ACCOUNTS - Final Accounts

Operating (loss)/profit

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

As restated

Registered number: 00056547

ABRAM PULMAN & SONS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

ABRAM PULMAN & SONS LIMITED

COMPANY INFORMATION

Directors	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
Directors' Report	2 - 3
Independent Auditors' Report	4 - 7
Statement of Comprehensive Income	8
Balance Sheet	9 - 10
Statement of Changes in Equity	11
Notes to the Financial Statements	12 - 25

ABRAM PULMAN & SONS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

Introduction

The directors present their strategic report on the company for the year ended 31 March 2026.

Principal activities

The Company's principal activity was that of steel stockholders. On 1 July 2025 the Company’s ultimate parent company in the UK, Barclay & Mathieson Limited, undertook a simplification of its group structure and consequently the trade and assets of Abram Pulman & Sons Limited were hived up to Barclay & Mathieson Limited.

Business review

As described above, after the transfer of the trade and assets of the Company to Barclay & Mathieson Limited was completed the Company ceased to trade and became dormant.

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

Following the transfer of the trade and assets of the Company to Barclay & Mathieson Limited on 1 July 2025 the Company is no longer exposed to this risk.

Credit and liquidity risk

Following the transfer of the trade and assets of the Company to Barclay & Mathieson Limited on 1 July 2025 the Company is no longer exposed to this risk.

Interest rate risk

Following the transfer of the trade and assets of the Company to Barclay & Mathieson Limited on 1 July 2025 the Company is no longer exposed to this risk.

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

K Greenwood

Director

Date: 17 September 2026

Page 1

ABRAM PULMAN & SONS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

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 £44,520 (2025 - loss £42,703).

Directors

The directors who served during the year were:

E Fuji (resigned 31 March 2026)

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 2

ABRAM PULMAN & SONS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

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 and signed on its behalf.

K Greenwood

Director

Date: 17 September 2026

Page 3

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 2026, 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 2026 and of its loss 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.

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

We draw attention to Note 2.3 to the financial statements which explains that the decision was taken by the Directors to cease trade within the Company. Therefore, the Directors do not deem it 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 that of going concern as described in Note 2.3. Our opinion is not modified in respect of this matter.

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 4

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 2, 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 5

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:

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 6

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

17 September 2026

Page 7

ABRAM PULMAN & SONS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

		As restated
	2026	2025
Note	£	£


Turnover	3	3,082,118	12,360,642
Cost of sales		(2,606,553)	(8,878,958)
Gross profit		475,565	3,481,684
Distribution costs		(171,526)	(219,224)
Administrative expenses		(336,958)	(3,188,292)
Other operating income	4	625	6,307
Operating (loss)/profit	5	(32,294)	80,475
Interest receivable and similar income	8	-	4,882
Interest payable and similar expenses	9	(27,066)	(10,212)
(Loss)/profit before tax		(59,360)	75,145
Tax on (loss)/profit	10	14,840	(117,848)
Loss for the financial year		(44,520)	(42,703)

The notes on pages 12 to 25 form part of these financial statements.

Page 8

ABRAM PULMAN & SONS LIMITED

REGISTERED NUMBER: 00056547

BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Tangible assets	12		-		3,544,661
Investment property	13		-		75,000
			-		3,619,661
Current assets
Stocks	14	-		1,149,986
Debtors: amounts falling due within one year	15	7,020		5,902,898
Cash at bank and in hand	16	-		1,100,311
		7,020		8,153,195
Creditors: amounts falling due within one year	17	-		(4,497,195)
Net current assets			7,020		3,656,000
Total assets less current liabilities			7,020		7,275,661
Creditors: amounts falling due after more than one year	18		-		(185,194)
Provisions for liabilities
Deferred tax	20	-		(410,217)
			-		(410,217)
Net assets			7,020		6,680,250

Page 9

ABRAM PULMAN & SONS LIMITED

REGISTERED NUMBER: 00056547

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

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

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

K Greenwood

Director

Date: 17 September 2026

The notes on pages 12 to 25 form part of these financial statements.

Page 10


		ABRAM PULMAN & SONS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Share premium account	Capital redemption reserve	Revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£	£
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 1 April 2025	7,020	188	17,327	974,854	200,000	5,480,861	6,680,250

Loss for the year	-	-	-	-	-	(44,520)	(44,520)
Transfers intra group	-	-	-	(974,854)	-	-	(974,854)
Dividends: Equity capital	-	-	-	-	-	(5,653,856)	(5,653,856)
Transfer to profit and loss reserve	-	(188)	(17,327)	-	(200,000)	217,515	-
At 31 March 2026	7,020	-	-	-	-	-	7,020

The notes on pages 12 to 25 form part of these financial statements.

Page 11

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

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 2026 and these financial statements may be obtained from their registered address, 180 Hardgate Road, Glasgow, Scotland, G51 4TB.

2.3

Going concern

On 1 July 2025 the trade and net assets of the company were hived up as a going concern to Barclay and Mathieson Limited, and the company ceased to trade. Therefore, the financial statements have been prepared on a basis other than going concern. The directors have assessed that this has no effect on these financial statements as all assets and liabilities have been hived up at no less than their carrying values

Page 12

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

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

Operating leases: the Company as lessee

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

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

2.6

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.

2.7

Interest income

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

2.8

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.

2.9

Operating leases

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

Page 13

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.10

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.

2.11

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.

2.12

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 14

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.12

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

2.13

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.

2.14

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.

2.15

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.

2.16

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.

2.17

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 15

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.18

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.

2.19

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.

Page 16

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Turnover

An analysis of turnover by class of business is as follows:
	2026	2025
	£	£

	Sale of steel stock	3,082,118	12,360,642

All turnover arose within the United Kingdom.

4.	Other operating income
		2026	2025
		£	£

Net rents receivable	-	3,807
Government grants receivable	625	2,500
	625	6,307

Depreciation of tangible fixed assets	90,752	284,389
Other operating lease rentals	11,493	46,563
Share-based payment	-	34,693

Distribution costs

Certain comparative amounts have been reclassified to conform with the presentation adopted in the current year. £118,930 previously included within Administrative expenses has been reclassified to Cost of sales and £2,747,955 previously included within Distribution costs has been reclassified to Administrative expenses. These reclassifications have no impact on profit for the year or net assets.

Page 17

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

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

6,000

25,000

Wages and salaries	604,274	2,380,715
Social security costs	76,501	247,112
Cost of defined contribution scheme	16,825	58,248
	697,600	2,686,075

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

	2026	2025
	No.	No.

Production staff	62	61
Administrative staff	9	15
Management	2	3

	73	79

Director remuneration is borne by the parent company.

8.	Interest receivable
		2026	2025
		£	£

Other interest receivable

4,882

Page 18

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

9.	Interest payable and similar expenses
		2026	2025
		£	£

Bank interest payable	24,976	-
Finance leases and hire purchase contracts	2,090	10,212
	27,066	10,212

Corporation tax
Adjustments in respect of previous periods	(14,840)	(6,461)

	Deferred tax
	Deferred tax	-	124,309


	Taxation on (loss)/profit on ordinary activities	(14,840)	117,848

(Loss)/profit on ordinary activities before tax

(59,360)

75,145

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	(14,840)	18,786
Effects of:
Expenses not deductible for tax purposes	-	11,950
Capital allowances for year in excess of depreciation	-	5,748
Adjustments to tax charge in respect of prior periods	-	(6,461)
Group relief	-	87,825
Total tax charge for the year	(14,840)	117,848

Factors that may affect future tax charges

Page 19

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

10.Taxation (continued)

There were no factors that may affect future tax charges.

11.	Dividends
		2026	2025
		£	£

Dividends paid

5,653,856

12.	Tangible fixed assets

	Freehold property	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost
At 1 April 2025	2,632,702	2,667,138	1,016,283	262,462	6,578,585
Additions	-	18,333	-	-	18,333
Transfers intra group	(2,632,702)	(2,685,471)	(1,016,283)	(262,462)	(6,596,918)
At 31 March 2026	-	-	-	-	-

At 1 April 2025	899,942	1,317,941	650,494	165,547	3,033,924
Charge for the year on owned assets	12,589	44,588	22,869	10,706	90,752
Transfers intra group	(912,531)	(1,362,529)	(673,363)	(176,253)	(3,124,676)
At 31 March 2026	-	-	-	-	-
Net book value
At 31 March 2026	-	-	-	-	-
At 31 March 2025	1,732,760	1,349,197	365,789	96,915	3,544,661

On 1 July 2025, Abram Pulman & Sons Limited completed a hive up of its trade and assets to Barclay and Mathieson Limited.

Page 20

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2026	2025
	£	£


Motor vehicles	-	134,573
	-	134,573

13.	Investment property

		Freehold investment property
		£

	At 1 April 2025	75,000
	Transfers intra group	(75,000)
	At 31 March 2026	-

The 202 valuations were made by , on an open market value basis.

14.	Stocks
		2026	2025
		£	£

	Finished goods and goods for resale	-	1,149,986

Page 21

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.

Debtors

					2026	2025
					£	£


Trade debtors	-	2,704,922
Amounts owed by group undertakings	7,020	2,944,306
Other debtors	-	2,068
Prepayments and accrued income	-	139,634
Tax recoverable	-	111,968
	7,020	5,902,898

16.	Cash and cash equivalents
		2026	2025
		£	£

	Cash at bank and in hand	-	1,100,311

17.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Trade creditors	-	2,280,857
Amounts owed to group undertakings	-	1,768,043
Other taxation and social security	-	260,947
Obligations under finance lease and hire purchase contracts	-	48,754
Other creditors	-	3,162
Accruals and deferred income	-	135,432
	-	4,497,195

Page 22

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

18.	Creditors: Amounts falling due after more than one year
		2026	2025
		£	£

Net obligations under finance leases and hire purchase contracts	-	85,819
Government grants received	-	99,375
	-	185,194

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

Within one year	-	55,957
Between 1-5 years	-	90,181
	-	146,138

20.	Deferred taxation

		2026
		£

	At beginning of year	(410,217)
	Utilised in year	410,217
	At end of year	-

The deferred taxation balance is made up as follows:
	2026	2025
	£	£

Accelerated capital allowances

410,217

Page 23

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

21.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

804 (2025 - 804) Ordinary A shares shares of £5.00 each	4,020	4,020
200 (2025 - 200) Ordinary B shares shares of £5.00 each	1,000	1,000
200 (2025 - 200) Ordinary C shares shares of £5.00 each	1,000	1,000
200 (2025 - 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.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company, 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 £16,825 (2025- £58,248). Contributions totaling £Nil (2025 - £3,162) were payable to the fund at the balance sheet date and are included in creditors.

Page 24

ABRAM PULMAN & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Not later than 1 year	-	55,224
Later than 1 year and not later than 5 years	-	78,535
	-	133,759

25.	Related party transactions
	At the balance sheet date, included within trade debtors is an amount owed by group undertakings of £Nil (2025 - £70,913). At the balance sheet date, included within trade creditors is an amount owed to group undertakings of £Nil (2025 - £219,949).

26.	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 25