ACCOUNTS - Final Accounts

Operating loss

The operating loss is stated after charging:

As restated

Registered number: SC030987

BARCLAY & MATHIESON LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

BARCLAY & MATHIESON LIMITED

COMPANY INFORMATION

Directors	T Nonaka
	N Takemoto
	K M Greenwood
	T Kojima
	T Murakami
	Y Nakano


Registered number	SC030987


Registered office	180 Hardgate Road
	Glasgow
	Scotland
	G51 4TB


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

BARCLAY & MATHIESON LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 5
Directors' Report	6 - 8
Independent Auditors' Report	9 - 12
Consolidated Statement of Comprehensive Income	13
Consolidated Balance Sheet	14
Company Balance Sheet	15 - 16
Consolidated Statement of Changes in Equity	17
Company Statement of Changes in Equity	18
Consolidated Statement of Cash Flows	19 - 20
Consolidated Analysis of Net Debt	21
Notes to the Financial Statements	22 - 51

BARCLAY & MATHIESON LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

Introduction

The directors submit their annual Strategic Report of the Group for the period ended 31 March 2026.

Business review and principal activities

The Group's principal activity is steel stockholding, operating a nationwide network of depots throughout the UK. Barclay & Mathieson is a wholly owned subsidiary of Marubeni-Itochu Steel Europe Gmbh and a proud member of the Marubeni-Itochu Steel Inc (“MISI”) group, one of the world’s largest steel trading businesses.

2025/26 was again a challenging year, with the Group facing many of the same economic / sector headwinds as the previous year, including:

∙Ongoing 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

∙Increases to Employers National Insurance implemented in April 2025, announced in the 2024 Autumn budget

Following the outbreak of conflict in the Middle East in February 2026, swiftly followed by the publication of the UK government’s Steel Strategy, input prices rose quickly in the final weeks of the financial year. Prices continued to rise throughout the first quarter of the new financial year before plateauing in July 2026 due to the partial relaxation of new import quotas.

Gross Margin for the year fell slightly from 19% in the prior year to 17.5% in the current year, mainly due to weak customer demand and aggressive competitor pricing.

For the reasons above the Group reported a Net Loss After Tax for the year of £4.7m (2025: loss of £4.1m) however positive EBITDA of £1.3m (2025: £1.8m) was generated.

Net Assets of the Group decreased by £4.7m during the year, from £33.3m to £28.6m while Net Current Assets reduced by £4.8m from £36.4m to £31.6m. Both reductions were due to the Net Loss reported for the year.

Despite the loss for the year the Group continued to invest in its asset base, with over £1m spent on capital projects during the year.

As a business we continue to prioritise our service to our customers, who come first in everything we do. Our record on service and quality has been excellent as this underpins our strategic business model and pricing.

Under MISI ownership the Group has set out its main mission stated below:

“To be the leading supplier of quality steel, associated products and innovative services to support sustainable business for our customers and partners as the employer of choice in our sector”

Page 1

BARCLAY & MATHIESON LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

The Group has 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.

Financial key performance indicators

We consider that our main Key Performance Indicators are underlying trading profit, and levels of stock. These are set out below for the last 2 years:


	2026	As restated 2025
	£	£

Trading profit (£000s)	21,767	23,613
Stock turn (CoGs/ stock)	5	4
Net cash generated from operating activities (£000s)	(2,626)	652

At an operational level, tonnes sold, gross profit per tonne, and gross profit percentage are our main KPI’S and these are closely monitored on a daily basis. Given these vary by business unit looking at them at the overall level is not conducive to understanding performance, hence they are not presented here.

The Group also monitors staff turnover at unit level, as retention of good employees is essential for the prosperity of the Group.

Principal risks and uncertainties

The management of the business and the execution of the Group’s strategy are subject to a number of risks.

Price Risk

The price of steel fluctuates due to raw material cost and demand. Any tariffs imposed can also impact cost. This is a risk common to all companies operating within the steel industry. The Group’s strategy on this is to maintain a prudent approach to stock levels, actively managing stock using detailed system information to ensure that excess inventory is not carried, whilst also ensuring the stock range covers all our customer requirements. The Group works with a range of suppliers to ensure continuity of supply.

UK Market Demand

Our cutting-edge business information system provides our business managers instant access to trading information. This enabled the business to react swiftly to any change in pricing/demand in the UK market. With international growth being driven from group relationships with MISI as well as organically through our Steel, Plate and Sections business, our dependency on the UK market continues to reduce. The Group has adjusted its procurement activities to mitigate any potential impact from the UK import quota system

Page 2

BARCLAY & MATHIESON LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Credit and liquidity risk

The Group's principal financial assets are trade debtors, the majority of which are fully insured. The Group has no significant concentration of credit risk with a single counterparty as exposure is spread over a number of counterparties.

The Group's principal financial liabilities are its bank loans and trade creditors, which are managed through detailed cash forecasting.

Interest rate risk

The Group monitors the financial risk of interest rate movements on a regular basis, and the impact rises would have on profitability.

Equally, as the Barclay & Mathieson Group integrates within the Marubeni-Itochu Steel Inc. group it will benefit from the strengths of wider organisation.

Based on the Group’s profitable financial projections for the next 12 months and with the continued support of the Group’s banks and MISI, the financial statements have been prepared on a going concern basis

Directors' statement of compliance with duty to promote the success of the Group

Section 172 Statement – BM Group

In accordance with Section 172 of the Companies Act 2006, the Directors of BM Group confirm that they have acted in a manner they consider, in good faith, to be most likely to promote the long-term success of the Company for the benefit of its members as a whole. In doing so, the Directors have had regard to the interests of employees, customers, suppliers, and other stakeholders, as well as the impact of the Group’s operations on the community and the environment.

Principal Activity and Governance

BM Group is a leading steel stockholding business, operating multiple depots across the United Kingdom. The Board is responsible for ensuring that the Group operates in a safe, sustainable, efficient, and commercially viable manner.

The Board’s overarching responsibility is to drive long-term sustainable performance that meets the expectations of key stakeholders, shareholders, employees, customers, and suppliers by delivering quality outcomes, safely, on time, and within budget, thus ensuring the financial stability of the Group.

Strategic Oversight and Decision-Making

BM Group operates to a clearly defined strategic plan, structured over a four-year horizon, which is reviewed annually and monitored on an ongoing basis. This plan considers a range of influencing factors including market conditions, operational footprint, inflation forecasts, customer and supplier needs, workforce planning, technological advancements, environmental targets, and wider economic and societal trends.

Monthly Board meetings are held to assess financial performance, strategic priorities, operational risks and opportunities, internal controls, and resource allocation. Directors are collectively responsible for the strategic direction of the Group, while the senior management team oversees day-to-day operations.

Page 3

BARCLAY & MATHIESON LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Decisions are taken with consideration to the long-term consequences for the Group and with full regard for stakeholder interests. This includes assessing the potential impact on employees, customers, suppliers, communities, and the environment.

Our People

Our employees are fundamental to the continued success of BM Group. Each member of staff is supported by a line manager and assessed against clear performance indicators. Training and development needs are identified through annual performance development reviews (PDRs) and supplemented with on-the-job coaching and external training opportunities.

We are committed to attracting and retaining skilled and motivated individuals. We strongly support internal promotion, which rewards performance and provides clear pathways for career development. Many of our senior leaders have progressed from within the business.

Communication with employees is maintained through regular internal updates, newsletters, team presentations, and dedicated group-wide communications. Two-way engagement is encouraged through depot-level and regional meetings, as well as Town Hall sessions. Our expanding use of social media further supports transparent and accessible communication.

Customers and Suppliers

Long-standing, trusted relationships with customers and suppliers are central to BM Group’s continued growth. The Board and senior leaders maintain strong, collaborative relationships with key partners, enabling a deeper understanding of mutual objectives and operational alignment.

Close supplier collaboration has enabled us to increase supply chain efficiency and improve stock availability, ensuring that we meet the expectations of our customers. Our ability to maintain continuity of supply throughout the Covid-19 pandemic, despite significant logistical and credit challenges, is testament to the strength of these relationships.

Environmental and Community Impact

BM Group is committed to minimising its environmental footprint and supporting the communities in which we operate. Our Environmental and Sustainability Policy outlines ambitious targets, and we are dedicated to continual improvement in environmental performance.

Sustainable development is embedded within our business strategy. We operate in full compliance with environmental legislation, but also strive to exceed these standards through proactive initiatives that prevent pollution, reduce waste, and promote responsible sourcing and operations.

We engage our employees and supply chain partners to ensure alignment with our environmental objectives and provide relevant education and communication to support this commitment. The policy is reviewed regularly and is endorsed by the Board and Management Team, who are accountable for its implementation.

Commitment to Quality and Continuous Improvement

BM Group is built on a culture of high standards, integrity, and operational excellence. We are dedicated to continual improvement and the development of quality objectives that respond to emerging risks and opportunities.

Our approach is underpinned by key principles: customer focus, leadership, employee engagement, process optimisation, innovation, and collaborative relationships. These values are integral to delivering consistent quality and reinforcing our reputation across the sector.

Page 4

BARCLAY & MATHIESON LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Stakeholder Consideration

In every strategic decision, the Directors balance the interests of the Company’s key stakeholders—including investors, employees, regulators, government bodies, customers, suppliers, and local communities. This balanced approach ensures that BM Group maintains its integrity, reputation, and long-term sustainability.

The Board is committed to upholding the Group’s values and strategic vision, with the ultimate goal of securing long-term value creation for all stakeholders.

This report was approved by the board on 17 September 2026 and signed on its behalf.

K M Greenwood

Director

Page 5

BARCLAY & MATHIESON 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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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

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

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

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

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

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

Results and dividends

The loss for the year, after taxation, amounted to £4,670,053 (2025 - loss £4,125,461).

Directors

The directors who served during the year were:

E Fuji (resigned 31 March 2026)

T Nakagawa (resigned 1 April 2025)

T Nonaka

M Suzuki (resigned 1 April 2025)

N Takemoto

K M Greenwood

T Kojima (appointed 1 April 2025)

T Murakami (appointed 1 April 2025)

Y Nakano was appointed after the year end, on 1 April 2026.

Page 6

BARCLAY & MATHIESON LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Greenhouse gas emissions, energy consumption and energy efficiency action

Methodology

Scope 1-2 emissions have increased between FY25 and FY26, owing primarily to increases in the consumption of LPG and diesel.

• LPG data has been restated as 477,999 kWh for FY25 (previously 0), with consumption rising from 27,963 kg in FY25 to 74,849 kg in FY26 (+168%). The main contributor to this increase relates to the Group's acquisition of Angus F Gunn Limited in October 2024, with only five months of emissions being included in the 2025 figures compared to a full 12 months of consumption in 2026. Consequently, reported scope 1 stationary combustion emissions have increased by 54% in the year to 31 March 2026.

• Whilst scope 1 petrol consumption has decreased, its effect on emissions is more than offset by the increase in diesel consumption, which has a more intensive emissions factor. The overall result is a net increase of 22% in scope 1 mobile combustion emissions.

• Market-based reporting across renewable electricity generated on-site and exported/consumed is treated as zero emissions, as the source is renewable. This updated approach is better aligned with GHG Protocol reporting guidelines. The respective FY25 figure, which previously applied a standard grid emissions factor, has now been restated to reflect the updated approach.

[Provide at least one ratio which expresses the Group's annual emissions in relation to a quantifiable factor associated with its activities].

	2026	As restated 2025

Total Energy Consumption – Used for Emissions Calculation (kWh)	15,107,179	12,545,542
Oil & Gas Combustion Emissions, Scope 1 (tCO2e)	378	245
Purchased Electricity Emissions, Scope 2 (tCO2e)	431	446
Vehicle Fuel Combustion Emissions, Scope 1 (tCO2e)	2,570	2,099
Vehicle Fuel Combustion Emissions, Scope 3 (tCO2e)	7	10
Total Gross Reported Emissions (tCO2e)	3,386	2,800
Turnover (£m)	124	124
Intensity Ratio: Turnover (tCO2e / £m)	27	23

Matters covered in the Group Strategic Report

The directors have chosen to disclose information on the following, required by the Companies Act 2006, to be included in the Director's Report, within the Strategic Report;

- information on financial risk management and policies;

- information on suppliers, customers and other; and

- information regarding future developments of the business and post balance sheet events.

Page 7

BARCLAY & MATHIESON 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 and the Group'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 and the Group'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 17 September 2026 and signed on its behalf.

K M Greenwood

Director

Page 8

BARCLAY & MATHIESON LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCLAY & MATHIESON LIMITED

Opinion

We have audited the financial statements of Barclay & Mathieson Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 March 2026 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 9

BARCLAY & MATHIESON LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCLAY & MATHIESON 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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company 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.

Page 10

BARCLAY & MATHIESON LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCLAY & MATHIESON LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

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 Group financial statements.

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

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

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.

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.

Page 11

BARCLAY & MATHIESON LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARCLAY & MATHIESON LIMITED (CONTINUED)

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 12

BARCLAY & MATHIESON LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

		As restated
	2026	2025
Note	£	£


Turnover	4	124,281,793	124,140,663
Cost of sales		(102,514,656)	(100,527,764)
Gross profit		21,767,137	23,612,899
Distribution costs		(7,921,011)	(7,567,813)
Administrative expenses		(17,904,044)	(19,623,619)
Other operating income	5	(46,550)	(90,881)
Operating loss	6	(4,104,468)	(3,669,414)
Interest receivable and similar income	10	132	30,908
Interest payable and similar expenses	11	(1,353,179)	(1,115,260)
Loss before taxation		(5,457,515)	(4,753,766)
Tax on loss	12	787,462	628,305
Loss for the financial year		(4,670,053)	(4,125,461)


Total comprehensive income for the year		(4,670,053)	(4,125,461)

Loss for the year attributable to:
Owners of the Parent Company	(4,670,053)	(4,125,461)
	(4,670,053)	(4,125,461)

Total comprehensive income for the year attributable to:
Owners of the Parent Company	(4,670,053)	(4,125,461)
	(4,670,053)	(4,125,461)

The notes on pages 22 to 51 form part of these financial statements.

Page 13

BARCLAY & MATHIESON LIMITED

REGISTERED NUMBER: SC030987

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Intangible assets	14		6,468,717		8,906,824
Tangible assets	15		20,125,980		21,793,970
Investment property	17		75,000		75,000
			26,669,697		30,775,794
Current assets
Stocks	18	21,893,254		23,789,129
Debtors: amounts falling due within one year	19	28,193,831		24,387,792
Cash at bank and in hand	20	1,487,362		3,787,439
		51,574,447		51,964,360
Creditors: amounts falling due within one year	21	(46,497,432)		(46,331,038)
Net current assets			5,077,015		5,633,322
Total assets less current liabilities			31,746,712		36,409,116
Creditors: amounts falling due after more than one year	22		(593,383)		(1,176,697)
Provisions for liabilities
Deferred taxation	25	(2,571,603)		(1,980,640)
			(2,571,603)		(1,980,640)
Net assets			28,581,726		33,251,779

Capital and reserves
Called up share capital	26	8,600	8,600
Capital redemption reserve	27	21,400	21,400
Other reserves	27	10,544,709	10,744,709
Profit and loss account	27	18,007,017	22,477,070
Equity attributable to owners of the parent Company		28,581,726	33,251,779

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2026.

K M Greenwood

Director

The notes on pages 22 to 51 form part of these financial statements.

Page 14

BARCLAY & MATHIESON LIMITED

REGISTERED NUMBER: SC030987

COMPANY BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Intangible assets	14		1,995,629		1,667,119
Tangible assets	15		18,709,818		15,996,582
Investments	16		8,020,159		16,374,100
Investment Property	17		75,000		-
			28,800,606		34,037,801
Current assets
Stocks	18	20,949,104		21,332,757
Debtors: amounts falling due within one year	19	26,931,839		23,000,731
Cash at bank and in hand	20	1,063,598		2,363,835
		48,944,541		46,697,323
Creditors: amounts falling due within one year	21	(47,083,350)		(44,710,638)
Net current assets			1,861,191		1,986,685
Total assets less current liabilities			30,661,797		36,024,486

Creditors: amounts falling due after more than one year	22		(224,647)		(481,495)
Provisions for liabilities
Deferred taxation	25	(1,578,520)		(342,042)
			(1,578,520)		(342,042)
Net assets			28,858,630		35,200,949

Page 15

BARCLAY & MATHIESON LIMITED

REGISTERED NUMBER: SC030987

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2026

	2026	2025
Note	£	£

Capital and reserves
Called up share capital	26	8,600	8,600
Revaluation reserve	27	974,854	-
Capital redemption reserve	27	21,400	21,400
Other reserves	27	10,544,859	10,544,859
Profit and loss account	27	17,308,917	24,626,090
		28,858,630	35,200,949

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2026.

K M Greenwood

Director

The notes on pages 22 to 51 form part of these financial statements.

Page 16


		BARCLAY & MATHIESON LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Capital redemption reserve	Other reserves	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£	£
At 1 April 2024	8,600	21,400	10,744,709	26,602,531	37,377,240	37,377,240
Comprehensive income for the year
Profit for the year	-	-	-	(4,125,461)	(4,125,461)	(4,125,461)

At 1 April 2025	8,600	21,400	10,744,709	22,477,070	33,251,779	33,251,779
Comprehensive income for the year
Loss for the year	-	-	-	(4,670,053)	(4,670,053)	(4,670,053)
Transfer to profit and loss account	-	-	(200,000)	200,000	-	-
At 31 March 2026	8,600	21,400	10,544,709	18,007,017	28,581,726	28,581,726

The notes on pages 22 to 51 form part of these financial statements.

Page 17


		BARCLAY & MATHIESON LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Capital redemption reserve	Revaluation reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 April 2024	8,600	21,400	-	10,544,859	27,467,509	38,042,368
Comprehensive income for the year
Profit for the year	-	-	-	-	(2,841,419)	(2,841,419)

At 1 April 2025	8,600	21,400	-	10,544,859	24,626,090	35,200,949
Comprehensive income for the year
Profit for the period	-	-	-	-	(7,317,173)	(7,317,173)
Intra-group transfers	-	-	974,854	-	-	974,854
At 31 March 2026	8,600	21,400	974,854	10,544,859	17,308,917	28,858,630

The notes on pages 22 to 51 form part of these financial statements.

Page 18

BARCLAY & MATHIESON LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2026

			2026	2025
			£	£

Cash flows from operating activities
Loss for the financial year	(4,670,053)	(4,125,461)
Adjustments for:
Amortisation of intangible assets	2,438,107	2,152,776
Depreciation of tangible assets	2,587,172	2,202,153
Loss on disposal of tangible assets	60,925	115,799
Interest paid	1,353,179	1,115,260
Interest received	(132)	(30,908)
Taxation charge	(787,462)	(628,305)
Decrease/(increase) in stocks	1,895,875	(763,147)
(Increase)/decrease in debtors	(4,094,697)	6,080,084
(Decrease) in creditors	(2,814,200)	(5,482,385)
Corporation tax received	1,405,634	16,600
Net cash generated from operating activities	(2,625,652)	652,466

Cash flows from investing activities
Purchase of intangible fixed assets	-	(31,174)
Purchase of tangible fixed assets	(1,016,542)	(6,315,290)
Sale of tangible fixed assets	37,332	871,683
Purchase of unlisted and other investments	-	(8,011,789)
Cash received on acquisition of subsidiary	-	2,919,242
Interest received	132	30,908
Net cash from investing activities	(979,078)	(10,536,420)
Cash flows from financing activities
New loans	-	10,970,626
Repayment of / new finance leases	(646,442)	(86,550)
New loans from group companies	11,810,745	-
Interest paid	(1,353,179)	(1,115,260)
Net cash used in financing activities	9,811,124	9,768,816

Net increase/(decrease) in cash and cash equivalents	6,206,394	(115,138)
Cash and cash equivalents at beginning of year	(4,719,032)	(4,603,894)
Cash and cash equivalents at the end of year	1,487,362	(4,719,032)

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,487,362	3,787,439

Page 19

BARCLAY & MATHIESON LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

		2026	2025
		£	£

Bank overdrafts	-	(8,506,471)
	1,487,362	(4,719,032)

The notes on pages 22 to 51 form part of these financial statements.

Page 20

BARCLAY & MATHIESON LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2026


At 1 April 2025	Cash flows	At 31 March 2026
£	£	£

Cash at bank and in hand	3,787,439	(2,300,077)	1,487,362
Bank overdrafts	(8,506,471)	8,506,471	-
Debt due after 1 year	-	-	-
Debt due within 1 year	(14,002,973)	2,973	(14,000,000)
Related derivatives	-	685,732	685,732
Finance leases	(1,635,627)	685,732	(949,895)
	(20,357,632)	7,580,831	(12,776,801)

The notes on pages 22 to 51 form part of these financial statements.

Page 21

BARCLAY & MATHIESON 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 Scotland and its registered office and principal trading address is 180 Hardgate Road, Glasgow, Scotland, G51 4TB.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

Parent disclosure exemptions

In preparing the separate financial statements of the parent , advantage has been taken of the following disclosure exemptions available in FRS 102:

∙No Statement of Cash Flows has been presented for the parent ;

∙Disclosures in respect of the parent 's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Company as a whole; and

∙No disclosures have been given for the aggregate remuneration of the key management personnel of the parent as their remuneration is included in the totals for the Company as a whole.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - Parent Company Exemptions

The Parent 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 [Enter Parent entity here] as at [Enter Year end here] and these financial statements may be obtained from [Enter location here].

Page 22

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.4

Going concern

In assessing the going concern basis of preparation, the directors have reviewed detailed cash flow forecasts for the Group. These forecasts include existing intra-group facilities remaining available, which the ultimate shareholder has confirmed to the directors.

These forecasts demonstrate that the Group has sufficient liquidity, within existing facilities, to realise its assets and discharge its liabilities as they fall due for a period of at least 12 months from the date on which these financial statements were authorised for issue.

The current trading performance provides comfort to the directors in their forecasts.

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

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group 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 Group 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.

Page 23

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Positive goodwill	-	5-10	years
Brand and customer relationship	-	10-15	years
Computer software	-	5	years

2.7

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

The estimated useful lives range as follows:

Freehold property	-	40 years or over the lease term
Long-term leasehold property	-	Over the term of the lease
Plant and machinery	-	4 to 10 years or 10-25% reducing balance
Motor vehicles	-	4 to 10 years or 10-25% reducing balance
Fixtures and fittings	-	4 to 10 years or 15-25% reducing balance
Office equipment	-	4 to 10 years or 10-25% reducing balance
Computer equipment	-	25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 24

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.8

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.

2.9

Increase in controlling stake in subsidiaries

Where the group has increased its controlling interest in a subsidiary, the identifiable assets and liabilities of the subsidiary are not revalued to fair value and no additional goodwill is recognised.

The transaction is accounted for as a transaction between equity holders and the carrying amount of the non-controlling interest is adjusted to reflect the change in the parent's interest in the subsidiary's net assets.

Any difference between the amount by which the non-controlling interest is so adjusted and the fair value of consideration paid or received, if any, is recognised directly in equity and attributed to equity holders of the parent. No gains or losses are recognised on these changes.

Any changes in the carrying amounts of assets (including goodwill) or liabilities as a result of such transactions are not recognised.

2.10

Investment property

Investment property is carried at fair value determined annually 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.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.12

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.

2.13

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.

Page 25

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.14

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.15

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.

2.16

Financial instruments

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

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other 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 Group'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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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

Page 26

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.16

Financial instruments (continued)

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.

2.17

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.18

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.

Page 27

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.19

Operating leases: the Group 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.

2.20

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

2.21

Government grants

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.

Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

2.22

Interest income

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

2.23

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 and the Group operate and generate 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;

Page 28

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.23

Current and deferred taxation (continued)

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

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 Group and Company makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Carrying value of stock

Management review the market value of and demand for the Group's stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value, being the estimated selling price less cost to complete and sell. Any provision for impairment is recorded against the carrying value of stock. Management use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the Group's products and achievable selling prices.

Tangible fixed asset depreciation

The group depreciates its tangible fixed assets over their estimated useful lives, taking into account residual values, where appropriate. Management use their knowledge of market conditions, historic experience and the effects of technological innovation, obsolescence and estimates of future market conditions to asses the expected useful lives and residual value of their assets.

Page 29

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Turnover

Page 30

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

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

	Sales of steel stock	124,281,793	124,140,663

Analysis of turnover by country of destination:

					2026	2025
					£	£

United Kingdom	122,673,257	121,461,249
Rest of Europe	1,017,467	1,651,094
Rest of the world	591,069	1,028,320
	124,281,793	124,140,663

5.	Other operating income
		2026	2025
		£	£

Net rents receivable	13,750	22,417
Government grants receivable	625	2,500
Loss on disposal of tangible assets	(60,925)	(115,798)
	(46,550)	(90,881)

Depreciation of tangible fixed assets	2,587,172	2,202,153
Share based payment	2,438,107	2,152,776
Exchange differences	(69,589)	(69,880)
Other operating lease rentals	2,121,584	2,168,272

Distribution costs

Certain comparative amounts have been reclassified to conform with the presentation adopted in the current year. £665,794 previously included within Cost of Sales and £3,119,133 previously included within Administrative expenses have been reclassified to Distribution costs. This reclassification had no impact on profit for the year or net assets.

Page 31

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Fees payable to the Company's auditors and their associates for the audit of the consolidated and Parent Company's financial statements	111,500	90,800
Fees payable to the Company's auditors and their associates in respect of:
The auditing of accounts of subsidiaries of the Company	27,000	47,500
Taxation compliance services	12,000	18,350
All taxation advisory services not included above	-	4,585
All non-audit services not included above	22,000	13,765

Page 32

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£


Wages and salaries	18,539,985	18,715,151	16,735,237	15,325,738
Social security costs	2,442,298	1,913,711	2,213,593	1,562,244
Cost of defined contribution scheme	1,484,398	926,878	1,396,661	834,448
	22,466,681	21,555,740	20,345,491	17,722,430

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

	Group	Group	Company	Company
	2026	2025	2026	2025
	No.	No.	No.	No.

Sales and administration	194	203	185	175
Transport and warehouse	287	285	270	198
Management	6	8	6	8

	487	496	461	381

9.	Directors' remuneration
		2026	2025
		£	£

Directors' emoluments	400,799	386,453
Group contributions to defined contribution pension schemes	27,078	16,358
	427,877	402,811

	During the year retirement benefits were accruing to 1 director (2025 - 1) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £256,015 (2025 - £207,894).
	During the year key management personnel received remuneration of £1,120,688 (2025 - £1,457,144)

Page 33

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

10.	Interest receivable
		2026	2025
		£	£

Other interest receivable

132

30,908

11.	Interest payable and similar expenses
		2026	2025
		£	£

Bank interest payable	1,282,662	1,014,978
Finance leases and hire purchase contracts	70,517	100,282
	1,353,179	1,115,260

Corporation tax
Current tax on profits for the year	-	10,946
Adjustments in respect of previous periods	(9,816)	(46,208)

Total current tax	(9,816)	(35,262)

Deferred tax
Origination and reversal of timing differences	(777,646)	(593,043)
Total deferred tax	(777,646)	(593,043)


	Taxation on loss on ordinary activities	(787,462)	(628,305)

Page 34

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

12.Taxation (continued)

Loss on ordinary activities before tax

(5,457,515)

(4,753,766)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	(1,364,379)	(1,188,442)
Effects of:
Non-tax deductible amortisation of goodwill and impairment	538,864	523,028
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	34,473	80,883
Capital allowances for year in excess of depreciation	64,367	13,373
Adjustments to deferred tax in respect of prior years	-	6,240
Adjustment in respect of prior years	(9,816)	(46,208)
Other factors affecting the tax charge	(50,971)	(17,179)
Total tax charge for the year	(787,462)	(628,305)

Enter Text here - user input

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £7,317,173 (2025 - loss £2,841,419).

Page 35

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

14.	Intangible assets
	Group

	Brand and customer relationship	Computer software	Goodwill	Total
	£	£	£	£
Cost
At 1 April 2025	3,050,000	55,250	14,896,257	18,001,507
At 31 March 2026	3,050,000	55,250	14,896,257	18,001,507
Amortisation
At 1 April 2025	113,166	8,271	8,973,246	9,094,683
Charge for the year on owned assets	271,600	11,050	2,155,457	2,438,107
At 31 March 2026	384,766	19,321	11,128,703	11,532,790
Net book value
At 31 March 2026	2,665,234	35,929	3,767,554	6,468,717
At 31 March 2025	2,936,834	46,979	5,923,011	8,906,824

Page 36

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

14.Intangible assets (continued)

	Company

	Computer software	Goodwill	Total
	£	£	£
Cost
At 1 April 2025	55,250	5,400,332	5,455,582
Intra-group transfers	-	1,932,225	1,932,225
At 31 March 2026	55,250	7,332,557	7,387,807
Amortisation
At 1 April 2025	8,271	3,780,192	3,788,463
Charge for the year	11,050	1,592,665	1,603,715
At 31 March 2026	19,321	5,372,857	5,392,178
Net book value
At 31 March 2026	35,929	1,959,700	1,995,629
At 31 March 2025	46,979	1,620,140	1,667,119

*On 1 July 2025, Barclay & Mathieson Limited purchased the trade and assets of Abram Pulman & Sons Limited and Avon Steel Company Limited.

Page 37

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.	Tangible fixed assets
	Group

	Freehold property	Short term Leasehold property	Plant and machinery	Motor vehicles	Office equipment
	£	£	£	£	£
Cost
At 1 April 2025	7,602,941	898,004	19,307,579	1,499,337	3,274,309
Additions	35,748	134,607	480,036	-	345,199
Disposals	(5,867)	-	(1,377,647)	(37,351)	(816,893)
Transfers between classes	-	809	1,184,711	(635,865)	(549,655)
At 31 March 2026	7,632,822	1,033,420	19,594,679	826,121	2,252,960
Depreciation
At 1 April 2025	1,698,131	458,853	6,051,413	789,510	1,807,074
Charge for the year on owned assets	161,760	87,128	2,024,298	52,097	255,683
Disposals	(2,812)	-	(1,292,079)	(36,184)	(809,323)
At 31 March 2026	1,857,079	545,981	6,783,632	805,423	1,253,434
Net book value
At 31 March 2026	5,775,743	487,439	12,811,047	20,698	999,526
At 31 March 2025	5,904,810	439,151	13,256,166	709,827	1,467,235

Page 38

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.Tangible fixed assets (continued)

	Computer equipment	Total
	£	£
Cost
At 1 April 2025	18,783	32,600,953
Additions	20,952	1,016,542
Disposals	-	(2,237,758)
Transfers between classes	-	-
At 31 March 2026	39,735	31,379,737
Depreciation
At 1 April 2025	2,002	10,806,983
Charge for the year on owned assets	6,206	2,587,172
Disposals	-	(2,140,398)
At 31 March 2026	8,208	11,253,757
Net book value
At 31 March 2026	31,527	20,125,980
At 31 March 2025	16,781	21,793,970

Included in freehold property is £2,496,901 (2025: £2,496,901) of land which is not depreciated.

Page 39

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.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
	£	£


Plant and machinery	1,483,478	2,548,834
Motor vehicles	18,497	24,633
	1,501,975	2,573,467

Page 40

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.Tangible fixed assets (continued)

	Company

	Freehold property	Short term Leasehold property	Plant and machinery	Motor vehicles	Office equipment
	£	£	£	£	£
Cost
At 1 April 2025	4,970,239	-	14,294,266	-	3,011,847
Additions	35,748	-	400,770	-	345,199
Transfers intra group	1,720,171	375,411	1,343,218	707,531	86,209
Disposals	(5,867)	-	(1,376,926)	(37,351)	(816,893)
Transfers between classes	-	809	1,184,711	(635,865)	(549,655)
At 31 March 2026	6,720,291	376,220	15,846,039	34,315	2,076,707
Depreciation
At 1 April 2025	798,189	-	3,840,054	-	1,641,527
Charge for the year on owned assets	149,171	24,879	1,716,820	68,298	244,977
Disposals	(2,812)	-	(1,291,842)	(36,184)	(809,323)
At 31 March 2026	944,548	24,879	4,265,032	32,114	1,077,181
Net book value
At 31 March 2026	5,775,743	351,341	11,581,007	2,201	999,526
At 31 March 2025	4,172,050	-	10,454,212	-	1,370,320

Page 41

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.Tangible fixed assets (continued)

		Total
		£
	Cost
	At 1 April 2025	22,276,352
	Additions	781,717
	Transfers intra group	4,232,540
	Disposals	(2,237,037)
	Transfers between classes	-
	At 31 March 2026	25,053,572
	Depreciation
	At 1 April 2025	6,279,770
	Charge for the year on owned assets	2,204,145
	Disposals	(2,140,161)
	At 31 March 2026	6,343,754
	Net book value
	At 31 March 2026	18,709,818
	At 31 March 2025	15,996,582

*On 1 July 2025, Barclay & Mathieson Limited purchased the trade and assets of Abram Pulman & Sons Limited and Avon Steel Company Limited

Included in freehold property is £2,496,901 (2025: £1,974,901) 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:
	2026	2025
	£	£


	Plant and machinery	757,097	1,581,899

Page 42

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

16.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost
	At 1 April 2025	16,374,100
	At 31 March 2026	16,374,100
	Impairment
	Charge for the period	8,353,941
	At 31 March 2026	8,353,941
	Net book value
	At 31 March 2026	8,020,159
	At 31 March 2025	16,374,100

Page 43

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Principal activity	Class of shares	Holding

Avon Steel Company Limited	Steel stockholding	Ordinary	100%
Breal Capital (Pulman) Holdings Limited	Holding company	Ordinary	100%
Abram Pulman & Sons Limited*	Steel stockholding	Ordinary	100%
Angus F Gunn Limited	Steel stockholding	Ordinary	100%

* Shares held by Breal Capital (Pulman) Holdings Limited.

The registered office of Avon Steel Company Limited is Midsomer Norton Enterprise Park Wheelers Hill, Midsomer Norton, Bath, Somerset, BA3 2BB.

The registered office of Breal Capital (Pulman) Holdings Limited is 14th Floor, 33 Cavendish Square, London, United Kingdom, W1G 0PW.

The registered office of Abram Pulman & Sons Limited is Walton Street, Sowerby Bridge, West Yorkshire, HX6 1AN.

The registered office of Angus F Gunn Limited is Dalmacoulter Road, Stirling Road Industrial Estate, Airdrie, Lanarkshire, ML6 7UD.

Page 44

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

17.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 April 2025	75,000
	At 31 March 2026	75,000

	Company

		Freehold investment property
		£
	Valuation
	At 1 April 2025	-
	Transfers intra group*	75,000
	At 31 March 2026	75,000

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

*On 1 July 2025, Barclay & Mathieson Limited purchased the trade and assets of Abram Pulman & Sons Limited and Avon Steel Company Limited.

Page 45

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

18.	Stocks
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Raw materials and consumables	938,628	2,379,049	-	-
Finished goods and goods for resale	20,954,626	21,410,080	20,949,104	21,332,757
	21,893,254	23,789,129	20,949,104	21,332,757

In the opinion of the directors, the net realisable value of stock is not materially different from purchase price or production costs.

19.

Debtors

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£


Trade debtors	26,619,689	22,455,178	25,359,827	18,271,946
Amounts owed by group undertakings	-	-	-	3,170,895
Other debtors	86,450	100,193	84,420	98,125
Called up share capital not paid	100	100	-	-
Prepayments and accrued income	1,487,592	1,543,664	1,487,592	1,283,076
Tax recoverable	-	288,657	-	176,689
	28,193,831	24,387,792	26,931,839	23,000,731

20.	Cash and cash equivalents
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Cash at bank and in hand	1,487,362	3,787,439	1,063,598	2,363,835
Less: bank overdrafts	-	(8,506,471)	-	(8,506,471)
	1,487,362	(4,719,032)	1,063,598	(6,142,636)

Page 46

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

21.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Bank overdrafts	-	8,506,471	-	8,506,471
Bank loans	14,000,000	14,000,000	14,000,000	14,000,000
Trade creditors	13,399,893	17,342,288	12,700,897	14,738,183
Amounts owed to group undertakings	11,810,745	-	13,564,727	2,266,395
Corporation tax	-	261,448	-	-
Other taxation and social security	1,797,283	1,575,271	1,608,779	1,032,916
Obligations under finance lease and hire purchase contracts	455,193	561,659	315,569	344,201
Other creditors	109,348	77,297	104,458	66,726
Accruals and deferred income	4,924,970	4,006,604	4,788,920	3,755,746
	46,497,432	46,331,038	47,083,350	44,710,638

Finance leases and hire purchase contracts are secured on the assets they relate to.

Detail of the repayment profile of loans are included in note 23.

22.	Creditors: Amounts falling due after more than one year
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Net obligations under finance leases and hire purchase contracts	494,702	1,073,968	127,772	481,495
Other creditors	1,806	3,354	-	-
Government grants received	96,875	99,375	96,875	-
	593,383	1,176,697	224,647	481,495

As of October 2025, there are no outstanding charges over the Group's assets.

Included in net obligations under finance leases and hire purchase contracts is an amount of £nil (2025 - £40,068) repayable after more than 5 years, with an interest rate per annum of 6.92%. The hire purchase agreement has a term of 84 months from August 2023 and will be repaid by equal monthly installments inclusive of interest over the term.

Page 47

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

23.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Amounts falling due within one year
Bank loans	14,000,000	14,000,000	14,000,000	14,000,000

	14,000,000	14,000,000	14,000,000	14,000,000

24.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Within one year	455,193	722,764	315,569	379,857
Between 1-5 years	494,702	1,534,085	127,772	501,442
Over 5 years	-	40,647	-	-
	949,895	2,297,496	443,341	881,299

25.	Deferred taxation
	Group

		2026
		£

	At beginning of year	(1,980,640)
	Charged to profit or loss	(590,963)
	At end of year	(2,571,603)

Page 48

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

25.Deferred taxation (continued)

Company

		2026
		£

	At beginning of year	(342,042)
	Charged to profit or loss	(1,236,478)
	At end of year	(1,578,520)

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£

Accelerated capital allowances	(3,217,477)	(2,905,810)	(2,224,394)	(2,087,780)
Other timing differences	645,874	925,170	645,874	1,745,738
	(2,571,603)	(1,980,640)	(1,578,520)	(342,042)

26.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

8,600 (2025 - 8,600) Ordinary shares shares of £1.00 each	8,600	8,600

There is a single class of ordinary shares. There are no restrictions on distribution of dividends and the repayments of capital.

Page 49

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

27.

Reserves

Revaluation reserve

This reserve represents the revaluation of the company's freehold properties net of associated deferred tax.

Capital redemption reserve

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

Capital contribution

Other reserves is a capital contribution represents amounts arising on group debt reorganisation.

Profit and loss account

Represents all current and prior and loss and does not contain any non-distributable reserves.

28.	Capital commitments
	At 31 March 2026 the Group and Company had no capital commitments.

29.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £1,444,488 (2025 - £843,428). Contributions totaling £106,239 (2025 - £91,280) were payable to the fund at the balance sheet date and are included in creditors.

Page 50

BARCLAY & MATHIESON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

30.	Commitments under operating leases
	At 31 March 2026 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Land and Buildings
Not later than 1 year	1,417,280	1,377,383	1,342,280	1,215,583
Later than 1 year and not later than 5 years	4,898,202	4,155,957	4,598,202	3,855,957
Later than 5 years	8,535,848	8,497,384	8,329,598	8,216,134
	14,851,330	14,030,724	14,270,080	13,287,674

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£

Other operating lease
Not later than 1 year	846,484	826,523	832,135	771,299
Later than 1 year and not later than 5 years	1,314,448	1,388,643	1,281,583	1,310,109
Later than 5 years	918,633	-	918,633	-
	3,079,565	2,215,166	3,032,351	2,081,408

31.Other financial commitments

The Company has entered into forward currency contracts amounting to £2,644,258 (2025 - £423,729) as at the balance sheet date.

32.	Related party transactions
	Company At the balance sheet date, included within trade debtors is an amount owed by subsidiary undertakings of £113,117 (2025 - £808,411). At the balance sheet date, included within trade creditors is an amount owed to subsidiary undertakings of £2,532 (2025 - £249,556).

33.	Controlling party

The entire share capital of the entity 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 51

BARCLAY & MATHIESON LIMITED

These pages do not form part of the statutory financial statements Page 52