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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Pittsburgh Corning (United Kingdom) |
Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Pittsburgh Corning (United Kingdom) |
Limited |
Pittsburgh Corning (United Kingdom) |
Limited (Registered number: 00947101) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Pittsburgh Corning (United Kingdom) |
Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Registered Auditors |
Chartered Accountants and Chartered Tax Advisers |
Boston House |
Henley-On-Thames |
RG9 1DY |
Pittsburgh Corning (United Kingdom) |
Limited (Registered number: 00947101) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Pittsburgh Corning (United Kingdom) |
Limited (Registered number: 00947101) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Pittsburgh Corning (United Kingdom) Limited is a private company, limited by shares incorporated in England and Wales and has its |
registered office and principal place of business at 31-35 Kirby Street, London, EC1N 8TE. |
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The principal activity of the company was that of the sale of glass-based building materials, which are manufactured by other group |
undertakings. |
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The financial statements are presented in Sterling (£), which is also the functional currency of the company. |
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2. | ACCOUNTING POLICIES |
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Basis of preparation |
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As 100% of the company's voting rights are controlled within the group headed by Pittsburgh Corning Europe SA-NV and the company |
is consolidated within the publicly available financial statements of the group, registered in Belgium, the company is exempt from the |
requirement of FRS 102 Section 33 to disclose related party transactions with other members of the group. |
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The company is exempt from the requirement of FRS 102 to prepare a cash flow statement under section 1.12, as it is a wholly owned |
subsidiary of Pittsburgh Corning Europe SA-NV and its cash flows are included within the cash flow statement of that company. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within |
the group. |
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Turnover |
Revenue (described as Turnover) is the amount receivable for services rendered, net of returns, discounts and value added tax. |
Revenue is measured at the fair value of consideration received or receivable and is recognised at the point the service is delivered. |
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Revenue is derived from customers in the UK - 98.82.% and Europe - 1.18%. |
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Tangible fixed assets |
Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment |
losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their |
expected useful lives as below: |
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Motor vehicles | - 3 to 4 years |
Office equipment | - 10 years |
Computer equipment | - 3 to 5 years |
Plant & machinery | - 10 years |
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At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any |
indication that any items 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. |
Pittsburgh Corning (United Kingdom) |
Limited (Registered number: 00947101) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Cost includes the |
purchase price, including any taxes, duties, transport, and handling directly attributable to bringing the stock to its present location and |
condition. Net realisable value is based on the estimated selling price less any estimated selling costs. |
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When stocks are sold, the carrying amount of these stocks is recognised as an expense in the period in which the related revenue is |
recognised. |
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At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock item is |
reduced to its selling price less costs to sell and an impairment charge is recognised in the profit and loss account. Where a reversal of |
the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the |
profit and loss account. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange |
differences are taken into account in arriving at the operating result. |
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Operating leases |
Leases that do not transfer all the risks and regards of ownership are classified as operating leases. Payments under operating leases |
are charged to the profit and loss account on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company contributes to an independently administered money purchase scheme for eligible employees. The company's |
contributions are charged to the profit and loss account as they are incurred. |
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Financial assets and liabilities |
Trade and other debtors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the |
effective interest method, less impairment losses for bad and doubtful debts, except where the effect of discounting would be |
immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, other short-term highly liquid investments |
with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within current |
liabilities. |
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Trade and other creditors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the |
effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Going concern |
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern which the |
directors consider appropriate having regard to the circumstances outlined in the notes to the accounts. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Pittsburgh Corning (United Kingdom) |
Limited (Registered number: 00947101) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
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Disposals | ( |
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( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary shares | £1 | 2,925,000 | 2,925,000 |
Pittsburgh Corning (United Kingdom) |
Limited (Registered number: 00947101) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | PENSION SCHEME |
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The company contributes to an independently administered money purchase scheme for all eligible employees. The company does not |
accept any responsibility for the benefits gained from the scheme. Contributions of £3,749 (2018 - £3,588) were payable at the year |
end. |
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10. | PARENT UNDERTAKING |
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The parent of the largest group of undertakings of which the company is a member and for which group financial statements are |
prepared is Pittsburgh Corning Europe SA-NV, a company incorporated in Belgium. Copies of the financial statements of Pittsburgh |
Corning Europe SA-NV may be obtained from Pittsburgh Corning Europe, Albertkade, 3980 Tessenderlo, Belgium. |
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The company's ultimate controlling party is Owens Corning incorporated in the USA. Copies of the financial statements may be |
obtained from One Owens Corning Parkway, Toledo, Ohio 43659. |