Glenfold Ltd.

	Page
Accountants' Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—8

Report to the director on the preparation of the unaudited statutory accounts of Glenfold Ltd. for the year ended 31 December 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Glenfold Ltd. which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made to the director of Glenfold Ltd. , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Glenfold Ltd. and state those matters that we have agreed to state to the director of Glenfold Ltd. , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glenfold Ltd. and its director as a body for our work or for this report.

It is your duty to ensure that Glenfold Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Glenfold Ltd. . You consider that Glenfold Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Glenfold Ltd. . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

8 September 2026

Nuvo Scotland Limited

Bankhead Drive

City South Office Park

Portlethen

Aberdeen

AB12 4XX

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Glenfold Ltd.

Balance Sheet

As At 31 December 2025

Balance Sheet

Registered number: SC377452

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		718,818		605,084

			718,818		605,084
CURRENT ASSETS
Stocks	5	2,222		1,427
Debtors	6	337,785		350,698
Cash at bank and in hand		98,891		189,361

		438,898		541,486
Creditors: Amounts Falling Due Within One Year	7	(377,358 )		(365,846 )

NET CURRENT ASSETS (LIABILITIES)			61,540		175,640

TOTAL ASSETS LESS CURRENT LIABILITIES			780,358		780,724

Creditors: Amounts Falling Due After More Than One Year	8		(37,485 )		(28,484 )

NET ASSETS			742,873		752,240

CAPITAL AND RESERVES
Called up share capital			200		200
Profit and Loss Account			742,673		752,040

SHAREHOLDERS' FUNDS			742,873		752,240

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Glenfold Ltd.

Balance Sheet (continued)

As At 31 December 2025

For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved by the board of directors on 7 September 2025 and were signed on its behalf by:

Mr G Johnston

Director

The notes on pages 4 to 8 form part of these financial statements.

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Glenfold Ltd.

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Glenfold Ltd. is a private company, limited by shares, incorporated in Scotland, registered number SC377452 . The registered office is 55 Church Street, Inverness, IV1 1DR.

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

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

2.3. Tangible Fixed Assets and Depreciation

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Assets held under finance leases are depreciated in the same way as owned assets.

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% on cost
Plant & Machinery	20% on cost
Motor Vehicles	25% reducing balance
Fixtures & Fittings	20% on cost
Computer Equipment	20% on cost

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Glenfold Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.6. Financial Instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.

Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 22 (2024: 20)

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Glenfold Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2025	142,070	-	690,897	747
Additions	-	1,670	302,589	400
Disposals	-	-	(99,949 )	-

As at 31 December 2025	142,070	1,670	893,537	1,147

Depreciation
As at 1 January 2025	2,841	-	262,045	63
Provided during the period	2,842	133	140,585	216
Disposals	-	-	(63,773 )	-

As at 31 December 2025	5,683	133	338,857	279

Net Book Value
As at 31 December 2025	136,387	1,537	554,680	868

As at 1 January 2025	139,229	-	428,852	684


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2025	258,497	1,092,211
Additions	8,642	313,301
Disposals	(143,878 )	(243,827 )

As at 31 December 2025	123,261	1,161,685

Depreciation
As at 1 January 2025	222,178	487,127
Provided during the period	19,615	163,391
Disposals	(143,878 )	(207,651 )

As at 31 December 2025	97,915	442,867

Net Book Value
As at 31 December 2025	25,346	718,818

As at 1 January 2025	36,319	605,084

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor Vehicles	274,858	129,594

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Glenfold Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Stocks

	2025	2024
	£	£
Stock	2,222	1,427

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	221,279	218,828
Prepayments and accrued income	55,861	56,907
Other debtors	10,745	10,447
Director's loan account	19,944	8,617
Amounts owed by group undertakings	29,956	55,899

	337,785	350,698

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	89,497	55,338
Trade creditors	19,865	24,769
Corporation tax	90,971	70,224
Other taxes and social security	4,736	5,633
VAT	79,885	110,793
Other creditors	74,781	82,145
Accruals and deferred income	5,830	8,625
Amounts owed to group undertakings	11,793	8,319

	377,358	365,846

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	37,485	28,484

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	89,497	55,338
Later than one year and not later than five years	37,485	28,484

	126,982	83,822

	126,982	83,822

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Glenfold Ltd.

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

10. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	11,240	11,240
Later than one year and not later than five years	145,374	707,268

	156,614	718,508

11. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2025	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2025
	£	£	£	£	£
Mr Gavin Johnston	8,617	11,644	(317 )	-	19,944

The above loan is interest free and has no fixed repayment terms.

12. Related Party Transactions

During the year, management fees of £47,2250 (2024: £27,000) was receivable from a company in which director of Gelnfold Ltd has a material interest in. The amount outstanding at the year end due to Glenfold Ltd is £7,703 (2024: balance due from of £3,284).

As at 31 December 2025, there is a loan balance due from Glenfold Ltd of £11,793 (2024: £5,035) to a company that share common directorship.

These loan are interest free and has no fixed repayment terms.

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