Company registration number 02559708 (England and Wales)
UNIBLOC HYGIENIC TECHNOLOGIES UK, LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
UNIBLOC HYGIENIC TECHNOLOGIES UK, LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
UNIBLOC HYGIENIC TECHNOLOGIES UK, LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
44,118
25,977
Tangible assets
5
1,847,458
599,345
Investments
6
5
1,891,581
625,322
Current assets
Stocks
7
3,488,976
1,886,572
Debtors
8
2,930,228
1,401,532
Cash at bank and in hand
242,491
532,427
6,661,695
3,820,531
Creditors: amounts falling due within one year
9
(6,660,570)
(3,004,085)
Net current assets
1,125
816,446
Total assets less current liabilities
1,892,706
1,441,768
Creditors: amounts falling due after more than one year
10
(112,987)
(112,987)
Provisions for liabilities
(226,824)
(43,467)
Net assets
1,552,895
1,285,314
Capital and reserves
Called up share capital
11
1,164,227
100
Profit and loss reserves
388,668
1,285,214
Total equity
1,552,895
1,285,314
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
P. Painter
Director
Company registration number 02559708 (England and Wales)
UNIBLOC HYGIENIC TECHNOLOGIES UK, LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Unibloc Hygienic Technologies UK, Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6 Ricebridge, Brighton Road, Bolney, Haywards Heath, West Sussex, RH17 5NA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Software
33% Straight line
Patents & licences
20% Straight line
Development costs
20% Straight line
Domain name
Evenly over one year
UNIBLOC HYGIENIC TECHNOLOGIES UK, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% Straight line
Plant and equipment
20% Straight line
Fixtures and fittings
20% Straight line
Computers
33% Straight line
Motor vehicles
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
UNIBLOC HYGIENIC TECHNOLOGIES UK, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
UNIBLOC HYGIENIC TECHNOLOGIES UK, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Hive up
On September 7th, 2023, all net assets of Metaltech Precision Engineers Ltd were transferred up into its parent company, Unibloc Hygienic Technologies UK Ltd. A dividend in specie of £2,247,189 was processed to distribute their net assets.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
65
41
UNIBLOC HYGIENIC TECHNOLOGIES UK, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Intangible fixed assets
Software, Patents and R&D Costs
Domain name
Total
£
£
£
Cost
At 1 January 2023
239,008
52,239
291,247
Additions
40,070
40,070
Disposals
(2,106)
(2,106)
At 31 December 2023
276,972
52,239
329,211
Amortisation and impairment
At 1 January 2023
213,031
52,239
265,270
Amortisation charged for the year
20,736
20,736
Disposals
(913)
(913)
At 31 December 2023
232,854
52,239
285,093
Carrying amount
At 31 December 2023
44,118
44,118
At 31 December 2022
25,977
25,977
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
766
2,008,420
2,009,186
Additions
10,944
1,658,883
1,669,827
At 31 December 2023
11,710
3,667,303
3,679,013
Depreciation and impairment
At 1 January 2023
766
1,409,075
1,409,841
Depreciation charged in the year
1,882
419,832
421,714
At 31 December 2023
2,648
1,828,907
1,831,555
Carrying amount
At 31 December 2023
9,062
1,838,396
1,847,458
At 31 December 2022
599,345
599,345
UNIBLOC HYGIENIC TECHNOLOGIES UK, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
5
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
-
Additions
2,122,825
At 31 December 2023
2,122,825
Impairment
At 1 January 2023
-
Impairment losses
2,122,820
At 31 December 2023
2,122,820
Carrying amount
At 31 December 2023
5
At 31 December 2022
-
7
Stocks
2023
2022
£
£
Raw materials, consumables and finished goods
3,466,132
1,884,711
Work in progress
22,844
1,861
3,488,976
1,886,572
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,546,142
1,003,634
Corporation tax recoverable
148,627
149,148
Other debtors
235,459
248,750
2,930,228
1,401,532
UNIBLOC HYGIENIC TECHNOLOGIES UK, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,219,769
924,873
Amounts owed to group undertakings
3,747,696
1,819,316
Taxation and social security
82,650
39,783
Other creditors
610,455
220,113
6,660,570
3,004,085
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
112,987
112,987
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
1,164,227
100
12
Financial commitments, guarantees and contingent liabilities
On 20 July 2022, fixed and floating charges were created over the assets of the company whereby the company guaranteed all amounts due to BMO Harris Bank N.A.
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,233,935
1,236,482
UNIBLOC HYGIENIC TECHNOLOGIES UK, LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
14
Parent company
The company’s immediate parent undertaking is Unibloc Hygienic Technologies Inc, a company incorporated in the United States of America.
It’s ultimate parent undertaking and controlling party is May River GP II LLC, a company incorporated in the United States of America. The registered office of May River GP II LLC is One North Wacker Drive, Suite 1920, Chicago, IL 60606.
The smallest group for which consolidated financial statements are prepared is that headed up by Unibloc Hygienic Technologies LP. The registered office of Unibloc Hygienic Technologies LP is Corporation Trust Centre 1209 Orange Street Wilmington, Delaware, 198901, United States.
15
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Leighton Bower
Statutory Auditor:
Rouse Audit LLP
Date of audit report:
2 September 2024
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