Union Glass Centres Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 11

Union Glass Centres Limited

(Registration number: 02662264)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	2,852	4,462
Tangible assets	5	82,487	101,283
		85,339	105,745
Current assets
Stocks		38,614	46,630
Debtors	6	289,732	340,394
Cash at bank and in hand		47,823	53,475
		376,169	440,499
Creditors: Amounts falling due within one year	8	(216,633)	(206,328)
Net current assets		159,536	234,171
Total assets less current liabilities		244,875	339,916
Creditors: Amounts falling due after more than one year	8	(64,269)	(175,393)
Provisions for liabilities		(21,829)	(26,528)
Net assets		158,777	137,995
Capital and reserves
Called up share capital	10	2,833	2,833
Capital redemption reserve		2,450	2,450
Profit and loss account		153,494	132,712
Shareholders' funds		158,777	137,995

Union Glass Centres Limited

(Registration number: 02662264)
Statement of Financial Position as at 31 March 2025 (continued)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 23 December 2025 and signed on its behalf by:
 

T Barrow Company secretary and director

Union Glass Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
31-32 Emma Place
Plymouth
Devon
PL1 3QT

Principal activity

The principal activity of the company is that of the supply of glass and glazing products.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Union Glass Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold property	15% straight line
Plant and machinery	15% straight line
Fittings and fixtures	15% straight line
Motor vehicles	10% straight line
Computer equipment	33% straight line

Union Glass Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website	3 years sraight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Union Glass Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2024 - 15).

Union Glass Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4	Intangible assets

	Website £	Total £
Cost or valuation
At 1 April 2024	9,080	9,080
At 31 March 2025	9,080	9,080
Amortisation
At 1 April 2024	4,618	4,618
Amortisation charge	1,610	1,610
At 31 March 2025	6,228	6,228
Carrying amount
At 31 March 2025	2,852	2,852
At 31 March 2024	4,462	4,462

Union Glass Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

5	Tangible assets

	Leasehold property £	Fixtures and fittings £	Plant and machinery £	Computer equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	7,076	49,883	281,744	32,726	93,655	465,084
Additions	-	9,230	6,188	584	6,500	22,502
Disposals	-	-	-	-	(36,550)	(36,550)
At 31 March 2025	7,076	59,113	287,932	33,310	63,605	451,036
Depreciation
At 1 April 2024	7,076	43,114	241,354	28,290	43,967	363,801
Charge for the year	-	2,425	11,181	2,517	5,194	21,317
Eliminated on disposal	-	-	-	-	(16,569)	(16,569)
At 31 March 2025	7,076	45,539	252,535	30,807	32,592	368,549
Carrying amount
At 31 March 2025	-	13,574	35,397	2,503	31,013	82,487
At 31 March 2024	-	6,769	40,390	4,436	49,688	101,283

6

Debtors

	Note	2025 £	2024 £
Trade debtors		83,275	76,456
Amounts owed by related parties	12	194,303	233,927
Other debtors		283	16,786
Prepayments		11,871	13,225
		289,732	340,394

Union Glass Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

7	Current asset investments

2025 £

2024 £

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	53,128	71,847
Trade creditors		38,335	89,786
Taxation and social security		35,809	29,591
Accruals and deferred income		9,361	11,336
Other creditors		80,000	3,768
		216,633	206,328

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	64,269	175,393

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	64,269	175,393

The CBILs loan and RLS loans benefit from a government guarantee. A charge has been registered in favour of Lloyds bank dated June 2020, which includes a fixed and floating charge over all property and undertakings of the entity. An earlier charge has been recorded from Natwest Bank Plc in April 2015 with similar terms, which has not yet been satisfied.

Union Glass Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

9	Loans and borrowings (continued)

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	53,128	71,847

The CBILs loan and RLS loans benefits from a government guarantee.

Union Glass Centres Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

10	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary A shares of £1 each	2,550	2,550	2,550	2,550

Allotted, called up and not fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary B shares of £1 each	283	283	283	283

11

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Capital Redemption Reserve account:

This reserve contains a balance of £2,450 (2024 : £2,450) relating to a historic share transaction.

This reserve is undistributable.

12	Related party transactions

Summary of transactions with parent

The ultimate parent company is Manor Drive Investments Limited, a company registered in England and Wales, whose registered office address is 31-32 Emma Place, Plymouth PL1 3QT.