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Registered number: 04010200
Unigloves (UK) Limited
Annual Report and Financial Statements
For the Year Ended 30 June 2025
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Unigloves (UK) Limited
Company Information
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Chartered Accountants & Statutory Auditor
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Unigloves (UK) Limited
Contents
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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Unigloves (UK) Limited
Strategic Report
For the Year Ended 30 June 2025
The directors present their Strategic Report for the year ended 30 June 2025.
The directors are pleased with the results for the year. The increase in turnover was anticipated following investment in most areas of the business. It is anticipated that the Company will continue to concentrate its activity, for the foreseeable future, on its existing principal activities of the design, development, manufacture and distribution of hand protection products in the United Kingdom and Europe via a network of wholesalers, retailers and distributors.
The year ended 30 June 2025 was another positive step forward in the strategic plan with growth in turnover and an improvement in profitability.
Turnover increased 22.2% and operating loss improved by £846k, compared to the year ended 30 June 2024. Gross profit was challenged during the year following an increase in ACP of key disposable products along with high shipping costs during the Red Sea disruption. Gross profit was 18.2% compared to 22.3% in the previous year.
Lower margins were compensated by foreign exchange gains and a reduction in operating expenses. Despite inflation and excluding foreign exchange gains, operating expenses were below prior year by 3.4%. This focus on operating expenses will continue into the coming year.
Unigloves exists to enable the world’s hands to work safely. Our vision is for Unigloves to become the leading and most responsible hand protection manufacturer in the world.
In support of our 5-year goal to have the Unigloves brand, people, products and operations admired and recognised as influential, we have committed to a 6-pillar strategy, built around the celebration of our end-users, and extension of our product range, operations and geographic reach.
Research and Development
We intend to achieve our vision by finding new and better ways to protect hands, so innovation is critical to our business. During the year ended 30 June 2025, we introduced our revolutionary antimicrobial glove, CrossGuard, developed in partnership with Klura Labs. We continued our partnerships with various external businesses, consultants and research institutions, and we are pleased with the progress made. We are looking forward to the release of new sustainable products in the next financial year.
Business environment risks and opportunities
Intense Competition for Commoditised Products
The relatively low barrier to entry to the disposable glove market remains the dominant threat to the Company, and is a key driver for our diversification into a broader range of hand protection solutions. Small start-up businesses can obtain container quantities of gloves from factories in Asia and sell directly to wholesalers and end-users, using price discounting to gain market share.
Supply Chain Risk
Disruptions in the supply chain can be a threat to the company’s ability to fulfil customer orders. This is mitigated by manufacturing our own products in the Far East, with production facilities owned by group companies, and also by holding stock in our UK warehouse.
Page 1
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Unigloves (UK) Limited
Strategic Report (continued)
For the Year Ended 30 June 2025
Foreign Exchange Risk
The majority of products are purchased from our parent company in USD. FX fluctuations are mitigated via forward contracts and the financial support of the parent enabling relatively steady prices for our customers.
Customer Credit Risk
The majority of customers trade with credit accounts, which are carefully managed to keep them within terms. All new customers are subject to credit checks before we trade with them. Any customers without a credit insured credit line trade on a pro-forma basis.
The directors have reviewed the above key risks and have concluded that the Company does not expect that these risks will have a significant impact on the Company’s ability to continue to operate under the current business model.
Financial key performance indicators
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In the view of the directors, the Key Performance indicators remain as:
- Gross Profit
- Operating Profit
- Operating Cash Flow
Gross profit for the year was 18.2% (2024: 22.3%). The decline was primarily a result of higher cost prices, including supply chain costs, in a highly competitive marketplace along with strong sales growth in commoditised products which are a lower margin. Although the gross margin was lower than prior year, it was 380bps higher than the year before and remains a key focus for the business going forward.
Operating profit for the year before taxation amounted to a loss of £1.3m (2024: loss £2.2m). The improvement comes from sales growth, foreign exchange gains and control of operating expenses. The directors are pleased with the results which are in line with expectation.
Cash balances as at 30 June 2025 were positive at £203,323. The company cashflow is supported by the parent company while investment is made for the future.
Section 172(1) statement
The directors are required to act in a matter compliant with their duties as set out in the UK Companies Act 2006. This includes the ways that they consider, in good faith, would be most likely to promote the success of the Group and, in doing so, to consider (amongst other matters) the following:
- The likely consequences of any decisions in the long term
- The interests of the company’s employees
- The need to foster the Company’s business relationships with suppliers, customers and others
- The impact of the Company’s operations on the community and the environment
- The desirability of the Company maintaining a reputation for high standards of business conduct
- The need to act fairly as between members of the Company
The following summarises how the directors have performed their duties during the year.
Customers
The creation of long-lasting relationships with our major distribution partners is key to how we seek to operate and grow our business. Consideration of the needs of these distribution partners is an integral part of discussions when any change is made to the way the company operates. All key distribution partners have a dedicated account manager and feedback is regularly encouraged and acted upon in order to continue supplying the best possible service to distribution partners and our key end-user customers.
Page 2
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Unigloves (UK) Limited
Strategic Report (continued)
For the Year Ended 30 June 2025
Employees
The directors recognise the importance of a highly motivated workforce is key to the success of the Company and the achievement of its strategic goals. The provision of a safe working environment is an essential part of this provision. Staff are encouraged to give regular feedback to management.
Suppliers
The primary suppliers to the business are our group companies in Malaysia. However, we continue to build strong relationships with key third-party suppliers, and we recognise this is important for innovation and for managing risk. We maintain regular contact with these suppliers through our employees and our aim is to always pay suppliers in full and on time.
Community
The company looks to support the local community wherever possible. This support has included sponsorship for local sports teams, support for local charities either in cash and product donations as well as employee volunteering days and product donations to Ukraine.
Sustainability
At Unigloves our ambition is to be the leading and most responsible hand protection manufacturer in the world. To achieve this Unigloves is committed to setting a high standard across environmental protection, ethical trading and social responsibility. We believe our sustainability approach embraces inclusivity, which forms the cornerstone of our organisations culture and have worked hard to develop a robust sustainability strategy in partnership with independent sustainability specialists, Lifework Group.
During the year we received B Corp certification, retained our Sustainability Rating by EcoVadis and continue to be a member of the British Safety Industry Federation and a full member of the Ethical Trade Initiative. This is an important part of our commitment to managing our business responsibly and to support our vision to become the leading and most responsible hand protection manufacturer in the world.
Our sustainability strategy covers key areas including: community, workers, materials, manufacturing, supply chain and sourcing, nature and governance. To deliver against these core pillars we have a sustainability steering committee, led by our Managing Director, and three broad programmes of work:
• Environmental Impact
• Climate Change
• Enabling Others
Environmental Impact
Our products are essential for protecting hardworking hands and in many cases require disposal to landfill after single use to ensure the health and safety of the user and environment. However, we are working on various initiatives to reduce our environmental impact, including launching more products made from recycled waste materials, removing more plastic from our packaging and completing our Life Cycle Analysis for our core products to better understand the drivers of our Scope I, II and III emissions.
Page 3
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Unigloves (UK) Limited
Strategic Report (continued)
For the Year Ended 30 June 2025
Climate Change
We are committed to the reduction of our greenhouse gas emissions. Working across our business to find alternatives ways to produce, ship, distribute and travel including the following initiatives.
• Installed solar panels on UK office
• Electric car schemes and efficient shipping options implemented
• Partnered with Plastic Bank to recover approximately 12,000 ocean bound plastic bottles
• Partnered with Ecologi to plant approximately 8,500 trees
• Calculating our Scope 1, 2 & 3 emissions to ascertain a baseline of our GHG emissions and set specific targets for how to reduce this in the coming years
Enabling Others
We believe in the importance of building relationships and an environment where our communities thrive and enhance stakeholders lives.
• We work hard to ensure that the rights of our colleagues and those in our global supply chains; through professional development, access to healthcare and training of human and employment rights
• We offer all our employees a real Living Wage. The real Living Wage is voluntarily paid by the business, as we believe all our staff deserve a wage that meets every day needs
• 95% of employees state Unigloves is a ‘Great Place To Work’
• Professional development days for employees
• Training on topics such as climate change, DEI&B, stress awareness, unconscious bias is available for all employees
• We donate stock to charities as well as contributing volunteering hours across the business
This report was approved by the board and signed on its behalf.
Page 4
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Unigloves (UK) Limited
Directors' Report
For the Year Ended 30 June 2025
The directors present their report and the financial statements for the year ended 30 June 2025.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Company’s principal activities are the design, development, manufacture and distribution of hand protection products.
The loss for the year, after taxation, amounted to £1,326,989 (2024 - loss £2,165,705).
During the year, the company declared dividends of £Nil (2024 - £Nil).
The directors who served during the year were:
K Lee (resigned 15 July 2025)
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An indication of likely future developments in the business and particulars of significant events which have occurred since the end of the financial year have been included in the Strategic Report.
Page 5
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Unigloves (UK) Limited
Directors' Report (continued)
For the Year Ended 30 June 2025
Engagement with employees, suppliers, customers and others
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For information regarding engagement with employees, suppliers, customers and others please refer to the Strategic Report.
The Company values a diverse workforce and is committed to equal opportunities in respect of recruitment and career progression, without discriminating on grounds of sex, sexual orientation, religious belief, age, ethnic or racial origin, nationality or disability.
Energy and Carbon Reporting
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The Company’s greenhouse gas emissions and energy consumption are as follows:
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Associated greenhouse gas emissions (in tonnes of CO2 equivalent)
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The GHG Reporting Protocol Corporate Standard methodology was used to calculate the company’s emissions and energy consumption.
The intensity ratio has been calculated using CO2 in tonnes per full time employee, which gives a ratio of 1.08.
Matters covered in the Strategic Report
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For information regarding principal risks and uncertainties please refer to the Strategic Report.
Going concern
These financial statements have been prepared on a going concern basis, taking into account the company’s forecasts and projections of anticipated trading performance together with the cashflow support and letter of support received from its ultimate parent, UG Healthcare Corporation, for a period of time of more than twelve months from the date of approval of these financial statements.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
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Unigloves (UK) Limited
Directors' Report (continued)
For the Year Ended 30 June 2025
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025.
Under section 487(2) of the Companies Act 2006, Kreston Reeves Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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Unigloves (UK) Limited
Independent Auditors' Report to the Members of Unigloves (UK) Limited
We have audited the financial statements of Unigloves (UK) Limited (the 'Company') for the year ended 30 June 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 30 June 2025 and of its 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 Auditors' responsibilities 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 Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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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 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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Unigloves (UK) Limited
Independent Auditors' Report to the Members of Unigloves (UK) Limited (continued)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the 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.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or
∙the 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
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As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 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 Company or to cease operations, or have no realistic alternative but to do so.
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Unigloves (UK) Limited
Independent Auditors' Report to the Members of Unigloves (UK) Limited (continued)
Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. 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 Companies Act 2006, taxation and pension legislation.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. 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 increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of stock. Audit procedures performed by the engagement team included:
∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud,
∙Assessment of identified fraud risk factors; and
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Performing analytical procedures to any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
∙Identifying and testing journal entries.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Unigloves (UK) Limited
Independent Auditors' Report to the Members of Unigloves (UK) Limited (continued)
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Christopher Gregory BA(Hons) ACA (Senior Statutory Auditor)
for and on behalf of
Kreston Reeves Audit LLP
Chartered Accountants
Statutory Auditor
Canterbury
23 October 2025
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Unigloves (UK) Limited
Statement of Comprehensive Income
For the Year Ended 30 June 2025
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Interest receivable and similar income
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Loss for the financial year
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There was no other comprehensive income for 2025 (2024:£NIL).
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The notes on pages 15 to 30 form part of these financial statements.
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Page 12
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Unigloves (UK) Limited
Registered number: 04010200
Balance Sheet
As at 30 June 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 30 form part of these financial statements.
Page 13
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Unigloves (UK) Limited
Statement of Changes in Equity
For the Year Ended 30 June 2025
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Contributions by and distributions to owners
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Shares issued during the year
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The notes on pages 15 to 30 form part of these financial statements.
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Page 14
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
Unigloves (UK) Limited ("the company") is a private company limited by shares and incorporated in England and Wales with the registration number 04010200.
The company's registered office is 37 St Margaret's Street, Canterbury, Kent, CT1 2TU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The company is excluded from the requirement to produce consolidated financial statements in accordance with the Companies Act as its subsidiary undertaking is dormant and therefore these financial statements present information about the company as an individual undertaking and not about its group.
The company's functional and presentational currency is GBP.
The company's financial statements are presented to the nearest Pound.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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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":
∙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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of UG Healthcare Corporation Ltd as at 30 June 2025 and these financial statements may be obtained from the company's registered office and are available on the company's website.
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
The company has met its day to day working capital requirements through bank and group credit facilities. The company undertakes the distribution and wholesale of premium quality gloves in the United Kingdom for UG Healthcare Corporation Limited, the ultimate parent undertaking.
The group has considerable financial resources and continues to offer their support to ensure that the company can meet its working capital obligations for a period of 12 months from the date of signing these accounts. As such this will enable the company to continue in operational existence for the foreseeable future.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
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 'finance income or costs'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Page 16
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 17
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
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Current and deferred taxation
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Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Other intangibles
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 18
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
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.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 19
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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.
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.
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 profit or loss.
Basic 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.
Page 20
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
Other financial instruments
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Page 21
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such that actual outcomes could differ significantly from those estimates.
The following are the company's key sources of estimation uncertainty:
Stock valuation
The company sells premium quality gloves and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the valuation of inventory, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods.
Fair value measurements of the forward foreign currency contracts
When the fair value of financial assets and liabilities cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques. The inputs to these techniques are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. The judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. See note 19 for further details.
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An analysis of turnover by class of business is as follows:
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Sales and distribution of hand protection products
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Analysis of turnover by country of destination:
Page 22
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
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The operating loss is stated after charging:
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Other operating lease rentals
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Page 23
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £162,495 (2024 - £153,789).
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The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £13,950 (2024 - £13,950).
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Other interest receivable
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Adjustments in respect of previous periods
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Page 24
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
10.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 19%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 19%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in deficit /(excess) of depreciation
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Adjustments to tax charge in respect of prior periods
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Unrelieved tax losses carried forward
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Total tax charge for the year
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Charge for the year on owned assets
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Page 25
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
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Charge for the year on owned assets
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Investments in subsidiary companies
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Page 26
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
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The following was a subsidiary undertaking of the Company:
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Unigloves (Ireland) Limited *
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1 Castlewood Avenue, Rathmines, Dublin, D06 H685, Ireland
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Raw materials and consumables
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 27
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Page 28
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
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Financial liabilities measured at fair value through profit or loss
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The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency trade creditors. At 30 June 2025 the outstanding contracts all mature within 7 months (2024: 11 months) of the year end. The company is committed to buy US $8,750,000 and pay fixed sterling amounts (2024: US $10,500,000).
The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key inputs used in valuing the derivatives are the forward exchange rates for sterling against the US Dollar. The fair value of the forward-foreign currency contracts, less the fixed sterling amounts, are included as financial liabilities at £342,595 (2024: £8,440).
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Allotted, called up and fully paid
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35,000 (2024 - 35,000) Ordinary shares of £1.00 each
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4,500,000 (2024 - Nil) Preference shares of £1.00 each
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During the year, 4,500,000 preference shares of £1 each were issued and paid at par.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £115,113 (2024 - £94,121).
No contributions (2024: £Nil) were payable to the fund at the balance sheet date.
Page 29
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Unigloves (UK) Limited
Notes to the Financial Statements
For the Year Ended 30 June 2025
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Commitments under operating leases
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At 30 June 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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During the year, the company entered into the following related party transactions:
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Amounts owed to group undertakings
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Amounts owed from group undertakings
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Sales to group undertakings
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Purchases from group undertakings
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The company's ultimate parent undertaking is UG Healthcare Corporation Limited, a company incorporated in Singapore. The consolidated financial statements of UG Healthcare Corporation Limited, of which the company forms a part, are available on request.
In the opinion of the directors there is no controlling party.
Page 30
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