REGISTERED NUMBER: SC170133 (Scotland)

Unaudited Financial Statements for the Year Ended 30 November 2025

for

Glencrest Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

9

DIRECTORS:

R Gourlay

F Gourlay

SECRETARY:

The Prg Partnership

REGISTERED OFFICE:

12a Bridgewater Place

Erskine

PA8 7AA

REGISTERED NUMBER:

SC170133 (Scotland)

ACCOUNTANTS:

Wallace White Accountants

2nd Floor

22-24 Blythswood Square

Glasgow

G2 4BG

FIXED ASSETS

Tangible assets

4

187,748

1,493,831

Investment property

5

1,362,344

-

1,550,092

1,493,831

CURRENT ASSETS

Stocks

567,648

641,853

Debtors

6

1,203,105

766,902

Cash at bank

165,285

166,795

1,936,038

1,575,550

CREDITORS

Amounts falling due within one year

7

1,107,549

1,097,238

NET CURRENT ASSETS

828,489

478,312

TOTAL ASSETS LESS CURRENT LIABILITIES

2,378,581

1,972,143

CREDITORS

Amounts falling due after more than one year

8

(183,105

)

(99,149

)

PROVISIONS FOR LIABILITIES

(46,937

)

(32,872

)

NET ASSETS

2,148,539

1,840,122

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

2,148,537

1,840,120

2,148,539

1,840,122

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 June 2026 and were signed on its behalf by:

F Gourlay - Director

R Gourlay - Director

1.	STATUTORY INFORMATION

Glencrest Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is the amount derived from the ordinary activities of the company, after trade discounts and excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

33% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2024 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 December 2024

1,362,344

15,436

60,519

Additions

-

-

-

Disposals

-

-

-

Reclassification/transfer

(1,362,344

)

-

-

At 30 November 2025

-

15,436

60,519

DEPRECIATION

At 1 December 2024

-

13,858

60,519

Charge for year

-

316

-

Eliminated on disposal

-

-

-

At 30 November 2025

-

14,174

60,519

NET BOOK VALUE

At 30 November 2025

-

1,262

-

At 30 November 2024

1,362,344

1,578

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 December 2024

249,143

180,525

1,867,967

Additions

154,886

5,505

160,391

Disposals

(99,990

)

-

(99,990

)

Reclassification/transfer

-

-

(1,362,344

)

At 30 November 2025

304,039

186,030

566,024

DEPRECIATION

At 1 December 2024

119,297

180,462

374,136

Charge for year

73,618

1,840

75,774

Eliminated on disposal

(71,634

)

-

(71,634

)

At 30 November 2025

121,281

182,302

378,276

NET BOOK VALUE

At 30 November 2025

182,758

3,728

187,748

At 30 November 2024

129,846

63

1,493,831

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 December 2024

113,190

Additions

137,168

At 30 November 2025

250,358

DEPRECIATION

At 1 December 2024

28,298

Charge for year

62,589

At 30 November 2025

90,887

NET BOOK VALUE

At 30 November 2025

159,471

At 30 November 2024

84,892

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Reclassification/transfer

1,362,344

At 30 November 2025

1,362,344

NET BOOK VALUE

At 30 November 2025

1,362,344

6.

DEBTORS

30.11.25

30.11.24

£

£

Amounts falling due within one year:

Trade debtors

849,388

482,336

Other debtors

293,605

224,454

1,142,993

706,790

Amounts falling due after more than one year:

Other debtors

60,112

60,112

Aggregate amounts

1,203,105

766,902

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

£

£

Bank loans and overdrafts

6,370

10,648

Hire purchase contracts

30,497

11,919

Trade creditors

923,624

943,497

Taxation and social security

138,222

127,633

Other creditors

8,836

3,541

1,107,549

1,097,238

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.25

30.11.24

£

£

Bank loans

-

5,865

Hire purchase contracts

183,105

93,284

183,105

99,149

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.25

30.11.24

£

£

Bank loans

6,370

16,513

Hire purchase contracts

213,602

105,203

219,972

121,716

The bank loan is secured by a government backed guarantee.

Hire purchase creditors are secured against the assets to which they relate.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2025 and 30 November 2024:

30.11.25

30.11.24

£

£

F Gourlay

Balance outstanding at start of year

10,000

-

Amounts advanced

48,000

10,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

58,000

10,000

R Gourlay

Balance outstanding at start of year

10,000

-

Amounts advanced

48,000

10,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

58,000

10,000

11.	POST BALANCE SHEET EVENTS

Subsequent to the year end, the shares in the company, which were previously held by the parent undertaking, were transferred to a newly incorporated holding company as part of a group reorganisation.

This represents a non-adjusting event after the reporting period and, as such, no adjustment has been made to the financial statements.

The transaction does not impact the financial position of the company at the balance sheet date.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 November 2025 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Wallace White Accountants

2nd Floor

22-24 Blythswood Square

Glasgow

G2 4BG

8 June 2026