ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 08720307

GRANADA GLAZING LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Page Kirk LLP

Chartered Accountants and Statutory Auditors

Sherwood House

7 Gregory Boulevard

Nottingham

NG7 6LB


GRANADA GLAZING LIMITED

CONTENTS

	Page
Company Information	1
Strategic Report	2 - 3
Directors' Report	4 - 5
Directors' Responsibilities Statement	6
Independent Auditors' Report	7 - 10
Profit and Loss Account	11
Balance Sheet	12
Statement of Changes in Equity	13 - 14
Notes to the Financial Statements	15 - 30


GRANADA GLAZING LIMITED

COMPANY INFORMATION

Director	Mrs S L Dibble


Company secretary	Ms A Siew


Registered number	08720307


Registered office	Quantum House
	Campbell Way
	Dinnington
	Sheffield
	S25 3QD


Independent auditors	Page Kirk LLP
	Chartered accountants and statutory auditors
	Sherwood House
	7 Gregory Boulevard
	Nottingham
	NG7 6LB


Bankers	Barclays Bank PLC
	Leicestershire
	LE87 2BB

Page 1


GRANADA GLAZING LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

Introduction

The directors present their strategic report for the year ended 31 March 2026.

Principal activity

The principal activity of the company is the manufacture and fitting of aluminium windows.

Fair review of the business

The directors are pleased to report a successful year for the period ended 31 March 2026.

The company’s turnover (£10,694,109) remained similar to 2025 (£10,546,844), with gross margin improving (48.1%) versus 2025 (46.3%).

Earnings before interest and tax fell to £2,124,799 (2025 - £2,633,393).

The directors remain optimistic about the outlook for the business in the next financial year.

Principal risks and uncertainties

Price risk
The entity is exposed to price risk through market changes in key commodities. This risk is mitigated by management through regular reviews of key price indices and monitoring manufacturing costings accordingly.

Credit risk
Exposure to credit risk is minimised by the performance of credit checks on all new customers and ongoing monitoring of existing customers. Pro forma invoicing is utilised where the credit risk is deemed excessive by management.

Cashflow
Cashflow risk continues to be managed through a system of internal controls and monitoring procedures to keep the working capital cycle as short as possible with a strong emphasis on clearly identifying the group's cash requirements in the short, medium and long term.

Foreign exchange risk
The entity is exposed to foreign exchange risk as key commodities are imported. Management mitigate this risk by settling most import transactions in £ sterling.

Inflation risk
Macroeconomic inflationary pressures present a risk to the company's financial performance. As inflation in the company's operating markets continues to reach unprecedented levels, the company is monitoring expenditure in all cost centres and reviewing pricing structures to maintain financial performance and competitiveness.

Labour market risk
Cost and supply pressures in the labour market of the company's operating markets continues to present challenges to the company's operations. The directors are attempting to mitigate this risk by maintaining competitive staff remuneration rates and focusing on staff retention.

Page 2


GRANADA GLAZING LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

This report was approved by the board on 29 September 2026 and signed on its behalf.

................................................

Mrs S L Dibble

Director

Page 3


GRANADA GLAZING LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Results and dividends

The profit for the year, after taxation, amounted to £2,083,583 (2025 - £2,500,369).

Directors

The directors who served during the year were:

Mr M K White (resigned 11 May 2026)

Mrs S P Longmire (resigned 31 August 2025)

Mr D H Richardson (resigned 11 May 2026)

Mrs S L Dibble

Future developments

The Company continues to invest in automation, manufacturing efficiency and proprietary technology. Development of bespoke automated manufacturing equipment remains a key strategic focus, with the first two products expected to be commissioned during the next financial year. The directors believe that the Company's recent integration into the Lifco group will provide additional opportunities to support future growth and investment.

Financial instruments

Objectives and policies
The directors have implemented procedures to minimise risks wherever possible.

Price risk, credit risk, liquidity risk and cash flow risk
Please see Principal risks and uncertainties in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

On 11 May 2026, 75% of the issued share capital of the parent company, Glass Umbrella Limited, was acquired by Lifco AB.

Other than the above, there have been no significant events affecting the Company since the year end.

Auditors

The auditors, Page Kirk LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4


GRANADA GLAZING LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

This report was approved by the board on 29 September 2026 and signed on its behalf.

................................................

Mrs S L Dibble

Director

Page 5


GRANADA GLAZING LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

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

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

Page 6


GRANADA GLAZING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANADA GLAZING LIMITED

FOR THE YEAR ENDED 31 MARCH 2026

Opinion

We have audited the financial statements of Granada Glazing Limited (the 'Company') for the year ended 31 March 2026, which comprise the Profit and Loss Account, the Balance Sheet, 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2026 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 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.

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.

Page 7


GRANADA GLAZING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANADA GLAZING LIMITED (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Other information

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.

Opinion on other matters prescribed by the Companies Act 2006

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.

Matters on which we are required to report by exception

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.

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' Responsibilities Statement set out on page 6, 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.

Page 8


GRANADA GLAZING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANADA GLAZING LIMITED (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Auditors' 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 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 obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Taxation legislation and Money Laundering.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management, the understatement of revenue and the valuation of stock and work-in-progress. Our audit procedures to respond to these risks included:

• Enquiries of management about their own identification and assessment of the risks of irregularities.
• Sample testing on the posting of journals.
• Reviewing meeting minutes, regulatory correspondence and professional fees.
• Detailed substantive testing on the completeness of income.
• Detailed substantive testing on the valuation and existence of stock and work-in-progress.
• Procedural testing of key internal control environments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

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 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.

Page 9


GRANADA GLAZING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANADA GLAZING LIMITED (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

John Wallis FCA (Senior Statutory Auditor)

for and on behalf of

Page Kirk LLP

Chartered accountants and statutory auditors

Sherwood House

7 Gregory Boulevard

Nottingham

NG7 6LB

29 September 2026

Page 10


GRANADA GLAZING LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2026

	2026	2025
Note	£	£


Turnover	4	10,656,961	10,546,844
Cost of sales		(5,508,494)	(5,662,309)
Gross profit		5,148,467	4,884,535
Administrative expenses		(3,023,668)	(2,251,142)
Operating profit	5	2,124,799	2,633,393
Interest receivable and similar income	9	329,501	263,992
Interest payable and similar expenses	10	(3,537)	(6,063)
Profit before tax		2,450,763	2,891,322
Tax on profit	11	(367,180)	(390,953)
Profit for the financial year		2,083,583	2,500,369

The notes on pages 15 to 30 form part of these financial statements.

Page 11


GRANADA GLAZING LIMITED REGISTERED NUMBER:08720307

BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Intangible assets	12		43,576		-
Tangible assets	13		616,388		627,059
Investments	14		235,999		235,999
			895,963		863,058
Current assets
Stocks	15	874,960		1,093,894
Debtors: amounts falling due within one year	16	1,637,520		1,174,879
Cash at bank and in hand	17	9,465,117		8,179,774
		11,977,597		10,448,547
Creditors: amounts falling due within one year	18	(3,154,915)		(3,567,418)
Net current assets			8,822,682		6,881,129
Total assets less current liabilities			9,718,645		7,744,187
Provisions for liabilities
Deferred tax	20	(150,260)		(152,086)
Other provisions	21	(26,217)		(133,516)
			(176,477)		(285,602)
Net assets			9,542,168		7,458,585

Capital and reserves
Called up share capital	22	975	975
Profit and loss account		9,541,193	7,457,610
		9,542,168	7,458,585

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2026.

................................................

Mrs S L Dibble

Director

The notes on pages 15 to 30 form part of these financial statements.

Page 12


GRANADA GLAZING LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2025	975	7,457,610	7,458,585

Profit for the year	-	2,083,583	2,083,583
At 31 March 2026	975	9,541,193	9,542,168

The notes on pages 15 to 30 form part of these financial statements.

Page 13


GRANADA GLAZING LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2024	975	4,957,241	4,958,216

Profit for the year	-	2,500,369	2,500,369
At 31 March 2025	975	7,457,610	7,458,585

The notes on pages 15 to 30 form part of these financial statements.

Page 14


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Quantum House
Campbell Way
Dinnington
Sheffield
S25 3QD

2.Accounting policies

2.1

Basis of preparation of financial statements

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Glass Umbrella Limited as at 31 March 2026 and these financial statements may be obtained from Companies House.

Page 15


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

				Development expenditure	-	33%	straight line method
				Goodwill	-	20%	straight line method

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.9

Tangible fixed assets (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:

Plant and machinery	-	10%	- 33% straight line basis
Motor vehicles	-	33%	straight line basis
Fixtures and fittings	-	20%	straight line basis
Computer equipment	-	20%	- 33% straight line 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.

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.15

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2.16

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.

Increases in provisions are generally charged as an expense to profit or loss.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Judgements

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions about the carrying amounts 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 their estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future periods.

During the preparation of these financial statements there have been no significant or material judgements that require disclosure other than stage of completion on contracts (see work in progress note 15).

Key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. There are no significant estimates in the company's financial statements.

Page 19


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Sale of goods	10,656,961	10,546,844
	10,656,961	10,546,844

All turnover arose within the United Kingdom.

	Depreciation and amortisation	250,960	233,168
	Profit/loss on disposal of property, plant and equipment	-	5,887

Fees payable to the Company's auditors for the audit of the Company's financial statements	12,930	12,200
Fees payable to the Company's auditors in respect of:
All assurance services not included above	10,490	9,900

Page 20


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Wages and salaries	2,708,478	2,528,312
Social security costs	333,888	246,799
Cost of defined contribution scheme	53,845	49,939
	3,096,211	2,825,050

The average monthly number of employees, including the directors, during the year was as follows:

	2026	2025
	No.	No.

Production	47	51
Administration and support	7	6
Sales	19	17
Other departments	5	3

	78	77

8.	Directors' remuneration
		2026	2025
		£	£

Directors' emoluments	127,308	117,500
Company contributions to defined contribution pension schemes	2,495	3,082
	129,803	120,582

During the year retirement benefits were accruing to 2 directors (2025 - 2) in respect of defined contribution pension schemes.

9.	Interest receivable
		2026	2025
		£	£

	Bank interest receivable	329,501	263,992
		329,501	263,992

Page 21


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

10.	Interest payable and similar expenses
		2026	2025
		£	£

	Other loan interest payable	3,537	6,063
		3,537	6,063

Corporation tax
Current tax on profits for the year	369,006	392,000
	369,006	392,000

Total current tax	369,006	392,000

Deferred tax
Origination and reversal of timing differences	(1,826)	(1,047)
Total deferred tax	(1,826)	(1,047)


		367,180	390,953

Page 22


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

11.Taxation (continued)

Profit on ordinary activities before tax

2,450,763

2,891,322

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	612,691	722,831
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,357	104
Capital allowances for year in excess of depreciation	1,826	1,047
Arising from origination and reversal of timing differences	(1,826)	(1,047)
Non-taxable income	(186,043)	(285,783)
Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge	(60,825)	(46,199)
Total tax charge for the year	367,180	390,953

Page 23


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

12.	Intangible assets

	Development expenditure	Goodwill	Total
	£	£	£
Cost
At 1 April 2025	-	10,000	10,000
Additions - internal	52,067	-	52,067
At 31 March 2026	52,067	10,000	62,067
Amortisation
At 1 April 2025	-	10,000	10,000
Charge for the year on owned assets	8,491	-	8,491
At 31 March 2026	8,491	10,000	18,491
Net book value
At 31 March 2026	43,576	-	43,576
At 31 March 2025	-	-	-

Page 24


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

13.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2025	1,276,808	261,015	209,466	286,520	2,033,809
Additions	156,266	44,326	14,300	16,906	231,798
At 31 March 2026	1,433,074	305,341	223,766	303,426	2,265,607
Depreciation
At 1 April 2025	831,049	183,560	137,831	254,310	1,406,750
Charge for the year on owned assets	135,740	65,412	24,736	16,581	242,469
At 31 March 2026	966,789	248,972	162,567	270,891	1,649,219
Net book value
At 31 March 2026	466,285	56,369	61,199	32,535	616,388
At 31 March 2025	445,759	77,455	71,635	32,210	627,059

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2026	2025
	£	£


Motor vehicles	-	32,962
	-	32,962

Page 25


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

14.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2025	235,999
	At 31 March 2026	235,999

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Connection Products Limited

Quantum House Campbell Way, Dinnington, Sheffield, England, S25 3QD

Ordinary

100%

15.	Stocks
		2026	2025
		£	£

Work in progress	169,939	135,992
Stocks	705,021	957,902
	874,960	1,093,894

Page 26


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

16.

Debtors

					2026	2025
					£	£


Trade debtors	1,241,184	837,314
Amounts owed by group undertakings	57,028	28,859
Other debtors	1,173	12,794
Prepayments	252,968	222,817
Amounts recoverable on contract	85,167	73,095
	1,637,520	1,174,879

17.	Cash and cash equivalents
		2026	2025
		£	£

Cash at bank and in hand	9,465,117	8,179,774
	9,465,117	8,179,774

18.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Trade creditors	394,322	406,576
Amounts owed to group undertakings	1,762,789	1,810,275
Corporation tax	151,505	392,000
Other taxation and social security	325,321	312,390
Obligations under finance lease and hire purchase contracts	-	31,407
Other creditors	20,415	10,659
Accruals and deferred income	500,563	604,111
	3,154,915	3,567,418

Page 27


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

	Within one year	-	34,943
		-	34,943

20.	Deferred taxation

		2026
		£

	At beginning of year	152,086
	Charged to profit or loss	(1,826)
	At end of year	150,260

The provision for deferred taxation is made up as follows:
	2026	2025
	£	£

	Accelerated capital allowances	150,260	152,086
		150,260	152,086

21.	Provisions

		Import duty
		£

	At 1 April 2025	133,516
	Released in year	(107,299)
	At 31 March 2026	26,217

The Company was notified of the IP suspension on 11 February 2025. This provision reflects the Anti-Dumping Duty (ADD) related to unprocessed or outstanding duties.

Page 28


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

22.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

73,125 (2025 - 73,125) Ordinary shares of £0.01 each	731	731
24,375 (2025 - 24,375) Ordinary A shares of £0.01 each	244	244

	975	975

Each share ranks equally with all other ordinary and ordinary A shares for voting, dividend and right to capital.

	Contracted for but not provided in these financial statements	24,248	54,223
		24,248	54,223

24.	Pension commitments

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £53,845 (2025 - £49,939).

Contributions totalling £9,444 (2025 - £10,590) were payable to the scheme at the end of the year and are included in creditors.

Page 29


GRANADA GLAZING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Not later than 1 year	283,896	362,946
Later than 1 year and not later than 5 years	14,973	238,935
	298,869	601,881

The amount of non-cancellable operating lease payments recognised as an expense during the year was £370,431 (2025 - £330,163).

26.	Controlling party

At 31 March 2026 the ultimate controlling party was Mrs N L White.

The parent of the largest and smallest group in which these financial statements are consolidated is Glass Umbrella Limited, incorporated in England and Wales.

The address of Glass Umbrella Limited is:
Quantum House, Campbell Way, Dinnington, Sheffield, S25 3QD

At the signature date the ultimate parent company is Lifco AB, registered in Sweden. The registered address of Lifco AB is c/o Lifco AB, 745 85 Enköping, Sweden.

The ultimate controlling party is Mr C Bennet.

Page 30