FOR THE PERIOD ENDED 31 MARCH 2024
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BARCLAY & MATHIESON LIMITED
COMPANY INFORMATION
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BARCLAY & MATHIESON LIMITED
CONTENTS
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BARCLAY & MATHIESON LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
The directors submit their annual Strategic Report of the Group for the period ended 31 March 2024.
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.
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BARCLAY & MATHIESON LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
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:
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BARCLAY & MATHIESON LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
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.
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BARCLAY & MATHIESON LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
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.
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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.
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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.
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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.
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.
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 2006. They 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.
The profit for the period, after taxation, amounted to £3,901,425 (2022 - £12,898,984 as restated).
The directors who served during the period were:
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.
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BARCLAY & MATHIESON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
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.
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.
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BARCLAY & MATHIESON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
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.
There have been no significant events affecting the Group since the year end.
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
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BARCLAY & MATHIESON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCLAY & MATHIESON LIMITED
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 policies. The 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).
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.
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)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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BARCLAY & MATHIESON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCLAY & MATHIESON LIMITED (CONTINUED)
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.
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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
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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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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BARCLAY & MATHIESON LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
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BARCLAY & MATHIESON LIMITED
REGISTERED NUMBER: SC030987
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.
The notes on pages 26 to 54 form part of these financial statements.
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BARCLAY & MATHIESON LIMITED
REGISTERED NUMBER: SC030987
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 26 to 54 form part of these financial statements.
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BARCLAY & MATHIESON LIMITED
REGISTERED NUMBER: SC030987
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
Page 20
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
Page 21
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
Page 22
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BARCLAY & MATHIESON LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 23
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BARCLAY & MATHIESON LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
Page 24
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BARCLAY & MATHIESON LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2024
Page 25
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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
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:
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.
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
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
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:
Page 27
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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:
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.
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
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
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. 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 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
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
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
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (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.
Functional and presentation currency
Transactions and balances
Page 31
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
Page 32
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
Page 33
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Analysis of turnover by country of destination:
Page 35
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 36
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 37
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 38
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 39
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
Page 40
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 41
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
13.Intangible assets (continued)
Page 42
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 43
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
14.Tangible fixed assets (continued)
Page 44
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
14.Tangible fixed assets (continued)
Page 45
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
14.Tangible fixed assets (continued)
Page 46
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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.
Page 47
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 48
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Detail of the security over creditors falling due after more than one year are as outlined in note 20.
Page 49
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 50
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 51
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Capital redemption reserve
Capital contribution
Profit and loss account
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
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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
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BARCLAY & MATHIESON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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
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