Company registration number 02160576 (England and Wales)
GLASDON (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
GLASDON (UK) LIMITED
COMPANY INFORMATION
Directors
Mr D J Sidebottom MBE
Mr P A Greenwood
Mr A M Steen
Mr J J W Hodgson
Secretary
Mr A C Jackson
Company number
02160576
Registered office
Glasdon House
Preston New Road
Blackpool
FY4 4WA
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
GLASDON (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
GLASDON (UK) 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 (UK) Limited is 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 8.1% to £33,347,484 (2024: £30,852,229) and gross profit increased by 8.6% to £16,133,978 (2024: £14,857,640).

Profit on ordinary activities before tax was £2,767,118 in the year ended 31 October 2025 compared to £2,294,989 in the previous year.

Principal risks and uncertainties

The principal risks and uncertainties impacting the company 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 & 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.

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.

GLASDON (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -
Other information and explanations

Financial instruments

The company makes no 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 for the assessment of the assets, liabilities, financial position and profit or loss of the company.

Future developments

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

Research and development

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

By order of the board

Mr A C Jackson
Secretary
20 May 2026
GLASDON (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -

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

Principal activities

Glasdon (UK) Limited is 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 housings and passenger and cycle shelters.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,500,000. The directors do not recommend payment of a further dividend.

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 J J W Hodgson
Auditor

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

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments, research and development and financial instruments.

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 company’s auditor 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 company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

By order of the board
Mr A C Jackson
Secretary
20 May 2026
GLASDON (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -

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 company and of the profit or loss of the company 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;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GLASDON (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLASDON (UK) LIMITED
- 5 -
Opinion

We have audited the financial statements of Glasdon (UK) Limited (the 'company') for the year ended 31 October 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 31 October 2025 and of its 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 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 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 (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLASDON (UK) LIMITED (CONTINUED)
- 6 -

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 company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- the 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 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 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 (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLASDON (UK) LIMITED (CONTINUED)
- 7 -

- 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;

- 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 (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
33,347,484
30,852,229
Cost of sales
(17,213,506)
(15,994,589)
Gross profit
16,133,978
14,857,640
Distribution costs
(3,501,044)
(3,386,681)
Administrative expenses
(9,921,545)
(9,175,670)
Other operating income
35,229
-
0
Operating profit
4
2,746,618
2,295,289
Interest receivable and similar income
6
20,708
-
0
Interest payable and similar expenses
7
(208)
(300)
Profit before taxation
2,767,118
2,294,989
Tax on profit
8
(657,473)
(518,939)
Profit for the financial year
2,109,645
1,776,050

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

GLASDON (UK) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
35,235
25,943
Tangible assets
11
1,890,279
2,173,582
1,925,514
2,199,525
Current assets
Stocks
12
7,245,842
7,117,855
Debtors
13
7,038,471
6,618,224
Cash at bank and in hand
2,131,858
1,149,167
16,416,171
14,885,246
Creditors: amounts falling due within one year
14
(4,177,467)
(3,407,288)
Net current assets
12,238,704
11,477,958
Total assets less current liabilities
14,164,218
13,677,483
Provisions for liabilities
Deferred tax liability
15
192,862
315,772
(192,862)
(315,772)
Net assets
13,971,356
13,361,711
Capital and reserves
Called up share capital
17
1,000
1,000
Profit and loss reserves
13,970,356
13,360,711
Total equity
13,971,356
13,361,711

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

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:
Mr D J Sidebottom MBE
Director
Company registration number 02160576 (England and Wales)
GLASDON (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2023
1,000
13,584,661
13,585,661
Year ended 31 October 2024:
Profit and total comprehensive income
-
1,776,050
1,776,050
Dividends
9
-
(2,000,000)
(2,000,000)
Balance at 31 October 2024
1,000
13,360,711
13,361,711
Year ended 31 October 2025:
Profit and total comprehensive income
-
2,109,645
2,109,645
Dividends
9
-
(1,500,000)
(1,500,000)
Balance at 31 October 2025
1,000
13,970,356
13,971,356
GLASDON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -
1
Accounting policies
Company information

Glasdon (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Glasdon House, Preston New Road, Blackpool, FY4 4WA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- 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.

The financial statements of the company are consolidated in the financial statements of Glasdon Group Limited. These consolidated financial statements are available from Companies House, Cardiff.

1.2
Going concern

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

1.3
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.

1.4
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.

GLASDON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 12 -
1.5
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 of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
1.6
Tangible fixed assets

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

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

Tooling
20% straight line
Plant and machinery
4% to 20% straight line
Fixtures, fittings & equipment
20% and 33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company 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 profit or loss.

1.8
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 (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 13 -
1.9
Cash and cash equivalents

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

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 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 company 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 company after deducting all of its liabilities.

GLASDON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

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 th r ough 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 company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GLASDON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 15 -
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 when the company has 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.

1.13
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.

1.14
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 company participates in a group defined benefit pension scheme operated by its parent company. There is no contractual agreement or stated policy for charging the net defined benefit cost of the scheme as a whole measured in accordance with FRS 102 to individual group entities.

Consequently, the net benefit cost of the scheme is recognised in the individual financial statements of the parent company as that entity is legally responsible for the scheme.

The cost accounted for by Glasdon (UK) Limited represents the expected cost of employer contributions payable in respect of their employees in the scheme, which is set at the start of each financial year.

Further information about the Scheme can be found in the consolidated financial statements of Glasdon Group Limited.

1.15
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.

GLASDON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

There were no significant areas of judgement or key sources of estimation uncertainty.

3
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
30,505,772
27,728,464
Overseas
2,841,712
3,123,765
33,347,484
30,852,229
2025
2024
£
£
Other revenue
Interest income
20,708
-
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
2,115
8,711
Research and development costs
68,812
76,901
Fees payable to the company's auditor for the audit of the company's financial statements
19,000
18,785
Depreciation of owned tangible fixed assets
800,389
739,214
Profit on disposal of tangible fixed assets
(15,979)
(132,482)
Amortisation of intangible assets
13,064
9,378
Operating lease charges
94,559
79,030
GLASDON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 17 -
5
Employees

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

2025
2024
Number
Number
Office and management staff
35
37
Manufacturing, assembly and distribution staff
88
86
Sales and marketing staff
35
36
Total
158
159

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
4,455,318
4,212,930
Social security costs
486,748
390,772
Pension costs
445,226
462,832
5,387,292
5,066,534

Directors' remuneration and pension contributions for the current year have been paid by Glasdon Group Limited and are disclosed in the consolidated financial statements.

6
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
20,708
-
0
7
Interest payable and similar expenses
2025
2024
£
£
Other interest
208
300
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
640,649
239,902
Adjustments in respect of prior periods
70,680
-
0
Group tax relief
69,054
65,309
Total current tax
780,383
305,211
GLASDON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
8
Taxation
2025
2024
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
(33,798)
245,865
Adjustment in respect of prior periods
(89,112)
(32,137)
Total deferred tax
(122,910)
213,728
Total tax charge
657,473
518,939

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
2,767,118
2,294,989
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
691,780
573,747
Tax effect of expenses that are not deductible in determining taxable profit
312
250
Adjustments in respect of prior years
70,680
-
0
Research and development tax credit
-
0
(22,921)
Deferred tax adjustments in respect of prior years
(89,112)
(32,137)
Patent box deduction
(16,187)
-
0
Taxation charge for the year
657,473
518,939

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 provision has therefore been accounted for at 25%.

9
Dividends
2025
2024
£
£
Final paid
1,500,000
2,000,000
GLASDON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 19 -
10
Intangible fixed assets
Software
£
Cost
At 1 November 2024
279,884
Additions
22,356
Disposals
(14,799)
At 31 October 2025
287,441
Amortisation and impairment
At 1 November 2024
253,941
Amortisation charged for the year
13,064
Disposals
(14,799)
At 31 October 2025
252,206
Carrying amount
At 31 October 2025
35,235
At 31 October 2024
25,943
11
Tangible fixed assets
Tooling
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2024
9,920,603
911,270
1,294,266
785,283
12,911,422
Additions
379,499
44,037
49,156
64,795
537,487
Disposals
(22,714)
(12,459)
(43,115)
(72,070)
(150,358)
Transfers
-
0
-
0
386
(4,614)
(4,228)
At 31 October 2025
10,277,388
942,848
1,300,693
773,394
13,294,323
Depreciation and impairment
At 1 November 2024
9,157,236
506,060
762,383
312,161
10,737,840
Depreciation charged in the year
325,738
86,958
211,721
175,972
800,389
Eliminated in respect of disposals
(22,714)
(12,459)
(43,115)
(72,070)
(150,358)
Transfers
-
0
-
0
282
15,891
16,173
At 31 October 2025
9,460,260
580,559
931,271
431,954
11,404,044
Carrying amount
At 31 October 2025
817,128
362,289
369,422
341,440
1,890,279
At 31 October 2024
763,367
405,210
531,883
473,122
2,173,582
GLASDON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 20 -
12
Stocks
2025
2024
£
£
Finished goods and components
7,245,842
7,117,855
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,039,180
3,363,042
Corporation tax recoverable
-
0
269,538
Amounts owed by group undertakings
2,543,157
2,549,175
Other debtors
185
776
Prepayments and accrued income
455,949
435,693
7,038,471
6,618,224
14
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,798,259
2,547,862
Corporation tax
218,031
-
0
Other taxation and social security
705,688
439,029
Other creditors
14,582
1,620
Accruals and deferred income
440,907
418,777
4,177,467
3,407,288
15
Deferred taxation

Deferred tax assets and liabilities are offset where the 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
Balances:
£
£
Accelerated capital allowances
192,862
315,772
GLASDON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
15
Deferred taxation
(Continued)
- 21 -
2025
Movements in the year:
£
Liability at 1 November 2024
315,772
Credit to profit or loss
(122,910)
Liability at 31 October 2025
192,862

As at the signing date of these financial statements, the company has not finalised its capital expenditure programme for the forthcoming year and therefore an assessment as to the likely movement of other related timing differences cannot be made.

16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
28,139
30,495

The company operates a defined contribution pension scheme for all qualifying employees that are not members of the group defined benefit scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
18
Financial commitments, guarantees and contingent liabilities

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 £33,049 (2024: £907).

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

GLASDON (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 22 -
19
Operating lease commitments

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

2025
2024
£
£
Within one year
94,559
94,559
Between two and five years
243,560
338,119
338,119
432,678
20
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
179,620
207,393
21
Related party transactions

At 31 October 2025 no amounts were due to or from related parties.

Details of guarantees provided in respect of related parties can be found in note 18.

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

22
Ultimate controlling party

The company is a subsidiary of Glasdon Group Limited which is the ultimate parent company incorporated in England and Wales.

The smallest and largest group for which consolidated statements are prepared is the group headed by Glasdon Group Limited. The accounts for Glasdon Group Limited are available from Companies House, Cardiff.

2025-10-31 2024-11-01 false false false CCH Software CCH Accounts Production 2026.100 Mr D J Sidebottom MBE Mr P A Greenwood Mr A M Steen Mr J J W Hodgson Mr A C Jackson 02160576 2024-11-01 2025-10-31 02160576 bus:Director1 2024-11-01 2025-10-31 02160576 bus:Director2 2024-11-01 2025-10-31 02160576 bus:Director3 2024-11-01 2025-10-31 02160576 bus:Director4 2024-11-01 2025-10-31 02160576 bus:CompanySecretaryDirector1 2024-11-01 2025-10-31 02160576 bus:CompanySecretary1 2024-11-01 2025-10-31 02160576 bus:RegisteredOffice 2024-11-01 2025-10-31 02160576 2025-10-31 02160576 2023-11-01 2024-10-31 02160576 core:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 02160576 core:RetainedEarningsAccumulatedLosses 2024-11-01 2025-10-31 02160576 core:OtherResidualIntangibleAssets 2025-10-31 02160576 core:OtherResidualIntangibleAssets 2024-10-31 02160576 core:ComputerSoftware 2025-10-31 02160576 core:ComputerSoftware 2024-10-31 02160576 2024-10-31 02160576 core:ToolsEquipment 2025-10-31 02160576 core:PlantMachinery 2025-10-31 02160576 core:FurnitureFittings 2025-10-31 02160576 core:MotorVehicles 2025-10-31 02160576 core:LandBuildings 2024-10-31 02160576 core:PlantMachinery 2024-10-31 02160576 core:FurnitureFittings 2024-10-31 02160576 core:MotorVehicles 2024-10-31 02160576 core:CurrentFinancialInstruments core:WithinOneYear 2025-10-31 02160576 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 02160576 core:ShareCapital 2025-10-31 02160576 core:ShareCapital 2024-10-31 02160576 core:RetainedEarningsAccumulatedLosses 2025-10-31 02160576 core:RetainedEarningsAccumulatedLosses 2024-10-31 02160576 core:ShareCapital 2023-10-31 02160576 core:RetainedEarningsAccumulatedLosses 2023-10-31 02160576 core:ShareCapitalOrdinaryShareClass1 2025-10-31 02160576 core:ShareCapitalOrdinaryShareClass1 2024-10-31 02160576 core:IntangibleAssetsOtherThanGoodwill 2024-11-01 2025-10-31 02160576 core:ComputerSoftware 2024-11-01 2025-10-31 02160576 core:LandBuildings core:LongLeaseholdAssets 2024-11-01 2025-10-31 02160576 core:PlantMachinery 2024-11-01 2025-10-31 02160576 core:FurnitureFittings 2024-11-01 2025-10-31 02160576 core:MotorVehicles 2024-11-01 2025-10-31 02160576 1 2024-11-01 2025-10-31 02160576 1 2023-11-01 2024-10-31 02160576 core:UKTax 2024-11-01 2025-10-31 02160576 core:UKTax 2023-11-01 2024-10-31 02160576 core:ComputerSoftware 2024-10-31 02160576 core:ComputerSoftware core:ExternallyAcquiredIntangibleAssets 2024-11-01 2025-10-31 02160576 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-10-31 02160576 core:PlantMachinery 2024-10-31 02160576 core:FurnitureFittings 2024-10-31 02160576 core:MotorVehicles 2024-10-31 02160576 2024-10-31 02160576 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-10-31 02160576 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-11-01 2025-10-31 02160576 core:CurrentFinancialInstruments 2025-10-31 02160576 core:CurrentFinancialInstruments 2024-10-31 02160576 bus:OrdinaryShareClass1 2024-11-01 2025-10-31 02160576 bus:OrdinaryShareClass1 2025-10-31 02160576 bus:OrdinaryShareClass1 2024-10-31 02160576 core:WithinOneYear 2025-10-31 02160576 core:WithinOneYear 2024-10-31 02160576 core:BetweenTwoFiveYears 2025-10-31 02160576 core:BetweenTwoFiveYears 2024-10-31 02160576 bus:PrivateLimitedCompanyLtd 2024-11-01 2025-10-31 02160576 bus:FRS102 2024-11-01 2025-10-31 02160576 bus:Audited 2024-11-01 2025-10-31 02160576 bus:FullAccounts 2024-11-01 2025-10-31 xbrli:pure xbrli:shares iso4217:GBP