Company registration number 02161331 (England and Wales)
GLASDON GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
GLASDON GROUP LIMITED
COMPANY INFORMATION
Directors
Mr D J Sidebottom MBE
Mr P A Greenwood
Mr A M Steen
Mr A C Jackson
Mr J J W Hodgson
Mrs J Kavanagh
Secretary
Mr A C Jackson
Company number
02161331
Registered office
Glasdon House
Preston New Road
Blackpool
FY4 4WA
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
GLASDON GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 10
Directors' report
11 - 12
Directors' responsibilities statement
13
Independent auditor's report
14 - 16
Profit and loss account
17
Group statement of comprehensive income
18
Group balance sheet
19
Company balance sheet
20
Group statement of changes in equity
21 - 22
Company statement of changes in equity
23
Group statement of cash flows
24
Notes to the financial statements
25 - 54
GLASDON GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the strategic report for the year ended 31 October 2025.

Fair review of the business

Glasdon Group Limited and its subsidiaries are engaged in the design, manufacture and marketing of award winning environmental, litter and waste collection/recycling and road, winter and water safety products as well as a diverse range of building systems, industrial housing and passenger and cycle shelters.

Turnover for the current year increased by 5.1% to £38,344,691 and gross profit increased by 2.8% to £20,665,671. Profit on ordinary activities before taxation was £5,786,652 compared with £8,962,933 in the previous year, with the decrease mainly attributable to a lower return from the actively managed investment portfolio and a revaluation loss on certain investment properties.

The group generated cash of £3,272,332 during 2025 (2024: utilised £2,904,809) after capital expenditure of £735,535 and additions to the investment property portfolio of £7,513,022, of which £7,100,000 was funded from withdrawals from the actively managed investment portfolio. Net cash inflow from operating activities was £4,606,752 compared to £4,234,663 in the previous year. The group cash flow statement is set out on page 24 of the financial statements.

Principal risks and uncertainties

The principal risks and uncertainties impacting the group along with the procedures in place to mitigate these risks and uncertainties are described below:

Market uncertainty

- Diversity of product portfolio, operations and markets.

- Robust and prudent working capital management and cash retention policies.

Reduction in Government spending

- Diversification and expansion into different domestic and overseas markets.

- Permanent emphasis on new product development and diversification.

- Continual focus on research and development, product quality, innovation and customer service.

Failure of a major supplier

- Detailed financial review and audit of all prospective new suppliers.

- Continual monitoring of the financial position of all suppliers.

- Dual sourcing and supply arrangements with a broad supplier base.

- Regular review of supplier contingency plans by senior management.

Reliance on and retention of key personnel

- Comprehensive and structured succession planning strategy.

- Graduate and apprentice recruitment programme to maintain the succession pool.

- Active encouragement of promotion within the Group.

- Established staff appraisal system and annual employee opinion survey plus training and development programmes.

- Competitive remuneration and benefits packages, including a final salary pension scheme.

GLASDON GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -

Pension obligation and funding

- Engagement of external advisors, investment managers and actuaries.

- Annual and triennial scheme valuations.

- Close and continual monitoring of all scheme risks and investment strategy by the Trustees.

The board will continue to monitor developments and all emerging risks extremely closely and will take further action as appropriate.

Streamlined energy and carbon reporting

Carbon emissions and energy consumption

Glasdon Group Greenhouse Gas (GHG) Emissions and Energy Use Data for the period 1 November 2024 to 31 October 2025 is shown in Table 1, Table 2 and Table 3.

Table 1. Energy consumption from business activities in FY23, FY24 and FY25, in line with DEFRA 2025

Indicator | Metric | FY25 (Group) | FY24 (Group) | FY23 (Group)
Electricity | kWh | 560,105 | 596,613 | 619,820
Fuels | kWh | 822,210 | 955,012 | 969,021
Transport (company owned vehicles) | kWh | 220,893 | 389,688 | 484,621
Total | kWh | 1,603,208 | 1,941,313 | 2,073,462

GLASDON GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -

Table 2. GHG emissions from business activities in FY23, FY24 and FY25, in line with the GHG Protocol.

Indicator | Metric | FY25 (Group) | FY24 (Group) - Restated | FY23 (Group)
Scope 1 emissions (stationary combustion) | Tonnes CO2e | 156.2 | 174.7 | 159.1
Scope 1 emissions (company-owned vehicles) | Tonnes CO2e | 15.5 | 69.1 | 116.0
Scope 1 emissions (fugitive emissions) | Tonnes CO2e | 0.0 | 2.4 | 7.0
Total scope 1 emissions | Tonnes CO2e | 171.7 | 246.2 | 282.0
Total scope 2 emissions (location-based) | Tonnes CO2e | 114.6 | 133.4 | 128.4
Total scope 2 emissions (market-based) | Tonnes CO2e | 54.0 | 49.1 | -
Scope 3 emissions (business travel) | Tonnes CO2e | - | - | -
Total scope 3 emissions | Tonnes CO2e | - | - | -
Total scope 1, 2 & 3 emissions (location-based) | Tonnes CO2e | 286.3 | 379.6 | 410.4
Total scope 1, 2 & 3 emissions (market-based) | Tonnes CO2e | 225.7 | 295.3 | 282.0

Table 3. Intensity ratio

Indicator | Metric | FY25 (Group) | FY24 (Group) | FY23 (Group)
Intensity Metric: Scope 1-3 Location-based | tCO2e per m² occupied | 0.008 | 0.011 | 0.013
Intensity Metric: Scopes 1-3 Market-based | tCO2e per m² occupied | 0.005 | 0.008 | 0.009

The information provided above relates to the financial year from 1st November 20 24 to 31st October 202 5 and has been provided in respect of the group as a whole. This is the third year for which we have calculated and reported our emissions and energy performance, in accordance with the Streamlined Energy and Carbon Reporting (SECR) requirement and GHG Protocol guidance. We have included emissions data from the previous two years, which we have previously calculated. In future reports, we will continue to disclose historic figures to provide a comparison year.

GLASDON GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -

Energy efficient actions taken

During the reporting year, Glasdon has implemented several measures to reduce energy consumption and subsequently its carbon footprint.

Glasdon has taken numerous actions to reduce energy consumption and increase energy efficiency at its sites, this includes:

- Linking compressed air systems in warehouses;

- Upgrade of warehouse store area lighting to LED;

- Warehouse assembly area lighting replacement, among other areas;

- Electrification of warehouse domestic hot water conversion; and

- Re-deploying Solar PV at Poulton site.

Organisational boundaries

In line with the reporting requirements for SECR, the organisational boundary encompasses Glasdon Group Limited. The reported emissions and energy consumption data included the following business units/offices/facilities:

- Glasdon Group Limited – Blackpool, England

- Glasdon International Limited – Blackpool, England

- Glasdon UK Limited – Poulton, England

- Glasdon UK Limited – Blackpool, England

Methodology

Glasdon collects and reports data in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard, Revised Edition, as well as the ISO14064-1 standard.

Data is based on energy and fuel consumption for the period 1st November 2024 to 31st October 2025.

Primary activity data was multiplied by the relevant emission factor to calculate the kWh figures (Table 1) and the tonnes of carbon dioxide equivalent figures (Table 2). As per best practice, scope 2 emissions were dual reported and calculated using both location- and market-based approaches. The location-based electricity was calculated by multiplying primary consumption data by the average emissions intensity of the grid where the energy is consumed.

Market-based electricity was calculated to account for the use of renewable electricity by quantifying the emissions based on contractual instruments of the purchased electricity products. Contractual instruments for Glasdon include Energy Attribute Certificates, such as Renewable Energy Certificates (RECs), as well as a direct contract under a renewable energy or low-carbon tariff, which provides a supplier-specific emission factor for market-based emissions. Market-based emissions have been calculated in accordance with the GHG Protocol Scope 2 Guidance Amendment, utilising the supplier-specific emission factor from the direct contract for the applicable sites. As a result, this approach has led to an increase in reported market-based emissions.

Changes in methodology

The below table summarises changes in methodology which have required a restatement of the FY24 figures within this report.

GLASDON GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 5 -

GHC Scope & Category | Methodology Update | Reason For Change
Scope 1: Stationary combustion | Calculations now apply emissions factors based on fuel at point of use (natural gas). Previously a biomethane factor had been partly supplied for usage based on RGGO certificates. | Based on best practice and alignment with GHG Protocol, fuel burned at the point of use must be used in Scope 1 calculations.
Scope 1: Mobile combustion (company-owned vehicles) | Emissions associated with EVs have been moved to Scope 2. | Aligns with the GHG protocol in terms of categorisation, although it does not affect total emissions.
Scope 2: Purchased electricity (company owned vehicles) | Consistent with the approach for on-site electricity usage, offsite EV charging uses residual mix factors for market-based calculations. | Additional data were provided in the reporting period and retrospectively for FY24 regarding off site EV charging. Whereas all charging was previously assumed to take place on site, the new data requires off site charging to be considered. The updated method aligns with best practice and GHG Protocol guidance on dual reporting.

Emission factors

Emission factors were sourced from DEFRA 2025, published by the UK Department for Energy Security and Net Zero, AIB 2024, and EPA 2025, published by the US Environmental Protection Agency.

Other information and explanations

Future developments

The directors plan to maintain the management policies that have produced the satisfactory results achieved during the year.

Financial instruments

The group makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material to the assessment of assets, liabilities, financial position and profit or loss of the group.

Liquidity management

The board have made the decision to continue to invest further monies into an actively managed investment portfolio to generate a new stream of income separate from the trading activities of the group.

Research and development

The group is totally committed to research and development and maintains a dedicated team to meet customers' changing requirements and to develop new market opportunities. It is continuing policy of the group to invest in formal international protection of its intellectual property rights wherever applicable and to defend vigorously those rights against infringement.

GLASDON GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 6 -
Compliance with duty to promote the success of the group

This statement by the board describes how the responsibilities under Section 172 (1) (a) to (f) of the Companies Act 2006 have been approached and discharged.

The directors consider that they have acted in good faith to promote the success of the group for the benefit of its stakeholders, in relation to matters set out in Section 172 of the Act.

The directors have determined the group’s key stakeholders to be employees, customers, suppliers, shareholders, pension scheme members and the local communities in which we operate. These stakeholders are critical to the ongoing success of the business and so it is recognised that engagement is an important aspect in those relationships.

The directors understand that their relationships with its stakeholders are dynamic, and that stakeholders’ interests may change over time. In response to this, the directors keep themselves informed of the group’s key stakeholders’ interests through a combination of direct and indirect engagement. The directors recognise their responsibility towards stakeholders at all times when discharging their duties.

The directors have overall responsibility for delivering the group’s strategy and values and for ensuring high standards of governance. The primary aim of the directors is to promote the long-term sustainable success of the group to generate long-term benefit for all stakeholders.

Decision making

The group has processes in place to capture and consider the views of all its stakeholders and share their views at relevant levels within the business, including the board, to ensure that regard is given to these views in decision-making processes.

GLASDON GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 7 -

The board recognises that difficult decisions must sometimes be taken which require each director to exercise independent judgement and apply reasonable care, skill and diligence in the decision-making process. In doing so, the board recognises its responsibilities to the group’s different stakeholders. The board also considers the group’s purpose, vision and values together with its strategic priorities.

Employee engagement

Our workforce is our most valuable asset. The directors recognise that the importance of a highly engaged and motivated workforce is core to our business and the delivery of the group’s strategic ambitions.

The directors consider the health, safety and wellbeing of our employees is one of the primary considerations in the management of the business and in the way we do business.

Safe working practices that minimise environmental impact are key to the success of the business and are vitally important for our stakeholders, the communities and the environments we work in.

The group invests in training, coaching and skills acquisition. Personal development of our employees is a key pillar of our group’s strategy. We aim to be a responsible employer in our approach to the pay and benefits of our employees.

We encourage employees to participate in the development and growth of the business and share in its success.

The directors recognise and understand the importance of keeping employees fully informed on all matters concerning them and this is achieved in a number of ways including the intranet, newsletters, site notices, meetings, verbal and written communications. All employees are also requested to participate in an online annual employee opinion survey in order to help in assessing our employees’ concerns and aspirations.

Regular updates on performance (both financial and non-financial) are also shared with all our employees.

The board and senior management are responsible for ensuring that the group’s purpose, vision and values are effectively communicated to employees and the group’s activities reflect the culture we wish to instil in our employees.

The group is committed to promoting a diverse and inclusive workforce, reflective of the communities in which it does business. We approach diversity in the broadest sense, recognising that successful businesses flourish through embracing diversity into their business and developing talent at every level in the organisation.

Customers

Customer care is at the heart of everything we do. The directors recognise that the importance of creating long lasting relationships with both our direct and indirect customers is fundamental to the way we do business.

The group has built, and continues to grow, the business on a reputation for delivering excellent customer service. The group, through the senior management team and employees, strives continuously to improve in every aspect of the products and services it provides for the mutual benefit of all stakeholders.

The group prides itself on anticipating customers’ product needs and the core of our business is to provide quality products which improve public spaces, enhance water and road safety and protect the environment. These products help communities, businesses, schools and our other customers to practice sustainability.

GLASDON GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 8 -

Our commitment to customer service means that a fully trained team of sales representatives and technical staff are available to our customers for product demonstrations, enquiries and after sales service.

The group supports multiple channels of communication with its customers through regular dialogue, customer satisfaction surveys, customer telephone support and social media. Customer feedback is gathered through these channels and acted upon to assist in the development of the group’s strategy.

Business relationships

The directors recognise the need to foster the group’s business relationships with customers, suppliers and others and ensures that the group has processes in place to engage and consult with all its business partners on a regular basis to develop and maintain lasting and meaningful relationships.

The group has a clear policy of selecting, managing and monitoring its suppliers. The group enjoys good relationships with suppliers and has established a network of proven, high quality suppliers who work with us to meet our stringent quality standards.

The group proactively engages and consults with its suppliers as required to understand their views and needs. The group is mindful of payment policies, practices and performance with respect to its suppliers and takes steps to ensure that agreed payment terms are strictly adhered to (as a signatory of the Prompt Payment Code) so as not to adversely affect supplier cash flows and ability to trade.

In making decisions and internal process improvements, consideration is given to the potential impact of proposed changes upon suppliers and other business partners, as well as the importance of maintaining the group’s integrity, brand and reputation.

Community and environment

The directors recognise the importance of continuing to lead the group in such a way that it contributes to wider society.

The group plays an active part in supporting and strengthening the local communities in which we operate. Through the D.J. Sidebottom / Glasdon Charitable Programme, made up of a board of programme managers who are all passionate about social responsibility and giving back to the community, we aim to support charities, organisations and community groups in various worthwhile endeavours both locally and globally. The charitable causes we support are for the benefit or advancement of the environment, relief for those in need by reason of youth, age, ill health disability or financial hardship, as well as local community development and the advancement of health and life saving research.

As part of the board’s commitment to Corporate Social Responsibility, we also offer all staff members the opportunity to have one day paid leave per year where they can undertake volunteer work for a local charity. These “away days” ensure our staff are able to experience volunteering for various local projects they are passionate about and help support the local community.

Sustainability and environmental care are firmly embedded in the group’s culture and corporate strategy. Sustainability runs through all aspects of our business, from energy-saving, recycling and resource-sharing policies in our premises, employee orientation and social commitment, and ultimately flowing into the products we provide to our customers.

GLASDON GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -

As a group with a commitment to continuously improving our environmental performance, the directors previously pledged to reach Net Zero by 2035 (with Scope 1 and 2 to be achieved by 2025). We want to be transparent about a material change affecting our 2025 net zero Scope 1 & 2 target. When we set this commitment, the GHG Protocol permitted Renewable Gas Guarantee of Origin (RGGO) certificates as a recognised offsetting mechanism; this has since been removed, meaning we cannot claim net zero Scope 1 & 2 emissions while gas remains part of our energy mix. A further methodology update affecting EV charging calculations has also impacted our reported figures. We believe it is right to acknowledge this openly rather than make a claim we cannot fully stand behind — our path to net zero is now clearly tied to removing gas from our sites entirely, and that work is underway. Despite this, we are proud to have achieved our SBTi SME Near-Term Target in 2025, five years ahead of our 2030 deadline, demonstrating that our emissions reduction efforts are on the right trajectory. Our commitment to achieving net zero across all scopes by 2035 remains unchanged. The group aims to demonstrate environmental sustainability and champion social responsibility in every way possible. A passion for the environment and our local and wider communities has inspired us to integrate sustainable and ethical practices into our day-to-day activities, something which we are continually assessing and improving. The group has invested considerable resources over the years into understanding our impact on the environment, and we will continue to invest in and improve our environmental accountability for all aspects of our business. A board level project team has been established to map out a clear route of how to get there, as well as dedicated project teams to include employees from across the group. The group’s pledge to reach Net Zero by 2035 is an enormous step towards sustainability, but we also understand that we have a role to play in addressing wider global needs including health, social protection, education, job opportunities and environmental protection. The group has therefore responded to the United
Nations’ (UN) call for action by aligning with the Sustainable Development Goals (SDGs). While the group may fit into most (if not all) of the 17 UN SDGs, we have identified the following four key goals on which we know we can have a direct and positive impact: 8 Decent Work and Economic Growth 10 Reduced Inequalities 12 Responsible Consumption and Production 13 Climate Action We are currently working on a plan of action to identify how we are already supporting each goal, as well as the steps we can take internally and with our suppliers, distributors, employees and customers to help further this impact.

Culture and values

The group’s culture is characterised by clear responsibility, mutual respect and trust. Lawful business conduct and fair competition are integral to our business activities and an important condition for maintaining a reputation for the highest standards of business conduct securing long term success.

The group is focused on people, with both customers and suppliers being at the heart of our business. The group embraces diversity, flexibility, sustainability and continuous improvement throughout the organisation. The group has a customer centric philosophy with transparent, fair and simple processes.

The board and senior management have taken active steps to drive cultural change and to ensure corporate strategy and customer orientation principles are embraced across the organisation and to ensure that decisions are taken in line with the group’s values and objectives.

The fundamental principle in the governance of the group is the clear, fair and trusting approach to all interactions with employees, customers and suppliers; this is reflected in the length of service of our employees and management teams and the longevity of the relationships with our customers and suppliers.

GLASDON GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 10 -

By order of the board

Mr A C Jackson
Secretary
20 May 2026
GLASDON GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -

The directors present their annual report and financial statements for the year ended 31 October 2025.

Principal activities

Glasdon Group Limited and its subsidiaries are engaged in the design, manufacture and marketing of award winning environmental, litter and waste collection/recycling and road and water safety products as well as a diverse range of building systems, industrial housing and passenger and cycle shelters.

A review of the business has been provided in the strategic report set out on pages 1 - 10.

Results and dividends

The results for the year are set out on page 17.

Particulars of dividends paid are detailed in note 13 to the financial statements.

Directors

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

Mr D J Sidebottom MBE
Mr P A Greenwood
Mr A M Steen
Mr A C Jackson
Mr J J W Hodgson
Mrs J Kavanagh

Disabled persons

In line with policy on equal opportunities, the group endeavours to fulfil its responsibilities towards disabled persons. The nature of certain assembly processes within the group does however preclude the employment of disabled persons in such areas. In all other job functions active consideration is given to the employment of disabled persons and all such vacancies are advised to the appropriate Job Centre to assist in this matter.

Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Employee involvement

The group recognises the importance of employee involvement in increasing employees understanding of the organisation, utilising their talents, enabling them to influence decisions and thereby encouraging commitment to the goals of the organisation.

The group believes that such involvement will improve efficiency, quality, increase job satisfaction and encourage an environment of co-operation.

In recognition of the importance of employee involvement the group has devoted considerable time and effort to ensuring that employees are well informed about those aspects of its business which will affect them.

Through such employee involvement, the success of the group will be ensured by effective team work leading to a consequential sharing of the rewards by all employees.

Auditor

The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

GLASDON GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 12 -
Strategic report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's S trategic R eport information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the D irectors' R eport. It has done so in respect future developments, research & development, financial instruments and streamlined energy and carbon reporting.

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.

Donations

During the year the group made charitable donations of £220,746 (2024: £230,225).

By order of the board
Mr A C Jackson
Secretary
20 May 2026
GLASDON GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 13 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GLASDON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLASDON GROUP LIMITED
- 14 -
Opinion

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

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 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 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 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

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

GLASDON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLASDON GROUP LIMITED
- 15 -

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' 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 directors' report have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the strategic report or the directors' report

Matters on which we are required to report by exception

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 directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

GLASDON GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLASDON GROUP LIMITED
- 16 -

- Enquiries with management, about any known or suspected instances of non-compliance with laws and regulations and fraud;

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

- Challenging assumptions and judg e ments made by management in their significant accounting estimates, in particular in relation to the valuation of investment properties and valuation of the defined benefit pension scheme surplus;

- Auditing the risk of fraud in revenue by testing a sample of transactions recorded for evidence of occurrence and testing transactions around the year end to ensure correct cut off procedures have been applied;

- Reviewing minutes of meetings of those charged with governance; and

- Reviewing legal and professional expenditure to identify any evidence of ongoing litigation or enquiries.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Use of our report

This report is made solely to the 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 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Williams BA(Hons) FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
21 May 2026
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
GLASDON GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 17 -
2025
2024
Notes
£
£
Turnover
4
38,344,691
36,479,389
Cost of sales
(17,679,020)
(16,372,187)
Gross profit
20,665,671
20,107,202
Distribution costs
(5,655,672)
(5,724,489)
Administrative expenses
(12,422,879)
(11,137,521)
Other operating income
1,606,135
707,218
Exceptional item
3
1,033,386
-
0
Operating profit
5
5,226,641
3,952,410
Interest receivable and similar income
9
751,438
881,896
Interest payable and similar expenses
10
(208)
(317)
Investment gains and losses
11
1,696,710
4,128,944
Fair value gains and losses on investment properties
16
(1,887,929)
-
0
Profit before taxation
5,786,652
8,962,933
Tax on profit
12
(1,586,848)
(2,005,499)
Profit for the financial year
26
4,199,804
6,957,434
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GLASDON GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 18 -
2025
2024
£
£
Profit for the year
4,199,804
6,957,434
Other comprehensive income
Revaluation of tangible fixed assets
362,200
(740,447)
Actuarial gain on defined benefit pension schemes
194,000
44,000
Currency translation gain/(loss) taken to retained earnings
41,011
(6,700)
Tax relating to other comprehensive income
(252,059)
(6,100)
Other comprehensive income for the year
345,152
(709,247)
Total comprehensive income for the year
4,544,956
6,248,187
Total comprehensive income for the year is all attributable to the owners of the parent company.
GLASDON GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 19 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
14
347,105
349,144
Tangible assets
15
22,640,575
22,583,682
Investment properties
16
24,580,003
18,954,910
Investments
17
29,578,241
34,289,729
77,145,924
76,177,465
Current assets
Stocks
20
7,638,097
7,512,803
Debtors
21
7,243,571
6,123,394
Cash at bank and in hand
5,516,554
2,203,211
20,398,222
15,839,408
Creditors: amounts falling due within one year
22
(5,456,499)
(4,754,362)
Net current assets
14,941,723
11,085,046
Total assets less current liabilities
92,087,647
87,262,511
Provisions for liabilities
Deferred tax liability
23
2,825,165
2,239,280
(2,825,165)
(2,239,280)
Net assets
89,262,482
85,023,231
Capital and reserves
Called up share capital
25
2,234,218
2,234,218
Share premium account
26
54,108
54,108
Revaluation reserve
26
8,068,336
7,909,695
Other reserves
26
8,480
8,480
Profit and loss reserves
26
78,897,340
74,816,730
Total equity
89,262,482
85,023,231
The financial statements were approved by the board of directors and authorised for issue on 20 May 2026 and are signed on its behalf by:
20 May 2026
Mr D J Sidebottom MBE
Director
Company registration number 02161331 (England and Wales)
GLASDON GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2025
31 October 2025
- 20 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
14
311,870
323,201
Tangible assets
15
2,971,187
2,901,717
Investment property
16
42,233,703
36,303,910
Investments
17
29,588,698
34,300,246
75,105,458
73,829,074
Current assets
Debtors
21
1,398,772
685,742
Cash at bank and in hand
2,690,238
523,839
4,089,010
1,209,581
Creditors: amounts falling due within one year
22
(2,505,918)
(2,586,199)
Net current assets/(liabilities)
1,583,092
(1,376,618)
Total assets less current liabilities
76,688,550
72,452,456
Provisions for liabilities
Deferred tax liability
23
2,631,103
1,923,780
(2,631,103)
(1,923,780)
Net assets
74,057,447
70,528,676
Capital and reserves
Called up share capital
25
2,234,218
2,234,218
Share premium account
26
54,108
54,108
Revaluation reserve
26
854,520
829,875
Profit and loss reserves
26
70,914,601
67,410,475
Total equity
74,057,447
70,528,676

As permitted by s408 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 £3,664,331 (2024 - £6,511,329 profit).

The financial statements were approved by the board of directors and authorised for issue on 20 May 2026 and are signed on its behalf by:
20 May 2026
Mr D J Sidebottom MBE
Director
Company registration number 02161331 (England and Wales)
GLASDON GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 21 -
Share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 November 2023
2,234,218
54,108
8,645,242
8,480
68,122,836
79,064,884
Year ended 31 October 2024:
Profit for the year
-
-
-
-
6,957,434
6,957,434
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
(740,447)
-
-
(740,447)
Actuarial gains on defined benefit plans
-
-
-
-
44,000
44,000
Currency translation differences
-
-
-
-
(6,700)
(6,700)
Tax relating to other comprehensive income
-
-
4,900
-
(11,000)
(6,100)
Total comprehensive income for the year
-
-
(735,547)
-
6,983,734
6,248,187
Dividends
13
-
-
-
-
(289,840)
(289,840)
Balance at 31 October 2024
2,234,218
54,108
7,909,695
8,480
74,816,730
85,023,231
GLASDON GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
- 22 -
Year ended 31 October 2025:
Profit for the year
-
-
-
-
4,199,804
4,199,804
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
362,200
-
-
362,200
Actuarial gains on defined benefit plans
-
-
-
-
194,000
194,000
Currency translation differences
-
-
-
-
41,011
41,011
Tax relating to other comprehensive income
-
-
(203,559)
-
(48,500)
(252,059)
Total comprehensive income for the year
-
-
158,641
-
4,386,315
4,544,956
Dividends
13
-
-
-
-
(305,705)
(305,705)
Balance at 31 October 2025
2,234,218
54,108
8,068,336
8,480
78,897,340
89,262,482
GLASDON GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 23 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2023
2,234,218
54,108
844,578
61,155,986
64,288,890
Year ended 31 October 2024:
Profit for the year
-
-
-
6,511,329
6,511,329
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
(19,603)
-
(19,603)
Actuarial gains on defined benefit plans
-
-
-
44,000
44,000
Tax relating to other comprehensive income
-
-
4,900
(11,000)
(6,100)
Total comprehensive income
-
-
(14,703)
6,544,329
6,529,626
Dividends
13
-
-
-
(289,840)
(289,840)
Balance at 31 October 2024
2,234,218
54,108
829,875
67,410,475
70,528,676
Year ended 31 October 2025:
Profit for the year
-
-
-
3,664,331
3,664,331
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
57,500
-
57,500
Actuarial gains on defined benefit plans
-
-
-
194,000
194,000
Tax relating to other comprehensive income
-
-
(32,855)
(48,500)
(81,355)
Total comprehensive income
-
-
24,645
3,809,831
3,834,476
Dividends
13
-
-
-
(305,705)
(305,705)
Balance at 31 October 2025
2,234,218
54,108
854,520
70,914,601
74,057,447
GLASDON GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 24 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
5,535,164
5,278,775
Interest paid
(208)
(317)
Income taxes paid
(928,204)
(1,043,795)
Net cash inflow from operating activities
4,606,752
4,234,663
Investing activities
Purchase of intangible assets
(23,072)
(32,342)
Purchase of tangible fixed assets
(712,463)
(4,072,235)
Proceeds on disposal of tangible fixed assets
60,206
170,672
Purchase of investment property
(7,513,022)
(11,151,611)
Proceeds on disposal of investments
7,104,048
8,197,482
Interest received
55,588
38,402
Net cash used in investing activities
(1,028,715)
(6,849,632)
Financing activities
Dividends paid to equity shareholders
(305,705)
(289,840)
Net cash used in financing activities
(305,705)
(289,840)
Net increase/(decrease) in cash and cash equivalents
3,272,332
(2,904,809)
Cash and cash equivalents at beginning of year
2,203,211
5,114,720
Effect of foreign exchange rates
41,011
(6,700)
Cash and cash equivalents at end of year
5,516,554
2,203,211
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 25 -
1
Accounting policies
Company information

Glasdon Group Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Glasdon House, Preston New Road, Blackpool, FY4 4WA.

The group consists of Glasdon Group Limited and all of its subsidiaries as detailed in note 18.

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 £. For consolidation purposes, balances relating to the overseas subsidiaries have been translated to £.

The financial statements have been prepared under the historical cost convention, modified to include the freehold property, investment property and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The parent company is a qualifying entity for the purposes of FRS 102, being a member of a group where consolidated financial statements are prepared, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The parent 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 f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Glasdon Group Limited and all of its subsidiaries (ie entities that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 October 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 g roup.

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.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 26 -
1.4
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, 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.

Turnover is recognised at the point at which the goods or services have been delivered or supplied and the risks and rewards attaching to the product or service have been transferred to the customer. Rental income and management charges are recognised on an accruals basis.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less 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:

Carbon credits
2.5% straight line
Software
20% straight line
1.7
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:

Freehold property
No depreciation
Tooling
20% straight line
Plant and machinery
4% - 20% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% straight line

Freehold land is not depreciated. Depreciation has not been charged on freehold buildings as the directors consider the estimated residual value of the property to be a significant proportion of the book value, such that the depreciation would be immaterial. The estimated residual value is expected to be high due to the company's policy of maintaining the property such that physical deterioration does not occur and the costs of such maintenance are charged in the year of incidence.

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.

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historic cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss account.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 27 -
1.8
Investment property

The company owns various properties that are used by the group and company. For the purpose of the company’s financial statements, properties that are used wholly for the company’s business are included in the company’s financial statements as tangible fixed assets. P roperties used by subsidiaries are classified as investment properties in the company's financial statements and are re-classified as tangible fixed assets for the p urpose of the group financial statements.

I nvestment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.9
Fixed asset investments

Equity in vest ments 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.

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 company. 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).

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 is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in or .

1.11
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Raw materials are valued at the cost of purchase on a first in, first out basis. Finished goods are valued at the cost of raw materials.

Net realisable value is based on estimated selling price less additional costs to completion and disposal.

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.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 28 -
1.12
Cash and cash equivalents

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

1.13
Financial instruments

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

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.

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.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 29 -
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 receipts 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.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 30 -
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.

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.

1.16
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.

1.17
Retirement benefits

Defined contribution scheme

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

Defined benefit scheme

The group also operates a defined benefit pension scheme. 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.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 31 -
1.18
Leases

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Foreign exchange

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.

2
Judgements and key sources of estimation uncertainty

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.

Critical judgements
Non recognition of pension scheme surplus

The directors do not believe that the group or company has an unconditional right to receive a refund of the surplus, nor does it intend to seek a refund in the foreseeable future. Therefore in accordance with FRS 102 Section 28, a defined benefit pension asset has not been recognised.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 32 -
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.

Assumptions used in the calculation of the defined benefit pension scheme liability

In order to adhere to the criteria of FRS 102, Section 28 'Employee benefits', the group uses the services of an independent external actuary to deliver the calculation of the defined benefit scheme deficit as at the reporting date.

The valuation is dependant upon, and highly sensitive to, a number of key actuarial assumptions including the life expectancy, discount rate, price inflation rate, and deferred pension increase rate. Further details of the actuarial assumptions used in respect of the valuation are provided in note 24.

Valuation of investment property (parent company)

As described in note 16 to the financial statements, the fair value of the investment properties at 31 October 2025 has been determined by the directors with reference to the original purchase price paid, independent valuations since the purchase date and current market yields. The properties were last independently valued at 31 October 2023 and 31 October 2025 by Ken Batty Chartered Surveyors, Bradley Hall Chartered Surveyors and Watsons Chartered Surveyors. This was on an open market value basis for current use in accordance with RICS Appraisal and Valuation Manual.

3
Exceptional item
2025
2024
£
£
Income
Proceeds from surrender of keyman insurance policy
1,033,386
-
4
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
28,652,347
25,645,679
Overseas
9,692,344
10,833,710
38,344,691
36,479,389
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 33 -
5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
5,147
63,574
Research and development costs
68,812
76,901
Depreciation of owned tangible fixed assets
1,006,454
933,776
Profit on disposal of tangible fixed assets
(48,890)
(141,271)
Amortisation of intangible assets
25,111
21,808
Operating lease charges
336,427
250,082
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,303
11,890
Audit of the financial statements of the company's subsidiaries
29,397
23,726
43,700
35,616
For other services
Taxation compliance services
23,550
21,750
Other taxation services
34,045
3,605
All other non-audit services
55,090
64,944
112,685
90,299
For services in respect of associated pension schemes
Audit
5,355
5,175
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 34 -
7
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
Office and management
72
76
34
35
Manufacturing, assembly and distribution
89
88
-
-
Sales and marketing
73
71
17
14
Product design / research and development
20
20
20
20
Directors
7
7
6
6
Total
261
262
77
75

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
9,144,734
8,182,785
3,837,022
3,128,937
Social security costs
1,069,354
832,335
451,104
336,243
Pension costs
1,104,214
952,907
618,573
452,736
11,318,302
9,968,027
4,906,699
3,917,916
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
944,652
597,455

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 3).

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 4 (2024 - 5).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
366,185
152,518
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
8
Directors' remuneration
(Continued)
- 35 -

In both years. the highest paid director did not receive any company contributions to a defined contribution scheme nor had benefits or lump sums accruing under a defined benefit scheme.

9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
26,726
34,480
Other interest income
152,809
3,922
Total interest revenue
179,535
38,402
Other income from investments
Dividends received
571,903
843,494
Total income
751,438
881,896
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
26,726
34,480
Dividends from financial assets measured at fair value through profit or loss
571,903
843,494
10
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
208
317
11
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
1,272,518
2,562,417
Other gains/(losses)
Gain on disposal of fixed asset investments
424,192
1,566,527
1,696,710
4,128,944
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 36 -
12
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,441,083
936,996
Adjustments in respect of prior periods
(190,529)
-
0
Total UK current tax
1,250,554
936,996
Foreign current tax on profits for the current period
2,468
90,368
Total current tax
1,253,022
1,027,364
Deferred tax
Origination and reversal of timing differences
315,412
1,018,948
Adjustment in respect of prior periods
18,414
(40,813)
Total deferred tax
333,826
978,135
Total tax charge
1,586,848
2,005,499

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
5,786,652
8,962,933
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,446,663
2,240,733
Tax effect of expenses that are not deductible in determining taxable profit
34,168
35,951
Tax effect of income not taxable in determining taxable profit
(134,187)
(89,953)
Change in unrecognised deferred tax assets
130,900
(277,525)
Adjustments in respect of prior years
(190,529)
-
0
Research and development tax credit
-
0
(101,379)
Effect of overseas tax rates
1,339
(3,091)
Deferred tax adjustments in respect of prior years
18,414
(40,813)
Foreign exchange differences
673
-
0
Patent box deduction
(16,187)
-
0
Taxable gains on investments
295,594
241,576
Taxation charge
1,586,848
2,005,499
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
12
Taxation
(Continued)
- 37 -

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:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
203,559
(4,900)
Actuarial differences recognised as other comprehensive income
48,500
11,000
252,059
6,100

Factors affecting future tax and charges

In the March 2021 budget the Chancellor confirmed an increase in the main rate of corporation tax from 19% to 25% with effect from 1 April 2023. The Finance Bill 2021 had its third reading on 24 May 2021 and was considered substantively enacted on this date. The deferred tax timing differences have therefore been accounted for at 25%.

13
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
305,705
289,840
14
Intangible fixed assets
Group
Carbon credits
Software
Total
£
£
£
Cost
At 1 November 2024
334,050
435,690
769,740
Additions
-
0
23,072
23,072
Disposals
-
0
(14,799)
(14,799)
At 31 October 2025
334,050
443,963
778,013
Amortisation and impairment
At 1 November 2024
25,054
395,542
420,596
Amortisation charged for the year
8,352
16,759
25,111
Disposals
-
0
(14,799)
(14,799)
At 31 October 2025
33,406
397,502
430,908
Carrying amount
At 31 October 2025
300,644
46,461
347,105
At 31 October 2024
308,996
40,148
349,144
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
14
Intangible fixed assets
(Continued)
- 38 -
Company
Carbon credits
Software
Total
£
£
£
Cost
At 1 November 2024
334,050
155,806
489,856
Additions
-
0
716
716
At 31 October 2025
334,050
156,522
490,572
Amortisation and impairment
At 1 November 2024
25,054
141,601
166,655
Amortisation charged for the year
8,352
3,695
12,047
At 31 October 2025
33,406
145,296
178,702
Carrying amount
At 31 October 2025
300,644
11,226
311,870
At 31 October 2024
308,996
14,205
323,201

During a previous year, the group and company invested £334,050 in carbon credits to assist with its Net Zero targets. The investment is expected to have a useful life of 40 years.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 39 -
15
Tangible fixed assets
Group
Freehold property
Tooling
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 November 2024
19,924,000
9,486,743
1,998,672
1,872,264
1,289,103
34,570,782
Additions
-
0
379,499
44,037
95,966
192,961
712,463
Disposals
-
0
(54,747)
(16,672)
(65,619)
(194,975)
(332,013)
Revaluation
362,200
-
0
-
0
-
0
-
0
362,200
At 31 October 2025
20,286,200
9,811,495
2,026,037
1,902,611
1,287,089
35,313,432
Depreciation and impairment
At 1 November 2024
-
0
8,875,588
1,463,351
1,045,140
603,021
11,987,100
Depreciation charged in the year
-
0
346,123
94,913
285,646
279,772
1,006,454
Eliminated in respect of disposals
-
0
(54,747)
(16,672)
(65,619)
(183,659)
(320,697)
At 31 October 2025
-
0
9,166,964
1,541,592
1,265,167
699,134
12,672,857
Carrying amount
At 31 October 2025
20,286,200
644,531
484,445
637,444
587,955
22,640,575
At 31 October 2024
19,924,000
611,155
535,321
827,124
686,082
22,583,682
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
15
Tangible fixed assets
(Continued)
- 40 -
Company
Freehold property
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 November 2024
2,575,000
54,146
359,686
424,579
3,413,411
Additions
-
0
-
0
39,922
128,166
168,088
Disposals
-
0
-
0
(17,581)
(87,960)
(105,541)
Revaluation
57,500
-
0
-
0
-
0
57,500
Transfers
-
0
-
0
(2,826)
(27,886)
(30,712)
At 31 October 2025
2,632,500
54,146
379,201
436,899
3,502,746
Depreciation and impairment
At 1 November 2024
-
0
25,897
257,995
227,802
511,694
Depreciation charged in the year
-
0
5,473
52,427
94,374
152,274
Eliminated in respect of disposals
-
0
-
0
(17,581)
(85,381)
(102,962)
Transfers
-
0
-
0
(2,723)
(26,724)
(29,447)
At 31 October 2025
-
0
31,370
290,118
210,071
531,559
Carrying amount
At 31 October 2025
2,632,500
22,776
89,083
226,828
2,971,187
At 31 October 2024
2,575,000
28,249
101,691
196,777
2,901,717

The carrying value of land and buildings comprises:

Group
Company
2025
2024
2025
2024
£
£
£
£
Freehold
2,632,500
19,924,000
2,632,500
2,575,000

The majority of freehold property was last formally valued at 31 October 2023 by Ken Batty Chartered Surveyors. A specific valuation for a new building was undertaken in June 2024 by the same firm These were on an open market value basis for current use in accordance with RICS Appraisal and Valuation Manual.

In the year, management have undertaken their own revaluation resulting an uplift of £57,500 for the parent company and £362,200 for the group. This is the total revaluation recognised since the last formal valuations.

The group net book value includes land of £1,140,094 (2024: £1,140,094) which is not depreciated. The company net book value includes land of £123,172 (2024: £123,172) which is not depreciated.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
15
Tangible fixed assets
(Continued)
- 41 -

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts for the group would have been approximately £11,068,557 (2024: £11,068,557), being cost of £13,833,213 (2024: £13,833,213) and depreciation of £2,764,656 (2024: £2,764,656).

T he carrying amounts for the company would have been approximately £1,777,980 (2024: £1,777,980), being cost of £2,359,462 (2024: £2,359,462) and depreciation of £581,482 (2024: £581,482).

16
Investment properties
Group
Company
2025
2025
£
£
Fair value
At 1 November 2024
18,954,910
36,303,910
Additions through external acquisition
7,513,022
7,513,022
Net gains or losses through fair value adjustments
(1,887,929)
(1,583,229)
At 31 October 2025
24,580,003
42,233,703

The fair value of the investment properties at 31 October 2025 has been determined by the directors with reference to the original purchase price paid, independent valuations since the purchase date and current market yields. The properties were last independently valued at 31 October 2023 at 31 October 2025 by Ken Batty Chartered Surveyors, Bradley Hall Chartered Surveyors and Watsons Chartered Surveyors. This was on an open market value basis for current use in accordance with RICS Appraisal and Valuation Manual.

17
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
18
2
2
10,459
10,519
Listed investments
29,578,239
34,289,727
29,578,239
34,289,727
29,578,241
34,289,729
29,588,698
34,300,246
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
17
Fixed asset investments
(Continued)
- 42 -
Movements in fixed asset investments
Group
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 November 2024
2
34,289,727
34,289,729
Additions
-
15,617,058
15,617,058
Valuation changes
-
1,272,518
1,272,518
Disposals
-
(21,601,064)
(21,601,064)
At 31 October 2025
2
29,578,239
29,578,241
Carrying amount
At 31 October 2025
2
29,578,239
29,578,241
At 31 October 2024
2
34,289,727
34,289,729
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 November 2024
10,519
34,289,727
34,300,246
Additions
-
15,617,058
15,617,058
Valuation changes
-
1,272,518
1,272,518
Disposals
(60)
(21,601,064)
(21,601,124)
At 31 October 2025
10,459
29,578,239
29,588,698
Carrying amount
At 31 October 2025
10,459
29,578,239
29,588,698
At 31 October 2024
10,519
34,289,727
34,300,246
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 43 -
18
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Glasdon (UK) Limited
1
Manufacturer of environmental products, safety products and building systems
Ordinary
100
Glasdon International Limited
1
Export of group products
Ordinary
100
Glasdon Europe Sarl
2
Distributor of environmental products, safety products and building systems
Ordinary
100
Glasdon, Inc.
3
Environmental and safety products manufacturer
Ordinary
100
Glasdon Limited
1
Dormant
Ordinary
100
Glasdon Designs Limited
1
Dormant
Ordinary
100
Glasdon Manufacturing Limited
1
Dormant
Ordinary
100
The Glasdon Share Scheme Limited
1
Dormant
Ordinary
100
Registered Office addresses:
1
Glasdon House, Preston New Road, Blackpool, FY4 4WA, UK
2
7 Allee De La Briqueterie, 59493 Villeneuve D'Ascq, France
3
13153 B, Telcourt Road, Ashland, VA 23005, USA
19
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
29,578,239
34,289,727
-
-

The financial assets measured at fair value represent the listed investments. These are funds invested into an actively managed investment portfolio as part of the group's strategy to generate returns separate from the trading activity of the group. The fair value of these investments is the market value, as provided by the investment managers.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 44 -
20
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and components
7,638,097
7,512,803
-
0
-
0
21
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,127,939
4,474,907
8,105
14,265
Corporation tax recoverable
121,667
357,384
30,681
30,681
Amounts owed by group undertakings
-
0
-
0
86,292
91,413
Other debtors
171,624
461,988
138,402
413,012
Prepayments and accrued income
1,822,341
829,115
1,135,292
136,371
7,243,571
6,123,394
1,398,772
685,742
22
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
2,897,033
2,823,650
37,139
130,622
Amounts owed to group undertakings
-
0
-
0
1,628,088
1,663,976
Corporation tax payable
292,494
324,871
47,354
282,612
Other taxation and social security
1,073,450
638,287
270,590
109,680
Other creditors
53,561
44,179
38,979
42,559
Accruals and deferred income
1,139,961
923,375
483,768
356,750
5,456,499
4,754,362
2,505,918
2,586,199
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 45 -
23
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
688,369
593,846
Revaluations
1,167,702
949,380
Investments
969,094
696,054
2,825,165
2,239,280
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
494,307
278,346
Revaluations
1,167,702
949,380
Investments
969,094
696,054
2,631,103
1,923,780
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 November 2024
2,239,280
1,923,780
Charge to profit or loss
333,826
625,968
Charge to other comprehensive income
252,059
81,355
Liability at 31 October 2025
2,825,165
2,631,103

It is impractical to estimate the movement of the deferred tax asset relating to retirement obligations in the 12 months following the balance sheet date, due to the estimation uncertainty over the related obligations, which can only be assessed following the next balance sheet date. This is also true of the deferred tax provision in respect of properties carried at valuation. Furthermore as at the signing date of these financial statements, as the company has not finalised its capital expenditure programme for 2025/26, an assessment as to the likely movement of other related timing differences cannot be made.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 46 -
24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
67,859
70,350

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.

Defined benefit schemes

The company operates a defined benefit pension scheme in the UK, the Glasdon Group Limited Retirement Benefits Scheme. The scheme is available to employees of Glasdon Group Limited and its subsidiaries, Glasdon (UK) Limited and Glasdon International Limited. Within the scheme there were three sub-schemes, 'Scheme 60', 'Scheme 80' and 'Scheme 100'. The difference between these sub-schemes is the required level of employee and employer contributions, together with the level of benefits.

As the sponsoring employer, the defined benefit pension scheme is accounted for within the financial statements of Glasdon Group Limited.

Valuation

A triennial valuation of the scheme as at 31 October 2024 was undertaken by Broadstone Consulting Actuaries Limited, independent qualified actuaries, which showed a funding surplus of £27,551,000.

Funding policy

The funding policy is to commission the Scheme Actuary to review whether or not the Trustees' funding objective is being met and, if necessary, the Trustees will agree a recovery plan with the employer.

In the next financial year the company expects to contribute 16.4% of total pensionable salaries for Scheme 60, 10.6% for Scheme 80 and10.0% for Scheme 100.

2025
2024
Key assumptions
%
%
Discount rate
5.65
5.30
Expected rate of increase of pensions in payment
1.95 - 3.65
2.05 - 3.75
Expected rate of salary increases
5.05
4.60
Rate of future inflation - RPI
2.95
3.30
Rate of future inflation - CPI
2.55
2.60
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
24
Retirement benefit schemes
(Continued)
- 47 -
Mortality assumptions

The mortality table used to calculate life expectation at the current year end was 100% S4PXA CMI 2024 [1.5%]. The assumed life expectations on retirement at age 65 are:

2025
2024
Years
Years
Members not yet retired - Assumed life expectations on retirement at age 65 for members currently aged 45:
- Males
23
23
- Females
26
26
Current pensioners - Assumed life expectancy of a member currently aged 65:
- Males
22
22
- Females
24
24
2025
2024

Amounts recognised in the profit and loss account

£
£
Current service cost
884,000
752,000
Other costs and income
131,000
105,000
Total costs
1,015,000
857,000
2025
2024

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(2,779,000)
(7,070,000)
Less: calculated interest element
1,906,000
1,820,000
Return on scheme assets excluding interest income
(873,000)
(5,250,000)
Actuarial changes related to obligations
3,361,000
1,572,000
Effect of changes in the amount of surplus that is not recoverable
(2,682,000)
3,634,000
Total costs/(income)
(194,000)
(44,000)
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
24
Retirement benefit schemes
(Continued)
- 48 -

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Present value of defined benefit obligations
41,300,000
35,900,000
41,300,000
35,900,000
Fair value of plan assets
(69,489,000)
(66,771,000)
(69,489,000)
(66,771,000)
Surplus in scheme
(28,189,000)
(30,871,000)
(28,189,000)
(30,871,000)
Restriction on scheme assets
28,189,000
30,871,000
28,189,000
30,871,000
Total liability recognised
-
-
-
-
Group
Company
2025
2025

Movements in the present value of defined benefit obligations

£
£
Liabilities at 1 November 2024
35,900,000
35,900,000
Current service cost
884,000
884,000
Benefits paid
(1,227,000)
(1,227,000)
Contributions from scheme members
476,000
476,000
Actuarial gains and losses
3,361,000
3,361,000
Interest cost
1,906,000
1,906,000
At 31 October 2025
41,300,000
41,300,000

The defined benefit obligations arise from plans which are wholly or partly funded.

Group
Company
2025
2025

Movements in the fair value of plan assets

£
£
Fair value of assets at 1 November 2024
66,771,000
66,771,000
Interest income
1,906,000
1,906,000
Return on plan assets (excluding amounts included in net interest)
873,000
873,000
Benefits paid
(1,227,000)
(1,227,000)
Contributions by the employer
821,000
821,000
Contributions by scheme members
476,000
476,000
Other
(131,000)
(131,000)
At 31 October 2025
69,489,000
69,489,000
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
24
Retirement benefit schemes
(Continued)
- 49 -
Group
Company
2025
2024
2025
2024
£
£
£
£
Equity instruments
7,936,000
4,565,000
7,936,000
4,565,000
Bonds
44,052,000
39,453,000
44,052,000
39,453,000
Cash
381,000
408,000
381,000
408,000
Diversified Growth Fund
6,360,000
11,696,000
6,360,000
11,696,000
Infrastructure
10,760,000
10,649,000
10,760,000
10,649,000
69,489,000
66,771,000
69,489,000
66,771,000

The scheme assets do not include ordinary shares issued, nor property occupied, by the sponsoring employer.

The directors do not believe that the group or company has an unconditional right to receive a refund of the surplus, nor does it intend to seek a refund in the foreseeable future. Therefore in accordance with FRS 102 Section 28, a defined benefit pension asset has not been recognised.

On 16 June 2023 the High Court handed down its decision in The Virgin Media Ltd v NTL Pension Trustees II Limited case, which concerned the implications of section 37 of the Pension Schemes Act 1993. Subsequently Virgin Media Ltd filed an appeal, the hearing for which took place on 27 and 27 June 2024 and on 25 July 2024 it was announced that the Court Appeal upheld the High Court ruling. The Court of Appeal’s ruling confirms that the requirement to obtain 37 confirmation on rule alterations applies to both past and future service rights. Another legal case is due to be heard at some point in 2025, however the details of this as so far unknown, but this may provide further clarity. The Trustees of the Scheme, with their legal advisers, will investigate the possible implications for the Scheme and that of Glasdon Group Limited. As it is not possible at present to estimate the potential impact, if any, on the Scheme, no provision has been made in the financial statements.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 50 -
25
Share capital
Group and company
2025
2024
Ordinary share capital
£
£
Issued and fully paid
6,015,756 Ordinary shares of £0.25 each
1,503,939
1,503,939
182,569 Ordinary 'A' shares of £0.25 each
45,642
45,642
182,569 Ordinary 'B' shares of £0.25 each
45,642
45,642
182,569 Ordinary 'C' shares of £0.25 each
45,642
45,642
182,569 Ordinary 'D' shares of £0.25 each
45,642
45,642
182,569 Ordinary 'E' shares of £0.25 each
45,642
45,642
182,569 Ordinary 'F' shares of £0.25 each
45,642
45,642
182,569 Ordinary 'G' shares of £0.25 each
45,642
45,642
182,569 Ordinary 'H' shares of £0.25 each
45,642
45,642
182,569 Ordinary 'I' shares of £0.25 each
45,642
45,642
182,569 Ordinary 'J' shares of £0.25 each
45,642
45,642
182,569 Ordinary 'K' shares of £0.25 each
45,642
45,642
182,569 Ordinary 'L' shares of £0.25 each
45,642
45,642
182,572 Ordinary 'M' shares of £0.25 each
45,643
45,643
182,572 Ordinary 'N' shares of £0.25 each
45,643
45,643
182,572 Ordinary 'O' shares of £0.25 each
45,643
45,643
182,572 Ordinary 'P' shares of £0.25 each
45,643
45,643
2,234,218
2,234,218

A detailed analysis of the rights attaching to each share is detailed in the company's Articles of Association. All classes of shares rank pari passu in all respects but shall constitute separate classes of shares.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 51 -
26
Reserves
Profit and loss reserves

Group

Included within the group profit and loss account reserve at 31 October 2025 is £1,807,050 (2024: £2,257,975 ) in respect of unrealised gains on listed investments which are non-distributable.

Company

Included within the profit and loss account reserve at 31 October 2025 is £8,961,658 (2024: £9,337,638) in respect of unrealised gains on listed investments and investment properties which are non-distributable.

27
Financial commitments, guarantees and contingent liabilities

Group

The group has a bond in place with HM Revenue & Customs which at 31 October 2025 amounted to £12,000 (2024: £12,000).

Company

The company has guaranteed the bank borrowings of other group companies which at 31 October 2025 amounted to £nil (2024: £nil). At 31 October 2025 the 'banking group' as a whole was in credit.

The company is registered for VAT under group registration provisions and is therefore jointly and severally liable for the tax owed by the other group companies registered with it. At 31 October 2025 value added tax owed by the other companies registered with it amounted to £600,242 (2024: £356,777).

28
Operating lease commitments
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 one year
345,865
330,829
-
-
Between two and five years
621,797
882,615
-
-
In over five years
40,387
83,028
-
-
1,008,049
1,296,472
-
-
GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
28
Operating lease commitments
(Continued)
- 52 -
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
1,577,361
1,121,016
1,577,361
1,121,016
Between two and five years
6,256,574
4,456,754
6,256,574
4,456,754
In over five years
11,543,347
9,917,297
11,543,347
9,917,297
19,377,282
15,495,067
19,377,282
15,495,067
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
179,620
207,393
-
-
Acquisition of investment properties
2,125,513
1,671,500
2,125,513
1,671,500
2,305,133
1,878,893
2,125,513
1,671,500
30
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Management services
2025
2024
£
£
Group
Other related parties
150,000
144,000
Company
Other related parties
150,000
144,000

The company has taken advantage of the exemption permitted under Section 33.1A from disclosing transactions with its subsidiary companies.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
30
Related party transactions
(Continued)
- 53 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Key management personnel
6,163
9,681
Company
Key management personnel
6,163
9,681
Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Other related parties
15,679
14,477
Company
Other related parties
15,679
14,477

Details of guarantees given in respect of group companies can be found in note 27.

GLASDON GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 54 -
31
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
4,199,804
6,957,434
Adjustments for:
Taxation charged
1,586,848
2,005,499
Research and development credit
(121,478)
-
Finance costs
208
317
Investment income
(751,438)
(881,896)
Gain on disposal of tangible fixed assets
(48,890)
(141,271)
Fair value loss on investment properties
1,887,929
-
0
Amortisation and impairment of intangible assets
25,111
21,808
Depreciation and impairment of tangible fixed assets
1,006,454
933,776
Gain on sale of investments
(424,192)
(1,566,527)
Investment (gains) and losses
(1,272,518)
(2,562,417)
Pension scheme non-cash movement
194,000
44,000
Movements in working capital:
(Increase)/decrease in stocks
(125,294)
177,245
(Increase)/decrease in debtors
(1,355,894)
11,736
Increase in creditors
734,514
279,071
Cash generated from operations
5,535,164
5,278,775
32
Analysis of changes in net funds - group
1 November 2024
Cash flows
Exchange rate movements
31 October 2025
£
£
£
£
Cash at bank and in hand
2,203,211
3,272,332
41,011
5,516,554
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xbrli:shares iso4217:GBP