ACCOUNTS - Final Accounts

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

Year ended 31 March

Period ended

31 March

Registered number: 00056547

ABRAM PULMAN & SONS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

ABRAM PULMAN & SONS LIMITED

COMPANY INFORMATION

Directors	E Fuji
	T Nonaka
	K Greenwood


Registered number	00056547


Registered office	Walton Street
	Sowerby Bridge
	West Yorkshire
	HX6 1AN


Independent auditors	Sumer Auditco Limited
	14th Floor
	33 Cavendish Square
	London
	W1G 0PW

ABRAM PULMAN & SONS LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 9
Statement of Comprehensive Income	10
Balance Sheet	11 - 12
Statement of Changes in Equity	13
Notes to the Financial Statements	14 - 29

ABRAM PULMAN & SONS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

The directors present their strategic report on the company for the year ended 31 March 2025.
Principal activities
The company's principal activity continues to be that of steel stockholders.

Business review

2024/25 was a challenging year for the company due to a combination of factors:
• Weak demand in the UK construction, engineering and fabrication sectors
• A continued decline in the price of steel, mainly due to low demand and excess production capacity in EU steel mills
• Persistently high interest rates and general inflation in the UK economy
• Continued, above-inflation, increases to the UK minimum wage and the consequential impact on pay differentials
• Deferment of customer decision making brought about by the change of government in the UK
Despite the above the directors are satisfied with the financial results for the year. The company’s business model, particularly its diverse product offering and customer base, together with our agile inventory holding strategy, has allowed us to continue to generate operating profits in a very soft market.
Gross margin for the year of 29.1% was increased from the prior period (15 months to 31st March 2024 – 28.4%) due to rigorous cost control and an increased focus on higher margin products and value-added services. The Net Loss after Tax for the year of £42,703 (2024 (profit) - £430,909) was brought about by a deferred tax charge of £124,309 (2024 deferred tax credit - £2,499). This resulted in Net Assets falling slightly during the year from £6,722,953 to £6,680,250.
As a business we continue to prioritise our service to our customers. Our customers come first in everything we do. Our record on service and quality has been excellent as this underpins our strategic business model and pricing. During the year the business invested £931,881 (2024 - £234,543) in capital expenditure, primarily on plant and machinery to boost production capacity, reduce lead times and widen the customer product offering.
Future developments
Under the ultimate ownership of Marubeni Itochu Steel Inc (MISI) the wider Barclay & Mathieson group, of which the Company is a key strategic component, has set out its main mission stated below:
“To be the leading supplier of quality steel, associated products and innovative services to support sustainable business for our customers and partners as the employer of choice in our sector”
The Barclay & Mathieson group has also set out a clear strategy, six pillar plan and competency framework to ensure success and continued expansion, this includes significant capital investments as described above.
The Group is also focusing on the issue of climate change. During the prior period the business completed the task of calculating Scope 3 emissions giving a full end-to-end carbon per tonne related to the business’s activities. Armed with this data the business can focus on targeted carbon reduction initiatives in the short, medium and long term.

Page 1

ABRAM PULMAN & SONS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Financial risk management objectives and policies

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

This report was approved by the board on 18 August 2025 and signed on its behalf.

K Greenwood

Director

Page 2

ABRAM PULMAN & SONS 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 Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

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

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

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

∙make judgments and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They 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 loss for the year, after taxation, amounted to £42,703 (2024 - profit £430,909).

Directors

The directors who served during the year were:

E Fuji

T Nonaka

K Greenwood

Matters covered in the Strategic Report

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

Page 3

ABRAM PULMAN & SONS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

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

Auditors

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the
Companies Act 2006.

This report was approved by the board on 18 August 2025 and signed on its behalf.

K Greenwood

Director

Page 4

ABRAM PULMAN & SONS LIMITED

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

Opinion

We have audited the financial statements of Abram Pulman & Sons Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 5

ABRAM PULMAN & SONS LIMITED

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

Other information

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

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

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

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

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

Page 6

ABRAM PULMAN & SONS LIMITED

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

Auditors' responsibilities for the audit of the financial statements

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

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

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:

∙the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;

∙the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls);

∙management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and

∙the industry and environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:

∙laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation;

∙the timing of the recognition of commercial income;

∙compliance with legislation relating to health and safety and ISO accreditation 45001;

∙compliance with legislation relating to employment law;

∙management bias in selecting accounting policies and determining estimates;

∙inappropriate journal entries;

∙recoverability of debtors.

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.

Page 7

ABRAM PULMAN & SONS LIMITED

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

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:

∙enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;

∙enquiries with the same concerning any actual or potential litigation or claims;

∙discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;

∙inspection of relevant legal correspondence;

∙assessment of matters reported to management and the result of the subsequent investigation;

∙obtaining an understanding of the relevant controls during the period;

∙obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;

∙review documentation relating to compliance with the regulations relating to health and safety including review of certificates held;

∙challenging assumptions made by management in their specific accounting policies and estimates, in particular relation to purchase accruals and depreciation;

∙identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;

∙accessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;

∙challenging key assumptions made by management;

∙reviewing the financial statements for compliance with the relevant disclosure requirements;

∙performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;

∙reviewing the minutes of Board meetings and correspondence with HMRC;

∙evaluating the underlying business reasons for any unusual transactions; and

∙considered the implementation of controls during the year.

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

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

Page 8

ABRAM PULMAN & SONS LIMITED

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

Use of our report

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

James Hallett (ACA) (Senior Statutory Auditor)

for and on behalf of

Sumer Auditco Limited

Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW

18 August 2025

Page 9

ABRAM PULMAN & SONS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	Year ended 31 March	Period ended 31 March
	2025	2024
Note	£	£


Turnover	4	12,360,642	17,625,683
Cost of sales		(8,760,028)	(12,615,009)
Gross profit		3,600,614	5,010,674
Distribution costs		(2,967,179)	(3,819,379)
Administrative expenses		(559,267)	(549,880)
Other operating income	5	6,307	17,400
Operating profit	6	80,475	658,815
Interest receivable and similar income	9	4,882	-
Interest payable and similar expenses	10	(10,212)	(83,855)
Profit before tax		75,145	574,960
Tax on profit	11	(117,848)	(144,051)
(Loss)/profit for the financial year		(42,703)	430,909

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 14 to 29 form part of these financial statements.

Page 10

ABRAM PULMAN & SONS LIMITED

REGISTERED NUMBER: 00056547

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	12		3,544,661		2,931,862
Investment property	13		75,000		75,000
			3,619,661		3,006,862
Current assets
Stocks	14	1,149,986		1,474,252
Debtors: amounts falling due within one year	15	5,902,898		5,927,277
Cash at bank and in hand	16	1,100,311		1,646,247
		8,153,195		9,047,776
Creditors: amounts falling due within one year	17	(4,497,195)		(4,829,760)
Net current assets			3,656,000		4,218,016
Total assets less current liabilities			7,275,661		7,224,878
Creditors: amounts falling due after more than one year	18		(185,194)		(216,017)
Provisions for liabilities
Deferred tax	20	(410,217)		(285,908)
			(410,217)		(285,908)
Net assets			6,680,250		6,722,953

Page 11

ABRAM PULMAN & SONS LIMITED

REGISTERED NUMBER: 00056547

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Capital and reserves
Called up share capital	21	7,020	7,020
Share premium account	22	188	188
Revaluation reserve	22	974,854	974,854
Capital redemption reserve	22	17,327	17,327
Other reserves	22	200,000	200,000
Profit and loss account	22	5,480,861	5,523,564
		6,680,250	6,722,953

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 August 2025.

K Greenwood

Director

The notes on pages 14 to 29 form part of these financial statements.

Page 12


		ABRAM PULMAN & SONS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Share premium account	Capital redemption reserve	Revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£	£
At 1 January 2023	7,020	188	17,327	974,854	200,000	5,092,655	6,292,044

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

At 1 April 2024	7,020	188	17,327	974,854	200,000	5,523,564	6,722,953

Loss for the year	-	-	-	-	-	(42,703)	(42,703)
At 31 March 2025	7,020	188	17,327	974,854	200,000	5,480,861	6,680,250

The notes on pages 14 to 29 form part of these financial statements.

Page 13

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

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

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The functional and presentational currency is GBP.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Barclay & Mathieson Limited as at 31 March 2025 and these financial statements may be obtained from their registered address, 180 Hardgate Road, Glasgow, Scotland, G51 4TB.

2.3

Going concern

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

Page 14

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Government grants

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

2.6

Interest income

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

2.7

Finance costs

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

2.8

Operating leases

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

Page 15

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

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

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

2.10

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

2.11

Tangible fixed assets

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

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

Page 16

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

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

2.12

Investment property

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

2.13

Stocks

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

2.14

Debtors

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

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.16

Creditors

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

Page 17

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.17

Financial instruments

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

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

Basic financial assets

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

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

Financial liabilities

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

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

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 18

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

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

	Sale of steel stock	12,360,642	17,625,683

All turnover arose within the United Kingdom.

Page 19

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Net rents receivable	3,807	14,275
Government grants receivable	2,500	3,125
	6,307	17,400

Depreciation of tangible fixed assets	284,389	310,419
Other operating lease rentals	46,563	50,639
(Profit)/Loss on disposal of fixed assets	34,693	(203)

Fees payable to the Company's auditors for the audit of the Company's financial statements

25,000

25,450

Page 20

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Wages and salaries	2,391,844	2,726,571
Social security costs	232,570	260,063
Cost of defined contribution scheme	58,248	66,687
	2,682,662	3,053,321

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

	2025	2024
	No.	No.

Production staff	61	55
Administrative staff	15	18
Management	3	3

	79	76

Director remuneration is borne by the parent company.

Other interest receivable

4,882

Page 21

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Bank interest payable	-	101,996
Finance leases and hire purchase contracts	10,212	(18,141)
	10,212	83,855

Corporation tax
Current tax on profits for the year	-	155,000
Adjustments in respect of previous periods	(6,461)	(8,450)

	Deferred tax
	Deferred tax	124,309	(2,499)


	Taxation on profit on ordinary activities	117,848	144,051

Page 22

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

11.Taxation (continued)

Profit on ordinary activities before tax

75,145

574,960

Profit on ordinary activities multiplied by the applicable rate of corporation tax in the UK of 25% (2024 - 23.8%)	18,786	136,840
Effects of:
Expenses not deductible for tax purposes	11,950	(1,789)
Depreciation for period/year in excess of capital allowances	5,748	(622)
Adjustments to tax charge in respect of prior periods	(6,461)	(8,450)
Other differences leading to an (decrease)/increase in the tax charge	-	18,072
Group relief	87,825	-
Total tax charge for the year/period	117,848	144,051

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.	Tangible fixed assets

	Freehold property	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost
At 1 April 2024	2,588,010	2,132,916	824,689	356,506	5,902,121
Additions	44,692	642,257	191,594	53,338	931,881
Disposals	-	(108,035)	-	(147,382)	(255,417)
At 31 March 2025	2,632,702	2,667,138	1,016,283	262,462	6,578,585
Depreciation
At 1 April 2024	850,383	1,252,653	592,509	274,714	2,970,259
Charge for the year on owned assets	49,559	142,572	57,985	34,273	284,389
Disposals	-	(77,284)	-	(143,440)	(220,724)
At 31 March 2025	899,942	1,317,941	650,494	165,547	3,033,924
Net book value
At 31 March 2025	1,732,760	1,349,197	365,789	96,915	3,544,661
At 31 March 2024	1,737,627	880,263	232,180	81,792	2,931,862

Included in freehold property is £480,000 (2024: £480,000) of land which is not depreciated.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Motor vehicles	134,573	196,432
	134,573	196,432

Page 24

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 April 2024	75,000
	At 31 March 2025	75,000

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

14.	Stocks
		2025	2024
		£	£

	Finished goods and goods for resale	1,149,986	1,474,252

15.

Debtors

					2025	2024
					£	£


Trade debtors	2,704,922	2,779,614
Amounts owed by group undertakings	2,944,306	2,944,306
Other debtors	2,068	-
Prepayments and accrued income	139,634	163,660
Tax recoverable	111,968	39,697
	5,902,898	5,927,277

16.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	1,100,311	1,646,247

Page 25

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	2,280,857	2,885,197
Amounts owed to group undertakings	1,768,043	1,609,622
Other taxation and social security	260,947	186,342
Obligations under finance lease and hire purchase contracts	48,754	68,696
Other creditors	3,162	3,530
Accruals and deferred income	135,432	76,373
	4,497,195	4,829,760

Finance leases and hire purchase creditors are secured on the fixed assets to which they relate.

18.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Net obligations under finance leases and hire purchase contracts	85,819	114,142
Government grants received	99,375	101,875
	185,194	216,017

Finance leases and hire purchase creditors are secured on the fixed assets to which they relate.

Within one year	55,957	68,696
Between 1-5 years	90,181	114,142
	146,138	182,838

Page 26

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

20.	Deferred taxation

		2025
		£

	At beginning of year	285,908
	Charge to the profit & loss account	124,309
	At end of year	410,217

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances

410,217

285,908

21.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

804 (2024 - 804) Ordinary A shares shares of £5.00 each	4,020	4,020
200 (2024 - 200) Ordinary B shares shares of £5.00 each	1,000	1,000
200 (2024 - 200) Ordinary C shares shares of £5.00 each	1,000	1,000
200 (2024 - 200) Ordinary D shares shares of £5.00 each	1,000	1,000

	7,020	7,020

All shares rank pari passu with each other and each share class are only entitled to prescribed capital amounts.

22.

Reserves

Share premium account

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

Revaluation reserve

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

Page 27

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

22.Reserves (continued)

Capital redemption reserve

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

Capital contribution

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

Profit and loss account

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

23.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £58,248 (2024 - £66,687). Contributions totaling £3,162 (2024 - £3,530) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	55,224	34,087
Later than 1 year and not later than 5 years	78,535	41,185
	133,759	75,272

25.	Related party transactions
	At the balance sheet date, included within trade debtors is an amount owed by group undertakings of £70,913 (2024 - £40,134). At the balance sheet date, included within trade creditors is an amount owed to group undertakings of £219,949 (2024 - £265,687).

Page 28

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

26.	Post balance sheet events

On 24 June 2025, the company completed a capital reduction of the share premium, capital redemption reserve and other reserves. While each of these reserves were reduced to £Nil there was a combined increase in the profit and loss account of £217,515.
On 1 July 2025, the company completed a hive up of its trade, assets and liabilities to Barclay and Mathieson Limited. After the hive up was completed Abram Pulman and Sons Limited ceased trading.

27.	Controlling party

The immediate parent undertaking of the company is Breal Capital (Pulman) Holdings Limited, which is registered in England and Wales.
The share capital of Barclay & Mathieson Limited, the parent company of Breal Capital (Pulman) Holdings Limited, is held by Marubeni-Itochu Steel Europe Gmbh.
The ultimate parent undertaking is Marubeni-Itochu Steel Inc, parent company of Marubeni- Itochu Steel Europe Gmbh.

Page 29