Company registration number 14479988 (England and Wales)
A & B GLASS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
A & B GLASS GROUP LIMITED
COMPANY INFORMATION
Director
Mr P McManus
Company number
14479988
Registered office
2 Addison Road
Sudbury
CO10 2YW
Auditor
Ensors
Connexions
159 Princes Street
Ipswich
IP1 1QJ
A & B GLASS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 5
Director's responsibilities statement
6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 33
A & B GLASS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The director presents the strategic report for the year ended 31 October 2025.

Review of the business

During the year the group's trading companies were SDSDAB Limited (which traded from 1 November 2024 to 31 March 2025 before becoming dormant) and A&B Glass Company Limited. The following Strategic report relates primarily to A&B Glass Company Limited as the trading subsidiary of the group.

For the second successive financial year, headline turnover dropped slightly. Turnover for the year of £27,599,649 was 7.6% lower than £29,882,707 for the prior year ended 31 October 2024.

Despite the small reduction in turnover, tight control on input costs, increased manufacturing efficiencies and the completion of the last few low margin legacy contracts meant that gross margin actually increased slightly from 37.4% to 38.7%.

Throughout the year, the directors worked hard to keep overhead cost increases to a minimum, but a conscious decision to maintain headcount and internal capability for the future meant the reduced turnover resulted in a 23.7% reduction in pre-tax profit from £3,031,416 to £2,449,788.

Business environment

The industry has traditionally been extremely competitive, and the company has always faced price pressure in its various marketplaces.

The specific price pressures that had become apparent towards the end of 2024 FY intensified in the year as weak demand and increasing macro-economic pressures forced customers to adopt a more aggressive approach to their own supply chain. This was particularly apparent in our newbuild division, where weak demand and oversupply forced margins on many new tenders too low for the company to remain competitive.

We do not anticipate these price pressures to change in the short to medium term, so profitability for the 2026 financial year is likely to reduce to 2023 and prior levels.

A & B GLASS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -

Strategy

The group has traditionally serviced the newbuild and commercial refurbishment sectors. While the directors have no plans to materially change this strategy, several changes have been made as follows:

Market Strategy

Over the past year, our commercial division has grown in both turnover and profitability terms, and under its management team, will continue to do so. New product and service lines have been introduced and will add further to performance.

Although its contribution to turnover has traditionally been modest, our retail division has always been the public face of the company and we will continue to invest in its success. Shortly after the year end we finalised a long-term lease on a new retail premises in Felixstowe, from where we hope to significantly expand our retail customer base.

Product Strategy

In 2022 the group started a significant capital project to replace old uPVC production machinery and this project was completed in April 2025.

As well as uPVC, the group also sells and instals aluminium products. In early 2025 we made the decision to start an aluminium production facility and this new equipment project is currently ongoing. Manufacturing aluminium products brings two distinct benefits:

1. Enhanced margin from the manufacture, rather than buying-in of product from third parties; and

2. Increasing the product portfolio for both existing and new customers.

As at the date of this report, it is too early to see the full impact of this decision, but initial signs are very encouraging and it is hoped we can capitalise on this early success in the forthcoming year.

People Strategy

Much of our recent success has been down to the skills and efforts of our nationwide manufacturing, installation and administration teams; for which the directors are very grateful. The group is committed to providing both professional and personal development opportunities for all team members, as well as safe and pleasant working environments. It actively supports team members in their charitable work in their local communities and will continue to do so wherever possible.

Future outlook

The macro-economic uncertainty and industry-specific challenges of prior years remain, but the group is optimistic about the future and well-placed to take advantage of current and future market conditions.

Capital investment of over £7m since 2022 (with more planned in the next year or so) has increased efficiencies throughout the business, and with a committed team and the security of a large order book we are cautiously optimistic about the future. With this in mind we have secured our main site at Sudbury site on a new long-term lease, invested in additional solar power, upgraded our fleet to the latest emission standards and will continue to look for opportunities to develop and improve the company.

A & B GLASS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -
Principal risks and uncertainties

The directors have considered the principal risks and uncertainties during the coming year, many of which are driven by factors which cannot be controlled, or which are difficult to predict.

The key business risk affecting the group’s financial performance is considered to be the UK economy, and in particular interest rates and the cost & availability of mortgage borrowing. The directors will closely monitor the impact of this and the risk factors below and will take swift strategic action should the need arise.

Price Risk

The group is exposed to significant commodity price risk as a result of its purchasing requirements. The directors continually monitor prices, but the ability to fix prices or engage with alternative suppliers is limited.

Credit Risk

The group has policies that require appropriate health checks on both potential and existing customers. This credit risk is managed on a proactive basis through the sales process from credit check and order to debt collection and recovery. More than 90% of the company’s turnover is covered by credit insurance.

Liquidity Cashflow Risk

Cashflow and liquidity risk is managed and minimised by diligent management of the credit control function, and credit terms are strictly enforced. In order to maintain the group's invoice discounting facility, the business maintains a broad spread of customers in all divisions.

Brexit Risk

The group's turnover for the year has been derived from its principal activity wholly undertaken in the United Kingdom. The directors see currency fluctuations as a result of purchasing requirements as the main Brexit risk.

Key performance indicators

The directors consider that the key financial indicators of the business are turnover, gross profit, operating profit, net bank borrowings and short-term liquidity. Directors and senior management continually monitor and report on these financial KPls and are satisfied with the group's performance in relation to them.

Other performance indicators

An important non-financial KPI is the reportable accidents per employee of which there were none in the current year or prior period.

On behalf of the board

Mr P McManus
Director
4 March 2026
A & B GLASS GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -

The director presents his annual report and financial statements for the year ended 31 October 2025.

Principal activities

The company's principal activity is that of an ultimate holding company. The group's main activity continues to be the manufacture, installation and maintenance of UPVC windows, doors and conservatories.

Prior to becoming dormant on 31 March 2025 SDSDAB Limited provided management services to all group companies and owns assets which are leased to A&B Glass Company Limited and John Fredericks Plastics Limited, which was formally disposed of by A&B Glass Company Limited, its immediate holding company, on 31 October 2019.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £150,000.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr P McManus
Financial instruments

The group's treasury activities are operated within policies and procedures approved by the Board, which include defined controls on the use of financial instruments managing the group's risk.

The group finances its operations by a mixture of retained profits, cash, and an invoice discounting facility

Engagement with employees

The group is an equal opportunity employer and is committed to ensuring no employee or applicant is treated less favourably on grounds of age, race, religion, gender, ethnic origin, disability or sexual orientation.

The group continues to support the employment of disabled persons, wherever practicable, and to ensure that they share in the training, career development and promotion opportunities available to all employees.

As the group has adjusted to macro-economic changes and industry-specific pressures employees have continued to adapt superbly to generate efficiency gains and cost savings throughout the business. This is particularly true of the current year where operating margins improved significantly.

The director is hugely appreciative of these efforts and would like to thank everyone for all their hard work. He also recognises that employee engagement is crucial to staff recruitment, development and retention. The group has actively engaged with employees, keeping them aware of changes and developments in the business, as well as offering opportunities for personal and professional development.

Engagement with suppliers, customers and others

The group is reliant on a small number of key suppliers, most of whom are industry-specific. Close working relationships have always been key and particularly so since May 2020 as the industry has faced significant challenges maintaining continuity of supply in the light of worldwide shortages of raw materials and reduction in shipping capacity.

Both the newbuild and commercial divisions of the group operate in a very price-competitive environment and have a relatively small number of large customers. These customers provide the business with long term contract work.

The group's funders and bankers are key to its ongoing success and development, and managing relationships with both are crucial. This involves ensuring access to funding, the management of headroom and cashflow; together with the smooth interaction between internal and external personnel.

A & B GLASS GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 5 -
Post reporting date events

On 31 December 2025, the Group completed an internal reorganisation that will ultimately result in the removal of two intermediate holding companies (A&B Glass Holding Company Limited and SDSDAB Limited) from the Group structure.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Going Concern

The group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report.

The director has reviewed the group's recent trading performance and its forecasts through to October 2026 to assess the required level of finance. In their consideration of going concern, the director has reviewed the cash forecasts and revenue projections, which they believe are prudent. Forecasts for the year ended 31 October 2026 show that the group will remain profitable and there is sufficient headroom in the available funding facility to continue as a going concern and meet its liabilities as they fall due.

The group's trading entities are well-established and have long-standing relationships with both customers and suppliers. The steadily increasing turnover, consistent profitability and positive cash generation over the last three years have all given the director confidence that the group enjoys a new-found flexibility that will allow it to adapt to challenges to the commercial environment that may arise in the future. For these reasons the director adopts the going concern basis in preparing these financial statements.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Mr P McManus
Director
4 March 2026
A & B GLASS GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 6 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has 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 director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom 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 director is 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. He is 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.

A & B GLASS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A & B GLASS GROUP LIMITED
- 7 -
Opinion

We have audited the financial statements of A & B Glass Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 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).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 October 2025 and of the group's profit 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.

Basis for opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

A & B GLASS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A & B GLASS GROUP LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is responsible for assessing the group's and parent 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 director either intends to liquidate the group or parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

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 and group operates in and how the company and group 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;

- audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud;

- reviewed and 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.

A & B GLASS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A & B GLASS GROUP LIMITED
- 9 -

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.

Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors, Statutory Auditor
Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
4 March 2026
A & B GLASS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 10 -
2025
2024
as restated
Notes
£
£
Turnover
3
27,599,649
29,882,707
Cost of sales
(16,907,046)
(18,700,350)
Gross profit
10,692,603
11,182,357
Administrative expenses
(7,902,862)
(7,924,027)
Operating profit
4
2,789,741
3,258,330
Interest receivable and similar income
7
50,105
3,029
Interest payable and similar expenses
8
(390,058)
(229,943)
Profit before taxation
2,449,788
3,031,416
Tax on profit
9
(253,799)
(621,467)
Profit for the financial year
25
2,195,989
2,409,949
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
A & B GLASS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 11 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Negative goodwill
11
(371,859)
(729,040)
Other intangible assets
11
44,614
63,804
Total intangible assets
(327,245)
(665,236)
Tangible assets
12
5,007,016
3,012,958
4,679,771
2,347,722
Current assets
Stocks
15
1,305,208
969,141
Debtors
16
6,750,588
7,393,815
Cash at bank and in hand
1,975,192
1,841,947
10,030,988
10,204,903
Creditors: amounts falling due within one year
17
(3,955,324)
(5,310,148)
Net current assets
6,075,664
4,894,755
Total assets less current liabilities
10,755,435
7,242,477
Creditors: amounts falling due after more than one year
18
(3,901,286)
(2,950,485)
Provisions for liabilities
Provisions
20
52,426
52,426
Deferred tax liability
21
1,241,816
725,648
(1,294,242)
(778,074)
Net assets
5,559,907
3,513,918
Capital and reserves
Called up share capital
24
12,500
12,500
Profit and loss reserves
25
5,547,407
3,501,418
Total equity
5,559,907
3,513,918

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 4 March 2026
04 March 2026
Mr P McManus
Director
Company registration number 14479988 (England and Wales)
A & B GLASS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2025
31 October 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
2,546,809
2,546,809
Current assets
Debtors
16
6,101
-
0
Cash at bank and in hand
1,103,458
320,101
1,109,559
320,101
Creditors: amounts falling due within one year
17
(64,655)
(381,050)
Net current assets/(liabilities)
1,044,904
(60,949)
Total assets less current liabilities
3,591,713
2,485,860
Creditors: amounts falling due after more than one year
18
(1,128,800)
(1,545,450)
Net assets
2,462,913
940,410
Capital and reserves
Called up share capital
24
12,500
12,500
Profit and loss reserves
25
2,450,413
927,910
Total equity
2,462,913
940,410

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,672,502 (2024 - £527,954 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 4 March 2026
04 March 2026
Mr P McManus
Director
Company registration number 14479988 (England and Wales)
A & B GLASS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 October 2024:
Balance at 1 November 2023
12,500
943,988
956,488
Effect of change in accounting policy
-
147,481
147,481
As restated
12,500
1,091,469
1,103,969
Year ended 31 October 2024:
Profit and total comprehensive income
-
2,409,949
2,409,949
Balance at 31 October 2024
12,500
3,501,418
3,513,918
Year ended 31 October 2025:
Profit and total comprehensive income
-
2,195,989
2,195,989
Dividends
10
-
(150,000)
(150,000)
Balance at 31 October 2025
12,500
5,547,407
5,559,907
A & B GLASS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2023
12,500
399,956
412,456
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
527,954
527,954
Balance at 31 October 2024
12,500
927,910
940,410
Year ended 31 October 2025:
Profit and total comprehensive income
-
1,672,503
1,672,503
Dividends
10
-
(150,000)
(150,000)
Balance at 31 October 2025
12,500
2,450,413
2,462,913
A & B GLASS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 15 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
2,204,044
3,174,292
Interest paid
(390,058)
(229,943)
Income taxes paid
(45,812)
(142,425)
Net cash inflow from operating activities
1,768,174
2,801,924
Investing activities
Purchase of intangible assets
(3,966)
(5,950)
Purchase of tangible fixed assets
(235,764)
(176,935)
Proceeds from disposal of tangible fixed assets
136,312
29,722
Interest received
50,105
3,029
Net cash used in investing activities
(53,313)
(150,134)
Financing activities
Repayment of borrowings
(148,872)
(1,141,001)
Payment of finance leases obligations
(1,282,744)
(911,027)
Dividends paid to equity shareholders
(150,000)
-
0
Net cash used in financing activities
(1,581,616)
(2,052,028)
Net increase in cash and cash equivalents
133,245
599,762
Cash and cash equivalents at beginning of year
1,841,947
1,242,185
Cash and cash equivalents at end of year
1,975,192
1,841,947
A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 16 -
1
Accounting policies
Company information

A & B Glass Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of A & B Glass Group Limited and all of its subsidiaries.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

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 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. I nvestments in subsidiaries are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company A & B Glass Group Limited 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 31 October 2025. 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.

A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern

A t the time of approving the financial statements, t he director has a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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 delivery of the goods and, where applicable installation), 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.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to labour costs and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.6
Intangible fixed assets - goodwill

Goodwill, representing the excess of the purchase price compared with the fair value of assets acquired, is capitalised and written off over 4 years in respect of the trade of acquired subsidiaries as, in the opinion of the directors, these represent the periods over which the goodwill will be effective. Amortisation is charged within administrative expenses.

1.7
Intangible fixed assets other than goodwill

Other intangible assets are recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated amortisation and accumulated impairment losses. Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25% per annum
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
5% - 25% straight line or over the remaining life of the lease
Plant and equipment
15 - 25% per annum straight line
Fixtures and fittings
15% - 33% per annum straight line
Motor vehicles
20% - 25% per annum straight line

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.

A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 18 -
1.9
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries 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.

1.10
Impairment of fixed assets

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.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 19 -
1.13
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

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 m ethod 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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.

Derecognition of financial assets

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.

Classification of 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 group after deducting all of its liabilities.

A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 paymen ts 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.

Invoice financing

The Group has an invoice discounting agreement. The amount owed by customers to the Group is included within trade debtors and the amount owed to the invoice discounting company is included within creditors. The amount owed to the invoice discounting company represents the difference between the amounts advanced by the discounting company and the invoices discounted. The interest element of the invoice discounting charges and other related costs are recognised as they accrue and included in the Statement of Comprehensive Income within interest payable and similar expenses.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

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.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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

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.

A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 21 -
1.16
Provisions

Provisions is made for liabilities arising in respect of extended warranty claims on warranties provided in conjunction with the sale of goods. Provisions are recognised when the group has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and that obligation can be estimated reliably.

The provision is based on expected costs to be incurred over the next 3 to 10 years based on previous warranty claims.

1.17
Employee benefits

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.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the c ompany as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

1.20
Leases

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

Key sources of estimation uncertainty

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.

Cost of stock

The cost element of stock carried forward in the statement of financial position is estimated by the directors based on raw material cost plus an appropriate proportion of labour and overheads. This therefore represents a critical accounting estimate arrived at by the directors based on their experience.

3
Turnover and other revenue

The whole of the turnover is attributable to the principal business activity.

All turnover arose within the United Kingdom.

2025
2024
£
£
Other revenue
Interest income
50,105
3,029
4
Operating profit
2025
2024
as restated
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
1,069,122
731,011
Profit on disposal of tangible fixed assets
(123,242)
(29,714)
Amortisation of intangible assets
(334,025)
(331,465)
Operating lease charges
478,168
465,243
A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 23 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production and administration
182
182
3
1

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
6,364,883
6,626,917
325,543
-
0
Social security costs
743,072
665,528
48,436
-
Pension costs
144,585
180,991
5,250
-
0
7,252,540
7,473,436
379,229
-
0
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
367,703
398,260
Company pension contributions to defined contribution schemes
10,000
45,000
377,703
443,260
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
367,703
398,260
Company pension contributions to defined contribution schemes
10,000
45,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
50,105
3,029
A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 24 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on invoice finance arrangements
20,370
31,329
Interest on finance leases and hire purchase contracts
289,459
198,539
Other interest
80,229
75
Total finance costs
390,058
229,943
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(262,369)
342,406
Adjustments in respect of prior periods
-
0
(14,198)
Total current tax
(262,369)
328,208
Deferred tax
Origination and reversal of timing differences
516,168
293,259
Total tax charge
253,799
621,467

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:

2025
2024
£
£
Profit before taxation
2,449,788
3,031,416
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
612,447
757,854
Tax effect of expenses that are not deductible in determining taxable profit
1,854
(1,949)
Tax effect of income not taxable in determining taxable profit
(89,338)
-
0
Depreciation on assets not qualifying for tax allowances
272,837
186,328
Other differences
(12,890)
(78,104)
Fixed asset timing differences
(749,987)
(497,652)
Timing differences
516,169
254,990
Research and development credits
(297,293)
-
Taxation charge
253,799
621,467
A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 25 -
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
150,000
-
11
Intangible fixed assets
Group
Negative goodwill
Software
Total
£
£
£
Cost
At 1 November 2024 (as restated)
(1,428,722)
111,904
(1,316,818)
Additions
-
0
3,966
3,966
At 31 October 2025
(1,428,722)
115,870
(1,312,852)
Amortisation and impairment
At 1 November 2024 (as restated)
(699,682)
48,100
(651,582)
Amortisation charged for the year
(357,181)
23,156
(334,025)
At 31 October 2025
(1,056,863)
71,256
(985,607)
Carrying amount
At 31 October 2025
(371,859)
44,614
(327,245)
At 31 October 2024 (as restated)
(729,040)
63,804
(665,236)
The company had no intangible fixed assets at 31 October 2025 or 31 October 2024.
A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 26 -
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2024
22,574
2,715,107
84,309
1,118,798
3,940,788
Additions
187,887
2,526,198
59,635
302,530
3,076,250
Disposals
-
0
(45,619)
-
0
(57,725)
(103,344)
At 31 October 2025
210,461
5,195,686
143,944
1,363,603
6,913,694
Depreciation and impairment
At 1 November 2024
7,044
512,250
51,544
356,992
927,830
Depreciation charged in the year
16,085
662,039
29,600
361,398
1,069,122
Eliminated in respect of disposals
-
0
(41,555)
-
0
(48,719)
(90,274)
At 31 October 2025
23,129
1,132,734
81,144
669,671
1,906,678
Carrying amount
At 31 October 2025
187,332
4,062,952
62,800
693,932
5,007,016
At 31 October 2024
15,530
2,202,857
32,765
761,806
3,012,958
The company had no tangible fixed assets at 31 October 2025 or 31 October 2024.

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and equipment
3,898,704
2,100,973
-
0
-
0
Motor vehicles
538,343
624,010
-
0
-
0
Leasehold improvements
125,288
-
-
-
4,562,335
2,724,983
-
-
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,546,809
2,546,809
A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2024 and 31 October 2025
2,546,809
Carrying amount
At 31 October 2025
2,546,809
At 31 October 2024
2,546,809
14
Subsidiaries

Details of the company's subsidiaries at 31 October 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
SDSDAB Limited
Addison Road, Chiltern Industrial Estate, Sudbury, Suffolk, CO10 2YW, England
Ordinary
100.00
-
A&B Glass Holding Company Limited
As above
Ordinary
0
100.00
A&B Glass Company Limited
As above
Ordinary
0
100.00
Asset Manufacturing Limited *
As above
Ordinary
0
100.00
A&B Glass Properties Limited *
As above
Ordinary
0
100.00
Coastal Windows Limited *
As above
Ordinary
0
100.00
Coastal Limited *
As above
Ordinary
0
100.00

* All these subsidiary undertakings under S394A and S448A of the Companies Act 2006 are exempt from preparing and filing individual accounts. These companies have taken exemption in S479A of the Companies Act 2006 from the requirements in the Act for their individual accounts to be audited.

15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
437,551
473,224
-
-
Work in progress
168,474
182,978
-
-
Finished goods and goods for resale
699,183
312,939
-
0
-
0
1,305,208
969,141
-
-
A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 28 -
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,834,849
5,515,819
-
0
-
0
Other debtors
600,525
505,988
-
0
-
0
Prepayments and accrued income
423,302
312,877
6,101
-
0
5,858,676
6,334,684
6,101
-
Amounts falling due after more than one year:
Trade debtors
891,912
1,059,131
-
0
-
0
Total debtors
6,750,588
7,393,815
6,101
-
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
19
1,031,392
841,101
-
0
-
0
Other borrowings
-
0
148,872
-
0
-
0
Trade creditors
2,215,518
2,562,822
-
0
-
0
Corporation tax payable
34,225
342,406
34,225
-
0
Other taxation and social security
182,396
196,123
30,430
-
Other creditors
73,767
466,774
-
0
381,050
Accruals and deferred income
418,026
752,050
-
0
-
0
3,955,324
5,310,148
64,655
381,050

At the Balance Sheet date no sums were due under the Group's invoice financing agreement (2024: £148,872). The invoice financing is secured by a fixed and floating charge over the Group's assets and undertakings.

Obligations under hire purchase are secured on the underlying assets.

Amounts owed to group undertakings are interest free and repayable on demand.

A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 29 -
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
19
2,772,486
1,405,035
-
0
-
0
Other creditors
1,128,800
1,545,450
1,128,800
1,545,450
3,901,286
2,950,485
1,128,800
1,545,450
19
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
1,031,392
841,101
-
0
-
0
Non-current liabilities
2,772,486
1,405,035
-
0
-
0
3,803,878
2,246,136
-
-
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,031,392
841,101
-
0
-
0
In two to five years
3,368,167
1,853,580
-
0
-
0
4,399,559
2,694,681
-
-
Less: future finance charges
(595,681)
(448,545)
-
0
-
0
3,803,878
2,246,136
-
0
-
0

Obligations under hire purchase contracts are secured on the underlying assets.

20
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
52,426
52,426
-
-
A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
20
Provisions for liabilities
(Continued)
- 30 -
Movements on provisions:
Group
£
At 1 November 2024 and 31 October 2025
52,426

The warranty provision relates to potential costs arising under a warranty on products. The provision is based on expected costs to be incurred based on previous warranty claims.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
1,264,547
723,552
Tax losses
(22,731)
2,096
1,241,816
725,648
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 November 2024
725,648
-
Charge to profit or loss
516,168
-
Liability at 31 October 2025
1,241,816
-

The deferred tax liabilities set out above mainly relate to accelerated capital allowances that are expected to reverse over the period that the underlying fixed assets are depreciated.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
144,585
180,991

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.

A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 31 -
23
Share-based payment transactions

Share based payment arrangements (share options) in respect of Directors involving a total of 102,273 Ordinary Shares of £0.1 0 with and exercise price of £0.10 per share were granted in May 20 23. The options are exercisable in the event of a sale. Any share based payment charge is anticipated to be immaterial.

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 10p each
95,000
95,000
9,500
9,500
Ordinary B shares of 10p each
30,000
30,000
3,000
3,000
125,000
125,000
12,500
12,500
25
Reserves
Profit and loss reserves

The profit and loss account reserve represents cumulative profit and loss net of distributions to owners.

26
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
453,322
513,599
-
-
Years 2-5
4,343,582
1,046,904
-
-
4,796,904
1,560,503
-
-
27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
-
1,783,500
-
-
A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 32 -
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
1,095,653
1,181,503
29
Controlling party

As at the year end P McManus is considered the ultimate controlling party, as a Director and the majority shareholder in A&B Glass Group Limited.

30
Cash generated from group operations
2025
2024
£
£
Profit after taxation
2,195,989
2,409,949
Adjustments for:
Taxation charged
253,799
621,467
Finance costs
390,058
229,943
Investment income
(50,105)
(3,029)
Gain on disposal of tangible fixed assets
(123,242)
(29,714)
Amortisation and impairment of intangible assets
(334,025)
(331,465)
Depreciation and impairment of tangible fixed assets
1,069,122
731,011
Movements in working capital:
(Increase)/decrease in stocks
(336,067)
18,473
Decrease/(increase) in debtors
643,227
(777,307)
(Decrease)/increase in creditors
(1,504,712)
304,964
Cash generated from operations
2,204,044
3,174,292
31
Analysis of changes in net debt - group
1 November 2024
Cash flows
New finance leases
31 October 2025
£
£
£
£
Cash at bank and in hand
1,841,947
133,245
-
1,975,192
Borrowings excluding overdrafts
(148,872)
148,872
-
-
Obligations under finance leases
(2,246,136)
1,282,744
(2,840,486)
(3,803,878)
(553,061)
1,564,861
(2,840,486)
(1,828,686)
A & B GLASS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 33 -
32
Events after the reporting date

On 31 December 2025, the Group completed an internal reorganisation that will ultimately result in the removal of two intermediate holding companies (A&B Glass Holding Company Limited and SDSDAB Limited) from the Group structure.

33
Prior period adjustment
Reconciliation of changes in equity - group
1 November
31 October
2023
2024
£
£
Adjustments to prior year
Amortisation charge
147,481
153,077
Retained earnings
-
147,481
Total adjustments
147,481
300,558
Equity as previously reported
956,488
3,213,360
Equity as adjusted
1,103,969
3,513,918
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Amortisation charge
153,077
Profit as previously reported
2,256,872
Profit as adjusted
2,409,949
Notes to reconciliation

During the year, management reviewed the Group’s accounting policies for the amortisation of n egative goodwill to ensure they remain appropriate. Following this review, management determined that the previous policy did not reflect the estimated useful economic life arising on past acquisitions.

As a result, the Group has changed its accounting policy to a revised useful life that more accurately reflects the period over which the economic benefits of goodwill are expected to be consumed.

In accordance with FRS 102, this change in accounting policy has been applied retrospectively. Comparative figures for the prior period have therefore been restated to reflect the revised amortisation policy as if it had always been applied.

A reconciliation of the adjustments is presented above.

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