REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
UNIGLASS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
UNIGLASS LIMITED |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
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 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditor |
Eagle House |
28 Billing Road |
Northampton |
Northamptonshire |
NN1 5AJ |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
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. Total turnover on continuing operations decreased from £11,657,764 to £10,583,334 which is a decrease of 9.2%. Net profit before tax and impairments was £1,057,843 (2022: £1,604,820) representing a net margin of 10.0% (2022: 13.8%) on sales. |
Cash flow generated from operations remains strong. |
The company has experienced a slight slowdown, but there is now an increase 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. |
Brexit continues 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: |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
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 2023 were £258,000 (2022: £1,700,006). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
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. |
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. |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
AUDITORS |
The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
SIGNED BY ORDER OF THE DIRECTORS: |
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 2023 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 2023 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. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
UNIGLASS LIMITED |
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. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditor |
Eagle House |
28 Billing Road |
Northampton |
Northamptonshire |
NN1 5AJ |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
1,474,844 | 1,381,219 |
999,235 | 1,556,653 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Income from shares in group undertakings |
Interest receivable and similar income |
15,819 | 3,432 |
1,063,054 | 1,608,085 |
Amounts written off investments | 8 | 169,000 | 1,992,900 |
894,054 | (384,815 | ) |
Interest payable and similar expenses | 9 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 10 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Prior year adjustment | 12 | ( |
) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
(1,112,818 |
) |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Stocks | 15 |
Debtors | 16 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 19 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Merger relief reserve | 21 |
Retained earnings | 21 | 488,268 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up | Merger |
share | Retained | relief | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 | 3,411,168 |
Prior year adjustment | - | ( |
) | - | ( |
) |
As restated |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Uniglass Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Leasehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
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. |
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. |
Investments in subsidiaries are subsequently measured at cost less impairment. Investments are re-evaluated at each year end for indicators of impairment. |
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. |
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. |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | TURNOVER |
The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
as | restated |
£ | £ |
United Kingdom | 10,583,334 | 11,657,764 |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | OTHER OPERATING INCOME |
2023 | 2022 |
as | restated |
£ | £ |
Management charge receivable | 48,000 | 48,000 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
as | restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
as | restated |
Distribution staff | 5 | 8 |
Administrative staff | 4 | 4 |
Management staff | 3 | 1 |
2023 | 2022 |
as | restated |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director for the year ended 31 December 2023 is as follows: |
2023 |
£ |
Emoluments etc |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
as | restated |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | AUDITORS' REMUNERATION |
2023 | 2022 |
as | restated |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
9,940 |
9,470 |
Fees for additional non audit services provided are disclosed in the consolidated accounts for the group. |
8. | AMOUNTS WRITTEN OFF INVESTMENTS |
2023 | 2022 |
as | restated |
£ | £ |
Impairment of investments | 169,000 | 1,992,900 |
9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
as | restated |
£ | £ |
Bank interest |
10. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
as | restated |
£ | £ |
Current tax: |
UK corporation tax |
Over/under provision in prior |
year | - | (92,438 | ) |
Total current tax | ( |
) |
Deferred tax | ( |
) |
Tax on profit/(loss) | ( |
) |
UK corporation tax has been charged at 23.50% (2022 - 19%). |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | TAXATION - continued |
Reconciliation of total tax charge/(credit) 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: |
2023 | 2022 |
as | restated |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) |
Impairment | 39,715 | 378,651 |
Dividends from group undertakings | (1,948 | ) | (512 | ) |
Deferred tax movement | 8,761 | (2,835 | ) |
Group relief | (239,767 | ) | (237,713 | ) |
Total tax charge/(credit) | 8,761 | (25,497 | ) |
11. | DIVIDENDS |
2023 | 2022 |
as | restated |
£ | £ |
Interim |
12. | PRIOR YEAR ADJUSTMENT |
The prior period adjustment of £1,992,900 is an impairment of the company's investment in a subsidiary. |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
14. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Additions |
Impairment of fixed asset |
investments | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Unit C, Cronin Road, Weldon South Industry, Corby, NN18 8AQ |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | STOCKS |
2023 | 2022 |
as | restated |
£ | £ |
Finished goods |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Tax |
Prepayments and accrued income |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT |
Accruals and deferred income |
18. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
as | restated |
£ | £ |
Within one year |
Between one and five years |
19. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
as | restated |
£ | £ |
Deferred tax | 23,642 | 14,881 |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
19. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Accelerated capital allowances | 8,761 |
Balance at 31 December 2023 |
Deferred tax is provided at 25%. |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
Ordinary | £1 | 650,685 | 650,685 |
21. | RESERVES |
Merger |
Retained | relief |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 |
Prior year adjustment | ( |
) | ( |
) |
767,583 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 1,389,665 |
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 £9,064 (2022 - £8,883). Contributions outstanding at the year end were £Nil (2022 - £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. |
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. |
UNIGLASS LIMITED (REGISTERED NUMBER: 02413276) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
24. | RELATED PARTY DISCLOSURES - continued |
During the year, a total of key management personnel compensation of £ |
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. |