Company registration number SC033089
INVERNESS GLASS COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
INVERNESS GLASS COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr G P Bennett
Mr D A Dowling
Mr C Dowling
Mr S Dowling
Mr P Wilson
Secretary
Mr P Wilson
Company number
SC033089
Registered office
Cairngorm Windows
Longman Drive
Longman Industrial Estate
Inverness
IV1 1SU
Accountants
MacKenzie Kerr Limited
Chartered Accountants
Redwood
19 Culduthel Road
Inverness
IV2 4AA
INVERNESS GLASS COMPANY LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 10
INVERNESS GLASS COMPANY LIMITED
BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,222,047
1,080,021
Investments
4
1,000
1,000
1,223,047
1,081,021
Current assets
Stocks
194,293
195,521
Debtors
6
1,515,549
1,703,799
Cash at bank and in hand
107,520
122,272
1,817,362
2,021,592
Creditors: amounts falling due within one year
7
(1,460,078)
(1,655,983)
Net current assets
357,284
365,609
Total assets less current liabilities
1,580,331
1,446,630
Creditors: amounts falling due after more than one year
8
(59,128)
(29,715)
Provisions for liabilities
9
(149,232)
(111,312)
Net assets
1,371,971
1,305,603
Capital and reserves
Allotted, called up and fully paid share capital
4,250
4,250
Capital redemption reserve
750
750
Profit and loss reserves
1,366,971
1,300,603
Total equity
1,371,971
1,305,603
INVERNESS GLASS COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
31 March 2026
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 26 June 2026 and are signed on its behalf by:
Mr C Dowling
Mr S Dowling
Director
Director
Company Registration No. SC033089
INVERNESS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
1
Accounting policies
Company information

Inverness Glass Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Cairngorm Windows, Longman Drive, Longman Industrial Estate, Inverness, IV1 1SU.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business being double glazing contractors and suppliers of double glazed units, conservatories and solar panels, 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 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.

1.3
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 land and buildings
straight line over the life of the asset
Plant and equipment
20% on cost
Tools and equipment
50% on cost
Office equipment
20% on cost
Motor vehicles
25% on cost

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.

INVERNESS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies (Continued)
- 4 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.6
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.

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.

1.7
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.

INVERNESS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies (Continued)
- 5 -
1.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 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.

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 company after deducting all of its liabilities.

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. A m ounts 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.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

INVERNESS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies (Continued)
- 6 -
1.10
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 company’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.

1.11
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.

1.12
Retirement benefits

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

1.13
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 in the balance sheet. 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.

2
Employees

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

2026
2025
Number
Number
Total
68
70
INVERNESS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2025
834,748
2,581,404
3,416,152
Additions
-
0
378,075
378,075
Disposals
-
0
(28,463)
(28,463)
At 31 March 2026
834,748
2,931,016
3,765,764
Depreciation and impairment
At 1 April 2025
223,732
2,112,399
2,336,131
Depreciation charged in the year
8,229
227,820
236,049
Eliminated in respect of disposals
-
0
(28,463)
(28,463)
At 31 March 2026
231,961
2,311,756
2,543,717
Carrying amount
At 31 March 2026
602,787
619,260
1,222,047
At 31 March 2025
611,016
469,005
1,080,021
4
Fixed asset investments
2026
2025
£
£
Shares in group undertakings and participating interests
1,000
1,000
INVERNESS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2026 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Grampian Glass and Glazing Co. Limited
2 Longman Drive, Longman Industrial Estate, Inverness, IV1 1SU
Glazing contractors and suppliers of double glazed units.
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Grampian Glass and Glazing Co. Limited
46,460
(626)
0
6
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
1,119,993
1,192,079
Other debtors
395,556
511,720
1,515,549
1,703,799
7
Creditors: amounts falling due within one year
2026
2025
£
£
Trade creditors
790,179
972,133
Taxation and social security
223,460
165,935
Other creditors
446,439
517,915
1,460,078
1,655,983
8
Creditors: amounts falling due after more than one year
2026
2025
Notes
£
£
Hire purchase and finance lease obligations
10
59,128
29,715
9
Provisions for liabilities
2026
2025
£
£
Deferred tax liabilities
11
149,232
111,312
INVERNESS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
10
Hire purchase and finance lease obligations
2026
2025
Future minimum due under hire purchase contracts:
£
£
Within one year
108,553
125,031
In two to five years
59,128
29,715
167,681
154,746

Hire purchase and finance lease obligations are secured over the assets to which they relate.

11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
149,232
111,312
2026
Movements in the year:
£
Liability at 1 April 2025
111,312
Charge to profit or loss
37,920
Liability at 31 March 2026
149,232
12
Capital commitments

Amounts contracted for but not provided in the financial statements:

2026
2025
£
£
Acquisition of tangible fixed assets
-
30,755
13
Related party transactions

During the year, the company received management fees of £240,000 (2025 - £350,000) from Grampian Glass and Glazing Co. Limited, a company in which D A Dowling, C Dowling and S Dowling are directors.

At the balance sheet date, the company was owed £40,000 by Grampian Glazing Co Ltd and this amount is included in Other Debtors.

INVERNESS GLASS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
14
Other financial commitments

The company has a 99 year lease arrangement with the Highland Council to lease the land site at Longman Drive of which 7 6 years remain. The company is obligated to pay land rent charges of £29,500 per annum which is to be paid in advance by twelve monthly instalments over the term of the lease. Should the company fail to meet its obligation to pay the rent on time, the landlord will charge interest at the rate of four percent above the bank's base lending rate from the time that the rent falls due to the time the rent is paid.

The Royal Bank of Scotland hold a standard security over the leasehold interest in premises at 2 Longman Drive, Inverness.

The Royal Bank of Scotland hold a bond and floating charge on the undertakings and all property and assets, present and future, of the company including uncalled capital.

The Royal Bank of Scotland hold a standard security over subjects extending to 0.822 hectares or thereby lying at the junction of Henderson Drive and Longman Drive, Inverness.

The company has a 10 year lease arrangement with Yorsipp (Trustees) Limited to lease Unit 11, Tyock Industrial Estate, Elgin, of which 8 years and 3 months remain. The company is obligated to pay rent of £12,000 per annum which is to be paid in advance by equal quarterly instalments over the term of the lease. Should the company fail to meet its obligation to pay the rent on time, the landlord will charge interest at the rate of three percent above the bank's base lending rate from the time that the rent falls due to the time the rent is paid.

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