Company No: SC253252 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	169,836		149,661
		169,836		149,661
Current assets
Stocks		69,410		51,132
Debtors	5	134,021		162,048
Cash at bank and in hand		346,168		236,498
		549,599		449,678
Creditors: amounts falling due within one year	6	( 673,568)		( 522,405)
Net current liabilities		(123,969)		(72,727)
Total assets less current liabilities		45,867		76,934
Creditors: amounts falling due after more than one year	7	0		( 7,033)
Provision for liabilities	8	( 42,267)		( 37,223)
Net assets		3,600		32,678
Capital and reserves
Called-up share capital		52		52
Share premium account		3,256		3,256
Capital redemption reserve		50		50
Profit and loss account		242		29,320
Total shareholders' funds		3,600		32,678

For the financial year ending 30 September 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Moray Glass Limited (registered number: SC253252) were approved and authorised for issue by the Board of Directors on 11 June 2026. They were signed on its behalf by:

Neil Mcandrew Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Moray Glass Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Commerce House, South Street, , Elgin, IV30 1JE, United Kingdom. The principal place of business is 3 Chanonry Street, Elgin, IV30 6NF.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the supply and/or installation of glazing and is shown net of VAT.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as accruals in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Goodwill

15 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

10 - 15 % reducing balance

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 credited or charged to profit or loss.

During the year to 30 September 2025, the method of depreciating plant and machinery and motor vehicles decreased from 20 - 25% on a reducing balance basis, to 10 - 15% on a reducing balance basis, as this revised method better reflects the assets' useful economic lives.

The change in depreciation method is a change in accounting estimate and is accounted for in the period of the change (i.e. in the year to 30 September 2025) and in subsequent periods.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the Company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Stocks

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	22		21

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 October 2024	400,000		400,000
At 30 September 2025	400,000		400,000
Accumulated amortisation
At 01 October 2024	400,000		400,000
At 30 September 2025	400,000		400,000
Net book value
At 30 September 2025	0		0
At 30 September 2024	0		0

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 October 2024	401,216		401,216
Additions	41,289		41,289
At 30 September 2025	442,505		442,505
Accumulated depreciation
At 01 October 2024	251,555		251,555
Charge for the financial year	21,114		21,114
At 30 September 2025	272,669		272,669
Net book value
At 30 September 2025	169,836		169,836
At 30 September 2024	149,661		149,661

5. Debtors

	2025		2024
	£		£
Trade debtors	121,106		97,323
Amounts owed by related parties	12,915		64,725
	134,021		162,048

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	7,033		10,332
Trade creditors	204,256		137,719
Corporation tax	64,491		52,998
Other taxation and social security	111,083		78,355
Other creditors	286,705		243,001
	673,568		522,405

Bank loans are secured under the governments Bounce back loan scheme.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	0		7,033

Bank loans are secured under the governments Bounce back loan scheme.

8. Provision for liabilities

	2025		2024
	£		£
Deferred tax	42,267		37,223

9. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	250,880		305,000

10. Related party transactions

Transactions with owners holding a participating interest in the entity

	2025		2024
	£		£
Loan to entities under common control	150		50,150

The above balance is unsecured, interest free and has no fixed terms of repayment.

Transactions with the entity's directors

	2025		2024
	£		£
Amounts due to Key Management Personnel	30,761		30,021

The above balances are unsecured, interest free and have no fixed terms of repayment.

Advances

At 1 October 2024 the Company was owed £14,575 by the Directors. During the year £170,000 has been repaid, a further £166,881 advanced and interest charged of £1,309 (Calculated at 3%). At 30 September 2025, the balance owed by the Directors was £12,765. The balance is unsecured and has no fixed terms of repayment.