The directors present the strategic report for the year ended 30 September 2025.
Throughout the year under review the Group has continued operating in the manufacture, processing and merchanting of wood veneer products on an international platform. The early part of the financial year saw continued growth in the global economy after the inflationary shocks caused by Covid and the war in Ukraine continued to subside. However, the introduction of tariffs by the USA and the ripple effect through global trading networks has had a dampening effect on business activity and put pressure on margins.
The Group operates as a supplier to the worldwide construction industry, without being dependent on a single market, and is continually searching for new trade flows to enhance and supplement its manufacturing base for both existing new product ranges. The Group is recognised for introducing innovative and economic opportunities to this industrial sector and expanding the range of products stocked for distribution.
Trading margins remain healthy as demand for the expanded range of distributed products continues to grow.
The Group is continuing its strategy of having distribution units in key locations, stocked with
an ever-increasing range of veneer and semi-finished veneer products, driven by strong marketing from the head office.
The USA edgebanding distribution centre in Indiana continues to grow driven by increasing volumes to key customers, with product availability driving competition.
The new USA sales unit, supplementing the existing infrastructure and focussing on traditional veneer products, has seen growth in both sales and margin during its first full year of trading.
In the UK, distribution from London and The Edging Company has been complicated by availability issues arising from shipping delays while more aggressive competition in plywood has impacted turnover. Aggressive marketing has led to further growth in the distribution of flexible sheets.
The Indonesian distribution centre has seen its best year yet with good growth having benefited from the recruitment of key personnel and larger premises which enabled greater stockholding.
The long established South African centre continues to provide the local just in time markets supplemented by direct shipments to key customers with significant gains in market share.
The Slovenian manufacturing unit, in conjunction with a broad supply chain, provides the Group’s semi manufactured range of products. Inevitably inflationary cost increases have eroded margins on manufactured products and there are no plans to increase volume output at this stage.
Group revenues and supply chain are largely denominated in foreign currency and, whilst exposures are monitored and largely insulated against, overall demand and profitability is affected by currency changes.
Raw materials continue to be readily available with changes in supply chain as consolidation takes place in the market.
Significant stocks of our new trademark products (Flexies, WOW-Flexies and VeneerTex) have been built up and customer feedback has been positive. Volume sales have commenced and significant growth is anticipated over the coming year.
Cash flow from operating activities continues to be strong.
The Group has maintained significant cash balances for many years for working capital requirements and to fund further expansion through organic growth and acquisition. Expansion to date has been self-funding and the board has set in place a dividend strategy to return value to the shareholders with dividends of £1,913,000 being paid in the year under review. With further distributions for key staff, overall cash holdings were reduced by 47%. Consideration for further returns will also be made in future years.
The principal uncertainty affecting the world economy is the war in the Middle East and its impact on inflation, shipping costs and trade and supply chains. In addition, the uncertainty over US tariff policy (and counter tariffs) has the potential to change trading patterns.
Similarly, although apparently of lesser importance at this stage, it remains difficult to predict the ultimate outcome, or effect, the war in Ukraine will have on the group’s trade and supply chain. Ukraine, like many European countries, has significant timber reserves which, if restricted for any significant period, would reduce product availability. To date, however, alternate sources and product substitution have resolved any shortfalls.
Within the UK, there is certain to be an impact on consumer spending from increased employment costs from changes in National Insurance and labour policy as well as fast-rising energy costs.
The markets for wood veneer products remain highly competitive with significant challenges from Far East suppliers. The Group maintains its competitiveness by focussing on key customer relationships and product requirements where reliability of supply, delivery lead times and quality are exacting. New products and trade flows are continuously being introduced and evaluated.
The majority of the Group’s trade involves various currency exposures. Net currency positions are determined and monitored globally by the Finance Director who takes out forward cover as required.
The Group’s credit risk is primarily attributable to its trade debtors. The risk is managed principally by utilising worldwide credit insurance policies or secured payment terms.
The Group has substantial cash balances and monitors cash flow requirements for existing product ranges as part of its monthly control procedures. The availability of these cash balances is fundamental to the Group’s development of new products and markets and to enable it to take advantage of commercial opportunities as they arise.
Overall revenues have increased by 16% to £23.5m with group pre-tax profits increasing by 5% from £3.3m to £3.5m.
Demand for the Group’s broad range of veneer and related products continues to be strong in most regions. During the year under review the Group’s performance has been affected by the following factors:
Product availability through high stock levels;
Introduction of new product ranges in the UK and other markets;
Margins remaining strong due to tight financial and quality controls over all stages of the supply chain.
Overheads and expenditure being tightly controlled;
Continuing investment in the distribution units reflecting the importance attached to these regions with further growth anticipated as market share increases;
Over recent years the group has demonstrated its ability to identify and absorb key trading relationships and will continue to seek strategic alliances.
The Group has significant cash balances, built up over many years, to enable it to respond to opportunities as they arise.
During the year under review total equity grew by £0.6m (3.2%), to £18.8m (2024 - £18.25m).
UV Group Plc is a member of the Forest Stewardship Council (FSC) through which it promotes responsible management of the world’s forests. The group continues to ensure compliance with UK Timber Regulations, European Union Timber Regulations and similar requirements in other parts of the world.
New products have been evaluated which are being brought to market later in the year with expectations of significant growth in subsequent years. Additionally, trials of new customer specific products are being evaluated for organic growth. Supply chain management is constant. Whilst product availability is the key to entering new relationships production efficiencies are being implemented to match demand with output and minimise lead times.
The Group has maintained and increased its cash surplus for many years whilst at the same time regularly absorbing new operations. Working capital requirements, capital expenditure projections and investment in skills and training, together with potential acquisitions, have been reviewed and identified excess cash resources. With this in mind the board has set in place a dividend strategy to return value to the shareholders with dividends of £1,913,019 being provided in the year under review. Consideration for further returns will also be made in future years.
Section 172 Statement
Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders and other matters in their decision making. The Directors continue to have regard to the interests of the Company's employees and other stakeholders, including the impact of its activities on the community, the environment and the Company's reputation for good business conduct, when making decisions. In this context, acting in good faith and fairly, the Directors consider what is most likely to promote the success of the Company for its members in the long term. We explain below, how the Board engages with stakeholders:
Employee matters
The Company continues to work closely with the employees to drive efficiencies through training and process improvement. We hold meetings at all locations to keep employees informed and to gain valuable feedback and input.
The Company continues to promote a positive health and safety culture, the periods covered by the various national and international Covid-19 lockdowns were a clear demonstration of how staff at all levels embrace and drive safe working practices.
Business relationships
The Board recognises that it is essential for the continued success and reputation of the business to maintain positive relationships with customers and suppliers.
The Board regularly reviews the Company's principal stakeholders and how it engages with them. This is achieved through information provided by management and also by direct engagement with stakeholders themselves. The Company prides itself on personal relationships established and nurtured over many years at all levels but principally at Board level with key customers and suppliers. During the year, other than as referred to above, there have been no significant discussions with stakeholders.
Community relationships
The Company is a member of the Argall Avenue Business lmprovement District (BlD) through which local cleaning, security and environmental measures are provided.
Environment impact
The Company continues to be a member, and promoter, of the Forest Stewardship Council (FSC) which is dedicated to the responsible management of the world's forests enabling the identification of responsibly sourced wood, paper and other forest products.
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 September 2025.
The Group results for the year are set out on page 10.
Dividends of £1.9m (2024 - £831k) were declared during the year.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of UV Group Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including transactions with related parties, revenue recognition, management override of systems and control and accounting estimates.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known, actual, suspected or alleged instances of fraud;
discussed matters about non-compliance with laws or regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
robustly challenged accounting estimates to ensure no indication of management bias.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,237,049 (2024 - £1,975,026 profit).
UV Group Plc is a public limited company, which is permitted to offer its shares to the public, incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company Information page and the nature of the Group's operations and its principal activities are set out on the Group Strategic Report.
The group consists of UV Group Plc and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company UV Group Plc together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 September 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents sales to external customers at invoiced amounts less value added tax.
Turnover is recognised when the risks and rewards of owning the goods has passed to the customer which is generally on delivery.
Turnover is recognised depending on the international shipping terms recognised by the two parties.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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 that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates
approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Provisions are made against slow moving stock on a line by line basis. Slow moving stock is considered to be stock that has not moved in the last 12 months or those items which have seen low sales levels in the last 12 months. Poor quality stock is provided for to the extent that it cannot be used.
The analysis of turnover by geographical market is not disclosed because in the opinion of the directors disclosure would be seriously prejudicial to the interests of the Group.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
All directors' remuneration is borne by the parent company.
During the year retirement benefits were accruing to 2 Directors (2024 - 4) in respect of defined contribution pension schemes.
The value of the Company's contributions paid to a defined contribution pension scheme in respect of
the highest paid Director amounted to £NIL (2024 - £13k).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Prior to the acquisition of the freehold interest relating to the long leasehold properties in 2014 the Company's long leasehold properties in the UK were revalued on 30 September 1990 by a firm of Chartered Surveyors at open market value at that date. These valuations, which have not been updated since, adopted the basis recommended by the Royal Institution of Chartered Surveyors in "Guidance notes on the valuation of assets" (1981 edition). The properties are now held at deemed cost.
Details of the company's subsidiaries at 30 September 2025 are as follows:
The Edging Company Limited and Pleasant Hill Veneer (UK) Limited are included in the consolidated financial statements and are entitled, and have opted, to take exemption from the requirement for their individual accounts to be audited under S479A of the Companies Act 2006 relating to subsidiary companies.
All of the subsidiary undertakings listed above have been included in the consolidated financial statements. The addresses of the above UK based subsidiaries are the same as the parent undertaking, 20 Rigg Approach, Lea Bridge Rd, London, E10 7QN.
The addresses of the non-UK subsidiaries are as follows:
Pleasant Hill Veneer Corporation - 605W 47th St Ste 301, Kansas City, Missouri, 64112-1905. Uvisco (Proprietary) Ltd - Building A, 5 Regency Drive, Route 21 Corporate Park, Centurion, 0157. Spajalnica. d.o.o. and Furnir, oddajanje v najem, d.o.o - Lesna ulica 002A, 3230 Sentjur. Indonesia Veneer Services - Fortune Business Park B-26, JI. Tambak Sawah No. 6-12, Waru, Sidoarjo 61256, Indonesia.
For the Group an impairment loss of £389k (2024 gain - £50k) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock. For the Company an impairment loss of £97k (2024 - £61k ) was recognised.
There is no material difference between the replacement cost of stocks and the amounts stated above.
Amounts owed by group undertakings represent a line of credit which is repayable five years after notice for repayment has been sent in writing to the borrower. As at 30 September 2025, no such notice has been served. An interest rate per annum at 12 month Euribor plus surcharge, which was in total 0.524% at inception and is valid for five years.
Other amounts owed by the group are interest free and repayable on demand.
The bank term deposits greater than three months are not deemed as a cash equivalent under section 7.2 of FRS 102.
Amounts owed to group undertakings are interest free and repayable on demand.
Included in other creditors are dividends payable totaling £NIL (2024 - £831k)
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The Group's capital and reserves are as follows:
Called up share capital
Called up share capital represents the nominal value of the shares issued.
Share premium
The share premium reserve includes the premium on issue of equity shares, net of any issue costs.
Revaluation reserve
The revaluation reserve contains gains arising on the revaluation of tangible fixed assets and is distributable on sale of these relevant assets.
Profit and loss account
The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
The Company has taken advantage of the exemption available in Section 33.1A of FRS102 whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the Group.
At the Statement of Financial Position date, UV Group Plc owed Artisan International Limited, a 80% owned subsidiary, £3k (2024 - £3k).
As at 30 September 2025, £15k (2024 - £10k) is included in other debtors relating to amounts due from and to directors in relation to travel advances.