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REGISTERED NUMBER: 00947101 (England and Wales)













Financial Statements

for the Year Ended 31 October 2024

for

Pittsburgh Corning (United Kingdom)
Limited

Pittsburgh Corning (United Kingdom)
Limited (Registered number: 00947101)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Pittsburgh Corning (United Kingdom)
Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: X Notard
J Coerts
P E Y Maes





REGISTERED OFFICE: 31-35 Kirby Street
London
EC1N 8TE





REGISTERED NUMBER: 00947101 (England and Wales)





AUDITORS: Villars Hayward LLP
Statutory Auditors
Chartered Accountants and Chartered Tax Advisers
Boston House
Henley-On-Thames
RG9 1DY

Pittsburgh Corning (United Kingdom)
Limited (Registered number: 00947101)

Statement of Financial Position
31 October 2024

31.10.24 31.10.23
Notes £    £   
CURRENT ASSETS
Stocks - 115,608
Debtors 5 1 4,747,084
Cash at bank - 3,606,830
1 8,469,522
CREDITORS
Amounts falling due within one year 6 - 1,720,947
NET CURRENT ASSETS 1 6,748,575
TOTAL ASSETS LESS CURRENT LIABILITIES 1 6,748,575

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings - 6,748,574
SHAREHOLDERS' FUNDS 1 6,748,575

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 January 2025 and were signed on its behalf by:





X Notard - Director


Pittsburgh Corning (United Kingdom)
Limited (Registered number: 00947101)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Pittsburgh Corning (United Kingdom) Limited is a private company, limited by shares incorporated in England and Wales and has its registered office and principal place of business at 31-35 Kirby Street, London, EC1N 8TE.

The principal activity of the company was that of the sale of glass-based building materials, which are manufactured by other group undertakings.

In order to simplify the legal structure of the Owens Corning UK group the Company was hived into Paroc Limited (now Owens Corning Insulation (UK) Limited), its parent, on 1 November 2023. As a result, the company has not been trading since that date.

The financial statements are presented in Sterling (£), which is also the functional currency of the company.

2. ACCOUNTING POLICIES

Basis of preparation
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

As 100% of the company's voting rights are controlled within the group headed by Pittsburgh Corning Europe SA-NV and the company is consolidated within the publicly available financial statements of the group, registered in Belgium, the company is exempt from the requirement of FRS 102 Section 33 to disclose related party transactions with other members of the group.

The company is exempt from the requirement of FRS 102 to prepare a cash flow statement under section 1.12, as it is a wholly owned subsidiary of Pittsburgh Corning Europe SA-NV and its cash flows are included within the cash flow statement of that company.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Revenue (described as Turnover) is the amount receivable for services rendered, net of returns, discounts and value added tax. Revenue is measured at the fair value of consideration received or receivable and is recognised at the point the service is delivered.

Revenue is derived wholly from customers in the UK.

Tangible fixed assets
Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives as below:

Motor vehicles- 3 to 4 years
Office equipment- 10 years
Computer equipment- 3 to 5 years
Plant & machinery- 10 years

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items 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.

Pittsburgh Corning (United Kingdom)
Limited (Registered number: 00947101)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Cost includes the purchase price, including any taxes, duties, transport, and handling directly attributable to bringing the stock to its present location and condition. Net realisable value is based on the estimated selling price less any estimated selling costs.

When stocks are sold, the carrying amount of these stocks is recognised as an expense in the period in which the related revenue is recognised.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock item is reduced to its selling price less costs to sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Leases that do not transfer all the risks and regards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to an independently administered money purchase scheme for eligible employees. The company's contributions are charged to the profit and loss account as they are incurred.


Financial assets and liabilities
Trade and other debtors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the effective interest method, less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current liabilities.

Trade and other creditors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Going concern
The financial statements have been prepared on the assumption that the company is able to carry on business as a going concern which the directors consider appropriate having regard to the circumstances outlined in the notes to the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 7 ).

Pittsburgh Corning (United Kingdom)
Limited (Registered number: 00947101)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 November 2023 16,553 31,150 47,703
Disposals (16,553 ) (31,150 ) (47,703 )
At 31 October 2024 - - -
DEPRECIATION
At 1 November 2023 16,553 31,150 47,703
Eliminated on disposal (16,553 ) (31,150 ) (47,703 )
At 31 October 2024 - - -
NET BOOK VALUE
At 31 October 2024 - - -
At 31 October 2023 - - -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors - 4,711,946
Amounts owed by group undertakings 1 -
Other debtors - 35,138
1 4,747,084

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade creditors - 5,444
Amounts owed to group undertakings - 351,327
Taxation and social security - 352,919
Other creditors - 1,011,257
- 1,720,947

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
1 Ordinary shares £1 1 1

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicholas M Smith BFP, ACA, CTA (Senior Statutory Auditor)
for and on behalf of Villars Hayward LLP

Pittsburgh Corning (United Kingdom)
Limited (Registered number: 00947101)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

9. PARENT UNDERTAKING AND ULTIMATE CONTROLLING PARTY

The parent of the largest group of undertakings of which the company is a member and for which group financial statements are prepared is Pittsburgh Corning Europe SA-NV, a company incorporated in Belgium. Copies of the financial statements of Pittsburgh Corning Europe SA-NV may be obtained from Pittsburgh Corning Europe, Albertkade, 3980 Tessenderlo, Belgium.

The company's ultimate controlling party is Owens Corning incorporated in the USA. Copies of the financial statements may be obtained from 1 Owens Corning Parkway, Toledo, Ohio 43659.