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REGISTERED NUMBER: 02413276 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

UNIGLASS LIMITED

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


UNIGLASS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: A A Barrell
D A Stoker
W Leary
D T Douglas





REGISTERED OFFICE: Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ





BUSINESS ADDRESS: 5b Saddleback Road
Westgate Industrial Estate
Northampton
Northamptonshire
NN5 5HL





REGISTERED NUMBER: 02413276 (England and Wales)





AUDITORS: DNG Dove Naish LLP, Statutory Auditor
Eagle House
28 Billing Road
Northampton
NN1 5AJ

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022


The directors present their strategic report for the year ended 31 December 2022.

REVIEW OF BUSINESS
The results for the period and financial position of the company are shown in the annexed financial statements.

The company produced a satisfactory financial performance during the year, despite the persistent impact of the Covid-19 pandemic. Total turnover on continuing operations increased from £10,998,468 to £11,657,764 which is an increase of 6.0%. Net profit before tax was £1,604,820 (2021: £1,478,927), representing a net margin of 13.8% (2021: 13.4%) on sales.

Cash flow generated from operations remains strong.

The company has experienced an ongoing bounce back following the uncertainties of the Covid-19 pandemic, with a further upsurge in activity and demand from its target markets.

In its ongoing endeavour to find opportunities to grow and diversify, the company continues to anticipate demand for and to import products not manufactured/supplied by UK domestic manufacturers.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a very competitive environment, achieving differentiation through product range and availability, timely and efficient service, quality and price.

The purchase cost of products is critical to the competitiveness of the business and is significantly affected by ocean freight rates, fluctuation in currency exchange rates and the maintenance of good relationships with primary suppliers.

Both Brexit and the ongoing effects of the Covid-19 pandemic continue to be a risk to the business, influencing supply, logistics and costs.

More recently, the inflationary effects of energy, labour and other costs have begun to have deflationary effects upon market demand.

SIGNED BY ORDER OF THE DIRECTORS:





D A Stoker - Director


10 October 2023

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022


The directors present their report with the financial statements of the company for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of glass processors, importers, wholesalers and distributors.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2022 were £1,700,006 (2021: £600,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

A A Barrell
D A Stoker
W Leary

Other changes in directors holding office are as follows:

D T Douglas - appointed 7 February 2022

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICES
The company's financial liabilities are inter-company debts plus trade and other payables. The company's financial assets are stocks, inter-company debtors and trade and other receivables.

The inter-company balances are controlled by directions received from the company's parent undertaking in order to minimise the group's exposure to borrowings and related costs, and to ensure sufficient funds are available for the company to meet its business needs.

The financial liabilities and assets are stated at fair value and after allowances for doubtful receivables.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, DNG Dove Naish LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:





D A Stoker - Director


10 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNIGLASS LIMITED


Opinion
We have audited the financial statements of Uniglass Limited (the 'company') for the year ended 31 December 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNIGLASS LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNIGLASS LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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 Report of the Auditors.

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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Clifford (Senior Statutory Auditor)
for and on behalf of DNG Dove Naish LLP, Statutory Auditor
Eagle House
28 Billing Road
Northampton
NN1 5AJ

12 October 2023

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £    £    £   

TURNOVER 3 11,657,764 10,998,468

Cost of sales 8,719,892 8,363,467
GROSS PROFIT 2,937,872 2,635,001

Distribution costs 721,455 697,921
Administrative expenses 659,764 634,184
1,381,219 1,332,105
1,556,653 1,302,896

Other operating income 4 48,000 37,114
OPERATING PROFIT 6 1,604,653 1,340,010

Income from shares in group
undertakings

2,696

152,963
Interest receivable and similar income 736 457
3,432 153,420
1,608,085 1,493,430

Interest payable and similar expenses 8 3,265 14,503
PROFIT BEFORE TAXATION 1,604,820 1,478,927

Tax on profit 9 (25,497 ) 256,820
PROFIT FOR THE FINANCIAL YEAR 1,630,317 1,222,107

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,630,317

1,222,107

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 77,183 92,103
Investments 12 2,017,900 2,017,900
2,095,083 2,110,003

CURRENT ASSETS
Stocks 13 1,118,394 1,342,338
Debtors 14 865,131 691,831
Cash at bank and in hand 163,077 611,948
2,146,602 2,646,117
CREDITORS
Amounts falling due within one year 15 815,636 1,040,880
NET CURRENT ASSETS 1,330,966 1,605,237
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,426,049

3,715,240

CREDITORS
Amounts falling due after more than one
year

16

-

(216,667

)

PROVISIONS FOR LIABILITIES 19 (14,881 ) (17,716 )
NET ASSETS 3,411,168 3,480,857

CAPITAL AND RESERVES
Called up share capital 20 650,685 650,685
Merger relief reserve 21 279,315 279,315
Retained earnings 21 2,481,168 2,550,857
SHAREHOLDERS' FUNDS 3,411,168 3,480,857

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:





D A Stoker - Director


UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up Merger
share Retained relief Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 January 2021 650,685 1,928,750 279,315 2,858,750

Changes in equity
Dividends - (600,000 ) - (600,000 )
Total comprehensive income - 1,222,107 - 1,222,107
Balance at 31 December 2021 650,685 2,550,857 279,315 3,480,857

Changes in equity
Dividends - (1,700,006 ) - (1,700,006 )
Total comprehensive income - 1,630,317 - 1,630,317
Balance at 31 December 2022 650,685 2,481,168 279,315 3,411,168

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


1. STATUTORY INFORMATION

Uniglass Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Uniglass Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Oriole Glass Holdings Limited, Eagle House, 28 Billing Road, Northampton, Northants, NN1 5AJ.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - 10% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 15% - 33.3% on cost

The company's policy is to write off the book value of each tangible fixed asset over its estimated remaining life. Reviews are made periodically of the estimated remaining lives of individual productive assets, taking account of commercial and technological obsolescence as well as normal wear and tear.

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Government grants
Government grant income is recognised as it is receivable, to the extent that the grant has been expended by the end of the financial year. Unspent grants are shown on the balance sheet as liabilities.

Investments in subsidiaries
Investments in subsidiaries are initially recorded at cost. Where an acquisition satisfies the provisions of section 612 of the Companies Act 2006 for merger relief, the investment is stated at the nominal value of shares issued plus the fair value of any other consideration.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions in foreign currencies are translated at the exchange rate ruling at the date of transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date.

All exchange differences are taken to the profit and loss account.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2022 2021
£    £   
United Kingdom 11,657,764 10,998,468
11,657,764 10,998,468

4. OTHER OPERATING INCOME
2022 2021
£    £   
Management charge receivable 48,000 36,000
Government grants - 1,114
48,000 37,114

5. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 517,952 505,758
Social security costs 62,866 60,467
Other pension costs 8,883 8,940
589,701 575,165

The average number of employees during the year was as follows:
2022 2021

Distribution staff 8 8
Administrative staff 4 4
Management staff 1 1
13 13

2022 2021
£    £   
Directors' remuneration 198,265 125,256

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


6. OPERATING PROFIT

The operating profit is stated after charging:

2022 2021
£    £   
Hire of plant and machinery 4,579 2,558
Other operating leases 146,002 122,070
Depreciation - owned assets 17,504 15,933

7. AUDITORS' REMUNERATION
2022 2021
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

9,470

8,610

Fees for additional non audit services provided are disclosed in the consolidated accounts for the group.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank interest 3,265 14,503

9. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 69,776 245,525
Over/under provision in prior
year (92,438 ) -
Total current tax (22,662 ) 245,525

Deferred tax (2,835 ) 11,295
Tax on profit (25,497 ) 256,820

UK corporation tax has been charged at 19% (2021 - 19%).

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


9. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit before tax 1,604,820 1,478,927
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2021 - 19%)

304,916

280,996

Effects of:
Capital allowances in excess of depreciation - (6,782 )
Depreciation in excess of capital allowances 2,602 -
Adjustments to tax charge in respect of previous periods (92,438 ) -
Expenses not deductible 483 374
Dividends from group undertakings (512 ) (29,063 )
Deferred tax movement (2,835 ) 11,295
Group relief (237,713 ) -
Total tax (credit)/charge (25,497 ) 256,820

10. DIVIDENDS
2022 2021
£    £   
Interim 1,700,006 600,000

11. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2022 63,386 118,761 15,679 24,322 222,148
Additions 2,364 - - 220 2,584
At 31 December 2022 65,750 118,761 15,679 24,542 224,732
DEPRECIATION
At 1 January 2022 42,576 60,564 9,226 17,679 130,045
Charge for year 3,476 8,643 1,250 4,135 17,504
At 31 December 2022 46,052 69,207 10,476 21,814 147,549
NET BOOK VALUE
At 31 December 2022 19,698 49,554 5,203 2,728 77,183
At 31 December 2021 20,810 58,197 6,453 6,643 92,103

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 2,017,900
NET BOOK VALUE
At 31 December 2022 2,017,900
At 31 December 2021 2,017,900

The company's investments at the Balance Sheet date in the share capital of companies include the following:

PJB Glass Group Limited
Registered office: Unit C, Cronin Road, Weldon South Industry, Corby, NN18 8AQ
Nature of business: Glass Merchants
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 275,761 1,076,398
(Loss)/profit for the year (799,479 ) 384,493

13. STOCKS
2022 2021
£    £   
Finished goods 1,118,394 1,342,338

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 416,779 576,050
Amounts owed by group undertakings 190,594 13,515
Tax 156,243 -
VAT - 16,474
Prepayments and accrued income 101,515 85,792
865,131 691,831

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other loans (see note 17) - 33,333
Trade creditors 172,648 434,253
Amounts owed to group undertakings 262,965 266,636
Tax - 138,280
Social security and other taxes 43,834 46,390
VAT 143,413 -
Accruals and deferred income 192,776 121,988
815,636 1,040,880

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Other loans (see note 17) - 216,667

17. LOANS

An analysis of the maturity of loans is given below:

2022 2021
£    £   
Amounts falling due within one year or on demand:
Other loans - 33,333

Amounts falling due between one and two years:
Other loans - 1-2 years - 50,000

Amounts falling due between two and five years:
Other loans - 2-5 years - 150,000

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal - 16,667

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 179,920 124,374
Between one and five years 516,427 288,815
In more than five years - 139,395
696,347 552,584

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


19. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 14,881 17,716

Deferred
tax
£   
Balance at 1 January 2022 17,716
Accelerated capital allowances (2,835 )
Balance at 31 December 2022 14,881

Deferred tax is provided at 25% in line with the proposed 2023 increase in Corporation tax per the Finance Act 2021.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
650,685 Ordinary £1 650,685 650,685

21. RESERVES
Merger
Retained relief
earnings reserve Totals
£    £    £   

At 1 January 2022 2,550,857 279,315 2,830,172
Profit for the year 1,630,317 1,630,317
Dividends (1,700,006 ) (1,700,006 )
At 31 December 2022 2,481,168 279,315 2,760,483

22. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,883 (2021 - £8,940). Contributions outstanding at the year end were £Nil (2021 - £Nil).

23. CONTINGENT LIABILITIES

The bank borrowings are negotiated on a group basis and there are unlimited cross guarantees in place between Uniglass Limited and subsidiary company PJB Group Limited and also fellow subsidiary Origlass UK Limited in respect of the relevant individual company liabilities. The overdraft and loan facility are secured by a debenture over the assets of the company.

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


24. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Related Party Disclosure, not to disclose related party transactions or balances with wholly owned subsidiaries within the group.

During the year, a total of key management personnel compensation of £ 221,515 (2021 - £ 140,125 ) was paid.

25. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is Oriole Glass Holdings Limited, a company registered in the United Kingdom.

The largest and smallest group in which the company's results are consolidated is Oriole Glass Holdings Limited. A copy of the group accounts can be obtained from Oriole Glass Holdings Limited, whose registered office is Eagle House, 28 Billing Road, Northampton, NN1 5AJ.