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Registered number: 00056547










ABRAM PULMAN & SONS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
ABRAM PULMAN & SONS LIMITED
 
 
COMPANY INFORMATION


Directors
E Fuji 
T Nonaka 
K Greenwood 




Registered number
00056547



Registered office
Walton Street
Sowerby Bridge

West Yorkshire

HX6 1AN




Independent auditors
Sumer Auditco Limited

14th Floor

33 Cavendish Square

London

W1G 0PW





 
ABRAM PULMAN & SONS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 9
Statement of Comprehensive Income
10
Balance Sheet
11 - 12
Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 31


 
ABRAM PULMAN & SONS LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

Introduction
 
The directors present their strategic report on the company for the period ended 31 March 2024. 
Principal activities
The company's principal activity continues to be that of steel stockholders.

Business review
 
These financial statements represent the first full period under the ultimate ownership of Marubeni-Itochu Steel Inc (“MISI”) following the acquisition of the Barclay & Mathieson group by Marubeni-Itochu Steel Europe Gmbh on 4 October 2022.
Whilst the UK steel sector witnessed downward pressure on pricing throughout 2023 and the first quarter of 2024 the directors are satisfied with the financial results for the reporting period. The Company’s business model, particularly its diverse product offering and customer base, together with our agile inventory holding strategy, has allowed us to continue to be profitable in a very soft market.
Despite falling steel prices throughout the period the Company generated a strong Gross Margin of 28.4% (2022 – 33.8%) and, despite significant inflation in the UK economy, Overheads remained tightly controlled. This resulted in a Net Profit after Tax for the period of £430,909 (2022 - £1,717,708) and consequently Net Assets increased during the period from £6,292,044 to £6,722,953.
As a business we continue to improve our service to our customers, our customers come first in everything we do. Our record on service and quality has been excellent as this underpins our strategic business model and pricing.
Future developments
Under MISI ownership the wider Barclay & Mathieson group, of which the Company is a key strategic component, has set out its main mission stated below:
“To be the leading supplier of quality steel, associated products and innovative services to support sustainable business for our customers and partners as the employer of choice in our sector”
The Barclay & Mathieson group has also set out a clear strategy, six pillar plan and competency framework to ensure success and continued expansion, this includes significant capital investments which have begun during the period in new production equipment at various sites. This investment programme will continue into FY24/25 as the group explores new and exciting opportunities.
The Group is also focusing on the issue of climate change. During the period the business has completed the task of calculating Scope 3 emissions giving a full end-to-end carbon per tonne related to the business’s activities, armed with this data the business can focus on targeted carbon reduction initiatives in FY24/25.

Page 1

 
ABRAM PULMAN & SONS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Financial risk management objectives and policies
 
The management of the business and the execution of the Company’s strategy are subject to a number of risks.
Price Risk
The price of steel fluctuates due to raw material cost and demand. Any tariffs imposed can also impact cost. This is a risk common to all companies operating within the steel industry. The Company’s strategy on this is to maintain a prudent approach to stock levels, actively managing stock using detailed system information to ensure that excess inventory is not carried, whilst also ensuring the stock range covers all our customer requirements. The Company works with a range of suppliers to ensure continuity of supply.
UK Market Demand
The Company has benefited from delivering on its growth strategy. However, we assume market conditions will remain challenging, as inflationary pressures feed into our supply chain. Nevertheless, we continuously review and manage our cost base to reduce overheads, whilst continuously deploying our customer service ethos. With the strong financial backing of our ultimate parent the directors anticipate further growth, particularly through capital investment in production equipment.
Credit and liquidity risk
The Company's principal financial assets are trade debtors, the majority of which are fully insured. The Company has no significant concentration of credit risk with a single counterparty as exposure is spread over a number of counterparties.
The Company's principal financial liabilities are its trade creditors, which are managed through detailed cash forecasting.
Interest rate risk
The Company monitors the financial risk of interest rate movements on a regular basis, and the impact rises would have on profitability. 
 

 

This report was approved by the board on 22 August 2024 and signed on its behalf.



K Greenwood
Director

Page 2

 
ABRAM PULMAN & SONS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

The directors present their report and the financial statements for the period ended 31 March 2024.

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Results and dividends

The profit for the period, after taxation, amounted to £430,909 (2022 - £1,717,708).

Directors

The directors who served during the period were:

M D Walton (resigned 15 March 2023)
E Fuji 
T Nonaka 
K Greenwood (appointed 15 March 2023)

Matters covered in the Strategic Report

The directors have chosen to disclose information on the following, required by the Companies Act 2006 to be
included in the Directors' Report, within the Strategic Report, found on pages 1 and 2:
- information on financial risk management and policies; and
- information on regarding future developments of the business.

Page 3

 
ABRAM PULMAN & SONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Disclosure of information to auditors

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

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

Auditors

Simmons Gainsford LLP, the previous auditors, have transferred their audit business to Sumer Auditco Limited who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006

This report was approved by the board on 22 August 2024 and signed on its behalf.
 





K Greenwood
Director

Page 4

 
ABRAM PULMAN & SONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABRAM PULMAN & SONS LIMITED
 

Opinion


We have audited the financial statements of Abram Pulman & Sons Limited (the 'Company') for the period ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 5

 
ABRAM PULMAN & SONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABRAM PULMAN & SONS LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 6

 
ABRAM PULMAN & SONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABRAM PULMAN & SONS LIMITED (CONTINUED)


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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered: 
 
the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls);
management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and
the industry and environment in which it operates.
 
We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:
 
laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation;
the timing of the recognition of commercial income;
compliance with legislation relating to health and safety and ISO accreditation 45001;
compliance with legislation relating to employment law;
management bias in selecting accounting policies and determining estimates;
inappropriate journal entries;
recoverability of debtors. 
 
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
 
Page 7

 
ABRAM PULMAN & SONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABRAM PULMAN & SONS LIMITED (CONTINUED)



Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: 
 
enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
enquiries with the same concerning any actual or potential litigation or claims;
discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;
inspection of relevant legal correspondence;
assessment of matters reported to management and the result of the subsequent investigation;
obtaining an understanding of the relevant controls during the period;
obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;
review documentation relating to compliance with the regulations relating to health and safety including review of certificates held;
challenging assumptions made by management in their specific accounting policies and estimates, in particular relation to purchase accruals and depreciation;
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;
accessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;
challenging key assumptions made by management;
reviewing the financial statements for compliance with the relevant disclosure requirements; 
performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
reviewing the minutes of Board meetings and correspondence with HMRC;
evaluating the underlying business reasons for any unusual transactions; and
considered the implementation of controls during the year.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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


Page 8

 
ABRAM PULMAN & SONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ABRAM PULMAN & SONS LIMITED (CONTINUED)




Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Daryush Farshchi-Heidari FCA (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditors
  
14th Floor
33 Cavendish Square
London
W1G 0PW

22 August 2024
Page 9

 
ABRAM PULMAN & SONS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024

Period ended
31 March
Year ended
31 December
2024
2022
Note
£
£

  

Turnover
 4 
17,625,683
18,302,755

Cost of sales
  
(12,615,009)
(12,121,264)

Gross profit
  
5,010,674
6,181,491

Distribution costs
  
(3,819,379)
(3,261,609)

Administrative expenses
  
(549,880)
(632,497)

Other operating income
 5 
17,400
18,343

Operating profit
 6 
658,815
2,305,728

Interest payable and similar expenses
 10 
(83,855)
(183,072)

Profit before tax
  
574,960
2,122,656

Tax on profit
 11 
(144,051)
(404,948)

Profit for the financial period
  
430,909
1,717,708

There was no other comprehensive income for 2024 (2022:£NIL).

The notes on pages 14 to 31 form part of these financial statements.

Page 10

 
ABRAM PULMAN & SONS LIMITED
REGISTERED NUMBER: 00056547

BALANCE SHEET
AS AT 31 MARCH 2024

31 March
31 December
2024
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,931,862
3,011,485

Investment property
 13 
75,000
75,000

  
3,006,862
3,086,485

Current assets
  

Stocks
 14 
1,474,252
1,653,283

Debtors: amounts falling due within one year
 15 
5,927,277
6,451,987

Cash at bank and in hand
 16 
1,646,247
208,053

  
9,047,776
8,313,323

Creditors: amounts falling due within one year
 17 
(4,829,760)
(3,874,780)

Net current assets
  
 
 
4,218,016
 
 
4,438,543

Total assets less current liabilities
  
7,224,878
7,525,028

Creditors: amounts falling due after more than one year
 18 
(216,017)
(944,577)

Provisions for liabilities
  

Deferred tax
 21 
(285,908)
(288,407)

  
 
 
(285,908)
 
 
(288,407)

Net assets
  
6,722,953
6,292,044

Page 11

 
ABRAM PULMAN & SONS LIMITED
REGISTERED NUMBER: 00056547
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

31 March
31 December
2024
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 22 
7,020
7,020

Share premium account
 23 
188
188

Revaluation reserve
 23 
974,854
974,854

Capital redemption reserve
 23 
17,327
17,327

Other reserves
 23 
200,000
200,000

Profit and loss account
 23 
5,523,564
5,092,655

  
6,722,953
6,292,044


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.




K Greenwood
Director

The notes on pages 14 to 31 form part of these financial statements.

Page 12

 

 
ABRAM PULMAN & SONS LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£
£



At 1 January 2022
7,020
188
17,327
974,854
-
3,374,947
4,374,336





Profit for the year
-
-
-
-
-
1,717,708
1,717,708


Capital Contribution
-
-
-
-
200,000
-
200,000





At 1 January 2023
7,020
188
17,327
974,854
200,000
5,092,655
6,292,044





Profit for the period
-
-
-
-
-
430,909
430,909



At 31 March 2024
7,020
188
17,327
974,854
200,000
5,523,564
6,722,953



The notes on pages 14 to 31 form part of these financial statements.

Page 13

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

The Company is a private limited company, incorporated in England and Wales, and the registered office and principal trading address is Walton Street, Sowerby Bridge, West Yorkshire, HX6 1AN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The functional and presentational currency is GBP.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
During the period the Company changed its year end to 31 March. The current period figures  represent the trading period from the 1 January 2023 to 31 March 2024 and the comparatives for the year ended 31 December 2022.
The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Barclay & Mathieson Limited as at 31 March 2024 and these financial statements may be obtained from their registered address, 180 Hardgate Road, Glasgow, Scotland, G51 4TB.

 
2.3

Going concern

After reviewing the Company's forecasts and projections the directors have a reasonable expectation that the Company has adequate resources to continue to operate for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements. 

Page 14

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Government grants

Accruals model
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. 

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Operating leases

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Page 15

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 16

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
10%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
10%
& 25% straight line

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 18

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated by the directors and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Management are also required to exercise judgement in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. 
The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: 
Carrying value of stock
Management review the market value of and demand for the Company's stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Any provision for impairment is recorded against the carrying value of stocks. Management use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the company's products and achievable selling prices.

Page 19

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


Period ended
31 March
Year ended
31 December
2024
2022
£
£

Sale of steel stock
17,625,683
18,302,755


All turnover arose within the United Kingdom.


5.


Other operating income

Period ended
31 March
Year ended
31 December
2024
2022
£
£

Net rents receivable
14,275
13,343

Government grants receivable
3,125
5,000

17,400
18,343



6.


Operating profit

The operating profit is stated after charging:

Period ended
31 March
Year ended
31 December
2024
2022
£
£

Depreciation of tangible fixed assets
310,419
197,901

Other operating lease rentals
50,639
37,655

Page 20

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


Period ended
31 March
Year ended
31 December
2024
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
25,450
20,000


8.


Employees

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


Period ended
31 March
Year ended
31 December
2024
2022
£
£

Wages and salaries
2,726,571
2,239,975

Social security costs
260,063
221,865

Cost of defined contribution scheme
66,687
64,316

3,053,321
2,526,156


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


     Period ended
       31 March
       Year ended
      31 December
        2024
        2022
            No.
            No.







Production staff
55
58



Administrative staff
18
21



Director
3
3

76
82

Page 21

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

9.


Directors' remuneration

Period ended
31 March
Year ended
31 December
2024
2022
£
£

Directors' emoluments
-
109,965

Company contributions to defined contribution pension schemes
-
8,333

-
118,298


During the period retirement benefits were accruing to noNIL directors (2022 - NIL) in respect of defined contribution pension schemes.


10.


Interest payable and similar expenses

Period ended
31 March
Year ended
31 December
2024
2022
£
£


Bank interest payable
101,996
139,768

Finance leases and hire purchase contracts
(18,141)
43,304

83,855
183,072


11.


Taxation


Period ended
31 March
Year ended
31 December
2024
2022
£
£

Corporation tax


Current tax on profits for the year
155,000
359,500

Adjustments in respect of previous periods
(8,450)
(3,552)


Deferred tax


Deferred tax
(2,499)
49,000


Taxation on profit on ordinary activities
144,051
404,948
Page 22

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2022 - higher than) the applicable rate of corporation tax in the UK of 23.8% (2022 - 19%). On 1 April 2023, the rate of corporation tax where profits exceed £250,000 increased from 19% to 25% with a marginal rate applying where profits are between £50,000 and £250,000. This has resulted in a tax rate for the company over the period of 23.8%. The differences are explained below:

Period ended
31 March
Year ended
31 December
2024
2022
£
£


Profit on ordinary activities before tax
574,960
2,122,656


Profit on ordinary activities multiplied by the applicable rate of corporation tax in the UK of 23.8% (2022 - 19%)
136,840
403,305

Effects of:


Expenses not deductible for tax purposes
(1,789)
711

Depreciation for period/year in excess of capital allowances
(622)
-

Adjustments to tax charge in respect of prior periods
(8,450)
-

Other differences leading to an (decrease)/increase in the tax charge
18,072
932

Total tax charge for the period/year
144,051
404,948


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

12.


Tangible fixed assets







Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost 


At 1 January 2023
2,552,888
1,987,620
851,272
302,381
5,694,161


Additions
35,122
145,296
-
54,125
234,543


Disposals
-
-
(26,583)
-
(26,583)



At 31 March 2024

2,588,010
2,132,916
824,689
356,506
5,902,121



Depreciation


At 1 January 2023
793,670
1,140,845
508,560
239,601
2,682,676


Charge for the period on owned assets
56,713
111,808
106,785
35,113
310,419


Disposals
-
-
(22,836)
-
(22,836)



At 31 March 2024

850,383
1,252,653
592,509
274,714
2,970,259



Net book value



At 31 March 2024
1,737,627
880,263
232,180
81,792
2,931,862



At 31 December 2022
1,759,218
846,775
342,712
62,780
3,011,485

Included in freehold property is £480,000 (2022: £480,000) of land which is not depreciated.

Page 24

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

           12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


31 March
31 December
2024
2022
£
£



Plant and machinery
-
60,300

Motor vehicles
196,432
285,720

196,432
346,020


13.


Investment property





Freehold investment property

£



Valuation


At 1 January 2023
75,000



At 31 March 2024
75,000

The most recent valuation of the investment property was undertaken in January 2023 by an independent, professionally qualified value. The directors are of the opinion that there has been no significant change in market value since that date.






14.


Stocks

31 March
31 December
2024
2022
£
£

Finished goods and goods for resale
1,474,252
1,653,283


Page 25

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

15.


Debtors

31 March
31 December
2024
2022
£
£


Trade debtors
2,779,614
3,335,306

Amounts owed by group undertakings
2,944,306
2,970,559

Other debtors
-
8,808

Prepayments and accrued income
163,660
137,314

Tax recoverable
39,697
-

5,927,277
6,451,987



16.


Cash and cash equivalents

31 March
31 December
2024
2022
£
£

Cash at bank and in hand
1,646,247
208,053


Page 26

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

17.


Creditors: Amounts falling due within one year

31 March
31 December
2024
2022
£
£

Bank loans
-
105,000

Trade creditors
2,885,197
2,762,947

Bank overdrafts
-
277,252

Amounts owed to group undertakings
1,609,622
-

Corporation tax
-
359,500

Other taxation and social security
186,342
257,525

Obligations under finance lease and hire purchase contracts
68,696
78,306

Other creditors
3,530
-

Accruals and deferred income
76,373
34,250

4,829,760
3,874,780


The bank loans and invoice financing creditor were secured by a debenture with a fixed and floating charge on all assets of the Company. Finance leases and hire purchase creditors are secured on the fixed assets to which they relate.


18.


Creditors: Amounts falling due after more than one year

31 March
31 December
2024
2022
£
£

Bank loans
-
612,500

Net obligations under finance leases and hire purchase contracts
114,142
227,077

Government grants received
101,875
105,000

216,017
944,577


The bank loans and invoice financing creditor were secured by a debenture with a fixed and floating charge on all assets of the Company. Finance leases and hire purchase creditors are secured on the fixed assets to which they relate.

Page 27

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

19.


Loans


Analysis of the maturity of loans is given below:


31 March
31 December
2024
2022
£
£

Amounts falling due within one year

Bank loans
-
105,000

Amounts falling due 1-2 years

Bank loans
-
612,500



-
717,500



20.


Finance leases and hire purchase contracts


Minimum lease payments under hire purchase fall due as follows:

31 March
31 December
2024
2022
£
£


Within one year
68,696
78,306

Between 1-5 years
114,142
227,077

182,838
305,383


21.


Deferred taxation






2024


£






At beginning of year
288,407


Credit to the profit & loss account
(2,499)



At end of year
285,908

Page 28

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
 
21.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

31 March
31 December
2024
2022
£
£


Accelerated capital allowances
285,908
288,407


22.


Share capital

31 March
31 December
2024
2022
£
£
Allotted, called up and fully paid



804 (2022 - 804) Ordinary A shares shares of £5.00 each
4,020
4,020
200 (2022 - 200) Ordinary B shares shares of £5.00 each
1,000
1,000
200 (2022 - 200) Ordinary C shares shares of £5.00 each
1,000
1,000
200 (2022 - 200) Ordinary D shares shares of £5.00 each
1,000
1,000

7,020

7,020


Page 29

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

23.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold less transaction costs, these are non-distributable reserves.

Revaluation reserve

This reserve records the value of asset revaluations and fair value movements on assets, these are non-distributable reserves.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company, these are non-distributable reserves.

Capital contribution

The capital contribution represents amounts arising from a debt re-organisation during the year, these are non-distributable reserves.

Profit and loss account

This reserve records retained earnings and accumulated losses. This is a distributable reserve.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £66,687 (2022 - £64,316). No contributions were payable to the fund at the balance sheet date.


25.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
31 December
2024
2022
£
£


Not later than 1 year
34,087
21,347

Later than 1 year and not later than 5 years
41,185
53,212

75,272
74,559

Page 30

 
ABRAM PULMAN & SONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

26.


Controlling party

The immediate parent undertaking of the company is Breal Capital (Pulman) Holdings Limited, which is registered in England and Wales.
During the prior year the entire share capital of Barclay & Mathieson Limited, the parent company of Breal Capital (Pulman) Holdings Limited, was acquired by Marubeni-Itochu Steel Gmbh and  Marubeni-Itochu Steel Inc is now the ultimate parent undertaking.
 
Page 31