Company registration number: 01241058
COMPANY INFORMATION
CONTENTS
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The Director presents his report and the financial statements for the year ended 31 March 2026.
The Director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Director is 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 Director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The Director who served during the year was:
The auditor, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the Director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDGEN MURRAY EUROPE LIMITED
We have audited the financial statements of Edgen Murray Europe Limited (the 'company') for the year ended 31 March 2026, which comprise the Statement of comprehensive income, the Statement of financial position 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).
We draw attention to Note 2.2 to the financial statements which explains that the director intend to wind down the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.
Our opinion is not modified in respect of this matter.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The Director is 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDGEN MURRAY EUROPE LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Director's report has been prepared in accordance with applicable legal requirements.
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 Director's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDGEN MURRAY EUROPE LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
∙The Companies Act 2006
∙Financial Reporting Standard 102; and
∙UK tax legislation
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We obtained an understanding of how the Company is complying with its legal and regulatory framework by making enquiries of management and those responsible for legal and compliance matters and reviewing relevant documentation.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Our audit procedures in response to this assessment included:
∙Identifying and assessing the design and implementation of controls management has established to prevent and detect fraud;
∙Making enquiries of management regarding actual and suspected fraud;
∙Considering the potential for management override of controls or the inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgements made by management in significant accounting estimates; and
∙Identifying and testing journal entries, with particular focus on entries displaying characteristics that we consider unusual.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDGEN MURRAY EUROPE LIMITED (CONTINUED)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
4th Floor
95 Gresham Street
EC2V 7AB
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 9 to 16 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Edgen Murray Europe Limited is a private company, limited by shares, registered in England and Wales. The address of the registered office is Vintners' Place, Upper Thames Street, London, EC4V 3BJ.
2.Accounting policies
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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
As of 24 March 2021, the strategic decision was made by Sumitomo Corporation to move forward with a detailed and formal plan to wind down Edgen Murray Europe operations. The wind-down decision entailed an immediate cessation of new business origination and commencing of consultation procedures to terminate employees whose roles have been made redundant. Under the wind-down plan Edgen Murray Europe continued to execute existing backlog of contracts on a business as usual basis and as these were wound down it reduced its fixed cost base accordingly.
All contracts have now been completed subject to the expiration of relevant warranty periods and as the director does not intend to conduct a replacement trade, the financial statements have been prepared on a basis other than that of going concern.
In the financial statements all assets and liabilities have been classified as current and that the assets have been recorded at their estimated realisable value.
All contracts have now been completed subject to the expiration of relevant warranty periods and as the director does not intend to conduct a replacement trade, the financial statements have been prepared on a basis other than that of going concern.
In the financial statements all assets and liabilities have been classified as current and that the assets have been recorded at their estimated realisable value.
Transactions in foreign currencies are translated to the functional currency of the company at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the profit and loss account. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign cun-encies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Financial instruments issued by the company are treated as equity (i.e. forming part of shareholder funds) only to the extent that they meet the following two conditions:
a) they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and
b) where the instrument will or may be settled in the company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.
Finance payments associated with financial liabilities are dealt with as part of interest payable and similar expenses. Finance payments associated with financial instruments that are classified as part of shareholder funds (see dividends policy), are dealt with as appropriations in the reconciliation of movements in shareholder funds.
Non-derivative financial instruments
Non-derivative financial instruments comprise investments in equity, trade and other debtors, cash and cash equivalents, loans and borrowings, and trade and other creditors.
Trade and other debtors
Trade and other debtors are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.
Trade and other creditors
Trade and other creditors are recognised initially at fair value plus attributable transition costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair value plus attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.
Investments
Investments are stated at cost less any provision for impairment.
a) they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the company; and
b) where the instrument will or may be settled in the company's own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or is a derivative that will be settled by the company's exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company's own shares, the amounts presented in these financial statements for called up share capital and share premium account exclude amounts in relation to those shares.
Finance payments associated with financial liabilities are dealt with as part of interest payable and similar expenses. Finance payments associated with financial instruments that are classified as part of shareholder funds (see dividends policy), are dealt with as appropriations in the reconciliation of movements in shareholder funds.
Non-derivative financial instruments
Non-derivative financial instruments comprise investments in equity, trade and other debtors, cash and cash equivalents, loans and borrowings, and trade and other creditors.
Trade and other debtors
Trade and other debtors are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.
Trade and other creditors
Trade and other creditors are recognised initially at fair value plus attributable transition costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.
Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair value plus attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.
Investments
Investments are stated at cost less any provision for impairment.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
A defined contribution plan is a post-employment benefit under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contributions pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.
A provision is recognised in the balance sheet when the company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.
Revenue comprises the value of goods and services supplied in the normal course of business, net of discounts, rebates, VAT and similar taxes. Revenue from the sale of goods and services is recognised when the company has transferred control of the goods and services to the customer, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the company. The director has reviewed the markets for which the company operates, and have determined that the company operates primarily in Europe and the Rest of the World.
The company's renewable agreements with customers may contain complex terms or separately identifiable
performance obligations outside delivering product to customers. Revenue is recognised when the performance obligation is met.
The warranties offered in the contracts are protective warranties given to the customer, also these warranties provided to customers are back-to-back with the warranty that Edgen Murray obtains from its suppliers. These warranties protect the customer against non-functional product. These are the standard warranties offered in the industry. No additional revenue was recognised against this standard warranty offered.
The company's renewable agreements with customers may contain complex terms or separately identifiable
performance obligations outside delivering product to customers. Revenue is recognised when the performance obligation is met.
The warranties offered in the contracts are protective warranties given to the customer, also these warranties provided to customers are back-to-back with the warranty that Edgen Murray obtains from its suppliers. These warranties protect the customer against non-functional product. These are the standard warranties offered in the industry. No additional revenue was recognised against this standard warranty offered.
Financing expenses comprises interest payable and finance leases recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy). Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be prepared for use, are capitalised as part of the cost of that asset. Financing income comprises interest receivable on funds invested, dividend income, and net foreign exchange gains.
Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in the profit and loss account on the date the entity's right to receive payments is established. Foreign currency gains and losses are reported on a net basis.
Interest income and interest payable is recognised in profit or loss as it accrues, using the effective interest method. Dividend income is recognised in the profit and loss account on the date the entity's right to receive payments is established. Foreign currency gains and losses are reported on a net basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised or where it is probable that the company will be paid to surrender its losses by a fellow group undertaking.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised or where it is probable that the company will be paid to surrender its losses by a fellow group undertaking.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. Due to the nature of estimation, the actual outcomes may well differ from these estimates.
Significant judgements
Judgements are made in assessing whether provisions should be recognised in the financial statements, since there can be subjectivity over whether an individual provision is probable.
Key sources of estimation uncertainty
Fair value estimation
The carrying values of investments, trade creditors, trade debtors and stocks less impairment provisions are assumed to approximate their fair values.
Recoverability of debtors
Trade debtors are assessed for recoverability and appropriate provisions are put in place where necessary after management have considered all available sources of information.
Provisions
During the year to 31 March 2021, Sumitomo Corporation announced the wind down of the Edgen Murray Europe operations. Provisions relate to the director's best estimate of the wind down cost.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Subsidiary undertakings
The following were subsidiary undertakings of the company:
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*Indirectly held via Edgen Murray Pte Limited holding 99.999% and Edgen Murray Europe Limited holding 0.001%. The company completed liquidation and deregistered in September 2025.
**The companies entered into liquidation subsequent to the year end. Further details are provided in Note 9, Post Balance Sheet Events.
**The companies entered into liquidation subsequent to the year end. Further details are provided in Note 9, Post Balance Sheet Events.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
At the balance sheet date, the company was wholly owned by Pipe Acquisition Limited (immediate parent company).
The director considers Sumitomo Corporation, a Japanese listed company, to be the ultimate parent undertaking at the balance sheet date. The largest group in which the results of the company are consolidated is that headed by that ultimate parent undertaking whose principal place of business is at Harumi Island Triton Square Office Tower Y 8-11, Harumi 1-chome, Chuo-ku, Tokyo, 104-8610. Copies of the consolidated financial statements of Sumitomo Corporation can be obtained from www.sumitomocorp.co.jp/english.
The director considers Sumitomo Corporation, a Japanese listed company, to be the ultimate parent undertaking at the balance sheet date. The largest group in which the results of the company are consolidated is that headed by that ultimate parent undertaking whose principal place of business is at Harumi Island Triton Square Office Tower Y 8-11, Harumi 1-chome, Chuo-ku, Tokyo, 104-8610. Copies of the consolidated financial statements of Sumitomo Corporation can be obtained from www.sumitomocorp.co.jp/english.
Edgen Murray GmbH, incorporated in Austria, entered into liquidation with effect from 1 June 2026.
Edgen Murray Pte. Ltd., incorporated in Singapore, subsequently entered into a members’ voluntary liquidation on 3 July 2026.
These events are considered to be non-adjusting events after the reporting period and, accordingly, no adjustments have been made to the amounts recognised in these financial statements.
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