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Registered number:
(A Company Limited by Guarantee)
For the Year Ended
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Glass Futures Ltd
(A Company Limited by Guarantee)
Company Information
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Glass Futures Ltd
(A Company Limited by Guarantee)
Contents
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Glass Futures Ltd
(A Company Limited by Guarantee)
Chair & CEO Statement
For the Year Ended 28 February 2026
The Chief Executive Officer presents his statement for the year.
2025–26 has been a landmark year for Glass Futures. We successfully transitioned from the construction phase to full operational delivery, with the St Helens pilot plant now fully technically operational and running experimental projects. While commissioning of the furnace experienced significant delays and additional costs of £2.4 million, overcoming these challenges represents a major achievement and demonstrates our capability to deliver complex, industrial-scale innovation.
Our collaborative model continues to be central to our success. By working closely with industry partners, universities, and Government bodies, we are developing and testing new low-carbon technologies, supporting the UK’s net zero ambitions, and creating a platform for industrial innovation that benefits both current and future generations. Looking ahead, we remain focused on expanding our research capabilities, delivering impactful projects, and strengthening our partnerships. With the continued support of our members and stakeholders, Glass Futures is well positioned to lead the glass industry into a sustainable, low-carbon future.
NameJ Kelly
CEO
Date18 September 2026
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Glass Futures Ltd
(A Company Limited by Guarantee)
Strategic Report
For the Year Ended 28 February 2026
The principal activity of the Company is that of a not-for-profit research and development, and consultancy organisation.
Glass Futures was established in collaboration with leading global glass manufacturers, their supply chains, and major UK universities. Based in St Helens, Merseyside, the Company operates as a Global Centre of Excellence accelerating innovation across the glass and foundation industries. Glass Futures unite industry, academia, and government to turn bold ideas into scalable, sustainable solutions, driving decarbonisation, circularity, and digital transformation. Glass Futures operates as a membership organisation, offering a unique platform for collaborative innovation. Our members span the entire glass ecosystem, from global manufacturers and recyclers to technology providers, universities, and government bodies.
During the year, the Company made significant progress in transitioning from the construction and development phase of its facilities into operational delivery.
The St Helens pilot plant was successfully commissioned, including the first firing of the furnace. There were significant delays in commissioning, from initial switch-on to becoming fully technically operational and able to run experimental projects, at a cost of £2.4 million. Despite these delays, the facility now supports industrial-scale campaigns, including trials involving low-carbon and alternative fuels, representing a major milestone in the Company’s development. The Company continued to secure and deliver major collaborative projects supported by UK Government funding, including programmes delivered in partnership with Innovate UK and the Department for Energy Security and Net Zero. These projects remain central to advancing the Company’s mission to accelerate industrial decarbonisation. Key developments during the year included:
∙Commissioning and operationalisation of the pilot plant
∙Delivery of initial experimental trials and research campaigns
∙Expansion of industrial collaborations and membership base
∙Continued development of a pipeline of funded research programmes
The Directors consider the Company’s performance during the year to be in line with expectations given its stage of development.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Strategic Report (continued)
For the Year Ended 28 February 2026
The Directors have considered the principal risks and uncertainties that could impact the Company’s ability to achieve its objectives and continue as a going concern.
Funding and Financial Sustainability The Company relies on a combination of Government grants, project funding, and membership contributions. There is a risk that future funding may be reduced or delayed. The Company mitigates this risk through a diversified funding base, active stakeholder engagement, and maintaining a pipeline of funded research programmes. Transition to Operational Delivery As the Company has recently moved from construction to operational delivery, there is a risk that the pilot plant and associated research facilities may not achieve anticipated operational efficiencies or output. Mitigation includes structured operational procedures, monitoring of performance against project milestones, and the retention of experienced technical and management staff. Technology and Research Uncertainty The Company’s activities involve experimental technologies and processes, including low-carbon and alternative fuels. Results may differ from expectations, or commercial implementation may be delayed. Risks are managed through collaborative projects, diversified research programmes, and ongoing review of progress and outcomes. Health, Safety, and Environmental Risks The operation of a hot-glass pilot plant involves inherent health, safety, and environmental risks. Robust policies, compliance with statutory requirements, and a strong safety culture mitigate these risks. Stakeholder Engagement The Company’s success depends on collaboration with industry partners, academic institutions, and Government bodies. Mitigation includes regular engagement, clear communication of objectives, and alignment of projects with stakeholder priorities. External Environment Economic, regulatory, and energy cost changes may impact the Company’s operations or project delivery. The Directors monitor developments to adapt strategy and maintain alignment with national decarbonisation priorities. The Directors believe that, with these mitigations, the Company is well placed to manage its principal risks and uncertainties while continuing in operational existence for the foreseeable future.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Strategic Report (continued)
For the Year Ended 28 February 2026
2025/26 At a Glance
Delivering the Future of Sustainable Glass Manufacturing 2025/26 marked a transformational year for Glass Futures as we successfully transitioned from construction and commissioning to operational delivery. During the year we commissioned our world-leading pilot facility, delivered our first industrial research campaigns and continued to strengthen collaboration across industry, academia and Government. The company's key financial performance indicators during the year were as follows: Key Financial Highlights 2026 2025 Total income (excl. RDEC) £9.0m £11.9m Publicly funded research programmes £5.9m £8.5m Commercial income £3.1m £3.4m Commercial income (% of total income) 34.3% 28.2% Research infrastructure assets £36.4m £31.6m Average employees 66 54 Income Profile Funding Source Share of Total Income Publicly funded research programmes 65.7% Commercial income 34.3% A more diversified income profile reflects the Company's transition from construction and commissioning activities towards a sustainable operational model. Strategic Achievements Operational Excellence
∙Successfully commissioned the world's most advanced open-access glass pilot plant.
∙Completed the transition from construction to operational delivery.
∙Delivered the first industrial-scale experimental research campaigns.
Innovation & Collaboration
∙Continued to expand collaboration with industry, academia and Government.
∙Developed innovative projects supporting the decarbonisation of the glass industry.
∙Increased commercial activity, with commercial income representing 34.3% of total income.
Strategic Priorities for 2026/27
∙Increase utilisation of the pilot plant
∙Grow commercial research activity
∙Expand industry membership
∙Deliver further industrial research campaigns
∙Support industrial decarbonisation
∙Grow specialist glass and engineering consultancy services
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Glass Futures Ltd
(A Company Limited by Guarantee)
Strategic Report (continued)
For the Year Ended 28 February 2026
This report was approved by the board and signed on its behalf.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Directors' Report
For the Year Ended 28 February 2026
The directors present their report and the financial statements for the year ended 28 February 2026.
The directors who served during the year were:
During the year, J Ivorra and L Valette stepped down from their roles as directors. The Company extends its sincere thanks to them for their valuable guidance and support over the years. The Board was pleased to welcome J Kelly to the Board; Justin has served as Chief Executive Officer since November 2024. During the year, A Curry was elected Chair, and the Company thanks M Houghton for his leadership during his term as Chair. Following the year end, B McMillan retired as a person with significant control. The Company is grateful for his contributions and advice. J Kelly and A Curry were appointed persons with significant control, each holding 33.3% of the voting rights. R A Katz remains a person of significant control.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Directors' Report (continued)
For the Year Ended 28 February 2026
The deficit for the year, after taxation and minority interests, amounted to £70,482,370 (2025 - surplus £54,861,175).
Subsequent to the year end, the company secured a £4m loan facility from Innovate UK, drawable over a two-year period, to support the transition of the company from a Research and Technology Organisation model to a more commercially viable operating structure.
Following the successful completion of the first operational campaign after the reporting date, the company’s experimental furnace was drained to allow for modifications and preparatory works ahead of the second campaign planned for later in the year to February 2027.
The Company’s focus for the coming year will be on expanding operational delivery and increasing the utilisation of the St Helens pilot plant and associated research facilities. Building on the successful commissioning of the furnace and completion of initial experimental campaigns, the Company intends to further develop its position as a leading centre for industrial decarbonisation research and innovation.
Key priorities for the forthcoming year include:
∙Expansion of collaborative research programmes with industry, academic, and Government partners
∙Increased delivery of experimental trials involving low-carbon fuels, electrification, carbon reduction technologies, and alternative raw materials
∙Growth in membership and strategic partnerships across the glass sector and wider foundation industries
∙Development of additional commercial and funded research opportunities to support long-term financial sustainability
∙Continued investment in operational capability, workforce development, and research expertise
∙Strengthening of the Company’s role in supporting the UK’s industrial decarbonisation and net zero objective
∙Growth of specialist glass and engineering consultancy services provided to UK and international markets.
The Directors believe that the Company is well positioned to build on the significant progress made during the year and to further establish Glass Futures as a globally recognised centre of excellence for sustainable manufacturing innovation.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Directors' Report (continued)
For the Year Ended 28 February 2026
This report was approved by the board and signed on its behalf.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Glass Futures Ltd
We have audited the financial statements of Glass Futures Ltd (the 'Company') for the year ended 28 February 2026, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other 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.
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.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Glass Futures Ltd (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report 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 identified material misstatements in the Strategic Report or the Directors' Report.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Glass Futures Ltd (continued)
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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including data protection, anti-bribery and anti-corruption legislation.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Glass Futures Ltd (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
3 Stockport Exchange
SK1 3GG
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Glass Futures Ltd
(A Company Limited by Guarantee)
Statement of Comprehensive Income
For the Year Ended 28 February 2026
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Glass Futures Ltd
(A Company Limited by Guarantee)
Registered number: 10002698
Statement of Financial Position
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 34 form part of these financial statements.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Statement of Changes in Equity
For the Year Ended 28 February 2026
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Glass Futures Ltd
(A Company Limited by Guarantee)
Statement of Cash Flows
For the Year Ended 28 February 2026
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Glass Futures Ltd
(A Company Limited by Guarantee)
Analysis of Net Debt
For the Year Ended 28 February 2026
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
Glass Futures is a private company limited by guarantee incorporated in England and Wales. The registered office is Glass Futures Ltd, James Roby Way, St Helens, Merseyside, England, WA9 5DT.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
In the current period, the entity has included all project costs within cost of sales to better reflect the direct costs associated with these jobs. In the prior year, such costs were included within administrative expenses. The comparative figures have not been restated, as the impact on the prior period classification is not considered material to the understanding of the financial statements.
The following principal accounting policies have been applied:
The Company has net current liabilities of £7.209m and net assets of £960k at the year end. Of the current liabilities, £6.8m relates to deferred grant income and therefore does not represent an immediate cash payment obligation.
Subsequent to the year end, the Company secured a £4m loan facility from Innovate UK, drawable over a two-year period, to support the transition of the Company from a Research and Technology Organisation model to a more commercially viable operating structure. Drawdown of this facility commenced in April 2026. In assessing the appropriateness of the going concern basis, the Directors have considered the Company's financial position, available funding facilities and forecast cash flows. Management has prepared forecasts which take into account anticipated project and grant income, commercial activity, operating expenditure and the availability of the Innovate UK loan facility. Based on these forecasts, the Directors are satisfied that the Company has sufficient resources to meet its liabilities as they fall due and to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
2.Accounting policies (continued)
Project income is recognised by reference to the stage of completion of the project activity at the reporting end date. Any surplus made by the company is held for re-investment into further research, subject to the legal requirements around administration. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions, it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. Amounts received in advance of the relevant recognition criteria being satisfied are recognised within creditors as deferred income. Government grants are presented within income in the Statement of Comprehensive Income.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
2.Accounting policies (continued)
Research expenditure is recognised as an expense in the period in which it is incurred.
Development expenditure is recognised as an expense in the period in which it is incurred unless it meets the criteria for recognition as an intangible asset under FRS 102. Where those criteria are met, development expenditure is capitalised and subsequently amortised over its estimated useful economic life. Research and Development Expenditure Credits ("RDEC") are recognised when there is reasonable assurance that the Company has complied with the relevant conditions and that the credit will be received. RDEC is recognised on a gross basis within operating income in the Statement of Comprehensive Income in the period to which the qualifying research and development expenditure relates. Any corporation tax arising in respect of the RDEC is recognised within the taxation charge. Amounts receivable in respect of RDEC at the reporting date are recognised within debtors.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
2.Accounting policies (continued)
The company has both a mutual and non-mutual trading status for the purposes of corporation tax. The mutual trade is exempt from corporation tax because of the principle of mutuality. The non-mutual trading is subject to corporation tax and qualified for relevant R&D tax credits.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under construction are stated at cost and are not depreciated until they are available for use and brought into operation. Depreciation commences when the asset is commissioned and capable of operating in the manner intended by management.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
2.Accounting policies (continued)
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
Tangible fixed assets A key estimate made by management in preparing these financial statements is the useful economic life of the furnace which is deemed to be 10 years. The furnace has a carrying value of £33,649,733 (2025: £29,683,557). Project income: The company participates in project-related research and development. The length of projects varies and estimations as to the level of completion of projects with reference to milestones are to ensure income and expenditure is fairly stated. These estimations are subject to management judgement. At the year end amounts included in accrued income total £12,942 (2025: £177,270) and amounts included in deferred income include £289,967 (2025: £Nil).
Analysis of turnover by country of destination:
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
Page 25
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
Page 26
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
Page 27
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
12.Taxation (continued)
The Company has trading losses available to offset against future corporation tax liabilites. An RDEC credit of £233k has not been recognised in the financnial statements.
Page 28
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
Page 29
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
Page 30
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
Page 31
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
Page 32
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
Profit and loss account
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £140,247 (2025: £111,258). Contributions totalling £25,937 (2025: £31,767) were payable to the fund at the reporting date and are included in creditors.
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Glass Futures Ltd
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 28 February 2026
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