ACCOUNTS - Final Accounts preparation

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

Registered number: 10617905

GLASS UMBRELLA 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


GLASS UMBRELLA LIMITED

CONTENTS

	Page
Company Information	1
Group Strategic Report	2 - 3
Directors' Report	4 - 5
Directors' Responsibilities Statement	6
Independent Auditors' Report	7 - 10
Consolidated Profit and Loss Account	11
Consolidated Balance Sheet	12 - 13
Company Balance Sheet	14 - 15
Consolidated Statement of Changes in Equity	16 - 17
Company Statement of Changes in Equity	18 - 19
Consolidated Statement of Cash Flows	20 - 21
Notes to the Financial Statements	22 - 41


GLASS UMBRELLA LIMITED

COMPANY INFORMATION

Directors	Mr M K White
	Mrs S L Dibble (appointed 11 May 2026)
	Mrs L Mendelsöhn (appointed 11 May 2026)


Company secretary	Ms A Siew


Registered number	10617905


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


GLASS UMBRELLA LIMITED

GROUP 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 group 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 group’s turnover (£10,903,540) remained similar to 2025 (£10,835,125), with gross margin improving (49.09%) versus 2025 (46.99%).

Resulting in earnings before interest and tax improving to £2,161,915 (2025 - £2,931,335).

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


GLASS UMBRELLA LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

Financial key performance indicators

The financial PKI's of the group are:

2026

2025

Debtor days to be below 45 days	42.0	28.4
Gross profit margin	49.06%	46.99%
Stock turnover	5.6	5.8
Current ratio	8.23	5.78
Quick ratio	7.66	4.78

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

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

Mr M K White

Director

Page 3


GLASS UMBRELLA 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 £2,093,295 (2025 - £2,770,305).

Dividends for the year amounted to £Nil (2025 - £85,800)

Directors

The directors who served during the year were:

Mr M K White

Mrs N L White (resigned 11 May 2026)

Mr D H Richardson (resigned 11 May 2026)

Mrs S P Longmire (resigned 31 August 2025)

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

On 11 May 2026, 75% of the issued share capital 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


GLASS UMBRELLA 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.

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

Mr M K White

Director

Page 5


GLASS UMBRELLA LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6


GLASS UMBRELLA LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLASS UMBRELLA LIMITED

FOR THE YEAR ENDED 31 MARCH 2026

Opinion

We have audited the financial statements of Glass Umbrella Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Parent Company's affairs as at 31 March 2026 and of the Group's 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 Group 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 Group's or the Parent 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


GLASS UMBRELLA LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLASS UMBRELLA 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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 8


GLASS UMBRELLA LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLASS UMBRELLA 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 Group 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 group 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


GLASS UMBRELLA LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLASS UMBRELLA 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


GLASS UMBRELLA LIMITED

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2026

	2026	2025
Note	£	£


Turnover	4	10,903,540	10,835,125
Cost of sales		(5,554,103)	(5,744,012)
Gross profit		5,349,437	5,091,113
Administrative expenses		(3,187,522)	(2,364,778)
Operating profit	5	2,161,915	2,726,335
Profit/loss on disposal of unlisted investments		-	205,000
Interest receivable and similar income	9	332,382	271,031
Interest payable and similar expenses	10	(3,537)	(6,530)
Profit before tax		2,490,760	3,195,836
Tax on profit	11	(397,465)	(425,531)
Profit for the financial year		2,093,295	2,770,305

Profit for the year attributable to:
Owners of the parent	2,093,295	2,770,305
	2,093,295	2,770,305

All income in the year was from continued operations.

The notes on pages 22 to 41 form part of these financial statements.

Page 11


GLASS UMBRELLA LIMITED REGISTERED NUMBER:10617905

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Intangible assets	13		138,288		133,855
Tangible assets	14		616,388		627,059
			754,676		760,914
Current assets
Stocks	16	874,960		1,093,894
Debtors: amounts falling due within one year	17	1,668,083		1,233,535
Cash at bank and in hand	18	10,116,660		8,698,668
		12,659,703		11,026,097
Creditors: amounts falling due within one year	19	(1,538,918)		(1,895,720)
Net current assets			11,120,785		9,130,377
Total assets less current liabilities			11,875,461		9,891,291
Provisions for liabilities
Deferred tax	22	(150,260)		(152,086)
Other provisions	23	(26,217)		(133,516)
			(176,477)		(285,602)
Net assets excluding pension asset			11,698,984		9,605,689
Net assets			11,698,984		9,605,689

Capital and reserves
Called up share capital	24	975	975
Profit and loss account		11,698,009	9,604,714
Equity attributable to owners of the parent Company		11,698,984	9,605,689
		11,698,984	9,605,689

Page 12


GLASS UMBRELLA LIMITED REGISTERED NUMBER:10617905

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2026

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

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

Mr M K White

Director

The notes on pages 22 to 41 form part of these financial statements.

Page 13


GLASS UMBRELLA LIMITED REGISTERED NUMBER:10617905

COMPANY BALANCE SHEET

AS AT 31 MARCH 2026

		2026		2025
Note		£		£

Fixed assets
Investments	15		975		975
			975		975
Current assets
Debtors: amounts falling due within one year	17	1,837,042		1,891,819
Cash at bank and in hand	18	168,579		158,873
		2,005,621		2,050,692
Creditors: amounts falling due within one year	19	-		(268)
Net current assets			2,005,621		2,050,424
Total assets less current liabilities			2,006,596		2,051,399


Net assets excluding pension asset			2,006,596		2,051,399
Net assets			2,006,596		2,051,399

Capital and reserves
Called up share capital	24		975		975
Profit and loss account brought forward		2,050,424		2,135,080
Loss/(profit) for the year		(44,803)		1,144
Other changes in the profit and loss account		-		(85,800)
Profit and loss account carried forward			2,005,621		2,050,424
			2,006,596		2,051,399

Page 14


GLASS UMBRELLA LIMITED REGISTERED NUMBER:10617905

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2026

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

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

Mr M K White

Director

The notes on pages 22 to 41 form part of these financial statements.

Page 15


GLASS UMBRELLA LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£
At 1 April 2025	975	9,604,714	9,605,689	9,605,689

Profit for the year	-	2,093,295	2,093,295	2,093,295
At 31 March 2026	975	11,698,009	11,698,984	11,698,984

The notes on pages 22 to 41 form part of these financial statements.

Page 16


GLASS UMBRELLA LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Equity attributable to owners of Parent Company	Non-controlling interests	Total equity
	£	£	£	£	£
At 1 April 2024	975	6,920,209	6,921,184	205,000	7,126,184

Profit for the year	-	2,770,305	2,770,305	-	2,770,305
Other movement type 1	-	-	-	(205,000)	(205,000)
Dividends: Equity capital	-	(85,800)	(85,800)	-	(85,800)
At 31 March 2025	975	9,604,714	9,605,689	-	9,605,689

The notes on pages 22 to 41 form part of these financial statements.

Page 17


GLASS UMBRELLA LIMITED

COMPANY 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	2,050,424	2,051,399

Loss for the year	-	(44,803)	(44,803)
At 31 March 2026	975	2,005,621	2,006,596

The notes on pages 22 to 41 form part of these financial statements.

Page 18


GLASS UMBRELLA LIMITED

COMPANY 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	2,135,080	2,136,055

Profit for the year	-	1,144	1,144
Contributions by and distributions to owners
Dividends: Equity capital	-	(85,800)	(85,800)
At 31 March 2025	975	2,050,424	2,051,399

The notes on pages 22 to 41 form part of these financial statements.

Page 19


GLASS UMBRELLA LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2026

			2026	2025
			£	£

Cash flows from operating activities
Profit for the financial year	2,093,295	2,770,305
Adjustments for:
Amortisation of intangible assets	47,634	39,143
Depreciation of tangible assets	242,469	233,168
Loss on disposal of tangible assets	-	7,496
Interest paid	3,537	6,530
Interest received	(332,382)	(476,031)
Taxation charge	397,465	425,531
Decrease/(increase) in stocks	218,934	(204,655)
(Increase)/decrease in debtors	(434,548)	71,859
(Decrease)/increase in creditors	(62,133)	368,511
(Decrease)/increase in provisions	(107,299)	133,516
Corporation tax (paid)	(662,553)	(75,698)
Net cash generated from operating activities	1,404,419	3,299,675

Cash flows from investing activities
Purchase of intangible fixed assets	(52,067)	(1,000)
Purchase of tangible fixed assets	(231,798)	(230,756)
Interest received	332,382	271,031
Net cash from investing activities	48,517	39,275
Cash flows from financing activities
Repayment of loans	-	(24,998)
Repayment of/new finance leases	(31,407)	(53,840)
Dividends paid	-	(85,800)
Interest paid	(3,537)	(6,530)
Net cash used in financing activities	(34,944)	(171,168)
Net increase in cash and cash equivalents	1,417,992	3,167,782
Cash and cash equivalents at beginning of year	8,698,668	5,530,886
Cash and cash equivalents at the end of year	10,116,660	8,698,668

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	10,116,660	8,698,668

Page 20


GLASS UMBRELLA LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

		2026	2025
		£	£

	10,116,660	8,698,668

Page 21


GLASS UMBRELLA 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2026.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Page 22


GLASS UMBRELLA 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 Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group 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 Group 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 Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 23


GLASS UMBRELLA 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 and the Group operate and generate 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;

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life. The useful economic life of the Connection Products Limited goodwill is deemed to be five years.

Other 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

Page 24


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

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.

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 and the reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery	-	10% - 33% straight line basis
Motor vehicles	-	33% and 25% straight line basis
Fixtures and fittings	-	33% and 25% straight line basis
Office equipment	-	25% reducing balance 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.

Page 25


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

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.

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.

Page 26


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

2.18

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

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 Profit and loss account.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet 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.

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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 16).

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 27


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

Sales of goods	10,903,540	10,835,125
	10,903,540	10,835,125

All turnover arose within the United Kingdom.

Tangible fixed assets - depreciation	242,469	233,168
Intangible fixed assets - amortisation	47,634	39,143
Profit/loss on sale of tangible assets	-	7,496

Fees payable to the Company's auditors for the audit of the consolidated and parent 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 28


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2026	2025
		£	£


Wages and salaries	2,748,812	2,588,965
Social security costs	338,909	253,024
Cost of defined contribution scheme	54,098	51,177
	3,141,819	2,893,166

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	20
Other departments	5	3

	78	80

8.	Directors' remuneration
		2026	2025
		£	£

Directors' emoluments	127,308	117,500
Group 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
		£	£

	Other interest receivable	332,382	271,031
		332,382	271,031

Page 29


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

10.	Interest payable and similar expenses
		2026	2025
		£	£

Bank interest payable	-	467
Other loan interest payable	3,537	6,063
	3,537	6,530

Corporation tax
Current tax on profits for the year	399,291	426,980
	399,291	426,980

Total current tax	399,291	426,980

Deferred tax
Origination and reversal of timing differences	(1,826)	(1,449)
Total deferred tax	(1,826)	(1,449)


	Tax on profit	397,465	425,531

Page 30


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

11.Taxation (continued)

Profit on ordinary activities before tax

2,490,760

3,195,836

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	622,690	798,959
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	11,857	632
Capital allowances for year in excess of depreciation	11,611	921
Arising from origination and reversal of timing differences	(1,826)	(1,449)
Non-taxable income	(186,042)	(285,782)
Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge	(60,825)	(46,199)
Other differences leading to an increase (decrease) in the tax charge	-	(41,551)
Total tax charge for the year	397,465	425,531

12.	Dividends
		2026	2025
		£	£

	Dividends: Equity capital	-	85,800
		-	85,800

Page 31


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

13.	Intangible assets
	Group and Company

	Develop-ment expenditure	Computer software	Goodwill	Total
	£	£	£	£
Cost
At 1 April 2025	-	15,360	525,782	541,142
Additions - internal	52,067	-	-	52,067
At 31 March 2026	52,067	15,360	525,782	593,209
Amortisation
At 1 April 2025	-	15,360	391,927	407,287
Charge for the year on owned assets	8,491	-	39,143	47,634
At 31 March 2026	8,491	15,360	431,070	454,921
Net book value
At 31 March 2026	43,576	-	94,712	138,288
At 31 March 2025	-	-	133,855	133,855

Page 32


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

14.	Tangible fixed assets
	Group

	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2025	1,621,377	261,015	235,115	296,727	2,414,234
Additions	156,266	44,326	14,300	16,906	231,798
At 31 March 2026	1,777,643	305,341	249,415	313,633	2,646,032
Depreciation
At 1 April 2025	1,175,618	183,560	163,480	264,517	1,787,175
Charge for the year on owned assets	135,740	65,412	24,736	16,581	242,469
At 31 March 2026	1,311,358	248,972	188,216	281,098	2,029,644
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 33


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

14.Tangible fixed assets (continued)

	Company

	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 April 2025	25,568	13,944	10,207	49,719
At 31 March 2026	25,568	13,944	10,207	49,719
Depreciation
At 1 April 2025	25,568	13,944	10,207	49,719
At 31 March 2026	25,568	13,944	10,207	49,719
Net book value
At 31 March 2026	-	-	-	-
At 31 March 2025	-	-	-	-

Page 34


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2025	975
	At 31 March 2026	975

	Net book value
	At 31 March 2026	975
	At 31 March 2025	975

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

Granada Glazing Limited

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

Ordinary and Ordinary A

100%

Indirect subsidiary undertaking
The following was an indirect subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Connection Products Limited

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

Ordinary

100%

Subsidiary undertakings

Granada Glazing Limited
The principal activity of Granada Glazing Limited is Manufacture and installation of glazing.

Connection Products Limited
The principal activity of Connection Products Limited is on-line retail of glazing.

Page 35


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

16.	Stocks
		Group	Group
		2026	2025
		£	£

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

17.

Debtors

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£


Trade debtors	1,254,522	842,408	-	-
Amounts owed by group undertakings	-	-	1,762,789	1,810,275
Other debtors	75,426	95,215	74,253	81,544
Prepayments	252,968	222,817	-	-
Amounts recoverable on contracts	85,167	73,095	-	-
	1,668,083	1,233,535	1,837,042	1,891,819

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Cash at bank and in hand	10,116,660	8,698,668	168,579	158,873
	10,116,660	8,698,668	168,579	158,873

Page 36


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£

Trade creditors	397,496	409,808	-	-
Corporation tax	163,719	426,981	-	268
Other taxation and social security	329,629	326,486	-	-
Obligations under finance lease and hire purchase contracts	-	31,407	-	-
Other creditors	20,415	10,659	-	-
Accruals and deferred income	627,659	690,379	-	-
	1,538,918	1,895,720	-	268

20.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		2026	2025
		£	£

	Within one year	-	34,943
		-	34,943

Page 37


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

21.	Financial instruments
		Group	Group	Company	Company
		2026	2025	2026	2025
		£	£	£	£


Financial assets that are debt instruments measured at amortised cost	11,531,775	9,709,386	242,832	20,417
Financial liabilities measured at amortised cost	1,036,126	1,100,256	-	-

Items of income, expense, gains or losses

Group

The total interest income for financial assets not measured at fair value through profit or loss is £332,382 (2025 - £271,031). The total interest expense for financial liabilities not measured at fair value through profit or loss is £3,537 (2025 - £6,530).

Company

The total interest income for financial assets not measured at fair value through profit or loss is £625 (2025 - £1,487). The total interest expense for financial liabilities not measured at fair value through profit or loss is £nil (2025 - £nil).

Page 38


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

22.	Deferred taxation
	Group

		2026
		£

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

Company

		2026

	At end of year	-

		Group	Group
		2026	2025
		£	£

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

23.	Provisions
	Group

		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 39


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

24.	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.

25.	Analysis of net debt

		At 1 April 2025	Cash flows	At 31 March 2026
		£	£	£

Cash at bank and in hand	8,698,668	1,417,992	10,116,660
Debt due within 1 year	-	-	-
Finance leases	(31,407)	31,407	-
	8,667,261	1,449,399	10,116,660

26.	Capital commitments
	At 31 March 2026 the Group and Company had capital commitments as follows:
		Group	Group
		2026	2025
		£	£

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

27.	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 £54,098 (2025 - £51,177).

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

Page 40


GLASS UMBRELLA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

28.	Commitments under operating leases
	At 31 March 2026 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2026	2025
		£	£

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).

29.	Parent and ultimate parent undertaking

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

At the signature date the immediate parent of Glass Umbrella Limited is Sorb Industri AB, registered in Sweden. The registered address of Sorb Instrudti AB c/o Lifco AB, 745 85 Enköping, Sweden.

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 41