality
115% of the S3NA tables with CMI
2023 projections using a long-term
improvement rate of 1% pa and 2020
and 2021 weight parameters of 0%
and 2022 and 2023 weight parameters
of 15%
115% of the S3NA tables with CMI
2021 projections using a long-term
improvement rate of 1% pa and 2020
and 2021 weight parameters of 0%
Commutation
No allowance has been made for
members to take tax free cash
No allowance has been made for
members to take tax free cash
Zurich with-profits
deferred annuity policy
70% future income value,
30% market value
70% future income value,
30% market value
Notes to the accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
56
Financial Statements
The impact on the defined benefit obligation to changes in the significant principal assumptions are shown below.
The sensitivities are approximate and only show the likely effect of an assumption being adjusted whilst all other assumptions remain
the same. The sensitivity analysis shown has been determined using the same method as per the calculation of liabilities for the
balance sheet disclosures, but using assumptions adjusted as detailed below.
Approximate effect on liability £’000
Adjustments to assumptions
Discount rate
Plus 0.50%
70,000
Minus 0.50%
(77,000)
Inflation
Plus 0.50%
(91,000)
Minus 0.50%
97,000
Salary increase
Plus 0.50%
(5,000)
Minus 0.50%
5,000
Life expectancy
Plus 1.0 years
(8,000)
Minus 1.0 years
10,000
% With-profit deferred annuities converted on retirement using guaranteed
annuity rates
Plus 10.00% (i.e. 80%)
83,000
Minus 10.00% (i.e. 60%)
(83,000)
20. NOTES SUPPORTING CONSOLIDATED CASH FLOW STATEMENT
The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash
changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified
in the Group’s consolidated statement of cash flows as cash flows from financial activities.
At 1st
Other
At 31st
January
New loans
Exchange
non-cash
December
2024
and leases
differences
changes
Cashflow
2024
£’000
£’000
£’000
£’000
£’000
£’000
Cash at bank and in hand
2,310
–
–
–
71
2,381
Bank overdraft
(138)
–
–
–
(316)
(454)
Total Cash
2,172
–
–
–
(245)
1,927
Leases
(1,021)
(113)
20
(80)
463
(731)
Net Cash
1,151
(113)
20
(80)
218
1,196
Decrease in cash in the period
(245)
New leases
(113)
Lease interest
(80)
Exchange differences
20
Lease movements
463
Net cash at 1st January 2024
1,151
Net cash at 31st December 2024
1,196
21. CAPITAL COMMITMENTS
At the year end, there were capital commitments of £216,000 (2023 – £226,000) which are contracted but not provided for in these
financial statements.
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
57
22. SUBSIDIARIES
While only 48.5% of the ordinary shares are held in 4B Asia Pacific Company Limited the Company controls 90% of the voting rights.
As a consequence no single investor directly controls the investee however, given the operational management that the Company
demonstrates, it has the ability to direct the relevant activities and the decision making process such that it has power over the investee.
4B Braime Components Limited operates a branch in Sharjah, UAE. This trades as 4B Middle East.
23. RELATED PARTY TRANSACTIONS
The total remuneration for key management personnel for the year including directors totalled £2,214,000 (2023 – £2,024,000).
There were no other related party transactions during the year.
24. POST BALANCE SHEET EVENT
On 17th January 2025 the Company signed a contract for £1,828,000 to refurbish the main roof of the Group’s property
headquarters. This development is being funded by a loan from the Company’s banker, the terms of which have been
provisionally agreed. A further announcement will be made when the bank documentation is signed.
Notes to the accounts (continued)
For the year ended 31st December 2024
Proportion of shares held 2024 and 2023
Subsidiary
Principal activity
i
Registered in and operating from Hunslet Road, Leeds,
West Yorkshire, LS10 1JZ, England, UK:
Braime Pressings Limited
Manufacture of metal presswork
100%
100%
4B Braime Components Limited
Distribution of bulk material handling components
100%
–
T.F. & J.H. Braime (Holdings) P.L.C.
Dormant
100%
–
ii
Registered as above and operating from 625 Erie
Avenue, Morton, Illinois 61550, USA:
4B Elevator Components Limited
Distribution of bulk material handling components
100%
–
iii Incorporated in and operating from
35 Bis Rue du 8 Mai 1945,
80800 Villers-Bretonneux, France:
4B–France sarl
Distribution of bulk material handling components
100%
–
iv Incorporated in and operating from 899/1 Moo 20, Soi
Chongsiri, Amphur Bangplee, Samutprakarn, 10540,
Thailand:
4B Asia Pacific Company Limited
Distribution of bulk material handling components
48%
–
v
Incorporated in and operating from 14 Newport Business
Park, Mica Drive, Kya Sand, Johannesburg 2163,
South Africa:
4B Africa Elevator Components (Pty) Limited
Distribution of bulk material handling components
100%
–
vi Incorporated in and operating from B1/41 Bellrick Street,
Acacia Ridge, Queensland, 4110, Australia:
4B Australia Pty Limited
Distribution of bulk material handling components
100%
–
vii Incorporated in and operating from 18 Xinya Road,
Wujin State High & New Technology Development Zone,
Changzhou, Jiangsu, China:
4B Braime (Changzhou) Industrial Control Equipment
Company Limited
Distribution of bulk material handling components
100%
–
viii Incorporated in and operating from Mayapada Tower
Lantai 11, Jalan Jenderal Sudirman Kav 28, Kota Admin,
Jakarta, Indonesia:
PT Braime Components Indonesia
Distribution of bulk material handling components
100%
–
Ordinary
Shares
Preference
Shares
Braime Group PLC Annual Report & Accounts 2024
58
Financial Statements
Note
2024
£’000
2023
£’000
Fixed assets
Intangible assets
3
–
–
Tangible fixed assets
4
9,343
8,988
Investments
5
2,491
1,978
11,834
10,966
Current assets
Debtors: due within one year
8
3,537
3,625
Cash and cash equivalents
71
–
3,608
3,625
Creditors: amounts falling due within one year
Amounts owed to Group undertakings
9
11,822
9,316
Other creditors falling due within one year
10
492
1,943
12,314
11,259
Net current liabilities
(8,706)
(7,634)
Total assets less current liabilities
3,128
3,332
Creditors: amounts falling due after more than one year
11
1,287
640
Provisions for liabilities
12
243
258
1,598
2,434
Capital and reserves
Called up share capital
13
360
360
Revaluation reserve
85
85
Capital redemption reserve
180
180
Retained earnings
973
1,809
Shareholders’ funds
1,598
2,434
Company’s loss for the financial year
(624)
(547)
These financial statements were approved and authorised for issue by the board of directors on 17th April 2025 and signed on its behalf by:
Nicholas Braime, Chairman Cielo Cartwright, Chief Financial Officer
The notes on pages 61 to 67 form part of these financial statements.
Company balance sheet
For the year ended 31st December 2024
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
59
Company statement of changes in equity
For the year ended 31st December 2024
Called up
Share Capital
£’000
Revaluation
Reserve
£’000
Capital
Redemption
Reserve
£’000
Retained
Earnings
£’000
Total
£’000
Balance at 1st January 2023
360
85
180
2,561
3,186
Comprehensive income for the financial year – loss
–
–
–
(547)
(547)
Dividends paid
–
–
–
(205)
(205)
Balance at 31st December 2023
360
85
180
1,809
2,434
Comprehensive income for the financial year – loss
–
–
–
(624)
(624)
Dividends paid
–
–
–
(212)
(212)
Balance at 31st December 2024
360
85
180
973
1,598
The revaluation reserve represents the fair value uplift in the Company’s freehold property.
The capital redemption reserve represents the nominal value of preference share capital repurchased by the Company.
The retained earnings represent cumulative profit or losses net of dividends and other adjustments. Included within retained earnings
is a non-distributable amount of £71,000.
Braime Group PLC Annual Report & Accounts 2024
60
Financial Statements
1. COMPANY INFORMATION
Braime Group PLC is a Company limited by shares, incorporated in England & Wales. Its registered office is Hunslet Road, Leeds,
LS10 1JZ. The Company is a holding Company. Details of the Group’s activities are provided on page 7.
2. ACCOUNTING POLICIES
2.1 Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 ‘The Financial Reporting
Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention, as described below.
As a consequence the Company has elected to measure freehold land and buildings leased to other Group companies, previously
measured at fair value, under the historical cost convention. The fair value at the date of transition has been used as its deemed cost
at this date.
Investment properties fair valued at 31st December 2016 of £4,533,000 have been redesignated as freehold property and the
difference between the deemed cost and its historic cost treated as a revaluation reserve. As at 1st January 2016 this resulted in the
creation of a revaluation reserve of £85,000, with a corresponding decrease in retained earnings.
In adopting the going concern basis for preparing the financial statements, the directors have considered the business activities
including the Group’s principal risks and uncertainties. The board also considered the Group’s current cash position, the repayment
profile of its obligations, its financial covenants and the resilience of its 12-month cash flow forecasts to a series of severe but
plausible downside scenarios. Having considered these factors the board is satisfied that the Group has adequate resources to
continue in operational existence and therefore it is appropriate to adopt the going concern basis in preparing the consolidated
financial statements for the year ended 31st December 2024.
The functional currency of the Company is considered to be pounds sterling.
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
FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.
• The requirements of Section 7 Statement of Cash Flows;
• the requirement of Section 3 Financial Statement Presentation paragraph 3.17 (d);
• the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
• the requirement of Section 33 Related Party Disclosures paragraph 33.7.
2.3 Intangible assets
Acquired bespoke software is included at cost and amortised in equal annual instalments over a period of 5 years which is its
estimated useful economic life. Provision is made for any impairment.
2.4 Property, plant and equipment
Property, plant and equipment is stated at purchase cost together with any incidental expenses of acquisition, net of depreciation
and any provision for impairment.
Depreciation is provided on all tangible assets, at rates calculated to write off the cost less estimated residual value of each asset over
its expected useful life.
• Land and buildings
25 – 50 years on a straight line basis
• Plant and machinery
4 – 5 years on a straight line basis
• Fixtures and fittings
4 – 5 years on a straight line basis
• Motor vehicles
4 – 5 years on a straight line basis
Residual value represents the estimated amount which would currently be obtained from the disposal of an asset after deducting
estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life.
The need for any fixed asset impairment write down is assessed by comparison of the carrying value of the assets against the higher
of realisable value and value in use.
The gain or loss arising on the disposal of an asset is determined on the difference between the sale proceeds and the carrying value
of the asset, and is recognised in the profit and loss account.
.
Notes to the Company accounts
For the year ended 31st December 2024
Strategic Report
Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
61
2. ACCOUNTING POLICIES (CONTINUED)
2.5 Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
instrument.
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 deducting all of its liabilities.
All financial assets and liabilities are initially measured at transaction price (including transaction costs). If an arrangement constitutes
a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at
a market rate of interest for a similar debt instrument.
The following assets and liabilities are classified as basic financial instruments – cash and bank balances, trade creditors, accruals,
bank loans and inter-company balances.
Cash and bank balances, trade creditors, accruals and inter-company balances (being repayable on demand) are measured at the
amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest and subsequently
measured at amortised cost using the effective interest method.
2.6 Impairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an
impairment loss is recognised in profit and loss as described below.
Non financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition,
the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less
costs to sell and its value in use.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the
best estimate of the amount that would be received for the asset if it were sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the
impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual
impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the
carrying value had the impairment loss not been recognised.
2.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current
liabilities, except where a legal right of set off exists.
2.8 Investments
Investments in subsidiaries are measured at cost less impairment.
2.9 Taxation
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that
have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date and
that give rise to an obligation to pay more tax or a right to pay less tax in the future. Timing differences are differences between the
Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax
assessments in different periods from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can
be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing
differences can be deducted.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date
and are expected to apply to the reversal of the timing difference. Deferred tax relating to the Company’s properties are measured
using the tax rates and allowances that apply to sale of the asset.
Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting
current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the
transaction or other event that resulted in the tax expense or income.
2.10 Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are reported at the rate of exchange ruling at the balance sheet
date. Exchange differences are recognised in the income statement in the period in which they arise.
Notes to the Company accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
62
Financial Statements
2.11 Hire purchase and leasing commitments
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar
to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the lease asset (or, if lower the present
value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease
terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are
charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining
balance of the liability.
2.12 Accounting for leases as lessor
Leases are classified as either finance leases or operating leases based on the transfer of risks and rewards of ownership to the lessee.
Leases where substantially all the risks and rewards of ownership are transferred to the lessee are classified as finance leases. All
other leases are classified as operating leases.
At the inception of a finance lease, the Company recognises the gross investment in the lease as a receivable, which is the present
value of the lease payments receivable. Subsequently, the gross investment in the lease is amortised over the lease term using the
effective interest method, with the interest element recognised in the income statement.
For operating leases, the Company recognises the leased asset as an asset on its balance sheet and continues to depreciate it in
accordance with its depreciation policy for similar assets. Initial direct costs incurred in negotiating and arranging an operating lease
are added to the carrying amount of the leased asset and recognised as an expense over the lease term on the same basis as the
lease income. Lease income is recognised on a straight-line basis over the lease term.
2.13 Other provisions, contingent liabilities and contingent assets
Other provisions are recognised when present obligations will probably lead to an outflow of economic resources from the Company
and they can be estimated reliably. Restructuring provisions are recognised only if a detailed formal plan for the restructuring has
been developed and implemented, or management has at least announced the plan’s main features to those affected by it.
Provisions are not recognised for future operating losses.
Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence
available at the balance sheet date, including the risks and uncertainties associated with the present obligation. Any reimbursement
expected to be received in the course of settlement of the present obligation is recognised, if virtually certain as a separate asset, not
exceeding the amount of the related provision. Where there are a number of similar obligations, the likelihood that an outflow will
be required in settlement is determined by considering the class of obligations as a whole. In addition, long term provisions are
discounted to their present values, where time value of money is material.
All provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate.
In those cases where the possible outflow of economic resource as a result of present obligations is considered improbable or
remote, or the amount to be provided for cannot be measured reliably, no liability is recognised in the consolidated balance sheet.
These contingent liabilities are recognised in the course of the allocation of purchase price to the assets and liabilities acquired in the
business combination. They are subsequently measured at the higher amount of a comparable provision as described above and the
amount initially recognised, less any amortisation.
Probable inflows of economic benefits to the Company that do not yet meet the recognition criteria of an asset are considered
contingent assets.
2.14 Critical accounting judgements and sources of estimation uncertainty
In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions
about carrying values of assets and liabilities that are not readily available from other sources. The estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from
these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the
revision affects both current and future periods.
The critical judgements that the directors have made in applying the Company’s accounting policies and the key sources of
estimation uncertainty that have had the most significant effect on the financial statements are described below:
Carrying value of freehold land and buildings
As described in notes 2.1 and 2.4 to the financial statements the Company’s freehold land and buildings are now carried at deemed
cost with reference to a previous independent valuation as at 31st December 2015. Having given consideration to current property
values, depreciation is charged on all property additions since the last assessed revaluation.
Useful economic lives of plant and machinery
The annual depreciation charge for plant and machinery is sensitive to changes in the estimated useful economic lives and residual
values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to
reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition
of the assets.
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Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
63
3. INTANGIBLE ASSETS
Software
£’000
Cost
At 1st January 2024
52
Additions
–
At 31st December 2024
52
Amortisation
At 1st January 2024
52
Provided for the year
–
At 31st December 2024
52
Net book value
At 31st December 2024
–
At 31st December 2023
–
4. TANGIBLE FIXED ASSETS
Freehold
land and
buildings
£’000
Plant and
machinery
£’000
Fixtures
and fittings
£’000
Motor
vehicles
£’000
Total
£’000
Cost
At 1st January 2024
7,444
6,360
279
2
14,085
Additions
736
169
112
–
1,017
Disposals
–
–
–
–
–
At 31st December 2024
8,180
6,529
391
2
15,102
Depreciation
At 1st January 2024
121
4,757
217
2
5,097
Provided for the year
109
525
28
–
662
Disposals
–
–
–
–
–
At 31st December 2024
230
5,282
245
2
5,759
Net book value
At 31st December 2024
7,950
1,247
146
–
9,343
At 31st December 2023
7,323
1,603
62
–
8,988
The net book value of tangible fixed assets includes an amount of £125,000 (2023 – £219,000) in respect of assets under finance
leases and hire purchase contracts. The related depreciation on these assets for the year was £95,000 (2023 – £170,000). Assets in
the course of construction which have not been depreciated total £223,000 (2023 – £421,000).
The historical cost of the freehold land and buildings is £6,517,000 (2023 – £5,903,000).
Notes to the Company accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
64
Financial Statements
5. INVESTMENTS
Subsidiary undertakings
Cost
£’000
As at 1st January 2024
Additions
At 31st December 2024
1,978
513
2,491
On 1st April 2024, the Company invested a further 9,800 class A Ordinary shares in its existing subsidiary 4B Asia Pacific Company
Limited at a cost of 980,000 THB (£21,000) taking its percentage of voting rights from 89% to 90%.
On 20th December 2024, a new subsidiary PT Braime Components Indonesia was incorporated with a share capital of 10 billion
Rupiah with the Company acquiring 100% of the shares. The share capital was unpaid at 31st December 2024 and the amount
owing (£492,000) is included in Amounts owing to Group undertakings. The amount was settled in full on 7th February 2025.
The list of subsidiaries is disclosed in note 22 of the consolidated financial statements.
6. EMPLOYEES
2024
No.
2023
No.
Office and management
9
9
2024
£’000
2023
£’000
Directors’ remuneration
Emoluments for qualifying service
700
655
Certain directors and the central administration team are paid directly by the Company. Further details of directors’ remuneration are
included in the Group remuneration report.
7. PROFIT FOR THE FINANCIAL YEAR
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented
its own Income Statement in these financial statements.
8. DEBTORS: AMOUNTS RECEIVABLE WITHIN ONE YEAR
2024
£’000
2023
£’000
Other taxes
19
105
Corporation tax debtor
7
–
Prepayments
59
32
Amounts owed by Group undertakings
3,452
3,488
3,537
3,625
9. AMOUNTS OWED TO GROUP UNDERTAKINGS
2024
£’000
2023
£’000
Amounts owed by Group undertakings
11,822
9,316
Amounts owed to Group undertakings are repayable on demand upon the written request of the creditor.
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Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
65
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£’000
2023
£’000
Bank overdraft
–
314
Bank loan – secured
242
1,139
Corporation tax
–
32
Trade creditors
46
88
Accruals
166
283
Hire purchase – secured
38
87
492
1,943
Bank loans are GBP fixed term and development loans disclosed in note 14a of the Group financial statements. Cross guarantees
exist in respect of certain Group Company bank borrowings. At 31st December 2024 the borrowings guaranteed by the Company
amounted to £525,000 (2023 – £nil).
11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
£’000
2023
£’000
Bank Loan
Hire purchase creditor – secured
1,202
85
517
123
1,287
640
The bank loans are secured over the property of the Company. The hire purchase creditors are secured by fixed charges over certain
assets of the Company.
11a. The bank loan comprise amounts payable as follows:
2024
£’000
2023
£’000
Within one year
242
1,139
One to two years
260
171
Two to five years
942
346
1,444
1,656
12. PROVISIONS FOR LIABILITIES
Deferred tax liability
2024
£’000
2023
£’000
Accelerated capital allowances
233
250
Rolled over capital gains
66
68
Property fair value adjustment
149
149
Losses
(205)
(209)
243
258
2024
£’000
2023
£’000
Balance at start of year
258
252
(Credit)/charge to income statement during the year
(15)
6
Balance at end of year
243
258
Deferred tax has been recognised at a rate of 25% (2023 – 25%).
Notes to the Company accounts (continued)
For the year ended 31st December 2024
Braime Group PLC Annual Report & Accounts 2024
66
Financial Statements
13. LEASING AGREEMENTS
13a As Lessee:
The Company makes minimum lease payments under non-cancellable operating leases as follows:-
2024
£’000
2023
£’000
Within one year
9
9
One to five years
11
20
20
29
13b As Lessor:
The Company receives minimum lease payments under a non-cancellable operating lease rental with respect to its property as
follows:-
2024
£’000
2023
£’000
Within one year
163
160
One to five years
380
533
543
693
All maintenance repairs to the premises as well as signage are carried out by the tenant. At the Company’s option, the tenant may
remain past the lease termination date on a month-to-month basis at 150% of the current annual base rent, or other agreed rate.
14. SHARE CAPITAL
2024
£’000
2023
£’000
Authorised:
480,000 Ordinary shares of 25p each
120
120
1,200,000 ‘A’ Ordinary shares of 25p each
300
300
420
420
Allotted, called up and fully paid:
480,000 Ordinary shares of 25p each
120
120
960,000 ‘A’ Ordinary shares of 25p each
240
240
360
360
The ‘A’ Ordinary shares rank pari passu in all respects with Ordinary shares except that the holders of ‘A’ Ordinary shares are not
entitled to vote at general meetings. Holders of Ordinary shares are entitled to one vote for every four shares held.
15. CAPITAL COMMITMENTS
There were capital commitments of £101,000 (2023 – £183,000) which are contracted but not provided for in these financial
statements.
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Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
67
Five year record
2024
£’000
2023
£’000
2022
£’000
2021
£’000
2020
£’000
Turnover
48,947
48,155
44,879
36,406
32,803
Profit from operations (before exceptional item)
3,652
3,748
4,449
2,489
1,377
Profit before tax
3,198
3,335
3,822
1,070
1,195
Profit after tax
2,333
2,336
2,721
750
854
Basic and diluted earnings per share
158.37p
157.88p
188.96p
52.08p
59.31p
Braime Group PLC Annual Report & Accounts 2024
68
Financial Statements
Notice of meeting
Notice is hereby given that the SEVENTY FIFTH Annual General Meeting of the members of Braime Group PLC (the ‘Company’) will
be held at the registered office of the Company at Hunslet Road, Leeds, LS10 1JZ on 17th June 2025 at 11.45am.
Ordinary Resolutions
1. To receive and adopt the report of the directors, the statement of accounts and the directors’ remuneration report, for the year
ended 31st December 2024, and the report of the auditors thereon.
2. To confirm the dividends paid on 11th October 2024 and 23rd May 2025 on the Ordinary and ‘A’ Ordinary shares.
3. To re-appoint as a director O. N. A. Braime, who is retiring by rotation in accordance with the Company’s Articles of Association
and, being eligible, offers himself for re-election.
4. To re-appoint as a director M. Cooper, who is retiring by rotation in accordance with the Company’s Articles of Association and,
being eligible, offers himself for re-election.
5. To re-appoint as a director T. Steels, who is retiring by rotation in accordance with the Company’s Articles of Association and,
being eligible, offers himself for re-election.
6. To re-appoint Azets as auditors, to hold office from the conclusion of this meeting until the conclusion of the next Annual
General Meeting of the Company at which accounts are laid.
7. To authorise the directors to set the remuneration of the auditors.
By order of the board,
Cielo Cartwright, Secretary
Hunslet Road, Leeds, LS10 1JZ
17th April 2025
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Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
69
ACCOMPANYING NOTES
1. A member entitled to vote at the meeting is entitled to appoint a proxy to attend and vote in his/her stead. A proxy need not
also be a member of the Company. A form of proxy which may be used to make such appointment and give proxy instructions
accompanies this notice. A member may not appoint more than one proxy to exercise rights attached to any one share. To be
valid, the form of proxy must be received at the Company’s registered office at Hunslet Road, Leeds LS10 1JZ by no later than
11:45am on 13th June 2025.
2. The return of a completed form of proxy will not prevent a shareholder attending the Annual General Meeting and voting in
person if he/she wishes to do so.
3. In accordance with the Company’s Articles of Association, holders of the ‘A’ Ordinary shares are entitled to attend, but not to
vote at this meeting.
4. There will be available for inspection at the registered office during the Company’s usual business hours (Saturdays, Sundays and
public holidays excluded) from the date of this notice until the date of the Annual General Meeting and for at least fifteen
minutes prior to and during the meeting: a statement for the period of twelve months to 31st December 2024 of all transactions
of each director and, so far as he/she can reasonably ascertain, of his/her family interests in the Ordinary shares of the Company;
the service contract of each executive director, where applicable and the letter of appointment of each non-executive director.
5. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for
the Annual General Meeting and any adjournment(s) thereof by using the procedures described in the CREST Manual. CREST
Personal Members or other CREST sponsored members, and those CREST members who have appointed a service provider(s),
should refer to their CREST sponsor or voting service provider(s), who will be able to take the appropriate action on their behalf.
In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a
‘CREST Proxy Instruction’) must be properly authenticated in accordance with CRESTCo’s specifications, and must contain the
information required for such instruction, as described in the CREST Manual. The message, regardless of whether it constitutes
the appointment of a proxy or is an amendment to the instruction given to a previously appointed proxy must, in order to be
valid, be transmitted so as to be received by the issuer’s agent (ID 7RA11) by 11.45am on 13th June 2025. For this purpose, the
time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Application
Host) from which the issuer’s agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After
this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through
other means.
CREST members and, where applicable, their CREST sponsors, or voting service providers should note that CRESTCo does not
make available special procedures in CREST for any particular message. Normal system timings and limitations will, therefore,
apply in relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if
the CREST member is a CREST personal member, or sponsored member, or has appointed a voting service provider, to procure
that his CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is
transmitted by means of the CREST system by any particular time. In this connection, CREST members and, where applicable,
their CREST sponsors or voting system providers are referred, in particular, to those sections of the CREST Manual concerning
practical limitations of the CREST system and timings.
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the
Uncertificated Securities Regulations 2001.
6. Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the Company specifies that only those shareholders
registered on the Register of Members (the Register) of the Company as at 11.45am on 13th June 2025 (the Specified Time) shall
be entitled to attend and vote at the Annual General Meeting in respect of the number of shares registered in their names at
that time. Changes to entries on the Register after the Specified Time shall be disregarded in determining the rights of any
person to attend and vote at the Annual General Meeting. Should the Annual General Meeting be adjourned, to be entitled to
attend and vote at the adjourned Annual General Meeting, shareholders must be entered on the Register at the time which is 48
hours (excluding non-working days) before the time fixed for the adjourned Annual General Meeting or, if the Company gives
notice of the adjourned Annual General Meeting, at the time specified in the Notice.
Notice of meeting (continued)
Braime Group PLC Annual Report & Accounts 2024
70
Financial Statements
The following notes give an explanation of the proposed resolutions. Resolutions 1 to 7 inclusive are proposed as Ordinary
resolutions. This means that for each of those resolutions to be passed, more than half of the votes cast must be in favour of the
resolution.
The directors consider that all of the resolutions to be proposed at the AGM are in the best interests of the Company
and its shareholders as a whole and unanimously recommend that shareholders vote in favour of all of the resolutions,
as the directors intend to do in respect of their own beneficial holdings.
BUSINESS TO BE TRANSACTED AT THE AGM
Details of the resolutions which are to be proposed at the AGM are set out below.
Ordinary resolutions
1. To receive and adopt the report and accounts
The directors are required to present the accounts for the year ended 31st December 2024 to the meeting.
2. Confirmation of dividends
To confirm the interim dividend on the Ordinary and ‘A’ Ordinary shares of 5.25p per share paid on 11th October 2024 and 10.00p
per share paid on 23rd May 2025.
Re-appointment of directors
The Articles of Association of the Company require the nearest number to one third of the directors to retire at each Annual General
Meeting. The following directors are retiring by rotation in accordance with the Company’s Articles of Association and, being eligible,
offers themselves for re-election.
3. O. N. A. Braime
4. M. Cooper
5. T. Steels
6. Re-appointment of auditors
The Company is required to appoint auditors at each Annual General Meeting to hold office until the next such meeting at which
accounts are presented.
7. Remuneration of auditors
The resolution proposes the reappointment of the Company’s existing auditors, Azets, and authorises the directors to agree their
remuneration.
Explanatory notes of resolutions
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Governance
Financial Statements
Braime Group PLC Annual Report & Accounts 2024
71
Directors and advisers
Directors
Alan Braime, BA (Hons), FCS
Carl Braime, BSc (Hons), MSc, MBA
Nicholas Braime, MA (Oxon), MBIM (Chairman)
Cielo Cartwright, BSc (Hons), FCA
Mark Cooper
Tony Steels, B.Eng. B.Sc. (Hons) Ph.D
Philip Stockdale, BA (OU)
Secretary
Cielo Cartwright, BSc (Hons), FCA
Registered office
Hunslet Road
Leeds
LS10 1JZ
Independent
Azets Audit Services Limited
auditors
12 King Street
Leeds
West Yorkshire
LS1 2HL
Bankers
HSBC
Leeds City Branch
33 Park Row
Leeds
LS1 1LD
Stockbrokers
Zeus Capital
3rd Floor, Royal House
28 Sovereign Street
Leeds
LS1 4BJ
Company registration
488001 (England and Wales)
Number
Braime Group PLC Annual Report & Accounts 2024
72
Financial Statements
Braime Group – a rich heritage dating back to 1888
The Group has a rich heritage, tracing back its origins to the
19th century, when oilcans made in a small workshop by
Thomas Braime quickly gained a reputation for quality.
Thomas, the eldest son of a veterinary surgeon, was apprenticed
to McLaren, an engineering company manufacturing steam
traction engines. After losing his thumb in an accident, he was
inspired to look for effective ways to apply oil to machinery.
In 1888, he set up production in Hunslet, Leeds, using the new
pressings technology. His younger brother Harry, also a skilled
engineer joined him as partner. The rise of the motor industry
increased demand for metal pressings and larger premises
were soon needed for the expanding business. The current
Braime buildings, with its attractive red brick and terracotta
frontage, was constructed between 1911 and 1914. During
the First World War, the Company played an important role
in armament provision, training women as skilled munition
workers. The Group’s headquarters remains its listed buildings
on Hunslet Road, the beautiful interiors are often used in film
sets. However, today, the Group is truly international with
subsidiaries in North America, Europe, China, South East Asia,
Africa and Australia.
Designed and produced by corporateprm, Edinburgh and London
www.corporateprm.co.uk
Braime Group PLC
Hunslet Road
Leeds LS10 1JZ
England, UK
www.braimegroup.com