The directors present the strategic report for the year ended 30 September 2025.
The directors are pleased to present the group’s accounts for the year ended 30 September 2025.
These accounts report a consolidated loss before tax of £1.08m (2024: £0.45m loss) and a total comprehensive income for the year of £0.5m (2024: £58k loss). Group turnover for the 12-month period was £24.6m (2024: £25.1m).
The group’s net asset position as at 30 September 2025 increased to £13.3m (2024: £12.8m), reflecting both underlying trading performance and the movement in the defined benefit pension scheme, which has moved to a surplus position at the balance sheet date. Net current assets were £4.9m (2024: £6.1m). At company level, net assets increased to £13.3m (2024: £12.9m), supported by continued focus on cash management, cost control and balance sheet discipline.
The results for the year include a charge of £5k relating to professional and consultancy fees (2024: £22k). The prior year also included £0.5m of costs associated with a group restructuring exercise.
The group has continued to operate in a challenging trading environment. Whilst inflationary pressures have eased compared to the prior year, input costs remain elevated and demand across key markets has been subdued. Higher interest rates have also contributed to tighter market conditions and increased financing costs. As a result, the group has remained loss-making for the year, although performance reflects the benefit of actions taken to improve operational efficiency and cost control, with no unexpected borrowing requirements
Looking ahead, the directors expect trading conditions to remain uncertain in the near term. The group continues to focus on margin improvement, cost discipline and targeted capital investment, with a view to strengthening underlying profitability as market conditions stabilise. The actions taken during the current and prior year are expected to support improved performance over the medium term.
The group remains committed to innovation in glass processing and distribution, with a continued emphasis on energy efficiency and sustainability. Market trends continue to support demand for higher-performance glazing solutions, including energy-efficient products and heat-strengthened laminated glass. The group has aligned its product offering to these areas and continues to invest in capabilities that support long-term growth. The directors remain confident that, supported by strong customer relationships and disciplined financial management, the group is well placed to navigate current conditions and capitalise on future opportunities.
The group continues to operate against a backdrop of economic uncertainty, with key risks arising from sustained cost pressures, a competitive market environment, supply chain variability and ongoing geopolitical developments. These factors have the potential to impact both cost base and demand levels. Notwithstanding this, the group has maintained gross profit margins and exercised disciplined control over overheads during the year. The directors actively monitor these risks and have implemented appropriate mitigation strategies to manage their potential impact on operations.
The group also recognises that market volatility may influence factors affecting the valuation of the defined benefit pension scheme. During the year, the scheme has moved to a surplus position. The group continues to work closely with the scheme trustees and investment advisers to ensure that funding and investment strategies remain appropriate in the context of prevailing market conditions.
The group’s principal financial instruments comprise cash, deposits and an overdraft facility used to support working capital requirements. Borrowings are held at commercial rates, and exposure to interest rate movements is monitored on an ongoing basis. While the group has experienced increased utilisation of its working capital facilities during the year, it continues to manage its funding position proactively.
Financial risk is further managed through established credit control procedures, including regular customer credit assessments and the application of appropriate credit limits and terms. Liquidity risk is managed through a continued focus on cash flow performance, including disciplined debtor collection and careful management of working capital. Capital expenditure and investment decisions are subject to defined approval thresholds, ensuring that expenditure remains aligned with the group’s financial resources and strategic priorities.
The directors are well aware of their duty under s172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole and, in doing so, to have regards (amongst other matters) to:
The likely consequences of any decision in the long term;
The interest of the groups’ employees;
The need to foster the group’s business relationships with the appropriate suppliers, customers and partners;
The impact of the group’s operation on the market as a whole, the local community and the environment;
The desirability of the group maintaining a reputation for high standards of business conduct and operation; and
The need to act fairly as between members of the group.
In pursuant of the above duty the directors have put in place the following measures to engage with the wider stakeholder group to enable a decision-making process that promotes the success of the group for the benefit of its members as a whole. Key examples of this include:
The following Core Purpose of the group was agreed by the directors and shareholders in 2011:
To ensure that the IG Glass Group work experience is exceptionally rewarding for all the Group’s stakeholders – Employees; Customers; Suppliers; Shareholders
The following guiding values have been in place for over 20 years, and provide the principles that the business as a whole will operate to:
Integrity – We value our reputation and will continually enhance it by being ethical and professional in everything we do and say.
Continual improvement – To become the best at what we do, we will continually challenge the status quo and through the development of our people, we will find more effective ways to achieve our goals.
Our family culture – We will assist our people to fulfil their aspirations and by being fair, open and respectful, we will continue to develop commitment and foster pride in the group and its achievements.
Customer/Supplier cooperation – We will encourage our people at all levels of the business to understand the needs of our customers and suppliers, in order to create long-term relationships to our mutual benefit.
The group's resilience and performance continue to be driven by a structured, long-term approach to strategic planning. While short and medium-term actions are regularly adjusted to reflect current economic conditions, these remain aligned with the directors’ and shareholders’ long-term objectives. This approach has supported the group in navigating a prolonged period of cost inflation, energy market volatility, and shifting trade conditions. As the economic outlook remains uncertain, the group is planning accordingly, with a continued emphasis on operational discipline and the strengthening of key customer and supplier relationships to underpin future performance.
The group has developed and encouraged its family culture over many generations. This has resulted in many different family generations being represented within the workforce. The group’s continued commitment to providing training, development, career opportunities, and pension benefits has improved job, financial and retirement security for the employees. The group also ensures that communication is a two-way process, with senior management undertaking regular communication with work teams in an open, honest and respectful manner.
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 September 2025.
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The directors have had regard for the need of the Company to engage with employees. Details of these activities are included as part of the s.172 disclosure in the Strategic Report.
The directors have had regard for the need to foster the Company's business relationships with suppliers, customers and others. Details of these activities are included as part of the s.172 disclosure in the Strategic Report.
The Directors have undertaken an exercise to review the appropriateness of the continued use of the Going Concern basis.
The group’s business activities, together with the factors likely to affect its future developments, its financial position, financial risk management objectives and its exposure to credit, liquidity, cash flow and foreign currency risk are described in the Strategic Report on Page 1.
As a consequence of the review exercise, the directors believe the group is well placed to manage its business risks successfully and that the group has adequate resources to meet their liabilities as they fall due for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the accounts.
A resolution will be proposed to the members of the Group to reappoint the auditor, Azets Audit Services, until the next period for appointing auditors as specified in Section 485(2) of the Companies Act 2006.
Although the Group meets the threshold for energy and carbon reporting, there are no companies within the Group that meet the SECR requirements at an individual level.
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
We have audited the financial statements of IG Glass Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Use of our report
This report is made solely to the parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £57,000 (2024 - £78,000 profit).
IG Glass Group Limited ("the company") is a private limited company domiciled and incorporated in Scotland. The registered office is Quay House, Quay Road North, Rutherglen, Glasgow, G73 1LD.
The group consists of IG Glass Group Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company IG 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 30 September 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
In satisfaction of their responsibility, the directors have considered the group's ability to meet its liabilities as they fall due. This assessment considers the group's principal risks and uncertainties and is dependent on a number of factors including financial performance and available financial resources.
As a consequence of the review exercise, the directors believe the group is well placed to manage its business risks successfully and that the group has adequate resources to meet its liabilities as they fall due for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the accounts.
Turnover is recognised at the fair value of the consideration received or receivable for 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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 contractual hourly staff rates 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 recovered.
Freehold land and assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at fair value with any surplus taken to an investment revaluation reserve.
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.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
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 leased asset are consumed.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Determine whether leases entered into by the group either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Determine whether there are indicators of impairment of the group’s tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
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.
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Property is professionally valued on a periodic basis to its fair value. This requires consideration of various market conditions which are subject to fluctuations over time.
A key estimate in the financial statements at the period end is the assumptions used in calculating the liabilities in relation to the defined benefit pension scheme (See Note 23).
Goodwill is the difference between the cost of an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities.
Pre 31 March 1998
Goodwill arising on acquisitions prior to 31 March 1998 was set off directly against reserves. Goodwill previously eliminated against reserves has not been reinstated on implementation of FRS 102.
If a subsidiary, associate or business is subsequently sold or closed, any capital reserve or goodwill arising on acquisition that was written off directly to reserves is taken into account in determining the profit or loss on sale or closure.
Turnover, which is stated net of value added tax, represents amounts invoiced to third parties. Turnover is attributable to continuing activities, namely glass distribution and toughening.
In the year to 30 September 2025, there was a charge of £5,000 for exceptional items (2024 - £22,000). In the current year this relates to professional and consultancy fees.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 2).
The key management personnel are deemed to be the directors of the company.
The total remuneration paid to key management personnel, including social security costs, totalled £441,000 (2024 - £571,000).
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
The group's freehold properties were subject to a full revaluation in September 2025 by Lambert Smith Hampton, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The valuation was carried out in accordance with RICS Valuation Standards. The valuation of £8,545,000 gave rise to a surplus of £1,098,000 in the accounts which was credited to the revaluation reserve.
The directors consider the carrying value of Freehold properties to be appropriate.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
The company's freehold properties were subject to a full revaluation in September 2025 by Lambert Smith Hampton, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The valuation was carried out in accordance with RICS Valuation Standards.
Details of the company's subsidiaries at 30 September 2025 are as follows:
Registered office addresses (all UK unless otherwise indicated):
The group's investment in IGHW Limited represents 100% holding by Independent Glass Company Limited.
In the opinion of the directors the replacement cost of stocks is not materially different from that stated in the balance sheet.
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The finance lease obligations are secured on the assets to which they relate.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The company sponsors the Westcrowns Limited Retirement Benefits Scheme which is an arrangement which provides benefits on a ‘defined benefit’ basis. It is a separate trustee administered entity holding assets to meet long term pension liabilities. The last formal actuarial valuation of the scheme was carried out as at 31 March 2020 by a qualified actuary. An updated valuation of this scheme for FRS102 purposes was carried out by a qualified independent actuary as at 30 September 2025.
With effect from 31 December 2009, this defined benefit scheme was closed to new members and accrual of defined benefits ceased for existing active members.
The employer paid a shortfall-correction contribution of £144,000 (2024 - £144,000) during the year. Following the 31 March 2020 actuarial valuation, the employer will continue to pay shortfall-correction contributions through to 31 July 2034 with £144,000 payable in the year to 30 September 2026.
The fair value of the assets of the scheme at 30 September 2025 relates wholly to equity securities, fixed interest bonds and cash.
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
Amounts recognised in the profit and loss account
Amounts taken to other comprehensive income
Movements in the present value of defined benefit obligations
Movements in the fair value of plan assets
The actual gain on plan assets was £103,000 (2024 - gain on plan assets was £561,000).
Fair value of plan assets at the reporting period end
The cumulative amount of actuarial gains recognised is £2,605,000 (2024: £2,193,000).
The company also operated a defined contribution section of the pension scheme. The assets of this section of the scheme were held separately from those of the company in an independently administered fund. During the 18 months to 30 September 2020, the defined contribution section assets were transferred out of the scheme into individual insured member policies and the section was closed for further contributions, with all current employees in the section being enrolled in a Self-Invested Personal Pension (SIPP). The company continues to fund the employer contributions for all current employees into two SIPP schemes. The pension charge for the year to 30 September 2025 amounted to £418,000 (2024 - £401,000). Contributions amounting to £32,000 (2024 - £30,000) were payable to the SIPP schemes at 30 September 2025 and are included in creditors.
Ordinary shares carry one vote per share.
In the event the company has distributable reserves, there are no restrictions on the distribution of dividends and the repayment of capital.
Cross guarantees exist between all group companies in favour of the group's bankers. At 30 September 2025, the combined group bank borrowings subject to the guarantee amounted to £4,839,000 (2024 - £4,729,000) gross and cash in hand of £1,160,000 (2024 - £2,744,000) net of credit balances.
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:
Amounts contracted for but not provided in the financial statements:
On 3 October 2025, Independent Glass Company Limited acquired 100% of the share capital of Strathclyde Holdings Limited for total consideration of £1.75m. The consideration comprises an upfront payment of £500,000, payable on completion, and five deferred instalments of £250,000 each. The acquisition has been undertaken to secure supply chain and expand and diversify product offering.
The acquisition constitutes a non-adjusting post balance sheet event under FRS 102 Section 32. Accordingly, the assets and liabilities of Strathclyde Holdings Limited have not been recognised in these financial statements. At the date of approval of these financial statements, the initial accounting for the business combination is incomplete. The directors expect to recognise the acquired assets and liabilities at fair value in the next reporting period.
The group has taken exemptions provided by Paragraph 33.1A of Financial Reporting Standard 102 and accordingly has not disclosed any transactions with group undertakings.