Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-31The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. The Company operates a define contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents the contributions payable by the Company to the fund and amounted to £75,359 (2023: £96,471). At the year end date, contributions totalling £57,487 were payable to the fund (2023: £56,388). This is included within creditors on the statement of financial position.Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.The Company 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 Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables 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. Other financial instruments Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the Statement of Comprehensive Income. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.504015775At 31 December 2024 the Company's immediate parent undertaking, for which group accounts were prepared, was Buhlmann Beheer BV, incorporated in the Netherlands, by virtue of its 100% shareholding of the ordinary share capital of the Company. This was the smallest group for which group accounts were prepared. Group accounts are available from Jan van der Hejidenstraat 13, 3261 LE Oud-Beijerland, The Netherlands. At 31 December 2024 the Company's ultimate parent company and ultimate controlling party of the Company was Buhlmann International GmbH, a company incorporated in Germany. This was the largest group for which group accounts were prepared. Group accounts are available from Jan-Oliver Buhlmann 1 Arberger Hafendamm, Bremen, 28309, Germany.9truefalse92024-01-01falsefalse 04451844 2024-01-01 2024-12-31 04451844 2023-01-01 2023-12-31 04451844 2024-12-31 04451844 2023-12-31 04451844 2023-01-01 04451844 1 2024-01-01 2024-12-31 04451844 1 2023-01-01 2023-12-31 04451844 5 2024-01-01 2024-12-31 04451844 5 2023-01-01 2023-12-31 04451844 d:Director1 2024-01-01 2024-12-31 04451844 d:Director2 2024-01-01 2024-12-31 04451844 d:RegisteredOffice 2024-01-01 2024-12-31 04451844 d:Agent1 2024-01-01 2024-12-31 04451844 e:Buildings 2024-01-01 2024-12-31 04451844 e:Buildings 2024-12-31 04451844 e:Buildings 2023-12-31 04451844 e:FurnitureFittings 2024-01-01 2024-12-31 04451844 e:FurnitureFittings 2024-12-31 04451844 e:FurnitureFittings 2023-12-31 04451844 e:OfficeEquipment 2024-01-01 2024-12-31 04451844 e:OfficeEquipment 2024-12-31 04451844 e:OfficeEquipment 2023-12-31 04451844 e:CurrentFinancialInstruments 2024-12-31 04451844 e:CurrentFinancialInstruments 2023-12-31 04451844 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 04451844 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 04451844 f:UnitedKingdom 2024-01-01 2024-12-31 04451844 f:UnitedKingdom 2023-01-01 2023-12-31 04451844 f:RestEuropeOutsideUK 2024-01-01 2024-12-31 04451844 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 04451844 f:RestWorldOutsideUK 2024-01-01 2024-12-31 04451844 f:RestWorldOutsideUK 2023-01-01 2023-12-31 04451844 e:UKTax 2024-01-01 2024-12-31 04451844 e:UKTax 2023-01-01 2023-12-31 04451844 e:ShareCapital 2024-01-01 2024-12-31 04451844 e:ShareCapital 2024-12-31 04451844 e:ShareCapital 2023-01-01 2023-12-31 04451844 e:ShareCapital 2023-12-31 04451844 e:ShareCapital 2023-01-01 04451844 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04451844 e:RetainedEarningsAccumulatedLosses 2024-12-31 04451844 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04451844 e:RetainedEarningsAccumulatedLosses 2023-12-31 04451844 e:RetainedEarningsAccumulatedLosses 2023-01-01 04451844 d:OrdinaryShareClass1 2024-01-01 2024-12-31 04451844 d:OrdinaryShareClass1 2024-12-31 04451844 d:OrdinaryShareClass1 2023-12-31 04451844 d:FRS102 2024-01-01 2024-12-31 04451844 d:Audited 2024-01-01 2024-12-31 04451844 d:FullAccounts 2024-01-01 2024-12-31 04451844 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04451844 1 2024-01-01 2024-12-31 04451844 e:WithinOneYear 2024-12-31 04451844 e:WithinOneYear 2023-12-31 04451844 e:BetweenOneFiveYears 2024-12-31 04451844 e:BetweenOneFiveYears 2023-12-31 04451844 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04451844 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04451844 g:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure



















Buhlmann UK Limited

Registered number: 04451844
Annual report and financial statements
For the year ended 31 December 2024

 
BUHLMANN UK LIMITED
 
 
COMPANY INFORMATION


Directors
Graham A Smith 
Buhlmann Beheer BV 




Registered number
04451844



Registered office
Unit 12
Glebe Farm Industrial Estate

Glebe Farm Road

Rugby

CV21 1GQ




Independent auditors
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

2 Chamberlain Square

Birmingham

B3 3AX




Bankers
Rabobank
Blaak 333

3011 GB

The Netherlands





 
BUHLMANN UK LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 26


 
BUHLMANN UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present the Strategic Report and the financial statements for the year ended 31 December 2024.

Business review
 
The principal activity of the Company during the year was to act as a general trader of goods, principally steel and other metal products, supplied from Group stocks or directly from mills or other distributors.
We are very satisfied with our results, the reduction in Turnover compared to previous year was as a result of two factors, the timing of order bookings and several major orders that were planned for realisation in 2024 but were shifted at client request to delivery in 2025. We recorded our highest ever order book at almost £18 million. Average margins remained at acceptable levels in spite of economic and market pressure, and we retained a strong balance sheet. 
Our Group continued in earnest with its planned “expansion by acquisition” strategy.  In a major step forward we welcomed the international pipe support manufacturer Lisega, into our Group, as well as several new entities in strategic regions such as  North America.
These acquisitions bring additional market opportunities and operational synergies.
Business Outlook
Buhlmann UK are firmly established in the UK market, with ongoing contracts in place, guaranteeing significant future revenue. Our Group continues to develop and expand our stock range, holding one of the largest inventories of pipes, fittings, flanges, valves and ancillaries in Europe, all from premium manufacturers.
Our Group further expanded its operational capabilities with the installation of another state-of-the-art automated pipe storage system along with multiple investments in new machinery and AI driven systems. We continue to invest in sustainable processes resulting in year-on-year reductions of our carbon footprint.
We wish to express thanks to all company employees for their continuing support on our journey, and of course much gratitude to our clients and suppliers. We see a very positive future.

Principal risks and uncertainties
 
The Company’s activities expose it to a number of financial risks including credit risk, cash flow risk, liquidity risk and impairment risk.
Credit risk
The Company’s principal financial assets are bank balances and other receivables. The company’s credit risk is primarily attributed to its receivables. The company takes out credit insurance that provides cover for the majority of its receivables balances.
Cash flow risk
The Company is exposed partially to the financial risks of changes in foreign currency exchange rates. This is primarily related to receivables and is, in part, mitigated by amounts purchased from suppliers that provide natural hedging of currency balances.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long-term and short-term debt finance.
Impairment risk
The Company is aware of its future activities, profitability and cash flow generation and reviews this regularly giving consideration to the value at which it holds its assets.

- 1 -

 
BUHLMANN UK LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators

The directors consider the following metrics as financial key performance indicators:
- Turnover - £10,782,156
- Gross profit - £1,914,158
- Gross profit % - 17.8%
- Operating profit - £860,008
- Net assets - £3,542,817


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



................................................
Graham A Smith
Director

Date: 12 June 2025

- 2 -

 
BUHLMANN UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

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

Results and dividends

The profit for the year, after taxation, amounted to £579,472 (2023: £888,313).

Dividends of £846,376 were declared during the year (2023: £Nil).

Directors

The Directors who served during the year were:

Graham A Smith 
Buhlmann Beheer BV 

- 3 -

 
BUHLMANN UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Economic impact of global events

UK businesses are currently facing many uncertainties such as the consequences of environmental sustainability and geopolitical events such as the Russian invasion of Ukraine and the introduction of US tariffs. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. 
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Qualifying third party indemnity provisions

The Company maintains liability insurance for its Directors and officers against liabilities which Directors or officers may incur personally as a consequence of claims made against them alleging breach of duty or unlawful acts or omissions in their capacity as a director or officer. The liability insurance was in place as at 31 December 2024 and up to the date of the signing report.

Disclosure of information to auditors

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

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

Post balance sheet events

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

Auditors

The auditorsForvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.


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





................................................
Graham A Smith
Director

Date: 12 June 2025

- 4 -

 
BUHLMANN UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUHLMANN UK LIMITED
 

Opinion

We have audited the financial statements of Buhlmann UK Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 December 2024 and of its profit for the year 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Strategic Report and the Directors' Report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Strategic Report and the Directors' 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.
- 5 -

 
BUHLMANN UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUHLMANN UK LIMITED
 

Other information (continued)
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

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

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

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
 
- 6 -

 
BUHLMANN UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUHLMANN UK LIMITED
 

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 
 
In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
- 7 -

 
BUHLMANN UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUHLMANN UK LIMITED
 

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 auditor’s report.

Use of the audit report

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




Paul Kurowski (Senior Statutory Auditor)  
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
2 Chamberlain Square
Birmingham
B3 3AX

12 June 2025
- 8 -

 
BUHLMANN UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,782,156
15,762,132

Cost of sales
  
(8,867,998)
(13,382,613)

Gross profit
  
1,914,158
2,379,519

Administrative expenses
  
(1,054,150)
(1,116,733)

Operating profit
 5 
860,008
1,262,786

Interest payable and similar expenses
 8 
(86,235)
(93,636)

Profit before tax
  
773,773
1,169,150

Tax on profit
 9 
(194,301)
(280,837)

Profit for the financial year
  
579,472
888,313

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £Nil).

- 9 -

 
BUHLMANN UK LIMITED
REGISTERED NUMBER: 04451844

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
242,256
247,389

  
242,256
247,389

Current assets
  

Stocks
 11 
142,510
227,388

Debtors: amounts falling due within one year
 12 
4,217,375
5,320,712

Cash at bank and in hand
 13 
493,667
1,032,833

  
4,853,552
6,580,933

Creditors: amounts falling due within one year
 14 
(1,544,795)
(3,011,672)

Net current assets
  
 
 
3,308,757
 
 
3,569,261

Total assets less current liabilities
  
3,551,013
3,816,650

Provisions for liabilities
  

Deferred tax
 15 
(8,196)
(6,929)

  
 
 
(8,196)
 
 
(6,929)

Net assets
  
3,542,817
3,809,721


Capital and reserves
  

Called up share capital 
 16 
1
1

Profit and loss account
 17 
3,542,816
3,809,720

  
3,542,817
3,809,721


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Graham A Smith
Director

Date: 12 June 2025

The notes on pages 14 to 26 form part of these financial statements.

- 10 -

 
BUHLMANN UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
1
2,921,407
2,921,408



Profit for the year
-
888,313
888,313
Total comprehensive income for the year
-
888,313
888,313



At 1 January 2024
1
3,809,720
3,809,721



Profit for the year
-
579,472
579,472
Total comprehensive income for the year
-
579,472
579,472


Contributions by and distributions to owners

Dividends: Equity capital
-
(846,376)
(846,376)


At 31 December 2024
1
3,542,816
3,542,817


The notes on pages 14 to 26 form part of these financial statements.

- 11 -

 
BUHLMANN UK LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
579,472
888,313

Adjustments for:

Depreciation of tangible assets
7,336
10,150

Interest paid
86,235
68,281

Taxation charge
194,301
280,837

Decrease in stocks
84,878
58,472

Decrease in debtors
1,363,066
94,804

(Increase) in amounts owed by groups
(273,032)
(787,221)

(Decrease)/increase in creditors
(1,358,468)
1,039,863

(Decrease) in amounts owed to groups
(97,756)
(1,188,231)

Corporation tax (paid)
(190,384)
(274,669)

Net cash generated from operating activities

395,648
190,599


Cash flows from investing activities

Purchase of tangible fixed assets
(2,203)
(2,475)

Net cash from investing activities

(2,203)
(2,475)

Cash flows from financing activities

Dividends paid
(846,376)
-

Interest paid
(86,235)
(68,281)

Net cash used in financing activities
(932,611)
(68,281)

Net (decrease)/increase in cash and cash equivalents
(539,166)
119,843

Cash and cash equivalents at beginning of year
1,032,833
912,990

Cash and cash equivalents at the end of year
493,667
1,032,833


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
493,667
1,032,833

493,667
1,032,833


The notes on pages 14 to 26 form part of these financial statements.

- 12 -

 
BUHLMANN UK LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,032,833

(539,166)

493,667

Debt due within 1 year

-

-

-


1,032,833
(539,166)
493,667

The notes on pages 14 to 26 form part of these financial statements.

- 13 -

 
BUHLMANN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Buhlmann UK Limited is a private company limited by shares, incorporated in England and Wales and domiciled in England. The address of its registered office and principal place of business is Unit 12, Glebe Farm Industrial Estate, Glebe Farm Road, Rugby, CV21 1GQ.
The principal activity of the Company during the year was to act as a general trader of goods, principally steel and other metal products, supplied from Group stocks or directly from mills or other distributors. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Sterling, which is considered to be the functional currency of the company, and are rounded to the nearest £1.
The following principal accounting policies have been applied: 

 
2.2

Going concern

The financial statements have been prepared on a going concern basis.
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least twelve months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.
Buhlmann UK Limited is cash generative and profitable with a net current asset and net asset position on its Statement of Financial Position. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, and that there are no material uncertainties that lead to significant doubt regarding the Company’s ability to continue as a going concern. Thus, the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

- 14 -

 
BUHLMANN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency
The company's functional 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 the Income Statement 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 Statement of Comprehensive Income within Interest payable and similar expenses. 

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue created from the sale of steel is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Sale of goods

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

 
2.5

Operating leases

Rentals paid under operating leases are charged to the Statement of Comprehensive Income 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.

- 15 -

 
BUHLMANN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.6

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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 reporting date in the countries where the Company operates and generates income.

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

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

 
2.8

Tangible fixed assets

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

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

- 16 -

 
BUHLMANN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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.

Depreciation is provided on the following basis:

Freehold property
-
2% - 19% straight line
Fixtures and fittings
-
10-25% straight line
Office equipment
-
10-25% straight line

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 the Statement of Comprehensive Income.

 
2.9

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.

 
2.10

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.

 
2.11

Cash and cash equivalents

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

In the 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 Company's cash management.

 
2.12

Creditors

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

- 17 -

 
BUHLMANN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to the Statement of Comprehensive Income.

 
2.14

Financial instruments

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

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

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

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

- 18 -

 
BUHLMANN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables 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.

Other financial instruments

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the Statement of Comprehensive Income. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

- 19 -

 
BUHLMANN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. 
Management confirm that there are no judgements, estimates or assumptions that have have been made in these financial statements that have a material impact.
 

4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
10,378,417
14,873,907

Rest of Europe
19,657
509,173

Rest of the world
384,082
379,052

10,782,156
15,762,132


The whole of the turnover is attributable to the company's principal activity.


5.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation
7,336
10,150

Other operating lease rentals
57,515
51,259

Defined contribution pension costs
75,359
96,472

Fees payable to the companies auditor for audit related services
27,500
26,400

- 20 -

 
BUHLMANN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

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


2024
2023
£
£

Wages and salaries
441,604
450,397

Social security costs
49,135
48,522

Cost of defined contribution scheme
75,359
96,472

566,098
595,391


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales and administration
9
9


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
110,000
103,200

Company contributions to defined contribution pension schemes
43,250
45,480

153,250
148,680



8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
22,015
27,492

Other interest payable
-
49

Intercompany interest
64,220
66,095

86,235
93,636

- 21 -

 
BUHLMANN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
187,961
291,308

Adjustments in respect of previous periods
(8,785)
(10,471)


179,176
280,837


Total current tax
179,176
280,837

Deferred tax


Origination and reversal of timing differences
1,267
-

Adjustments in respect of prior periods
13,858
-

Total deferred tax
15,125
-


Taxation on profit on ordinary activities
194,301
280,837

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
773,773
1,169,150


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
193,443
274,984

Effects of:


Expenses not deductible for tax purposes
4,603
549

Adjustments to tax charge in respect of prior periods - current tax
(8,785)
(10,471)

Adjustments to tax charge in respect of prior periods - deferred tax
13,858
-

Fixed asset differences
1,549
2,020

Deferred tax not recognised
(10,367)
13,755

Total tax charge for the year
194,301
280,837

- 22 -

 
BUHLMANN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Tangible fixed assets





Freehold property
Office equipment
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 January 2024
339,228
26,512
4,201
369,941


Additions
2,203
-
-
2,203



At 31 December 2024
341,431
26,512
4,201
372,144



Depreciation


At 1 January 2024
92,277
26,074
4,201
122,552


Charge for the year on owned assets
6,898
438
-
7,336



At 31 December 2024
99,175
26,512
4,201
129,888



Net book value



At 31 December 2024
242,256
-
-
242,256



At 31 December 2023
246,951
438
-
247,389


11.


Stocks

2024
2023
£
£

Raw materials and finished goods
142,510
227,388


The stock balance is stated after provisions of £Nil (2023: £Nil).



12.


Debtors

2024
2023
£
£


Trade debtors
1,566,464
2,885,701

Amounts owed by group undertakings
2,550,770
2,277,738

Other debtors
76,525
154,511

Prepayments and accrued income
23,616
2,762

4,217,375
5,320,712


- 23 -

 
BUHLMANN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.Debtors (continued)

Trade debtors above are shown net of provisions totalling £Nil (2023: £Nil).
Amounts owed by group undertakings are unsecured, not-interest bearing and payable on demand under normal trading terms.


13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
493,667
1,032,833



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
300,548
970,976

Amounts owed to group undertakings
786,016
883,772

Corporation tax
-
10,653

Other taxation and social security
292,236
1,028,915

Other creditors
79,737
86,638

Accruals and deferred income
86,258
30,718

1,544,795
3,011,672


Amounts owed to group undertakings are unsecured, not-interest bearing and payable on demand under normal trading terms.


15.


Deferred taxation




2024


£






At beginning of year
(6,929)


Charged to the Statement of Comprehensive Income
(1,267)



At end of year
(8,196)

- 24 -

 
BUHLMANN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
15.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(8,196)
(6,929)

(8,196)
(6,929)


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



17.


Reserves

Profit and loss account

The profit and loss account represents cumulative gains and losses, net of dividends paid.


18.


Pension commitments

The Company operates a define contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents the contributions payable by the Company to the fund and amounted to £75,359 (2023: £96,471). At the year end date, contributions totalling £57,487 were payable to the fund (2023: £56,388). This is included within creditors on the statement of financial position.


19.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
45,016
32,445

Later than 1 year and not later than 5 years
76,647
52,336

121,663
84,781

- 25 -

 
BUHLMANN UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.Charges

Cooperatieve Rabobank Rotterdam U.A. holds three charges on the Company. These charges contain fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery.


21.


Related party transactions

The Company has taken advantage of the exemption under FRS 102 "Related Party Disclosures" not to disclose related party transactions between companies which are 100% owned by the ultimate parent company.
There are no other related parties other than those which are 100% owned by the ultimate parent company.
The spouse of the managing director, Graham Smith, is employed by the Company under normal commercial conditions. During the year they received a gross salary of £33,100 (2023: £33,630) and employers' pension contributions of £4,965 (2023: £4,820).


22.


Post balance sheet events

There were no adjusting or non-adjusting events affecting the company following the year end. 


23.


Controlling party

At 31 December 2024 the Company's immediate parent undertaking, for which group accounts were prepared, was Buhlmann Beheer BV, incorporated in the Netherlands, by virtue of its 100% shareholding of the ordinary share capital of the Company. This was the smallest group for which group accounts were prepared. Group accounts are available from Jan van der Hejidenstraat 13, 3261 LE Oud-Beijerland, The Netherlands. 

At 31 December 2024 the Company's ultimate parent company and ultimate controlling party of the Company was Buhlmann International GmbH, a company incorporated in Germany. This was the largest group for which group accounts were prepared. Group accounts are available from Jan-Oliver Buhlmann 1 Arberger Hafendamm, Bremen, 28309, Germany.

- 26 -