Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312024-05-152024-05-152024-05-152025-03-312024-04-01falseNo description of principal activity00truefalsefalse 01241058 2024-04-01 2025-03-31 01241058 2025-03-31 01241058 2023-04-01 2024-03-31 01241058 2024-03-31 01241058 c:CompanySecretary1 2024-04-01 2025-03-31 01241058 c:Director2 2024-04-01 2025-03-31 01241058 c:Director2 2025-03-31 01241058 c:Director3 2024-04-01 2025-03-31 01241058 c:Director3 2025-03-31 01241058 c:RegisteredOffice 2024-04-01 2025-03-31 01241058 c:Agent1 2024-04-01 2025-03-31 01241058 d:CurrentFinancialInstruments 2025-03-31 01241058 d:CurrentFinancialInstruments 2024-03-31 01241058 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 01241058 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01241058 d:ShareCapital 2025-03-31 01241058 d:ShareCapital 2024-03-31 01241058 d:SharePremium 2025-03-31 01241058 d:SharePremium 2024-03-31 01241058 d:RetainedEarningsAccumulatedLosses 2025-03-31 01241058 d:RetainedEarningsAccumulatedLosses 2024-03-31 01241058 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-04-01 2025-03-31 01241058 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2025-03-31 01241058 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 01241058 c:FRS102 2024-04-01 2025-03-31 01241058 c:Audited 2024-04-01 2025-03-31 01241058 c:FullAccounts 2024-04-01 2025-03-31 01241058 c:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 01241058 e:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure
Company registration number: 01241058







DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025


EDGEN MURRAY EUROPE LIMITED






































img2447.png                        

 
EDGEN MURRAY EUROPE LIMITED
 
 
COMPANY INFORMATION


Director
T Hattori (appointed 15 May 2024)




Company secretary
S Aikawa



Registered number
01241058



Registered office
Vintners Place
Upper Thames Street

London

EC4V 3BJ




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

4th Floor

95 Gresham Street

London

EC2V 7AB




Bankers
HSBC
8 Canada Square

London

E14 5HQ




Solicitors
Brodies LLP
15 Atholl Crescent

Edinburgh

EH3 8HA





 
EDGEN MURRAY EUROPE LIMITED
 

CONTENTS



Page
Directors report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Notes to the financial statements
9 - 15




 
EDGEN MURRAY EUROPE LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The Directors present their report and the financial statements for the year ended 31 March 2025.

Directors responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

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

Directors

The Directors who served during the year were:

T Hattori (appointed 15 May 2024)
M Nakagaki (resigned 15 May 2024)

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Auditor

The auditor, Menzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 1

 
EDGEN MURRAY EUROPE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

This report was approved by the board on 26 August 2025 and signed on its behalf.
 





T Hattori
Director

Page 2

 
EDGEN MURRAY EUROPE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDGEN MURRAY EUROPE LIMITED
 

Opinion


We have audited the financial statements of Edgen Murray Europe Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 March 2025 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 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.


Emphasis of matter - financial statements prepared on a basis other than going concern


We draw attention to Note 2.2 to the financial statements which explains that the directors intend to wind down the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements.


Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.


Our opinion is not modified in respect of this matter.


Other information


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


We have nothing to report in this regard.


Page 3

 
EDGEN MURRAY EUROPE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDGEN MURRAY EUROPE LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 4

 
EDGEN MURRAY EUROPE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDGEN MURRAY EUROPE LIMITED (CONTINUED)


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.


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:

The company is subject to laws and regulations that directly affect the financial statements including financial reporting  legislation. We determined that the following laws and regulations were most significant including:
 
The Companies Act 2006
Financial Reporting Standard 102
UK tax legislation

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
Posting of unusual journals and complex transactions; or
The use of management override of controls to manipulate results, or to cause the company to enter into transactions
not in its best interest.

As a result of the above, the audit procedures performed by the engagement team included:
 
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or
other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.






 

Page 5

 
EDGEN MURRAY EUROPE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDGEN MURRAY EUROPE LIMITED (CONTINUED)



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.





Andrew Wooding FCA (Senior statutory auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
4th Floor
95 Gresham Street
London
EC2V 7AB

27 August 2025
Page 6

 
EDGEN MURRAY EUROPE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

  

Administrative expenses
  
(105,494)
68,076

Other operating income
  
-
2,278,544

Operating (loss)/profit
  
(105,494)
2,346,620

Gain on disposal of subsidiary
  
301,916
-

Income from fixed asset investments
  
450,352
171,912

Impairment charge
  
(450,352)
-

Profit before tax
  
196,422
2,518,532

Tax on profit
  
11,152
(136,350)

Profit for the financial year
  
207,574
2,382,182

Other comprehensive income for the year
  

Total comprehensive income for the year
  
207,574
2,382,182

The notes on pages 9 to 15 form part of these financial statements.

Page 7

 
EDGEN MURRAY EUROPE LIMITED
REGISTERED NUMBER: 01241058

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

2025
2024
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
4,080
489,688

Current asset investments
  
2,368,830
2,819,182

Bank and cash balances
  
1,261,956
830,765

  
3,634,866
4,139,635

Creditors: amounts falling due within one year
 6 
(56,614)
(701,113)

Net current assets
  
 
 
3,578,252
 
 
3,438,522

Total assets less current liabilities
  
3,578,252
3,438,522

Provisions for liabilities
  

Other provisions
 7 
(437,704)
(505,548)

  
 
 
(437,704)
 
 
(505,548)

Net assets
  
3,140,548
2,932,974


Capital and reserves
  

Called up share capital 
  
12,757,307
12,757,307

Share premium account
  
13,632,247
13,632,247

Profit and loss account
  
(23,249,006)
(23,456,580)

  
3,140,548
2,932,974


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 August 2025.




T Hattori
Director

The notes on pages 9 to 15 form part of these financial statements.

Page 8

 
EDGEN MURRAY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Edgen Murray Europe Limited is a private company, limited by shares, registered in England and Wales. The address of the registered office is Vintners' Place, Upper Thames Street, London, EC4V 3BJ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

As of 24 March 2021, the strategic decision was made by Sumitomo Corporation to move forward with a detailed and formal plan to wind down Edgen Murray Europe operations. The wind-down decision entailed an immediate cessation of new business origination and commencing of consultation procedures to terminate employees whose roles have been made redundant. Under the wind-down plan Edgen Murray Europe continued to execute existing backlog of contracts on a business as usual basis and as these were wound down it reduced its fixed cost base accordingly.
All contracts have now been completed subject to the expiration of relevant warranty periods and as the directors do not intend to conduct a replacement trade, the financial statements have been prepared on a basis other than that of going concern.
In the financial statements all assets and liabilities have been classified as current and that the assets have been recorded at their estimated realisable value.

Page 9

 
EDGEN MURRAY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

  
2.3

Foreign currencies

Transactions in foreign currencies are translated to the functional currency of the company at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the profit and loss account. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign cun-encies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined.

  
2.4

Recognition, classification, initial and subsequent measurement of financial instruments issued by the company

Financial instruments issued by the company are treated as equity (i.e. forming part of shareholder funds) only to the extent that they meet the following two conditions:
a) they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and
b) where the instrument will or may be settled in the company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.
Finance payments associated with financial liabilities are dealt with as part of interest payable and similar expenses. Finance payments associated with financial instruments that are classified as part of shareholder funds (see dividends policy), are dealt with as appropriations in the reconciliation of movements in shareholder funds.
Non-derivative financial instruments
Non-derivative financial instruments comprise investments in equity, trade and other debtors, cash and cash equivalents, loans and borrowings, and trade and other creditors.
Trade and other debtors
Trade and other debtors are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.
Trade and other creditors
Trade and other creditors are recognised initially at fair value plus attributable transition costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair value plus attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.
 
Page 10

 
EDGEN MURRAY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

Investments
Investments are stated at cost less any provision for impairment. 

  
2.5

Employee benefits

A defined contribution plan is a post-employment benefit under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contributions pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

  
2.6

Provisions

A provision is recognised in the balance sheet when the company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

  
2.7

Revenue

Revenue comprises the value of goods and services supplied in the normal course of business, net of discounts, rebates, VAT and similar taxes. Revenue from the sale of goods and services is recognised when the company has transferred control of the goods and services to the customer, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the company. The directors have reviewed the markets for which the company operates, and have determined that the company operates primarily in Europe and the Rest of the World.
The company's renewable agreements with customers may contain complex terms or separately identifiable
performance obligations outside delivering product to customers. Revenue is recognised when the performance obligation is met.
The warranties offered in the contracts are protective warranties given to the customer, also these warranties provided to customers are back-to-back with the warranty that Edgen Murray obtains from its suppliers. These warranties protect the customer against non-functional product. These are the standard warranties offered in the industry. No additional revenue was recognised against this standard warranty offered.

  
2.8

Interest receivable and interest payable

Financing expenses comprises interest payable and finance leases recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy). Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be prepared for use, are capitalised as part of the cost of that asset. Financing income comprises interest receivable on funds invested, dividend income, and net foreign exchange gains.
Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in the profit and loss account on the date the entity's right to receive payments is established. Foreign currency gains and losses are reported on a net basis.

Page 11

 
EDGEN MURRAY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

  
2.9

Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised or where it is probable that the company will be paid to surrender its losses by a fellow group undertaking.

  
2.10

Accounting estimates and judgements

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. Due to the nature of estimation, the actual outcomes may well differ from these estimates.
Significant judgements
Judgements are made in assessing whether provisions should be recognised in the financial statements, since there can be subjectivity over whether an individual provision is probable.
Key sources of estimation uncertainty
Fair value estimation
The carrying values of investments, trade creditors, trade debtors and stocks less impairment provisions are assumed to approximate their fair values.
Recoverability of debtors
Trade debtors are assessed for recoverability and appropriate provisions are put in place where necessary after management have considered all available sources of information.
Provisions
During the year to 31 March 2021, Sumitomo Corporation announced the wind down of the Edgen Murray Europe operations. Provisions relate to the directors best estimate of the wind down costs.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2024 - 0).

Page 12

 
EDGEN MURRAY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

4.


Debtors

2025
2024
£
£


Trade debtors
-
12,590

Other debtors
4,080
477,098

4,080
489,688



5.
Current asset investments


Investment in subsidiary companies
Total

£
£

Cost and net book value

At 1 April 2024
2,819,182
2,819,182

Impairment 
(450,352)
(450,352)

At 31 March 2025
2,368,830
2,368,830



Subsidiary undertakings
The following were subsidiary undertakings of the company:


Name
Country of incorporation
Principal activity
Holding

Edgen Murray Pte Limited
Singapore
Steel stockholding and trading
100%

Edgen Murray GmbH
Austria
Steel trading
100%

Edgen Murray Australia Pty Limited*
Australia
Steel trading
100%

*Indirectly held via Edgen Murray Pte Limited holding 99.999% and Edgen Murray Europe Limited holding 0.001%. The company went into liquidation in December 2023.

Page 13

 
EDGEN MURRAY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

6.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
2,635
4,795

Amounts owed to group undertakings
-
609,361

Accruals and deferred income
53,979
86,957

56,614
701,113



7.


Provisions





Winding down provision

£





At 1 April 2024
505,548


Utilised in year
(67,844)



At 31 March 2025
437,704

Provisions relate to the wind down of the Edgen Murray Europe operations and are calculated as the best estimate as at each reporting date. Following cessation of all trading activities during the year ended 31 March 2023, the provision relates entirely to activities associated with the wind down of the business. Management has performed a detailed exercise to budget for the remaining costs of the business, from the balance sheet date through to the expected cessation of operations. Under FRS 102, costs that were determined to be incremental to the decision to cease trading have been provided for.
Wind down costs provision (including restructuring costs)
The winding down provision comprises a restructuring costs provision representing an estimate of the costs of wind down services needed, primarily those costs related to the steps necessary to prepare the company for the appointment of an authorised liquidator and the costs of liquidation. 
The initial provision was based on reports prepared by Teneo who last updated their report at March 2022.  There have been no significant changes in the approach or cost expectations since then.
The key uncertainties in determining the amount of the provision include:
• the extent to which legal advice is needed in respect of the liquidation process and contract issues;
• the extent to which liquidator fees are impacted due to unforeseen issues arising with the liquidation such as known creditors not settled prior to liquidation; additional creditor claims; warranty issues; balance sheets not tidied up prior to elimination processes; and liquidation processes not concluded by the assumed date of liquidation.
The provision is expected to be utilised over the period of dormancy.

Page 14

 
EDGEN MURRAY EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

8.


Parent undertaking

At the balance sheet date, the company was wholly owned by Pipe Acquisition Limited (immediate parent company).
The directors consider Sumitomo Corporation, a Japanese listed company, to be the ultimate parent undertaking at the balance sheet date. The largest group in which the results of the company are consolidated is that headed by that ultimate parent undertaking whose principal place of business is at Harumi Island Triton Square Office Tower Y 8-11, Harumi 1-chome, Chuo-ku, Tokyo, 104-8610. Copies of the consolidated financial statements of Sumitomo Corporation can be obtained from www.sumitomocorp.co.jp/english. 

 
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