Company registration number 07995246 (England and Wales)
UNITED GLASS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
UNITED GLASS GROUP LIMITED
COMPANY INFORMATION
Directors
Mr A Maslin
Mr M E Harrison
Mr A Shivdasani
Mr S Thornhill
Mr C Cannon Brookes
(Appointed 1 March 2024)
Company number
07995246
Registered office
Beecham Close
Aldridge
Walsall
West Midlands
WS9 8UZ
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
UNITED GLASS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 42
UNITED GLASS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 November 2024.
During the year the group added IGU manufacturing to its growing list of capabilities with flat glass merchanting and architectural glass processing continuing to be the core of group activities across multiple sites serving customers on a local and national basis in the UK.
Review of the business
FY24 served up a market which was more challenging than recent years but for United Glass Group (“UGG”) there were several group specific developments which bode well for the future.
At a strategic level the directors were delighted to add Premier Double Glazed Units (“PDGU”) to the group with an acquisition completing on 2nd September. The addition widens the group’s product range and provides a sizeable base in the Southwest from which to grow UGG’s presence in this geographical area which has long been of interest. It is an exciting proposition to realise the potential of selling PDGU products throughout the group but equally use PDGU as an outlet for architectural glass products produced at Brownhills Glass (“BGC”). The first capex investment made by UGG in PDGU has been automated production of triple glazed units which the directors feel provides an enticing market opportunity in the coming years. The order was committed in FY24 and will come on stream in FY25.
The acquisition of PDGU was made possible by the continued support of Duke Capital and Lloyds Bank. The former becoming the majority shareholder in the early part of the year. This event positions UGG well for future growth organically and through acquisition with the commitment of more Duke finance to facilitate this.
BGC and Tufwell remain the pillars of UGG’s general architectural processing business and activity in both the domestic and commercial markets contracted during FY24. Combined sales for these two entities dropped from £16.4m to £14.8m on an aggregated basis. However, a changing sales mix (achieved through widening product offering) increased gross profits over the prior year. Overheads reduced through great focus by local management and consequently EBTIDA improved by c30% to a little over £1.5m. During FY25 the group will make sizeable capex investment in automation to drive internal efficiencies in both businesses to build on the solid platform they provide.
LAG directs the group's focus towards the premium domestic market, catering for a customer base of exceptional installers. LAG continues 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 had a challenging year during FY24 with sales falling to £3.2m, a consequence of a flat market and the loss of a key customer. Development points remain unchanged and focused on widening the customer base via geographical and product expansion, the latter with the introduction of fire rated units, switchable glass and additional laminating capabilities for the manufacture of high-end commercial doors along with supporting in-group requirements.
Principal risks and uncertainties
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, and the group enjoys good trading relationships with all major UK and European-based producers plus some others further afield.
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 political outlook, industrial strategy and global stability. To mitigate this risk the group continues to invest in automation to offset rising labour costs and to continue to provide customers with excellent service and quality. 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 and FY25 will see sizeable investments to broaden product offering and drive more efficiencies through automation.
UNITED GLASS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Key performance indicators
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 £19.5m. This represents a reduction on the prior year, in part due to discontinued operations, but the directors are content this represents a successful year in a challenging market. The figure includes only three months benefit of PDGU post-acquisition and therefore on a full year basis turnover is circa £22m.
Reported EBITDA was £1.56m but the directors consider £2.3m to be the underlying EBTIDA after adjusting for acquisition costs, costs associated with share option scheme and costs attributed to discontinued operations. Adjusting for a full year benefit of the PDGU acquisition, the directors consider ongoing EBTIDA to be c£3.1m.
Cash availability from group resources for year-ended FY24 was £3.1m (of which £2m was cash) which the directors are very confident allow the group to trade with the freedom to make decisions for the long-term prosperity of the group.
Mr M E Harrison
Director
20 August 2025
UNITED GLASS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 November 2024.
Principal activities
The principal activity of the company and group continued to be that of flat glass merchanting and architectural glass processing.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £409,530. The directors do not recommend payment of a further dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A Maslin
Mr M E Harrison
Mr A Shivdasani
Mr S Thornhill
Mr C Cannon Brookes
(Appointed 1 March 2024)
Financial instruments
The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Research and development
The company continues to invest in research and development activities to maintain its competitive advantage and respond to evolving customer needs.
Future developments
Details of the future developments can be found in the "Conclusion and strategic outlook" section of the Strategic Report on page 3 of this annual report.
Auditor
The auditor, BK Plus Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
UNITED GLASS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr M E Harrison
Director
20 August 2025
UNITED GLASS GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
The directors are responsible for preparing the Annual Report 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 group and company, 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
UNITED GLASS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UNITED GLASS GROUP LIMITED
- 6 -
Opinion
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 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 30 November 2024 and of the group's loss 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
UNITED GLASS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNITED GLASS GROUP LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's 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 financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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.
From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.
In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Reviewing minutes of meetings of those charged with governance, if available;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
UNITED GLASS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNITED GLASS GROUP LIMITED
- 8 -
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 auditor's 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.
Keval Dattani ACA (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited, Statutory Auditor
Chartered Accountants
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
20 August 2025
UNITED GLASS GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
Continuing
Discontinued
30 November
Continuing
Discontinued
30 November
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
19,519,631
-
19,519,631
22,638,398
3,277,647
25,916,045
Cost of sales
(13,295,664)
-
(13,295,664)
(15,964,155)
(1,826,521)
(17,790,676)
Gross profit
6,223,967
-
6,223,967
6,674,243
1,451,126
8,125,369
Distribution costs
(609,567)
-
(609,567)
-
-
-
Administrative expenses
(5,625,900)
(181,486)
(5,807,386)
(6,058,777)
(1,339,965)
(7,398,742)
Other operating income
(4,639)
4,639
-
(90,417)
90,417
-
Operating (loss)/profit
4
(16,139)
(176,847)
(192,986)
525,049
201,578
726,627
Interest receivable and similar income
8
6,086
-
6,086
-
-
-
Interest payable and similar expenses
9
(1,615,635)
(21,419)
(1,637,054)
(1,528,462)
(40,857)
(1,569,319)
Loss before taxation
(1,625,688)
(198,266)
(1,823,954)
(1,003,413)
160,721
(842,692)
Tax on loss
10
170,075
118,012
288,087
32,919
156,749
189,668
Loss for the financial year
(1,455,613)
(80,254)
(1,535,867)
(970,494)
317,470
(653,024)
Loss for the financial year is all attributable to the owners of the parent company.
During the year, the Group ceased the operations of its wholly-owned subsidiary, Peterleetwo Limited and Peterlee Glass Company Limited, which carried out activities in the manufacturing of glass sector. The subsidiary has not traded during the year and the directors have resolved that the company will be formally struck off the Register of Companies after the year end. The strike-off is expected to complete during the next financial year.
UNITED GLASS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
2024
2023
£
£
Loss for the year
(1,535,867)
(653,024)
Other comprehensive income
Revaluation of tangible fixed assets
460,825
Cash flow hedges gain arising in the year
Tax relating to other comprehensive income
(107,500)
Other comprehensive income for the year
353,325
Total comprehensive income for the year
(1,535,867)
(299,699)
Total comprehensive income for the year is all attributable to the owners of the parent company.
UNITED GLASS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
9,563,337
5,771,132
Negative goodwill
13
(5,616)
Net goodwill
9,563,337
5,765,516
Other intangible assets
13
7,242
Total intangible assets
9,570,579
5,765,516
Tangible assets
14
7,578,291
8,466,954
17,148,870
14,232,470
Current assets
Stocks
17
933,442
886,541
Debtors
18
4,183,321
3,698,297
Cash at bank and in hand
1,990,201
1,092,990
7,106,964
5,677,828
Creditors: amounts falling due within one year
19
(5,709,430)
(4,768,204)
Net current assets
1,397,534
909,624
Total assets less current liabilities
18,546,404
15,142,094
Creditors: amounts falling due after more than one year
20
(19,469,100)
(14,700,568)
Provisions for liabilities
Provisions
23
520,650
115,033
Deferred tax liability
24
1,124,321
955,027
(1,644,971)
(1,070,060)
Net liabilities
(2,567,667)
(628,534)
Capital and reserves
Called up share capital
26
78,049
81,785
Share premium account
1,626,726
1,626,726
Revaluation reserve
1,426,556
1,862,552
Capital redemption reserve
84,883
74,883
Profit and loss reserves
(5,783,881)
(4,274,480)
Total equity
(2,567,667)
(628,534)
UNITED GLASS GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 12 -
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 20 August 2025 and are signed on its behalf by:
20 August 2025
Mr M E Harrison
Director
Company registration number 07995246 (England and Wales)
UNITED GLASS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
903,000
1,155,000
Investments
15
31,727,909
22,841,473
32,630,909
23,996,473
Current assets
Debtors
18
8,866
2,264,717
Cash at bank and in hand
15,334
222
24,200
2,264,939
Creditors: amounts falling due within one year
19
(22,265,918)
(22,792,129)
Net current liabilities
(22,241,718)
(20,527,190)
Total assets less current liabilities
10,389,191
3,469,283
Creditors: amounts falling due after more than one year
20
(3,931,170)
(1,786,041)
Net assets
6,458,021
1,683,242
Capital and reserves
Called up share capital
26
78,049
81,785
Share premium account
1,626,726
1,626,726
Revaluation reserve
74,883
74,883
Capital redemption reserve
10,000
Profit and loss reserves
4,668,363
(100,152)
Total equity
6,458,021
1,683,242
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £5,178,046 (2023 - £1,680,718 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 20 August 2025 and are signed on its behalf by:
20 August 2025
Mr M E Harrison
Director
Company registration number 07995246 (England and Wales)
UNITED GLASS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 December 2022
81,785
1,626,726
1,509,227
74,883
(3,256,019)
36,602
Year ended 30 November 2023:
Loss for the year
-
-
-
-
(653,024)
(653,024)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
460,825
-
-
460,825
Tax relating to other comprehensive income
-
-
(107,500)
-
(107,500)
Total comprehensive income
-
-
353,325
-
(653,024)
(299,699)
Dividends
11
-
-
-
-
(365,437)
(365,437)
Balance at 30 November 2023
81,785
1,626,726
1,862,552
74,883
(4,274,480)
(628,534)
Year ended 30 November 2024:
Loss and total comprehensive income
-
-
-
-
(1,535,867)
(1,535,867)
Issue of share capital
26
6,264
-
-
-
6,264
Dividends
11
-
-
-
-
(409,530)
(409,530)
Reduction of shares
26
(10,000)
-
-
-
-
(10,000)
Transfers
-
-
(426,021)
-
435,996
9,975
Other movements
-
-
(9,975)
10,000
-
25
Balance at 30 November 2024
78,049
1,626,726
1,426,556
84,883
(5,783,881)
(2,567,667)
UNITED GLASS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 15 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 December 2022
81,785
1,626,726
74,883
(1,415,433)
367,961
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
-
-
1,680,718
1,680,718
Dividends
11
-
-
-
-
(365,437)
(365,437)
Balance at 30 November 2023
81,785
1,626,726
74,883
(100,152)
1,683,242
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
-
-
5,178,045
5,178,045
Issue of share capital
26
6,264
-
-
-
6,264
Dividends
11
-
-
-
-
(409,530)
(409,530)
Reduction of shares
26
(10,000)
-
-
-
-
(10,000)
Other movements
-
-
-
10,000
-
10,000
Balance at 30 November 2024
78,049
1,626,726
74,883
10,000
4,668,363
6,458,021
UNITED GLASS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
2,913,577
3,356,765
Income taxes paid
(98,983)
-
Net cash inflow from operating activities
2,814,594
3,356,765
Investing activities
Purchase of business
(3,491,850)
-
Purchase of intangible assets
(9,053)
-
Purchase of tangible fixed assets
(624,019)
(560,108)
Proceeds from disposal of tangible fixed assets
1,923,192
527,439
Interest received
6,086
Net cash used in investing activities
(2,195,644)
(32,669)
Financing activities
Proceeds from borrowings
2,641,687
-
Repayment of borrowings
-
(1,343,143)
Repayment of bank loans
(184,140)
(185,539)
Payment of finance leases obligations
(132,702)
(39,377)
Interest paid
(1,637,054)
(1,569,319)
Dividends paid to equity shareholders
(409,530)
(365,437)
Net cash generated from/(used in) financing activities
278,261
(3,502,815)
Net increase/(decrease) in cash and cash equivalents
897,211
(178,719)
Cash and cash equivalents at beginning of year
1,092,990
1,271,709
Cash and cash equivalents at end of year
1,990,201
1,092,990
UNITED GLASS GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
1,716,368
600,933
Investing activities
Purchase of intangible assets
(1,260,000)
Purchase of subsidiaries
(6,686,436)
Dividends received
5,500,000
1,965,000
Net cash (used in)/generated from investing activities
(1,186,436)
705,000
Financing activities
Repayment of borrowings
-
(825,000)
Repayment of bank loans
(50,911)
(48,690)
Interest paid
(54,379)
(68,058)
Dividends paid to equity shareholders
(409,530)
(365,437)
Net cash used in financing activities
(514,820)
(1,307,185)
Net increase/(decrease) in cash and cash equivalents
15,112
(1,252)
Cash and cash equivalents at beginning of year
222
1,474
Cash and cash equivalents at end of year
15,334
222
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 18 -
1
Accounting policies
Company information
United Glass Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The group consists of United Glass Group Ltd and all of its subsidiaries.
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.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company United Glass Group Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 November 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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 dispatch 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.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 to 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% straight line
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Leasehold land and buildings
Over the term of the lease
Plant and equipment
7% to 20% straight line and 15% reducing balance
Fixtures and fittings
25% straight line and 15% reducing balance
Computers
25% straight line
Motor vehicles
25% straight line and reducing balance
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 recognised in the profit and loss account.
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. 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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.10
Impairment of fixed assets
At each reporting period end date, the group 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.11
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.12
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.13
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 23 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.14
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.15
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 24 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.16
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.17
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.19
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leased asset are consumed.
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 25 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Deferred tax
Deferred tax assets and liabilities are recognised based on temporary differences and tax loss carry forwards. Management estimates future taxable profits and timing of reversals to assess the recoverability of deferred tax assets. These estimates involve judgment, particularly given industry cyclicality and capital investment timing.
Debtor recoverability
Management estimates the recoverable amount of trade receivables based on historical collection patterns, customer credit risk, and current market conditions. Provision is made for balances where recovery is uncertain.
Tangible asset
The charge in respect of periodic depreciation 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 lease annually for appropriateness by the directors.
Provisions
The company recognises a provision for future costs to restore leased properties to their original condition, as required by lease agreements. The estimate is based on expected costs at the end of the lease term, adjusted for inflation and discounted to present value. Significant judgment is applied in assessing the scope of work, timing, and cost assumptions.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales
19,519,631
25,916,045
2024
2023
£
£
Other revenue
Interest income
6,086
-
All turnover arose within United Kingdom. The whole of the turnover is attributable to glass merchanting and processing.
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 26 -
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging:
Exchange losses
24
-
Fees payable to the group's auditor for the audit of the group's financial statements
25,000
49,000
Depreciation of owned tangible fixed assets
748,629
911,757
Impairment of owned tangible fixed assets
-
167,483
Loss on disposal of tangible fixed assets
19,334
192,924
Amortisation of intangible assets
989,684
840,138
Operating lease charges
531,040
876,279
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
25,000
49,000
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
6
4
3
4
Administration
33
41
6
5
Production
109
102
-
-
Total
148
147
9
9
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,621,889
5,365,103
313,308
201,882
Social security costs
511,444
541,262
35,999
20,869
Pension costs
192,938
167,359
4,906
14,482
5,326,271
6,073,724
354,213
237,233
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 27 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
225,714
302,816
Company pension contributions to defined contribution schemes
3,585
47,820
229,299
350,636
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
141,454
150,773
Company pension contributions to defined contribution schemes
4,244
34,162
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
6,086
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
6,086
-
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
191,534
487,589
Interest on invoice finance arrangements
78,689
87,108
Interest payable to group undertakings
746,900
524,526
Other interest on financial liabilities
561,591
453,401
1,578,714
1,552,624
Other finance costs:
Interest on finance leases and hire purchase contracts
50,940
13,490
Other interest
7,400
3,205
Total finance costs
1,637,054
1,569,319
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 28 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(200,672)
Adjustments in respect of prior periods
(54,131)
Tax relating to prior year adjustments recognised in profit or loss
(4,732)
Total current tax
(259,535)
Deferred tax
Origination and reversal of timing differences
(28,552)
(189,668)
Total tax credit
(288,087)
(189,668)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(1,823,954)
(842,692)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(455,989)
(210,673)
Tax effect of expenses that are not deductible in determining taxable profit
463,589
349,916
Tax effect of income not taxable in determining taxable profit
2,527
Gains not taxable
8,106
56,533
Tax effect of utilisation of tax losses not previously recognised
(48,893)
(25,579)
Unutilised tax losses carried forward
6,803
67,880
Group relief
(4,238)
268,233
Permanent capital allowances in excess of depreciation
(219,690)
(46,435)
Research and development tax credit
(18,472)
Other non-reversing timing differences
(45,940)
Under/(over) provided in prior years
(35,658)
Deferred tax adjustments in respect of prior years
(118,012)
Dividend income
-
(491,250)
Chargeable gain
106,762
(1,544)
Deferred tax
69,484
(156,749)
1,534
Taxation credit
(288,087)
(189,668)
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
10
Taxation
(Continued)
- 29 -
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
107,500
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
409,530
365,437
12
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
14
-
167,483
Recognised in:
Administrative expenses
-
167,483
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
13
Intangible fixed assets
Group
Goodwill
Negative goodwill
Software
Total
£
£
£
£
Cost
At 1 December 2023
13,855,239
(207,876)
13,647,363
Additions
4,785,694
9,053
4,794,747
At 30 November 2024
18,640,933
(207,876)
9,053
18,442,110
Amortisation and impairment
At 1 December 2023
8,084,107
(202,260)
7,881,847
Amortisation charged for the year
993,489
(5,616)
1,811
989,684
At 30 November 2024
9,077,596
(207,876)
1,811
8,871,531
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
13
Intangible fixed assets
(Continued)
- 30 -
Carrying amount
At 30 November 2024
9,563,337
7,242
9,570,579
At 30 November 2023
5,771,132
(5,616)
5,765,516
Company
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
1,260,001
Amortisation and impairment
At 1 December 2023
105,001
Amortisation charged for the year
252,000
At 30 November 2024
357,001
Carrying amount
At 30 November 2024
903,000
At 30 November 2023
1,155,000
More information on impairment movements in the year is given in note 12.
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 31 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 December 2023
5,375,000
281,561
7,500,883
541,253
706,110
14,404,807
Additions
63,933
1,166,897
25,555
3,449
542,658
1,802,492
Disposals
(1,945,000)
(208,642)
(179,050)
(40,679)
(282,289)
(2,655,660)
At 30 November 2024
3,493,933
72,919
8,488,730
526,129
3,449
966,479
13,551,639
Depreciation and impairment
At 1 December 2023
65,658
237,266
4,844,279
319,700
470,950
5,937,853
Depreciation charged in the year
40,397
7,292
527,483
48,704
995
123,758
748,629
Eliminated in respect of disposals
(37,891)
(208,642)
(152,027)
(40,679)
(273,895)
(713,134)
At 30 November 2024
68,164
35,916
5,219,735
327,725
995
320,813
5,973,348
Carrying amount
At 30 November 2024
3,425,769
37,003
3,268,995
198,404
2,454
645,666
7,578,291
At 30 November 2023
5,309,342
44,295
2,656,604
221,553
235,160
8,466,954
The company had no tangible fixed assets at 30 November 2024 or 30 November 2023.
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 32 -
More information on impairment movements in the year is given in note 12.
The net book value of assets held under finance leases or hir epurchase contracts is £800,421 (2023: £557,050).
Included in the freehold property is freehold land at cost of £1,050,000 (2023: £1,731,524) which is not depreciated.
The property with a carrying amount of £3,366,258 was last revalued as at 11/05/2023 by Harris Lamb Limited, Chartered Surveyors, on an existing use open market value basis. Harris Lamb Limited are not connected with the Company. The valuation was based on recent market transactions on an arms length basis for similar properties.
No revaluation has been undertaken in the current financial year. The directors have considered market conditions and are of the opinion that the carrying amount of the property remains appropriate, and that there has been no material change in fair value since the last valuation.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2024
2023
£
£
Group
Cost
2,100,000
3,657,279
Accumulated depreciation
(253,500)
(570,665)
Carrying value
1,846,500
3,086,614
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
31,727,909
22,841,473
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
15
Fixed asset investments
(Continued)
- 33 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023
22,841,473
Additions
8,886,436
At 30 November 2024
31,727,909
Carrying amount
At 30 November 2024
31,727,909
At 30 November 2023
22,841,473
16
Subsidiaries
Details of the company's subsidiaries at 30 November 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Brownhills Glass Company Limited
Brownhills Glass, Beecham Close, Aldridge, Walsall, WS9 8UZ
Ordinary
100.00
Brownhills Investment Property Limited
Brownhills Glass, Beecham Close, Aldridge, Walsall, WS9 8UZ
Ordinary
100.00
Peterlee Glass Company Limited
Brownhills Glass, Beecham Close, Aldridge, Walsall, WS9 8UZ
Ordinary
100.00
Peterleetwo Limited
Brownhills Glass, Beecham Close, Aldridge, Walsall, WS9 8UZ
Ordinary
100.00
Tufwell Glass Limited
Church Court Church Road, Lowfield Heath, Crawley, West Sussex, RH11 0PQ
Ordinary
100.00
London Architectural Glass Ltd
Units 10 & 11 Rigby Lane, Hayes, England, UB3 1EY
Ordinary
100.00
Premier Double Glazed Units Limited
Beecham Close, Aldridge, Walsall, England, WS9 8UZ
Ordinary
100.00
The company has provided a parental guarantee to the following companies, under section 479A of the Companies Act 2006 to allow it to take exemption from audit:
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
933,442
886,541
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 34 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,558,482
3,046,909
Unpaid share capital
6,263
6,263
Corporation tax recoverable
80
Amounts owed by group undertakings
-
-
-
2,264,717
Other debtors
112,250
134,051
603
Prepayments and accrued income
506,326
517,257
2,000
4,183,321
3,698,297
8,866
2,264,717
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
160,603
180,675
53,553
49,593
Obligations under finance leases
22
228,204
141,122
Other borrowings
21
175,410
146,102
Trade creditors
1,933,152
1,803,970
33,140
16,584
Amounts owed to group undertakings
22,143,507
22,713,104
Corporation tax payable
411,776
4,732
Other taxation and social security
983,293
526,306
33,364
4,386
Other creditors
1,156,374
1,179,768
Accruals and deferred income
660,618
785,529
2,354
8,462
5,709,430
4,768,204
22,265,918
22,792,129
The bank loans are secured by a debenture creating a fixed and floating charge over the assets of the group. £107,050 (2023 - £131,081) of the bank loan relates to the freehold property known as Beecham Close, Walsall, WS9 8UZ.
Bank loans of £53,553 (2023 - £49,593) are secured by a debenture creating a fixed and floating charge over the assets of the group.
The invoice discounting creditor is secured by a fixed and floating charge over the assets of the group.
The amounts due on hire purchase contracts are secured on the assets concerned.
Other loans totalling £133,239 (2023 - £93,895) is secured by a fixed and floating charge over the assets of the group.
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 35 -
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
1,641,816
1,805,884
1,056,170
1,111,041
Obligations under finance leases
22
489,366
369,145
Other borrowings
21
15,137,918
12,525,539
675,000
675,000
Other creditors
2,200,000
2,200,000
19,469,100
14,700,568
3,931,170
1,786,041
The bank loans are secured by a debenture creating a fixed and floating charge over the assets of the group. £585,646(2023 - £694,843) 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%.
Bank loans of £1,056,170 (2023- £1,111,041) 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%.
The amounts due on hire purchase contracts are secured on the assets concerned.
Other loans of £14,462,918 (2023 - £11,600,539) 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 borrowings of £Nil (2023 - £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 borrowings of £Nil (2023 - £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%.
Other borrowings totalling £675,000 (2023 - £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.
Other creditor of £2,200,000 relates to deferred consideration payable on the acquisition of Premier Double Glazed United Limited in the year.
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,802,419
1,986,559
1,109,723
1,160,634
Other loans
15,313,328
12,671,641
675,000
675,000
17,115,747
14,658,200
1,784,723
1,835,634
Payable within one year
336,013
326,777
53,553
49,593
Payable after one year
16,779,734
14,331,423
1,731,170
1,786,041
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 36 -
22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
228,204
141,122
In two to five years
489,366
369,145
717,570
510,267
-
-
23
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
520,650
115,033
-
-
Movements on provisions:
Group
£
At 1 December 2023
514,514
Additional provisions in the year
6,136
At 30 November 2024
520,650
The group is required to perform dilapidation repairs and in certain instances restore properties to agreed specifications prior to the properties being vacated at the end of their lease term. These amounts are based on estimates of repair and restoration costs at a future date and thereforea degree of uncertainty exists over the future outflows, given that these are subject to repair and restoration cost price fluctuations and the extent of repairs to be completed.
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 37 -
24
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,124,321
1,033,273
Tax losses
-
(78,246)
1,124,321
955,027
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 December 2023
955,027
-
Charge to profit or loss
169,294
-
Liability at 30 November 2024
1,124,321
-
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
192,938
167,359
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary Shares of 50p each
113,773
81,571
56,888
40,786
Ordinary A Shares of 50p each
40,287
59,998
20,143
29,999
Ordinary B Shares of 0.1p each
4,554
10,000
5
10,000
Ordinary C Shares of 0.1p each
12,861
-
13
-
171,475
151,569
77,049
80,785
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
26
Share capital
(Continued)
- 38 -
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference Shares of £1 each
1,000
1,000
-
-
Preference shares classified as equity
1,000
1,000
Preference shares classified as liabilities
(1,000)
(1,000)
-
-
Total equity share capital
78,049
81,785
27
Acquisition of a business
On 31 August 2024 the group acquired 100 percent of the issued capital of Premier Double Glazed Units Limited.
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
838,468
-
838,468
Inventories
339,598
-
339,598
Trade and other receivables
1,260,614
-
1,260,614
Cash and cash equivalents
3,199,837
-
3,199,837
Trade and other payables
(569,036)
-
(569,036)
Tax liabilities
(770,694)
-
(770,694)
Deferred tax
(192,794)
-
(192,794)
Total identifiable net assets
4,105,993
-
4,105,993
Goodwill
4,785,694
Total consideration
8,891,687
The consideration was satisfied by:
£
Cash
6,691,687
Deferred consideration
2,200,000
8,891,687
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
27
Acquisition of a business
(Continued)
- 39 -
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
2,399,616
Profit after tax
735,270
28
Financial commitments, guarantees and contingent liabilities
A group VAT registration is in force. The company is therefore jointly and severally liable for the amounts of VAT owed Brownhills Glass Company Limited.
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 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 £14,596,157 (2023: £11,694,434).
29
Operating lease commitments
Lessee
The total amount recognised as an expense in the profit and loss account in respect of operating leases was £531,040 (2024: £876,279).
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,127,972
936,584
-
-
Between two and five years
3,953,521
3,193,601
-
-
In over five years
495,323
1,097,037
-
-
5,576,816
5,227,222
-
-
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 40 -
30
Events after the reporting date
Strike-Off of Subsidiaries
Subsequent to the year end, the directors approved the initiation of strike-off proceedings for two of the Group’s subsidiaries: Peterlee Glass Company Limited and Peterleetwo Limited Both entities were trading during the reporting period but have since ceased operations.
The decision to strike off the companies was made after the year end and does not reflect conditions existing at the reporting date.
Legal Settlement
In July 2025, the Group received £1 million following the successful outcome of legal proceedings initiated by one of its subsidiaries against a former owner of a separate entity.
The legal dispute and resulting proceedings arose after the reporting date and related to matters that occurred post year end.
Accordingly, no adjustments have been made to these financial statements. The amount will be recognised in the financial year ending 30 November 2025.
Contingent Assets - R&D
As at 30 November 2024, the Group has submitted research and development (R&D) tax credit claims in respect of qualifying expenditure incurred by two of its subsidiaries. The total value of the claims submitted amounts to approximately £80,000.
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 41 -
31
Related party transactions
Transactions with related parties
During the year, £1,482,254.59 (2023 - £1,468,792 ) of repayments were made and £1,383,977.65 (2023 - £1,337,705 ) of interest was charged to the group in the year from a related party (Duke Capital Ltd) who owns 30% of the ordinary shares of the company. At the balance sheet date, the amount outstanding from the group was £14,596,157 (2023 - £11,694,434).
During the year, the company incurred consultancy fees of £17,500 (2023 - £17,500) from a company with a common director and who directly holds 9% of the ordinary shares of the company. The balance due to the related party at the year end was £17,500 (2023 - £17,500).
During the year, the company incurred £24,000 (2023 - £24,000) to third parties for director services. At the balance sheet date, the company owed £6,000 (2023 - £6,000) to the third parties.
32
Controlling party
At the balance sheet date, the ultimate controlling party is Duke Royalty UK Limited by virtue of their shareholding in United Glass Group Ltd.
33
Cash generated from group operations
2024
2023
£
£
Loss after taxation
(1,535,867)
(653,024)
Adjustments for:
Taxation credited
(288,087)
(189,668)
Finance costs
1,637,054
1,569,319
Investment income
(6,086)
Loss on disposal of tangible fixed assets
19,334
192,924
Amortisation and impairment of intangible assets
989,684
840,138
Depreciation and impairment of tangible fixed assets
748,629
957,554
Increase in provisions
405,617
6,136
Movements in working capital:
Decrease in stocks
292,698
745,834
Decrease in debtors
781,773
1,584,752
Decrease in creditors
(131,172)
(1,697,200)
Cash generated from operations
2,913,577
3,356,765
UNITED GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 42 -
34
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
5,178,045
1,680,718
Adjustments for:
Finance costs
54,379
68,058
Investment income
(5,500,000)
(1,965,000)
Amortisation and impairment of intangible assets
252,000
105,001
Movements in working capital:
Decrease in stocks
1
-
Decrease in debtors
2,262,114
1,624,837
Decrease in creditors
(530,171)
(912,681)
Cash generated from operations
1,716,368
600,933
35
Analysis of changes in net debt - group
1 December 2023
Cash flows
New finance leases
30 November 2024
£
£
£
£
Cash at bank and in hand
1,092,990
897,211
-
1,990,201
Borrowings excluding overdrafts
(14,658,200)
(2,457,547)
-
(17,115,747)
Obligations under finance leases
(510,267)
132,702
(340,005)
(717,570)
(14,075,477)
(1,427,634)
(340,005)
(15,843,116)
36
Analysis of changes in net debt - company
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
222
15,112
15,334
Borrowings excluding overdrafts
(1,835,634)
50,911
(1,784,723)
(1,835,412)
66,023
(1,769,389)
2024-11-302023-12-01falsefalseCCH SoftwareCCH Accounts Production 2025.200Mr A MaslinMr M E HarrisonMr A ShivdasaniMr S ThornhillMr C Cannon BrookesMr Andrew MaslinMr Mark Harrisonfalse07995246bus:Consolidated2023-12-012024-11-30079952462023-12-012024-11-3007995246bus:Director12023-12-012024-11-3007995246bus:Director22023-12-012024-11-3007995246bus:Director32023-12-012024-11-3007995246bus:Director42023-12-012024-11-3007995246bus:Director52023-12-012024-11-3007995246bus:Director62023-12-012024-11-3007995246bus:Director72023-12-012024-11-3007995246bus:RegisteredOffice2023-12-012024-11-30079952462024-11-3007995246bus:Consolidated2024-11-3007995246bus:Consolidated2022-12-012023-11-30079952462022-12-012023-11-3007995246core:RevaluationReservebus:Consolidated2022-12-012023-11-3007995246core:RevenueReservesInvestmentFundsOnlybus:Consolidated2022-12-012023-11-3007995246core:Goodwillbus:Consolidated2024-11-3007995246core:Goodwillbus:Consolidated2023-11-3007995246core:NegativeGoodwillbus:Consolidated2024-11-3007995246core:NegativeGoodwillbus:Consolidated2023-11-3007995246core:NetGoodwillbus:Consolidated2024-11-3007995246core:NetGoodwillbus:Consolidated2023-11-3007995246core:IntangibleAssetsOtherThanGoodwillbus:Consolidated2024-11-3007995246core:IntangibleAssetsOtherThanGoodwillbus:Consolidated2023-11-3007995246bus:Consolidated2023-11-30079952462023-11-3007995246core:ComputerSoftwarebus:Consolidated2024-11-3007995246core:ComputerSoftwarebus:Consolidated2023-11-3007995246core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-11-3007995246core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-11-3007995246core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-11-3007995246core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-11-3007995246core:PlantMachinerybus:Consolidated2024-11-3007995246core:FurnitureFittingsbus:Consolidated2024-11-3007995246core:ComputerEquipmentbus:Consolidated2024-11-3007995246core:MotorVehiclesbus:Consolidated2024-11-3007995246core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-11-3007995246core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-11-3007995246core:PlantMachinerybus:Consolidated2023-11-3007995246core:FurnitureFittingsbus:Consolidated2023-11-3007995246core:ComputerEquipmentbus:Consolidated2023-11-3007995246core:MotorVehiclesbus:Consolidated2023-11-3007995246core:ShareCapitalbus:Consolidated2024-11-3007995246core:ShareCapitalbus:Consolidated2023-11-3007995246core:SharePremiumbus:Consolidated2024-11-3007995246core:SharePremiumbus:Consolidated2023-11-3007995246core:RevaluationReservebus:Consolidated2024-11-3007995246core:RevaluationReservebus:Consolidated2023-11-3007995246core:CapitalRedemptionReservebus:Consolidated2024-11-3007995246core:CapitalRedemptionReservebus:Consolidated2023-11-3007995246core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-11-3007995246core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-11-3007995246core:ShareCapital2024-11-3007995246core:ShareCapital2023-11-3007995246core:SharePremium2024-11-3007995246core:SharePremium2023-11-3007995246core:RevaluationReserve2024-11-3007995246core:RevaluationReserve2023-11-3007995246core:CapitalRedemptionReserve2024-11-3007995246core:CapitalRedemptionReserve2023-11-3007995246core:RetainedEarningsAccumulatedLosses2024-11-3007995246core:RetainedEarningsAccumulatedLosses2023-11-3007995246core:ShareCapitalbus:Consolidated2022-11-3007995246core:SharePremiumbus:Consolidated2022-11-3007995246core:RevaluationReservebus:Consolidated2022-11-3007995246core:CapitalRedemptionReservebus:Consolidated2022-11-3007995246core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-11-3007995246core:ShareCapital2022-11-3007995246core:SharePremium2022-11-3007995246core:RevaluationReserve2022-11-3007995246core:CapitalRedemptionReserve2022-11-3007995246core:RetainedEarningsAccumulatedLosses2022-11-3007995246core:ShareCapitalbus:Consolidated2023-12-012024-11-3007995246core:SharePremiumbus:Consolidated2023-12-012024-11-3007995246core:ShareCapital2023-12-012024-11-3007995246core:SharePremium2023-12-012024-11-3007995246bus:Consolidated2022-11-30079952462022-11-3007995246core:Goodwill2023-12-012024-11-3007995246core:IntangibleAssetsOtherThanGoodwill2023-12-012024-11-3007995246core:ComputerSoftware2023-12-012024-11-3007995246core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-012024-11-3007995246core:LandBuildingscore:LongLeaseholdAssets2023-12-012024-11-3007995246core:PlantMachinery2023-12-012024-11-3007995246core:FurnitureFittings2023-12-012024-11-3007995246core:ComputerEquipment2023-12-012024-11-3007995246core:MotorVehicles2023-12-012024-11-3007995246core:UKTaxbus:Consolidated2023-12-012024-11-3007995246core:UKTaxbus:Consolidated2022-12-012023-11-3007995246bus:Consolidated12023-12-012024-11-3007995246bus:Consolidated12022-12-012023-11-3007995246bus:Consolidated22023-12-012024-11-3007995246bus:Consolidated22022-12-012023-11-3007995246bus:Consolidated32023-12-012024-11-3007995246bus:Consolidated32022-12-012023-11-3007995246bus:Consolidated42023-12-012024-11-3007995246bus:Consolidated42022-12-012023-11-3007995246bus:Consolidated52023-12-012024-11-3007995246bus:Consolidated52022-12-012023-11-3007995246core:Goodwillbus:Consolidated2023-11-3007995246core:NegativeGoodwillbus:Consolidated2023-11-3007995246core:ComputerSoftwarebus:Consolidated2023-11-3007995246bus:Consolidated2023-11-3007995246core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-11-3007995246core:Goodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-12-012024-11-3007995246core:NegativeGoodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-12-012024-11-3007995246core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-12-012024-11-3007995246core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-12-012024-11-3007995246core:Goodwillbus:Consolidated2023-12-012024-11-3007995246core:NegativeGoodwillbus:Consolidated2023-12-012024-11-3007995246core:ComputerSoftwarebus:Consolidated2023-12-012024-11-3007995246core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-012024-11-3007995246core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-11-3007995246core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-11-3007995246core:PlantMachinerybus:Consolidated2023-11-3007995246core:FurnitureFittingsbus:Consolidated2023-11-3007995246core:ComputerEquipmentbus:Consolidated2023-11-3007995246core:MotorVehiclesbus:Consolidated2023-11-3007995246core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-012024-11-3007995246core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-12-012024-11-3007995246core:PlantMachinerybus:Consolidated2023-12-012024-11-3007995246core:FurnitureFittingsbus:Consolidated2023-12-012024-11-3007995246core:ComputerEquipmentbus:Consolidated2023-12-012024-11-3007995246core:MotorVehiclesbus:Consolidated2023-12-012024-11-3007995246core:Subsidiary12023-12-012024-11-3007995246core:Subsidiary22023-12-012024-11-3007995246core:Subsidiary32023-12-012024-11-3007995246core:Subsidiary42023-12-012024-11-3007995246core:Subsidiary52023-12-012024-11-3007995246core:Subsidiary62023-12-012024-11-3007995246core:Subsidiary72023-12-012024-11-3007995246core:Subsidiary112023-12-012024-11-3007995246core:Subsidiary222023-12-012024-11-3007995246core:Subsidiary332023-12-012024-11-3007995246core:Subsidiary442023-12-012024-11-3007995246core:Subsidiary552023-12-012024-11-3007995246core:Subsidiary662023-12-012024-11-3007995246core:Subsidiary772023-12-012024-11-3007995246core:CurrentFinancialInstrumentsbus:Consolidated2024-11-3007995246core:CurrentFinancialInstrumentsbus:Consolidated2023-11-3007995246core:CurrentFinancialInstruments2024-11-3007995246core:CurrentFinancialInstruments2023-11-3007995246core:WithinOneYearbus:Consolidated2024-11-3007995246core:WithinOneYearbus:Consolidated2023-11-3007995246core:CurrentFinancialInstrumentscore:WithinOneYear2024-11-3007995246core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3007995246core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-11-3007995246core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-11-3007995246core:Non-currentFinancialInstrumentscore:AfterOneYear2024-11-3007995246core:Non-currentFinancialInstrumentscore:AfterOneYear2023-11-3007995246core:Non-currentFinancialInstrumentsbus:Consolidated2024-11-3007995246core:Non-currentFinancialInstrumentsbus:Consolidated2023-11-3007995246core:Non-currentFinancialInstruments2024-11-3007995246core:Non-currentFinancialInstruments2023-11-3007995246core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-11-3007995246core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-11-3007995246core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12024-11-3007995246core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-11-3007995246core:Non-currentFinancialInstrumentscore:AfterOneYear22024-11-3007995246core:Non-currentFinancialInstrumentscore:AfterOneYear22023-11-3007995246core:WithinOneYear2024-11-3007995246core:WithinOneYear2023-11-3007995246core:BetweenTwoFiveYearsbus:Consolidated2024-11-3007995246core:BetweenTwoFiveYearsbus:Consolidated2023-11-3007995246core:BetweenTwoFiveYears2024-11-3007995246core:BetweenTwoFiveYears2023-11-3007995246bus:PrivateLimitedCompanyLtd2023-12-012024-11-3007995246bus:FRS1022023-12-012024-11-3007995246bus:Audited2023-12-012024-11-3007995246bus:ConsolidatedGroupCompanyAccounts2023-12-012024-11-3007995246bus:FullAccounts2023-12-012024-11-30xbrli:purexbrli:sharesiso4217:GBP