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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 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: 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: Shaw Gibbs (Audit) Limited
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:





D T Douglas - Director


9 July 2024

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.

A A Barrell
D A Stoker
W Leary
D T Douglas

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:





D T Douglas - Director


9 July 2024

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.




Andrew Clifford (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ

26 July 2024

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   

TURNOVER 3 10,583,334 11,657,764

Cost of sales 8,109,255 8,719,892
GROSS PROFIT 2,474,079 2,937,872

Distribution costs 671,271 721,455
Administrative expenses 803,573 659,764
1,474,844 1,381,219
999,235 1,556,653

Other operating income 4 48,000 48,000
OPERATING PROFIT 6 1,047,235 1,604,653

Income from shares in group
undertakings

8,290

2,696
Interest receivable and similar income 7,529 736
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 5,211 3,265
PROFIT/(LOSS) BEFORE TAXATION 888,843 (388,080 )

Tax on profit/(loss) 10 8,761 (25,497 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

880,082

(362,583

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

880,082

(362,583

)
Prior year adjustment 12 (1,992,900 )
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 13 109,007 77,183
Investments 14 356,000 25,000
465,007 102,183

CURRENT ASSETS
Stocks 15 934,742 1,118,394
Debtors 16 1,216,846 865,131
Cash at bank and in hand 239,048 163,077
2,390,636 2,146,602
CREDITORS
Amounts falling due within one year 17 791,651 815,636
NET CURRENT ASSETS 1,598,985 1,330,966
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,063,992

1,433,149

PROVISIONS FOR LIABILITIES 19 23,642 14,881
NET ASSETS 2,040,350 1,418,268

CAPITAL AND RESERVES
Called up share capital 20 650,685 650,685
Merger relief reserve 21 279,315 279,315
Retained earnings 21 1,110,350 488,268
SHAREHOLDERS' FUNDS 2,040,350 1,418,268

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2024 and were signed on its behalf by:





D T Douglas - Director


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 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
Prior year adjustment - (1,992,900 ) - (1,992,900 )
As restated 650,685 488,268 279,315 1,418,268

Changes in equity
Dividends - (258,000 ) - (258,000 )
Total comprehensive income - 880,082 - 880,082
Balance at 31 December 2023 650,685 1,110,350 279,315 2,040,350

UNIGLASS LIMITED (REGISTERED NUMBER: 02413276)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


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 2023


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.

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
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 559,713 517,952
Social security costs 66,397 62,866
Other pension costs 9,064 8,883
635,174 589,701

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
12 13

2023 2022
as restated
£    £   
Directors' remuneration 211,045 198,265

Information regarding the highest paid director for the year ended 31 December 2023 is as follows:
2023

£   
Emoluments etc 123,682

6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
as restated
£    £   
Hire of plant and machinery 407 4,579
Other operating leases 183,554 146,002
Depreciation - owned assets 31,806 17,504

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 5,211 3,265

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 - 69,776
Over/under provision in prior
year - (92,438 )
Total current tax - (22,662 )

Deferred tax 8,761 (2,835 )
Tax on profit/(loss) 8,761 (25,497 )

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 888,843 (388,080 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 23.500% (2022 - 19%)

208,878

(73,735

)

Effects of:
Expenses not deductible for tax purposes 693 483
Capital allowances in excess of depreciation (7,571 ) -
Depreciation in excess of capital allowances - 2,602
Adjustments to tax charge in respect of previous periods - (92,438 )
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 258,000 1,700,006

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 65,750 118,761 15,679 24,542 224,732
Additions 6,901 8,748 371 47,610 63,630
At 31 December 2023 72,651 127,509 16,050 72,152 288,362
DEPRECIATION
At 1 January 2023 46,052 69,207 10,476 21,814 147,549
Charge for year 4,064 8,709 1,253 17,780 31,806
At 31 December 2023 50,116 77,916 11,729 39,594 179,355
NET BOOK VALUE
At 31 December 2023 22,535 49,593 4,321 32,558 109,007
At 31 December 2022 19,698 49,554 5,203 2,728 77,183

14. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 25,000
Additions 500,000
Impairment of fixed asset
investments (169,000 )
At 31 December 2023 356,000
NET BOOK VALUE
At 31 December 2023 356,000
At 31 December 2022 25,000

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
2023 2022
£    £   
Aggregate capital and reserves 331,234 331,092
Loss for the year (999,858 ) (745,306 )

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 934,742 1,118,394

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 473,057 416,779
Amounts owed by group undertakings 452,036 190,594
Tax 213,624 156,243
Prepayments and accrued income 78,129 101,515
1,216,846 865,131

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 219,755 172,648
Amounts owed to group undertakings 185,006 262,965
Social security and other taxes 44,724 43,834
VAT 117,515 143,413
Accruals and deferred income 224,651 192,776
791,651 815,636

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
£    £   
Within one year 177,958 179,920
Between one and five years 382,188 516,427
560,146 696,347

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 14,881
Accelerated capital allowances 8,761
Balance at 31 December 2023 23,642

Deferred tax is provided at 25%.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as
restated
£    £   
650,685 Ordinary £1 650,685 650,685

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

At 1 January 2023 2,481,168 279,315 2,760,483
Prior year adjustment (1,992,900 ) (1,992,900 )
488,268 767,583
Profit for the year 880,082 880,082
Dividends (258,000 ) (258,000 )
At 31 December 2023 1,110,350 279,315 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 £ 245,550 (2022 - £ 221,515 ) 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.