Financial Statements
For the year ended 31 December 2024
Registered number: 08014353
Company information
Contents
Strategic report
For the year ended 31 December 2024
The directors are pleased to present their Strategic Report for the Company for the year ended 31 December 2024.
The principal activity of the Company during the financial year is the wholesale and retail of building materials, specialising in the provision of drywall and insulation products to the building industry. There were no significant changes in the activities of the Company during the financial year and the directors intend to continue with the current activities of the Company for the foreseeable future.
Competition remains fierce but the Company's long-standing relationships with the largest manufacturers of drywall and insulation products has allowed margins to remain relatively stable. With over six hundred customers trading annually with the Company and its related parties, the business continues to service some of the largest construction projects in both Ireland and the UK.
The Company expects to win further market share while carefully managing its cost base. Targeted sales, aligned with superior customer service and expert product knowledge remain the key focus for the business.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the end of the year. The directors’ review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties they face. As with many businesses of the Company’s size, the business environment in which the Company operates continues to be challenging. With this in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of their control.
The directors consider the key performance indicators (KPIs) to be turnover, gross margin and EBITDA and these indicators are closely monitored. These KPIs allow the directors to assess both the growth and profitability of the Company against its competitors and the internal and external factors that affect the business. The directors are satisfied with the performance in respect of these KPIs.
Board of directors commit an investment in business development during the year and expected positive impacts on 2025, 2026 and years beyond.
Page 1
Strategic report (continued)
For the year ended 31 December 2024
The directors consider that the principal risks and uncertainties faced by the Company are in the following categories:
Economic risk
The Company’s sales are exposed to changes in general economic conditions in the UK and Ireland. The directors consider the risks prevalent and are in a position to change the emphasis of the Company’s sales in response to changes in economic conditions. The Company has a low concentration risk with no external customer representing over 5% of turnover.
The Company is also exposed to increased interest rates on its working capital borrowings and or inflation having an adverse impact on served markets. These risks are managed by innovative product sourcing and strict control of costs.
Competition risk
The directors of the Company manage competition through close attention to customer service levels, monitoring competitors’ pricing and promotions, providing expert knowledge of its specialised product and retaining strong relations with its manufacturing partners.
Financial risk
The Company prepares monthly management accounts, supported by appropriate key performance metrics, to manage credit, liquidity and other financial risks.
This report was approved by the board and signed on its behalf.
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Directors' report
For the year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024 .
The Company continues its product offering throughout the U.K. with offices in Manchester and London. With over five hundred customers trading annually with the Company, the business continues to service construction firms and builders merchants throughout the U.K.
The loss for the year, after taxation, amounted to £314,861 (2023: profit £126,615 ).
The directors do not recommend payment of a dividend (2023: £Nil).
The directors who served during the year were as follows:
For the year ended 31 December 2024, the Company incurred a net loss of £314,861 (2023: net profit of £126,615). Despite this, the Company generated revenues of £27,047,801 (2023: £21,463,167) and remains in a net asset position of £1,085,179 (2023: £1,400,040). The directors have reviewed cash flow forecasts and budgets, which indicate sufficient resources to meet liabilities as they fall due. In addition, the Company has the support of its parent undertaking, U Value Holding Limited. Accordingly, the directors believe it is appropriate to prepare the financial statements on a going concern basis.
The Company plans to continue to grow its business activities, win market share while continuing to seek opportunities to minimise costs, remaining focused on delivering a high quality customer service and meeting strategic initiatives. The Directors believe that the Company's market share can be greatly expanded in the coming years with many untapped product and regional opportunities.
The Company has not entered into any research and development activities during the financial year ended 31 December 2024.
There are no branches of the Company outside the State.
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Directors' report (continued)
For the year ended 31 December 2024
On 17 April 2025, the Company created a fixed and floating debenture on all assets in favor of Permanent tsb plc, registered on 22 April 2025. This debenture includes floating charge over all the assets, property, undertaking and interest of the Company and a fixed charge over premises and hereditaments situate at Ballymurphy, Dunshaughlin, Co. Meath, Ireland.
Other than that, there have been no significant events affecting the Company since the end of the financial year.
Other than that, there have been no significant events affecting the Company since the end of the financial year.
The auditors, Grant Thornton, continue in office in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Directors' responsibilites statement
For the year ended 31 December 2024
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
On behalf of the board
......................................................
Niall McEvoy
Director
Date: 17 September 2025
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Independent Auditor's Report to the Members of U Value Insulation Limited
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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.
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Independent Auditor's Report to the Members of U Value Insulation Limited (continued)
Other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and
∙the Directors' report and the Strategic Report have been prepared in accordance with applicable legal requirements.
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Independent Auditor's Report to the Members of U Value Insulation Limited (continued)
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
The objectives of an auditor 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 their 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.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Employment laws in the UK, Data Protection and Compliance, Health and Safety Regulation in the UK, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the UK tax legislation and the Companies Act 2006. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
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Independent Auditor's Report to the Members of U Value Insulation Limited (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
In response to these principal risks, our audit procedures included but were not limited to:
∙inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙inspection of the Company's regulatory and legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
∙gaining an understanding of the entity’s current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgements made by management in their significant accounting estimates, including useful lives of depreciable assets, net realisable value of stocks and estimating allowance for impairment of debtors; and
∙review of the financial statements disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
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.
for and on behalf of
Chartered Accountants &
Statutory Auditors
13 - 18 City Quay
Dublin 2
17 September 2025
Dublin 2
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Statement of comprehensive income
For the year ended 31 December 2024
Page 10
Statement of financial position
As at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 27 form part of these financial statements.
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Statement of changes in equity
For the year ended 31 December 2024
Statement of changes in equity
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2024
U Value Insulation Limited ("the Company") is a private company limited by shares, incorporated in the United Kingdom, with registration number 08014353, and has it's registered office at Unit 24 Uxbridge Trade Park, Cowly Mill Road, Uxbridge, United Kingdom, UB82DB.
The principal activity of the Company is the wholesale and retail of building materials, specialising in the provision of drywall and insulation products to the building industry.
The principal activity of the Company is the wholesale and retail of building materials, specialising in the provision of drywall and insulation products to the building industry.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial
statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and
Republic of Ireland":
statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and
Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted.
The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted.
The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables and bank loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'interest payable and expenses or interest receivable and similar income'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within administration expenses.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Assets obtained under hire purchase contract and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives.
Assets acquired by hire purchase are depreciated over their useful lives.
Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
The preparation of the financial statements requires management to make judgements that affect the reported amounts of assets and liabilities at the date of financial statements and the reported amount of income and expenses during the reporting period. Management evaluates its judgements on an ongoing basis.
Management bases its judgements on historical experience on various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumption or conditions.
The following judgement is considered important to the portrayal of the Company’s financial condition:
Provisions are made for specific debts of the Company, where objective evidence of impairment exists. The Company evaluate these debts based on available facts and circumstances, including, but not limited to, the length of the Company’s relationship with the customers, the customers’ current credit status based on known market factors, average age of debts, collection experience, and historical loss experience.
Management estimates the net realisable values of stocks, taking into account the most reliable evidence available at each reporting date. The future realisation of these stocks may be affected by future technology or other market-driven changes that may reduce future selling prices.
Estimating useful lives of depreciable assets
The Company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of tangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors mentioned above.
The Company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of tangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however, may vary due to changes in estimates brought about by changes in factors mentioned above.
Based on management’s assessment as at 31 December 2024, there had been no change in the estimated useful lives of tangible assets during those years.
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Notes to the financial statements
For the year ended 31 December 2024
Analysis of turnover by country of destination:
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
Page 24
Notes to the financial statements
For the year ended 31 December 2024
15.Creditors: Amounts falling due within one year (continued)
Profit and loss account
Page 25
Notes to the financial statements
For the year ended 31 December 2024
22.Finance lease commitments
A 31 December 2024, the Company had future minimum lease payments under non-cancellable finance lease as follows:
Page 26
Notes to the financial statements
For the year ended 31 December 2024
The board of directors approved these financial statements for issue on 17 September 2025.
Page 27