Registered number:
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
COMPANY INFORMATION
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UNITED GLASS GROUP LTD
CONTENTS
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UNITED GLASS GROUP LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
The directors are pleased to present their strategic report for the year ended 30 November 2023.
The group continues to be engaged in the activities of flat glass merchanting and architectural glass processing at multiple sites serving customers on a local and national basis across the UK.
After successive record years FY23 was a year of some change for United Glass Group (“UGG”), which when reflected upon, will be viewed as the start of the next chapter of development.
Against the backdrop of a tightening market and increasing overheads costs (principally cost of employment and utilities) the group took the strategic decision to rationalise the number of sites it operates from to service its nation-wide customer base. In practice this meant the closure of its processing operations in Peterlee and the redistribution of the manufacturing capability and capacity to other subsidiaries; most notably Brownhills Glass (“BGC”). More detail on this can be seen in the BGC strategic report. For the group the project incurred £314k of redundancy and 3rd party costs along with unquantified internal costs associated with the pains of undertaking such a project, and these factors should be considered when reviewing the results. Whilst the decision to undertake such a project is not taken lightly, for obvious reasons, it has proven to be the correct decision with both BGC and Tufwell performing exceptionally well during 2024 amid a very challenging market. BGC and Tufwell are the pillars of UGG’s general architectural processing business and increased activity in both the domestic and commercial processing markets during FY23. Combined sales grew from £15.2m to £16.4m on an aggregated basis. The businesses trade as separate legal entities but a streamlining of management and a focus on collaboration means the success of these businesses should be viewed as a collective. The respective local management teams have worked hard to ensure each entities’ specialisms compliment and the directors will continue to encourage further integration for the benefit of commercial success. LAG directs the group's focus towards the premium domestic market, catering to a customer base of exceptional installers. LAG continued to differentiate itself from other domestic and European competitors by focusing on what UGG feels is a key differentiator for our customers; short lead time, excellent quality and service. LAG performed superbly in FY23 posting sales of £7.6m. Development points continue to be a widening of its customer base via geographical and product expansion. The directors are keen to develop the group to have a great presence in other sectors of the architectural glass processing market along with a better geographical presence in the South and Southwest. Accordingly, its pleasing to report that the relationship with Duke Capital continues to be extremely strong. Post balance sheet Duke have increased their shareholding in the group and committed new funds for acquisitive growth and organic development; the latter in the short-term to be focused on increasing efficiencies through automation.
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UNITED GLASS GROUP LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
The directors are integrally involved in the day-to-day running of each business unit.
For several years, the key risk has been maintaining reliable sources of glass supply. However, the directors consider this risk to have diminished with all major manufacturers supplying into the UK market without restriction and eager to win market share. The directors feel the key risk has changed from supply to demand side with order books fluctuating on processing activities and price pressure apparent in merchanting operations. It is expected this theme will continue until such time confidence returns on topics such as cost of borrowing and political stability. To mitigate this risk the business will redouble efforts to provide customers excellent service and quality and look to internal efficiencies and automation to offset big changes in the cost of employment and general site operations. The group is in a privileged position to have good liquidity to continue to make the right decisions for the business in the longer-term.
The directors consider turnover, EBITDA and cash availability as key financial indicators and manage the group with these metrics at the forefront of decision making.
The directors report the group achieved turnover of £25.9m (£23.9m from continuing operations). Whilst this represents a reduction on the prior year the directors are content this represents a successful year in a challenging market. Reported EBITDA was £2.5m but the directors consider £3.2m to be the underlying EBTIDA after adjusting for one-off closure costs, property disposal costs and aborted acquisition costs. Cash availability from group resources for year-ended FY23 was c£2m which the directors are very confident allows the group to trade with the freedom to make decisions for the long-term prosperity of the group.
This report was approved by the board on 28 August 2024 and signed on its behalf.
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UNITED GLASS GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
The directors present their report and the financial statements for the year ended 30 November 2023.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £653,024 (2022 - profit £794,169).
The directors who served during the year were:
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UNITED GLASS GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
There has been interim dividends of £307,224 paid since the balance sheet date.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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UNITED GLASS GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED GLASS GROUP LTD
We have audited the financial statements of United Glass Group Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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UNITED GLASS GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED GLASS GROUP LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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UNITED GLASS GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED GLASS GROUP LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. Based on our understanding of the Group and industry, key laws and regulations that we identified included:
∙Companies Act;
∙Tax Legislation; and
∙Health and Safety and Employment Legislation
We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙management bias in respect of accounting estimates and judgements made;
∙management override of control; and
∙posting of unusual journals or transactions.
We focused on those areas that could give rise to a material misstatement in the financial statements.
Our procedures included, but were not limited to:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
∙Reviewing minutes of meetings of those charged with governance where available;
∙Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations and;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, in particular, depreciation of tangible fixed assets and amortisation of goodwill.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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UNITED GLASS GROUP LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED GLASS GROUP LTD (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
158 Edmund Street
B3 2HB
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UNITED GLASS GROUP LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
REGISTERED NUMBER: 07995246
CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
REGISTERED NUMBER: 07995246
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.
The notes on pages 19 to 44 form part of these financial statements.
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UNITED GLASS GROUP LTD
REGISTERED NUMBER: 07995246
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
REGISTERED NUMBER: 07995246
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 44 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
United Glass Group Ltd is a private limited company, limited by shares and incorporated in England. The address of the registered office is given in the company information of these financial statements. The company's registration number is 07995246. The nature of the group's operations and principal activities are described in the Strategic report on page 1.
The financial statements are prepared in Sterling which is the functional currency of the group. The financial statements level of rounding is to the nearest £1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The financial statements have been prepared on the going concern basis, the validity of which depdends upon the ability of the group to meet its obligations as they fall due. In light of the future trading indications and the funding position of the group the directors consider the group to be a going concern.
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
Goodwill
Customer contracts
Customer contracts are initally measured at cost and subsequently measured at cost less amortisation and any impairment losses. Amortisation is provided to write down the customer contracts over a period of 5 years. In the opinion of the directors the amortisation basis represents the period over which the customer contracts are expected to give rise to economic benefits.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method and on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of comprehensive income.
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount.
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Consolidated statement of comprehensive income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
The directors consider that the following estimates and judgements are likely to have the most significant effect on the amounts recognised in the financial statements: Estimation of useful life The charge in respect of periodic depreciation and amortisation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of all assets are determined at the time the asset is acquired and reviewed at least annually for appropriateness.
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
10.Taxation (continued)
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
10.Taxation (continued)
The group has estimated losses of £300,000 (2022 - £700,000) available for carry forward against future trading profits.
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
12.Intangible assets (continued)
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
13.Tangible fixed assets (continued)
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Included in freehold property is freehold land at cost of £1,731,524 (2022 - £1,731,524) which is not depreciated. During April 2022, land and buildings with a carrying amount of £1,945,000 were revalued by Bradley Hall, Chartered Surveyors. The property was revalued on an existing use open market value basis. Bradley Hall is not connected with the group and the valuation was based on recent market transactions on an arm's length basis for similar properties. The property has subsequently been sold for £1,900,000 on 1 July 2024. During May 2023, land and buildings with a carrying amount of £3,430,000 were revalued by Harris Lamb Limited, Chartered Surveyors.The property was revalued on an existing use open market value basis. Harris Lamb Limited is not connected with the group and the valuation was based on recent market transactions on an arm's length basis for similar properties.
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
The bank loans are secured by a debenture creating a fixed and floating charge over the assets of the group. £694,843 (2022 - £796,005) of the bank loan relates to the freehold property known as Beecham Close, Walsall, WS9 8UZ. The original loan was repayable in instalments over 15 years. The interest rate of the loan is 4.37%.
The bank loan of £nil (2022 - £31,101) is secured by a fixed and floating charge over the assets of the group. The loan is repayable in instalments over 48 months. Interest is payable at 3.05% above base rate per annum. Bank loans of £1,111,041 (2022 - £1,160,754) are secured by a debenture creating a fixed and floating charge over the assets of the group. The loan is repayable in instalments over 20 years. The interest rate of the loan is 4.84%. Other loans of £11,600,539 (2022 - £11,694,434) relate to the Duke Royalty Limited loan, repayable over a 30 year period. The loan is secured against the assets of the group and the related undertakings. The interest rate of the loan is 11.4%. Other loans of £150,000 (2022 - £150,000) is unsecured and repayable 5 years from the inception of the loan in full or in instalments over 5 years. The interest rate of the loan is 5%. Other loans of £100,000 (2022 - £100,000) is unsecured and repayable 5 years from the inception of the loan in full or in installments over 5 years. The interest rate of the loan is 5%. The amounts due on hire purchase contracts are secured on the assets concerned. Other loans totalling £675,000 (2022 - £675,000) relates to loan notes issued on the acquisition of London Architectural Glass Ltd which are interest bearing and repayable on the fifth anniversary of the acquisition. These loan notes are unsecured and interest of 3% per annum is being charged.
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss account
A group VAT registration is in force. The company is therefore jointly and severally liable for the amounts of VAT owed by Brownhills Glass Company Limited. The liability is included in note 18.
Lloyds Bank plc hold a letter of set off between the company and subsidiary companies, Brownhills Glass Company Limited, Peterlee Glass Company Limited, Brownhills Investment Property Limited, Tufwell Glass Limited, Peterleetwo Limited and London Architectural Glass Ltd. London Architectural Glass Ltd became party to this agreement during the year. The company is therefore jointly and severally liable for the amount owed by Brownhills Glass Company Limited, Peterlee Glass Company Limited, Brownhills Investment Properties Limited, Tufwell Glass Limited, Peterleetwo Limited and London Architectural Glass Ltd to Lloyds Bank plc. The liabilities are included and disclosed in notes 18 and 19. The company is party, together with other group and related undertakings, to multilateral guarantees given to Duke Royalty Limited. The total balances guaranteed at 30 November 2023 amounted to £11,647,170 (2022 - £11,778,257).
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
The group operate a number of defined contribution pension schemes. The assets of these schemes are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to these funds and amount to £166,534 (2022 - £163,673). Contributions totalling £20,601 (2022 - £37,510) were payable to the funds at the balance sheet date.
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UNITED GLASS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
On 1 July 2024, the group has sold one of the properties for a consideration of £1.9m.
At the balance sheet date, the ultimate controlling party was M E Harrison by virtue of his shareholding in United Glass Group Ltd. Subsequently, at the time of approval of these financial statements, the ultimate controlling party is now Duke Royalty UK Limited by virtue of their shareholding in United Glass Group Ltd.
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