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SC030987










BARCLAY & MATHIESON LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
BARCLAY & MATHIESON LIMITED
 
 
COMPANY INFORMATION


Directors
E Fuji 
T Nakagawa 
T Nonaka 
M Suzuki 
N Takemoto 
K M Greenwood 




Registered number
SC030987



Registered office
180 Hardgate Road

Glasgow

Scotland

G51 4TB




Independent auditors
Sumer Auditco Limited

14th Floor

33 Cavendish Square

London

W1G 0PW





 
BARCLAY & MATHIESON LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 6
Directors' Report
7 - 9
Independent Auditors' Report
10 - 14
Consolidated Statement of Comprehensive Income
15
Consolidated Balance Sheet
16
Company Balance Sheet
17 - 18
Consolidated Statement of Changes in Equity
19 - 20
Company Statement of Changes in Equity
21 - 22
Consolidated Statement of Cash Flows
23 - 24
Consolidated Analysis of Net Debt
25
Notes to the Financial Statements
26 - 54


 
BARCLAY & MATHIESON LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

Introduction
 
The directors submit their annual Strategic Report of the Group for the period ended 31 March 2024.

Business review and principal activities
 
The Group's principal activity is steel stockholding, operating a nationwide network of depots throughout the UK. These financial statements represent the first full period under the ultimate ownership of Marubeni-Itochu Steel Inc (“MISI”) following the acquisition of Barclay & Mathieson 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 Group’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. During the period the Group generated in excess of £12.0m of EBITDA, while Gross Profits (although down year-on-year due to the falling market price of steel) were maintained above 20.0%.
Net Assets of the Group increased by £3.9m during the period, from £33.5m to £37.4m while Net Current Assets increased by £1.5m from £15.2m to £16.7m.
With the strong financial backing of our new parent company the Group was able to renegotiate its banking relationships during the period at significantly improved terms. Furthermore, the additional debt facilities put in place during 2023 will provide the Group with substantial liquidity to continue to grow, both organically and through acquisition.
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.
Under MISI ownership the Group 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 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

 
BARCLAY & MATHIESON LIMITED
 

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

Financial key performance indicators
 
We consider that our main Key Performance Indicators are underlying trading profit, and levels of stock. These are set out below for the last 2 years:


Period ended 31 March
Year ended 31 December
2024
2022
        £
        £
Trading profit (£000s)

39,413

49,461

Stock turn (CoGs/ stock)

6

4

Net cash generated from operating activities (£000s)

17,410

5,459


At an operational level, tonnes sold, gross profit per tonne, and gross profit percentage are our main KPI’S and these are closely monitored on a daily basis. Given these vary by business unit looking at them at the overall level is not conducive to understanding performance, hence they are not presented here.  
The Group also monitors staff turnover at unit level, as retention of good employees is essential for the prosperity of the Group.

Page 2

 
BARCLAY & MATHIESON LIMITED
 

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

Principal risks and uncertainties
 
The management of the business and the execution of the Group’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 Group’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 Group works with a range of suppliers to ensure continuity of supply.
UK Market Demand
The business invested in a new reporting system in 2021 which has been transformational in giving our business managers instant access to trading information. This information has enabled the business to react swiftly to any change in pricing/demand in the UK market.  With international growth being driven from group relationships with MISI as well as organically through our Steel, Plate and Sections business, our dependency on the UK market continues to reduce. The Group has adjusted its procurement activities to mitigate any potential impact from the UK import quota system.
Credit and liquidity risk
 
The Group's principal financial assets are trade debtors, the majority of which are fully insured. The Group has no significant concentration of credit risk with a single counterparty as exposure is spread over a number of counterparties. 
The Group's principal financial liabilities are its bank loans and trade creditors, which are managed through detailed cash forecasting.
Interest rate risk
The Group monitors the financial risk of interest rate movements on a regular basis, and the impact rises would have on profitability. Interest rates are expected to rise in the short to medium term, but the Group is well placed to deal with any such increases.
Equally, as the Barclay & Mathieson Group integrates within the Marubeni-Itochu Steel Inc. group it will benefit from the strengths of wider organisation.
Based on the profitable financial results in the period and with the continued support of the Group’s banks, the financial statements have been prepared on a going concern basis.

Page 3

 
BARCLAY & MATHIESON LIMITED
 

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

Directors' statement of compliance with duty to promote the success of the Group
 
Section 172(1) statement
The Group’s principal activity is steel stockholding, operating numerous depots throughout the United Kingdom. The Directors are empowered to ensure the business operates in a viable, sustainable, safe and efficient manner.
The Board’s primary responsibility is to promote the long-term success of the Group by delivering business performance that meets stakeholders (including shareholders, employees, customers and suppliers) expectations on time, on budget, safely and to the highest quality standards so as to maintain the Group’s financial viability.
This is affected by setting out our strategy with ongoing performance monitoring. The Board holds Board meetings monthly to review the main aspects of our business, including health and safety, financial reviews and forecasts, resources, internal controls, performance, opportunities and risks.
All Directors are responsible for the strategic direction of the business, with day-to-day operations carried out by senior management, who must act in the way he/she considers, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole, and in doing so have regard to key issues including the interests of the stakeholders in both the short and long term.
The Directors work to a strategic plan. Performance is measured against the plan on an ongoing basis. Some of the factors that are taken into consideration when drawing up the strategic plan include: market outlook, routes to market, inflation forecasts, operational footprint, historic performance, innovation/technology advancements, customers, employees, environmental, government, regulatory compliance, investors, shareholders, suppliers, societal trends, etc.  The strategic plan is reviewed on an ongoing basis, with the plans being updated on an annual basis.
The Directors review performance at the monthly board meetings and discuss new developments, opportunities, risks as well as monitoring the effectiveness of their decision making. The impact on our stakeholders are duly considered in all of our decision making.
The interest of our employees
The Directors understand the importance of our employees to the long-term success of the business. All staff are managed by a line manager, their performance is measured by their line manager against previously agreed KPIs. Training and development needs are identified in the annual PDRs in the form of ongoing on the job training and external training as necessary.
We aim to recruit & retain motivated and competent people and we believe in promotion from within as reward for performance and dedication, and to demonstrate a clear path for progression. Over the years many employees have been promoted to senior positions in the Group.
Ongoing training and personal development are key strategies in our HR principles and the Group communicates to our employees via internal group-wide emails, presentations, and newsletters. Two- way communication is encouraged in areas such as sales through Regional and Depot Managers meetings and in other areas of the business once or twice a year through Town Hall meetings.
The Group’s social media channels are also developing to enhance communication.
 
Page 4

 
BARCLAY & MATHIESON LIMITED
 

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


The interests of our customers and suppliers
The Group has always believed in keeping good business relationships with customers and suppliers as this is key to ongoing success. The Directors have developed close relationships with key customers and suppliers to ensure that we fully understand each other’s strategies and objectives and are able to support each other in achieving them. More recently closer relationships with key suppliers has resulted in improved efficiencies within the supply chain and better stock availability for our customers.
The impact of the Group’s operations on the community and environment
One of our key objectives is to have minimal impact on the local environment on all of our projects. The business continues to improve on its environmental performance, we continue to acquire additional fuel-efficient vehicles to our fleet, 100% raw material waste recycled, rolled out more LED lighting, membership of Steel Zero group, ESOS.
The Group has a well- developed Environmental and Sustainability Policy with stringent targets, and is committed to protecting the environment. We acknowledge that the pursuit of economic growth and respect for the environment must be closely linked, with sustainable development being an integral part of our business philosophy and processes.
Throughout the period the business participated in numerous community/charity projects, making a difference in the local communities that we operate in. 
We work on the basis that compliance with environmental legislation, and other requirements, is the very minimum that will apply to our activities and services and we are committed to continual environmental performance improvement, the prevention of pollution and having a positive impact on the environment.
We work closely with our clients and suppliers, encouraging and educating our employees and supply chain to recognise their responsibilities regarding protecting the environment and achieving our environmental objectives and targets and communicating and consulting with all stakeholders as appropriate.
Our policy is periodically reviewed to ensure its continued suitability, it has been communicated to all staff and is made available to interested parties. It is endorsed by the Group’s Directors and Management Team who take responsibility for the delivery of its aspirations and key objectives.
The Group's high standards in the way we run our business and deal with all stakeholders, and our commitment to being the best have been key to our ongoing success.
Key to this is the experience and ongoing professionalism and commitment of our employees and we continually strive to make our Group a place where all enjoy their work and have the opportunity to progress.
We have a policy of promoting continual improvement and the setting of quality objectives and improvement programmes within the Group.
These objectives address the risks and opportunities within the Group, as determined by senior management, and we believe that quality is critical to the success of our business, and base our approach on the key quality principles of customer focus, leadership, engagement of people, process approach, improvement and relationship management.
 
Page 5

 
BARCLAY & MATHIESON LIMITED
 

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


The Interests of members of the Group
Strategy and decisions by the Board are carefully considered in both the short and long term, the Directors are fully aware of the need to review all relevant factors to strike a fair balance between key stakeholders of the Group. Our key stakeholders would include: Marubeni-Itochu Steel Group (our owners), employees, regulators and government, local communities, customers and suppliers.
One of our overriding objectives is to ensure that the Group maintains its reputation for quality and integrity so as to continue as a successful and sustainable business for the long-term benefit of the stakeholders.


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



K M Greenwood
Director

Page 6

 
BARCLAY & MATHIESON 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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group 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 for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group 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 £3,901,425 (2022 - £12,898,984 as restated).

Directors

The directors who served during the period were:

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

Engagement with employees

The Group keeps employees informed of matters affecting them as employees and of the financial and economic factors affecting the performance of the Group. There are procedures in place for employees to make their views known to management so that the flow of information is maintained. 

Page 7

 
BARCLAY & MATHIESON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 January 2023 to 31 March 2024, pursuant to the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government’s Streamlined Energy and Carbon Reporting (SECR) policy.
Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)’ issued by DEFRA, using DEFRA's 2023 conversion factors as applicable. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period.
We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations with support from a chosen carbon consultant.
During the reporting period we have utilised our new ownership to broaden our carbon & energy reduction opportunities including:
 
Replacement of all warehouse and office lighting including PIR sensors or timers.
Solar panel installation at Shoeburyness site
100% renewable electricity at all sites from October 2023.
Transport optimisation involving ongoing monitoring and incentivising of drivers for efficient use of the optidrive system. Planning of new transport route system.
Transport fleet replacement programme. All vehicles to be Euro 6 compliant by the end of 2024.
Only EV or hybrid cars approved as company cars in the past year.
Implementation of energy saving initiatives at Aberdeen site. Including solar panelling, Lighting, Wi-Fi controlled heating, upgraded water tanks, HVO truck fuel.
 







2024
2022


Total Energy Consumption – Used for Emissions Calculation (kWh)
18,423,660
14,457,131

Oil & Gas Combustion Emissions, Scope 1 (tCO2e)
205
159

Purchased Electricity Emissions, Scope 2 (tCO2e)
436
341

Vehicle Fuel Combustion Emissions, Scope 1 (tCO2e)
3,586
2,991

Vehicle Fuel Combustion Emissions, Scope 3 (tCO2e)
23
1

Total Gross Reported Emissions (tCO2e)
4,249
3,492

Turnover (£m)
177
168

Intensity Ratio: Turnover (tCO2e / £m)
24
21


Whilst the overall group has consumed more than 40,000 kWh of energy in this reporting period, only Barclay & Mathieson Limited is considered to be large as defined by the Companies Act. In preparing this SECR Report, we have taken advantage of the option to exclude any energy and carbon information relating to the subsidiary undertakings that are small or medium as defined by Companies Act.
 
Page 8

 
BARCLAY & MATHIESON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024



Matters covered in the Group Strategic Report

The directors have chosen to disclose information on the following, required by the Companies Act 2006, to be included in the Director's Report, within the Strategic Report;
- information on financial risk management and policies;
- information on suppliers, customers and other; and
- information regarding future developments of the business and post balance sheet events.

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

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 M Greenwood
Director

Page 9

 
BARCLAY & MATHIESON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCLAY & MATHIESON LIMITED
 

Opinion


We have audited the financial statements of Barclay & Mathieson Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's 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 Group 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 Group's or the 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.


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BARCLAY & MATHIESON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCLAY & MATHIESON 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 Group 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 Group 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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.


Page 11

 
BARCLAY & MATHIESON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCLAY & MATHIESON LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 7, 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 related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the 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 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 Group 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 group, 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 group’s remuneration and bonus policies and performance targets; and  
the industry and environment in which it operates. 
Page 12

 
BARCLAY & MATHIESON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCLAY & MATHIESON LIMITED (CONTINUED)


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 and distributable profits legislation; 
the timing of the recognition of commercial income; 
the valuation of freehold and leasehold property;
compliance with legislation relating to health and safety, environmental legislation and ISO accreditation 45001;
management bias in selecting accounting policies and determining estimates; 
inappropriate journal entries; and 
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  

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; 
review most recent property valuations undertaken;
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
Page 13

 
BARCLAY & MATHIESON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCLAY & MATHIESON LIMITED (CONTINUED)


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.


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 14

 
BARCLAY & MATHIESON LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024

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

  

Turnover
 4 
196,014,556
185,327,740

Cost of sales
  
(156,346,257)
(135,866,424)

Gross profit
  
39,668,299
49,461,316

Distribution costs
  
(2,430,946)
(4,697,528)

Administrative expenses
  
(29,663,006)
(28,566,063)

Other operating income
 5 
31,287
54,526

Operating profit
 6 
7,605,634
16,252,251

Interest receivable and similar income
 10 
4,474
2,017

Interest payable and similar expenses
 11 
(1,527,706)
(1,666,997)

Profit before taxation
  
6,082,402
14,587,271

Tax on profit
 12 
(2,180,977)
(1,688,287)

Profit for the financial period
  
3,901,425
12,898,984

Profit for the period attributable to:
  

Owners of the parent Company
  
3,901,425
12,898,984

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

The notes on pages 26 to 54 form part of these financial statements.

Page 15

 
BARCLAY & MATHIESON LIMITED
REGISTERED NUMBER: SC030987

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

31 March
As restated
31 December
2024
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
5,859,297
8,302,138

Tangible assets
 14 
17,057,038
15,438,959

Investment property
 16 
75,000
75,000

  
22,991,335
23,816,097

Current assets
  

Stocks
 17 
22,442,742
28,164,045

Debtors: amounts falling due within one year
 18 
28,895,382
38,987,067

Cash at bank and in hand
 19 
2,399,124
2,554,379

  
53,737,248
69,705,491

Creditors: amounts falling due within one year
 20 
(36,987,555)
(54,496,497)

Net current assets
  
 
 
16,749,693
 
 
15,208,994

Total assets less current liabilities
  
39,741,028
39,025,091

Creditors: amounts falling due after more than one year
 21 
(955,421)
(4,718,117)

Provisions for liabilities
  

Deferred taxation
 24 
(1,408,367)
(831,159)

  
 
 
(1,408,367)
 
 
(831,159)

Net assets
  
37,377,240
33,475,815


Capital and reserves
  

Called up share capital 
 25 
8,600
8,600

Capital redemption reserve
 26 
21,400
21,400

Other reserves
 26 
10,744,709
10,744,709

Profit and loss account
 26 
26,602,531
22,701,106

Equity attributable to owners of the parent Company
  
37,377,240
33,475,815


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

K M Greenwood
Director

The notes on pages 26 to 54 form part of these financial statements.

Page 16

 
BARCLAY & MATHIESON LIMITED
REGISTERED NUMBER: SC030987

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

31 March
As restated
31 December
2024
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
2,183,749
2,835,174

Tangible assets
 14 
13,068,932
11,858,733

Investments
 15 
8,362,311
8,362,311

  
23,614,992
23,056,218

Current assets
  

Stocks
 17 
20,274,174
25,555,767

Debtors: amounts falling due within one year
 18 
29,564,105
38,302,314

Cash at bank and in hand
 19 
579,863
901,582

  
50,418,142
64,759,663

Creditors: amounts falling due within one year
 20 
(34,286,390)
(50,355,299)

Net current assets
  
 
 
16,131,752
 
 
14,404,364

Total assets less current liabilities
  
39,746,744
37,460,582

  

Creditors: amounts falling due after more than one year
 21 
(739,404)
(3,773,540)

Provisions for liabilities
  

Deferred taxation
 24 
(964,972)
(571,720)

  
 
 
(964,972)
 
 
(571,720)

Net assets
  
38,042,368
33,115,322


Capital and reserves
  

Called up share capital 
 25 
8,600
8,600

Capital redemption reserve
 26 
21,400
21,400

Other reserves
 26 
10,544,859
10,544,859

Profit and loss account
 26 
27,467,509
22,540,463

  
38,042,368
33,115,322


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

K M Greenwood
Director

The notes on pages 26 to 54 form part of these financial statements.
Page 17

 
BARCLAY & MATHIESON LIMITED
REGISTERED NUMBER: SC030987
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


Page 18

 

 
BARCLAY & MATHIESON LIMITED


 

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



Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£


At 1 January 2023 (As restated)
8,600
21,400
10,744,709
22,701,106
33,475,815
33,475,815



Comprehensive income for the period


Profit for the period
-
-
-
3,901,425
3,901,425
3,901,425



At 31 March 2024
8,600
21,400
10,744,709
26,602,531
37,377,240
37,377,240



The notes on pages 26 to 54 form part of these financial statements.

Page 19

 

 
BARCLAY & MATHIESON LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022



Called up share capital
Capital redemption reserve
Revaluation reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£
£


At 1 January 2022 (as previously stated)
8,600
21,400
5,856,607
10,193,022
29,690,971
45,770,600
45,770,600


Prior year adjustment - change in accounting policy
-
-
(5,856,607)
-
697,938
(5,158,669)
(5,158,669)


At 1 January 2022 (As restated)
8,600
21,400
-
10,193,022
30,388,909
40,611,931
40,611,931



Comprehensive income for the year


Profit for the year (as restated)
-
-
-
-
12,898,984
12,898,984
12,898,984


Intercompany loan waiver
-
-
-
551,687
-
551,687
551,687


Movements on revaluation reserve
-
-
2,293,575
-
(2,293,575)
-
-


Prior year adjustment - change in accounting policy
-
-
(2,293,575)
-
2,293,575
-
-


Intercompany debt waiver
-
-
-
-
(20,586,787)
(20,586,787)
(20,586,787)



Total transactions with owners
-
-
-
551,687
(20,586,787)
(20,035,100)
(20,035,100)



At 31 December 2022 (As restated)
8,600
21,400
-
10,744,709
22,701,106
33,475,815
33,475,815



The notes on pages 26 to 54 form part of these financial statements.

Page 20

 

 
BARCLAY & MATHIESON LIMITED


 

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



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


£
£
£
£
£


At 1 January 2023 (as restated)
8,600
21,400
10,544,859
22,540,463
33,115,322



Comprehensive income for the year


Profit for the period
-
-
-
4,927,046
4,927,046



At 31 March 2024
8,600
21,400
10,544,859
27,467,509
38,042,368



The notes on pages 26 to 54 form part of these financial statements.

Page 21

 

 
BARCLAY & MATHIESON LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022



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


£
£
£
£
£
£


At 1 January 2022 (as previously stated)
8,600
21,400
5,856,607
10,193,022
30,778,275
46,857,904


Prior year adjustment - change in accounting policy
-
-
(5,856,607)
-
697,938
(5,158,669)


At 1 January 2022 (As restated)
8,600
21,400
-
10,193,022
31,476,213
41,699,235



Comprehensive income for the year


Profit for the year (As restated)
-
-
-
-
11,651,037
11,651,037



Contributions by and distributions to owners


Movement relating to other comprehensive income
-
-
-
351,837
-
351,837


Movement of revaluation reserve
-
-
2,293,575
-
(2,293,575)
-


Prior year adjustment - change in accounting policy
-
-
(2,293,575)
-
2,293,575
-


Intercompany debt waived
-
-
-
-
(20,586,787)
(20,586,787)



At 31 December 2022 (as restated)
8,600
21,400
-
10,544,859
22,540,463
33,115,322



The notes on pages 26 to 54 form part of these financial statements.

Page 22

 
BARCLAY & MATHIESON LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024

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

Cash flows from operating activities

Profit for the financial period
3,901,425
12,898,984

Adjustments for:

Amortisation of intangible assets
2,466,917
1,971,016

Depreciation of tangible assets
2,050,215
1,474,586

(Loss)/profit on disposal of tangible assets
(3,716)
24,150

Interest paid
1,527,706
1,666,997

Interest received
(4,474)
(2,017)

Taxation charge
2,180,977
1,688,287

Decrease/(increase) in stocks
5,721,303
(1,105,868)

Decrease/(increase) in debtors
10,421,015
(3,821,626)

(Decrease) in creditors
(6,095,821)
(6,932,360)

Corporation tax (paid)
(4,755,364)
(2,402,429)

Net cash generated from operating activities

17,410,183
5,459,720


Cash flows from investing activities

Purchase of intangible fixed assets
(24,076)
-

Purchase of tangible fixed assets
(3,499,690)
(2,117,827)

Sale of tangible fixed assets
48,405
109,456

Interest received
4,474
2,107

Net cash used in investing activities

(3,470,887)
(2,006,264)
Page 23

 
BARCLAY & MATHIESON LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

Period ended
31 March
As restated
Year ended
31 December

2024
2022

£
£



Cash flows from financing activities

Repayment of loans
(3,512,843)
(3,296,753)

New loans
3,000,000
-

Repayment of finance leases
(965,118)
(125,238)

Interest paid
(1,527,706)
(1,666,997)

Net cash used in financing activities
(3,005,667)
(5,088,988)

Net increase/(decrease) in cash and cash equivalents
10,933,629
(1,635,532)

Cash and cash equivalents at beginning of period
(15,537,523)
(13,901,991)

Cash and cash equivalents at the end of period
(4,603,894)
(15,537,523)


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
2,399,124
2,554,379

Bank overdrafts
(7,003,018)
(18,091,902)

(4,603,894)
(15,537,523)


The notes on pages 26 to 54 form part of these financial statements.

Page 24

 
BARCLAY & MATHIESON LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2024





At 1 January 2023
Cash flows
New finance leases
At 31 March 2024
£

£

£

£

Cash at bank and in hand

2,554,379

(155,255)

-

2,399,124

Bank overdrafts

(18,091,902)

11,088,884

-

(7,003,018)

Debt due after 1 year

(2,887,187)

2,887,187

-

-

Debt due within 1 year

(627,988)

(2,401,386)

-

(3,029,374)

Finance leases

(2,528,266)

965,118

(159,029)

(1,722,177)


(21,580,964)
12,384,548
(159,029)
(9,355,445)

The notes on pages 26 to 54 form part of these financial statements.

Page 25

 
BARCLAY & MATHIESON 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 Scotland and its registered office and principal trading address  is 180 Hardgate Road, Glasgow, Scotland, G51 4TB. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.The profit after tax of the parent Company for the year was £4,927,046 (2022 - £11,651,037 as restated). 

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

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

After reviewing the Group's forecasts and projections the directors have a reasonable expectation that the Group 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 26

 
BARCLAY & MATHIESON 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 Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Positive goodwill
-
     5
years
Negative goodwill
-
5
years

Page 27

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

During the period there was a change in accounting policy to carry freehold property under the cost model, from the revaluation model of accounting. This change aligns the policy with the ultimate parent undertaking which the directors feel provides more relevant and reliable information on property owned by the group. Further detail of this change and its effect can be found in note 27 to the accounts.

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Land and buildings
-
40 years or over the lease term
Long-term leasehold property
-
Over the term of the lease
Plant and machinery
-
4 to 10 years or 10-25% reducing balance
Motor vehicles
-
4 to 10 years or 10-25% reducing balance
Fixtures and fittings
-
4 to 10 years or 15-25% reducing balance
Office equipment
-
4 to 10 years or 10-25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.7

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

Page 28

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.8

Increase in controlling stake in subsidiaries

Where the group has increased its controlling interest in a subsidiary, the identifiable assets and liabilities of the subsidiary are not revalued to fair value and no additional goodwill is recognised.
The transaction is accounted for as a transaction between equity holders and the carrying amount of the non-controlling interest is adjusted to reflect the change in the parent's interest in the subsidiary's net assets.
Any difference between the amount by which the non-controlling interest is so adjusted and the fair value of consideration paid or received, if any, is recognised directly in equity and attributed to equity holders of the parent. No gains or losses are recognised on these changes.
Any changes in the carrying amounts of assets (including goodwill) or liabilities as a result of such transactions are not recognised.

 
2.9

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.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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

 
2.13

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. 
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 29

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Financial instruments

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

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

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 Group'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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 30

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

 
2.16

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.17

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.

Page 31

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.18

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.19

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.20

Government grants

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.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.21

Interest income

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

 
2.22

Borrowing costs

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

Page 32

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.23

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 33

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

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 Group and 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 Group'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 cost to complete and sell. Any provision for impairment is recorded against the carrying value of stock. Management use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the Group's products and achievable selling prices. 

Page 34

 
BARCLAY & MATHIESON 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
£
£

Sales of steel stock
196,014,556
185,327,740


Analysis of turnover by country of destination:

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

United Kingdom
194,486,298
184,076,415

Rest of Europe
1,145,833
977,794

Rest of the world
382,425
273,531

196,014,556
185,327,740



5.


Other operating income

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

Net rents receivable
31,878
25,376

Government grants receivable
3,125
5,000

(Loss)/profit on disposal of tangible assets
(3,716)
24,150

31,287
54,526


Page 35

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Operating profit

The operating profit is stated after charging:

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

Depreciation of tangible fixed assets
2,050,215
1,474,586

Amortisation of intangible assets, including goodwill
2,466,417
1,971,016

Exchange differences
78,474
88,071

Other operating lease rentals
2,645,149
1,857,966


7.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors and their associates:


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

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
85,500
57,125

Fees payable to the Company's auditors and their associates in respect of:

The auditing of accounts of subsidiaries of the Company
39,000
35,000

Taxation compliance services
17,750
21,500

All taxation advisory services not included above
9,450
30,900

All non-audit services not included above
7,048
31,224

Page 36

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

8.


Employees

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


Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£


Wages and salaries
23,537,830
22,211,584
19,945,292
19,376,855

Social security costs
1,527,447
2,318,452
1,191,131
2,035,077

Cost of defined contribution scheme
840,343
747,711
752,728
669,158

25,905,620
25,277,747
21,889,151
22,081,090


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



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









Sales and administration
205
213
184
181



Transport and warehouse
260
256
193
192



Directors
6
6
6
6

471
475
383
379

Page 37

 
BARCLAY & MATHIESON 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
547,201
4,397,913

Group contributions to defined contribution pension schemes
14,797
35,149

561,998
4,433,062


During the period retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £274,759 (2022 - £2,559,545).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,072 (2022 - £18,765).

During the period key management personnel received remuneration of £2,179,589 (2022 - £5,079,777).


10.


Interest receivable

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


Other interest receivable
4,474
2,017


11.


Interest payable and similar expenses

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


Bank interest payable
1,384,780
1,463,022

Finance leases and hire purchase contracts
142,926
203,975

1,527,706
1,666,997

Page 38

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

12.


Taxation


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

Corporation tax


Current tax on profits for the year
1,753,749
2,928,500

Adjustments in respect of previous periods
(149,980)
(3,552)


Total current tax
1,603,769
2,924,948

Deferred tax


Origination and reversal of timing differences
577,208
(1,236,661)

Total deferred tax
577,208
(1,236,661)


Taxation on profit on ordinary activities
2,180,977
1,688,287
Page 39

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
 
12.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2022 - lower 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
As restated
Year ended
31 December
2024
2022
£
£


Profit on ordinary activities before tax
6,082,402
14,587,271


Profit on ordinary activities multiplied by applicable rate of corporation tax in the UK of 23.8% (2022 - 19%)
1,447,612
2,771,581

Effects of:


Non-tax deductible amortisation of goodwill and impairment
587,007
477,099

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
79,535
111,583

Capital allowances in excess of depreciation
(3,297)
(392,615)

Adjustments to deferred tax in respect of prior years
152,112
(1,295,338)

Adjustment in respect of prior years
(149,980)
-

Other factors affecting the tax charge
42,511
2,363

Utilisation of tax losses
-
(74)

Change in tax rates
25,477
17,354

Changes in provisions leading to a decrease in the tax charge
-
(3,666)

Total tax charge for the period/year
2,180,977
1,688,287




Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 40

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

13.


Intangible assets

Group







Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
-
12,776,478
12,776,478


Additions
24,076
-
24,076



At 31 March 2024

24,076
12,776,478
12,800,554



Amortisation


At 1 January 2023
-
4,474,340
4,474,340


Charge for the period on owned assets
500
2,466,417
2,466,917



At 31 March 2024

500
6,940,757
6,941,257



Net book value



At 31 March 2024
23,576
5,835,721
5,859,297



At 31 December 2022
-
8,302,138
8,302,138



Page 41

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
 
           13.Intangible assets (continued)

Company






Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
-
5,400,332
5,400,332


Additions
24,076
-
24,076



At 31 March 2024

24,076
5,400,332
5,424,408



Amortisation


At 1 January 2023
-
2,565,158
2,565,158


Charge for the year
500
675,001
675,501



At 31 March 2024

500
3,240,159
3,240,659



Net book value



At 31 March 2024
23,576
2,160,173
2,183,749



At 31 December 2022
-
2,835,174
2,835,174

Page 42

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

14.


Tangible fixed assets

Group








Freehold property
Leasehold property
Plant and machinery
Motor vehicles
Office equipment

£
£
£
£
£



Cost


At 1 January 2023 (as restated)
7,523,127
886,269
13,154,911
920,688
2,830,948


Additions
35,122
-
2,815,407
541,706
320,749


Disposals
-
-
(870,998)
(72,792)
(158,344)



At 31 March 2024

7,558,249
886,269
15,099,320
1,389,602
2,993,353



Depreciation


At 1 January 2023 (as restated)
1,344,145
381,807
5,691,924
577,976
1,881,132


Charge for the period on owned assets
194,332
35,868
1,513,752
172,901
133,362


Disposals
-
-
(836,153)
(69,045)
(152,246)



At 31 March 2024

1,538,477
417,675
6,369,523
681,832
1,862,248



Net book value



At 31 March 2024
6,019,772
468,594
8,729,797
707,770
1,131,105



At 31 December 2022 (as restated)
6,178,982
504,462
7,462,987
342,712
949,816
Page 43

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

           14.Tangible fixed assets (continued)


Total

£



Cost


At 1 January 2023 (as restated)
25,315,943


Additions
3,712,984


Disposals
(1,102,134)



At 31 March 2024

27,926,793



Depreciation


At 1 January 2023 (as restated)
9,876,984


Charge for the period on owned assets
2,050,215


Disposals
(1,057,444)



At 31 March 2024

10,869,755



Net book value



At 31 March 2024
17,057,038



At 31 December 2022 (as restated)
15,438,959

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
449,498
639,142

Motor vehicles
1,457,532
1,941,035

1,907,030
2,580,177

Page 44

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

           14.Tangible fixed assets (continued)


Company









Freehold property
Plant and machinery
Office equipment
Total

£
£
£
£

Cost


At 1 January 2023 (as restated)
4,970,239
10,461,766
2,528,567
17,960,572


Additions
-
2,615,814
266,624
2,882,438


Transfers intra group
-
(323,631)
-
(323,631)


Disposals
-
(870,998)
(158,344)
(1,029,342)



At 31 March 2024

4,970,239
11,882,951
2,636,847
19,490,037



Depreciation


At 1 January 2023 (as restated)
550,475
3,909,833
1,641,531
6,101,839


Charge for the period on owned assets
137,619
1,319,250
98,249
1,555,118


Transfers intra group
-
(247,453)
-
(247,453)


Disposals
-
(836,153)
(152,246)
(988,399)



At 31 March 2024

688,094
4,145,477
1,587,534
6,421,105



Net book value



At 31 March 2024
4,282,145
7,737,474
1,049,313
13,068,932



At 31 December 2022 (as restated)
4,419,764
6,551,933
887,036
11,858,733

Page 45

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

           14.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
449,498
578,842

Motor vehicles
1,294,877
1,655,315

1,744,375
2,234,157


15.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost


At 1 January 2023
8,362,311



At 31 March 2024
8,362,311





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Avon Steel Company Limited
Steel stockholding
Ordinary
100%
Breal Capital (Pulman) Holdings Limited
Holding company
Ordinary
100%
Abram Pulman & Sons Limited*
Steel stockholding
Ordinary
100%

* Shares held by Breal Capital (Pulman) Holdings Limited. 

Page 46

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

16.


Investment property

Group





Freehold investment property

£



Valuation


At 1 January 2023
75,000



At 31 March 2024
75,000

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






17.


Stocks

Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Raw materials and consumables
2,142,051
2,676,404
-
-

Finished goods and goods for resale
20,300,691
25,487,641
20,274,174
25,555,767

22,442,742
28,164,045
20,274,174
25,555,767


In the opinion of the directors, the net realisable value of stock is not materially different from purchase price or production costs. 

Page 47

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

18.


Debtors

Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£


Trade debtors
27,089,446
37,267,466
24,287,297
33,137,961

Amounts owed by group undertakings
-
-
3,816,144
3,636,725

Other debtors
212,402
345,926
212,402
347,343

Called up share capital not paid
100
100
-
-

Prepayments and accrued income
1,328,145
1,373,575
1,143,750
1,180,285

Tax recoverable
265,289
-
104,512
-

28,895,382
38,987,067
29,564,105
38,302,314



19.


Cash and cash equivalents

Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Cash at bank and in hand
2,399,124
2,554,379
579,863
901,582

Less: bank overdrafts
(7,003,018)
(18,091,902)
(7,003,018)
(17,814,650)

(4,603,894)
(15,537,523)
(6,423,155)
(16,913,068)


Page 48

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

20.


Creditors: Amounts falling due within one year

Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Bank overdrafts
7,003,018
18,091,902
7,003,018
17,814,650

Bank loans
3,029,374
625,656
3,029,374
520,656

Trade creditors
16,668,714
17,095,396
14,314,671
14,343,942

Amounts owed to group undertakings
-
-
-
26,256

Corporation tax
-
2,768,002
-
2,196,502

Other taxation and social security
1,373,957
4,202,631
1,129,328
3,914,686

Obligations under finance lease and hire purchase contracts
868,631
802,336
799,935
720,419

Other creditors
1,147,679
576,544
1,141,081
574,212

Accruals and deferred income
6,896,182
10,334,030
6,868,983
10,243,976

36,987,555
54,496,497
34,286,390
50,355,299


Bank overdrafts include working capital facilities to provide funding to the Group.
The overdrafts are secured by way of fixed charge over the company's debtor book and a floating charge over the entire assets of the company.
Included within bank loans are secured creditors of £nil (2022: £625,656) secured by way of debenture over the assets of the Group as well as security over properties.
Finance leases and hire purchase contracts are secured on the assets they relate to.
Detail of the repayment profile of loans are included in note 22.


21.


Creditors: Amounts falling due after more than one year

Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Bank loans
-
2,887,187
-
2,274,687

Net obligations under finance leases and hire purchase contracts
853,546
1,725,930
739,404
1,498,853

Government grants received
101,875
105,000
-
-

955,421
4,718,117
739,404
3,773,540


Detail of the security over creditors falling due after more than one year are as outlined in note 20.

Page 49

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Amounts falling due within one year

Bank loans
3,029,374
625,656
3,029,374
520,656

Amounts falling due 1-2 years

Bank loans
-
1,133,156
-
520,656

Amounts falling due 2-5 years

Bank loans
-
1,754,031
-
1,754,031


3,029,374
3,512,843
3,029,374
2,795,343



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Within one year
868,631
802,336
799,935
720,419

Between 1-5 years
853,546
1,725,930
739,404
1,486,080

1,722,177
2,528,266
1,539,339
2,206,499

Page 50

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

24.


Deferred taxation


Group



2024


£






At beginning of year (as restated)
(831,159)


Credit to profit or loss
(577,208)



At end of year
(1,408,367)

Company


2024


£






At beginning of year (as restated)
(571,720)


Credit to profit or loss
(393,252)



At end of year
(964,972)

Group

31 March
As restated
Group
31 December
Company

31 March
As restated
Company
31 December
2024
2022
2024
2022
£
£
£
£

Accelerated capital allowances
1,638,462
1,267,411
1,202,769
960,004

Other timing differences
(230,095)
(436,252)
(237,797)
(388,284)

1,408,367
831,159
964,972
571,720

Page 51

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

25.


Share capital

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



8,600 (2022 - 8,600) Ordinary shares shares of £1.00 each
8,600
8,600

There is a single class of ordinary shares. There are no restrictions on distribution of dividends and the repayments of capital. 



26.


Reserves

Capital redemption reserve

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

Capital contribution

Capital contribution represents amounts arising on group debt reorganisation. 

Profit and loss account

Represents all current and prior and loss and does not contain any non-distributable reserves. 


27.


Prior year adjustment

During the period the valuation policy for freehold property was changed from revaluation model of accounting to the cost model. This change aligns the policy with that of the ultimate parent undertaking, which the directors feel provides more relevant and reliable information on property owned by the Group.
In the comparative period, freehold property value was reduced by £7,459,760 to original cost of £4,970,240 with a corresponding reduction in the revaluation reserve of £8,150,182, net of deferred tax of £447,897. Total additional depreciation of £550,476 was charged. To complete the restatement,   depreciation of £1,138,319 for prior years has been recognised in the reserves. This has led to a cumulative restatement of the company and group reserves of £7,562,339 at 31 December 2022.

Page 52

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

28.


Capital commitments




At 31 March 2024 the Group and Company had capital commitments as follows:


Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Contracted for but not provided in these financial statements
3,583,820
911,507
3,583,820
911,507


29.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £840,853 (2022 - £691,728). Contributions totalling £66,210 (2022 - £66,153) were payable to the fund at the balance sheet date and are included in creditors.



Page 53

 
BARCLAY & MATHIESON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

30.


Commitments under operating leases

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


Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Land and buildings

Not later than 1 year
1,250,962
1,560,798
1,164,162
1,398,762

Later than 1 year and not later than 5 years
4,489,947
5,831,197
4,142,747
5,498,580

Later than 5 years
15,812,300
19,601,986
14,720,067
18,579,261

21,553,209
26,993,981
20,026,976
25,476,603

Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Other operating leases

Not later than 1 year
669,937
462,540
642,667
360,955

Later than 1 year and not later than 5 years
1,575,103
557,536
1,533,918
504,324

Later than 5 years
-
608,400
-
-

2,245,040
1,628,476
2,176,585
865,279


31.


Controlling party

During the prior year the entire share capital of the entity was acquired by Marubeni-Itochu Steel Gmbh and Marubeni-Itochu Steel Inc is now the ultimate parent undertaking. 

 
Page 54