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Registered number: 08538445










JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
H K Davies 
R C Davies 
J Pearce 
J Y Pearce 




Company secretary
J Pearce



Registered number
08538445



Registered office
Willowfield
Chainwalk

Glynneath

West Glamorgan

SA11 5ER




Independent auditors
MHA

Statutory Auditor

Swansea, United Kingdom





 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10 - 11
Company Balance Sheet
12 - 13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 36


 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The directors present their strategic report of the company and the group for the year ended 31 July 2024.

Business review
 
The results for the group are set out in the consolidated statement of comprehensive income on page 9. The turnover has decreased slightly from £13.4m for the year ended 31 July 2023 to £13.3m for the year ended 31 July 2024.
                                                                                                                                                                                   
The key measurement of the effectiveness of the company's operations is gross profit margin which is 13.8% for the year ended 31 July 2024 compared to 14.7% for the year ended 31 July 2023.
The group balance sheet on page 10 shows that the group's net assets have increased from £4,057,615 at 31 July 2023 to £4,221,891 at 31 July 2024.
The group's net current assets have decreased from £1,608,811 at 31 July 2023 to £1,389,102 at 31 July 2024.

Principal risks and uncertainties
 
The group operates in a competitive market which is a continuing risk to the group and could result in losing sales to its key competitors. The group manages this risk by providing value added services to its customers, having fast response times to customer queries and maintaining strong relationships with its customers.
Price risk
The group is exposed to price risk as a result of its operations, in particular adverse fluctuations in fuel and subcontractor prices. The directors manage fuel and subcontractor price fluctuations by monitoring movements in pricing and anticipating significant price increases. However, in the opinion of the directors, given the size of the group's operations, the costs of managing exposure to this price risk via hedging, exceed the potential benefits. The directors will review the appropriateness of this policy should the group's operations change in size or nature.
Liquidity risk
The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the group has sufficient available funds for its operations. The group's principal instruments comprise of bank balances, trade debtors, trade creditors and bank loans. The main purpose of these instruments is to raise funds for the company's operations.
Credit risk
The group's principal financial assets are cash at bank and trade receivables. The group's credit risk is primarily attributable to its trade debtors. The amounts presented in the statement of financial position are net of allowance for doubtful debtors. The directors actively monitor and manage the credit risk associated with the group's significant customers.
Interest rate cash flow risk
Exposure to adverse movements in interest rates is not considered by the directors as a significant risk to the group.
The group's trading activities are all within the United Kingdom and therefore it is not exposed to the risks of fluctuations in exchange rates during the year.

Page 1

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


This report was approved by the board on 20 December 2024 and signed on its behalf.



R C Davies
Director

Page 2

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

Directors' responsibilities statement

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;

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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £264,725 (2023 - £367,277).

Dividends totalling £100,449 (2023 - £110,153) were paid during the year.

Directors

The directors who served during the year were:

H K Davies 
R C Davies 
J Pearce 
J Y Pearce 

Future developments

The directors are optimistic about the group's future prospects.

Disclosure in the Strategic Report 

Included in the group's strategic report is a review of the business and description of the principal risks and uncertainties facing the group. 

Page 3

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

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

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 December 2024 and signed on its behalf.
 





R C Davies
Director

Page 4

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of John Pearce (Glynneath) Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated Statement of Comprehensive Income, 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 policiesThe 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 July 2024 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 5

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED (CONTINUED)


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 ReportOur 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.


Page 6

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


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:

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we
designed procedures which included:
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud.
- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred.
- Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance wirth applicable laws and regulations.
- Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness. 
- Evaluating the business rationale of significant transactions outside the normal course of business. 
- An assessment of the methodologies used in order to calculate estimates/provisions at the year end for evidence of bias. 
- We considered where applicable alternative estimation approaches including using (where available) actual post year end outcomes in order to provide assurance over the potential for material misstatement.
- Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud;
- Discussions with management over any potential or suspected fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


Page 7

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED (CONTINUED)


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 2006Our 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.





Brian Garland BA ACA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
Swansea, United Kingdom

Date: 20 December 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 8

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,270,727
13,421,938

Cost of sales
  
(11,438,037)
(11,447,886)

Gross profit
  
1,832,690
1,974,052

Administrative expenses
  
(1,399,489)
(1,198,025)

Yard Repairs and Maintenance
  
-
(44,324)

Operating profit
  
433,201
731,703

Interest payable and similar expenses
 9 
(94,060)
(85,625)

Profit before taxation
  
339,141
646,078

Tax on profit
 10 
(74,416)
(278,801)

Profit for the financial year
  
264,725
367,277

  

Profit for the year attributable to:
  

Owners of the parent Company
  
264,725
367,277

  
264,725
367,277

The notes on pages 18 to 36 form part of these financial statements.

Page 9

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
REGISTERED NUMBER: 08538445

CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
3,776,480
3,403,155

Investment property
 14 
678,684
678,684

  
4,455,164
4,081,839

Current assets
  

Stocks
  
19,984
25,105

Debtors: amounts falling due within one year
 16 
2,335,218
2,796,017

Cash at bank and in hand
 17 
1,196,446
1,134,639

  
3,551,648
3,955,761

Creditors: amounts falling due within one year
 18 
(2,162,546)
(2,346,950)

Net current assets
  
 
 
1,389,102
 
 
1,608,811

Total assets less current liabilities
  
5,844,266
5,690,650

Creditors: amounts falling due after more than one year
  
(788,322)
(873,398)

Provisions for liabilities
  

Deferred taxation
 22 
(834,053)
(759,637)

  
 
 
(834,053)
 
 
(759,637)

Net assets
  
4,221,891
4,057,615


Capital and reserves
  

Called up share capital 
 23 
5,000
5,000

Other reserves
 24 
190,919
190,919

Profit and loss account
 24 
4,025,972
3,861,696

Equity attributable to owners of the parent Company
  
4,221,891
4,057,615


Page 10

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
REGISTERED NUMBER: 08538445
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 December 2024.




R C Davies
Director

The notes on pages 18 to 36 form part of these financial statements.

Page 11

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
REGISTERED NUMBER: 08538445

COMPANY BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
2,500
2,500

Investment property
  
678,684
678,684

  
681,184
681,184

Current assets
  

Debtors: amounts falling due within one year
 16 
102,500
368,904

Cash at bank and in hand
 17 
896,710
549,360

  
999,210
918,264

Creditors: amounts falling due within one year
 18 
(262,022)
(281,652)

Net current assets
  
 
 
737,188
 
 
636,612

Total assets less current liabilities
  
1,418,372
1,317,796

  

Provisions for liabilities
  

Deferred taxation
 22 
(38,983)
(59,082)

  
 
 
(38,983)
 
 
(59,082)

Net assets excluding pension asset
  
1,379,389
1,258,714

Net assets
  
1,379,389
1,258,714


Capital and reserves
  

Called up share capital 
 23 
5,000
5,000

Other reserves
 24 
190,919
190,919

Profit and loss account brought forward
  
1,062,795
1,001,942

Profit for the year
  
221,124
171,006

Other changes in the profit and loss account

  

(100,449)
(110,153)

Profit and loss account carried forward
  
1,183,470
1,062,795

  
1,379,389
1,258,714


Page 12

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
REGISTERED NUMBER: 08538445
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 December 2024.


R C Davies
Director

The notes on pages 18 to 36 form part of these financial statements.

Page 13

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 August 2022
5,000
190,919
3,604,572
3,800,491



Profit for the year
-
-
367,277
367,277

Dividends
-
-
(110,153)
(110,153)



At 1 August 2023
5,000
190,919
3,861,696
4,057,615



Profit for the year
-
-
264,725
264,725

Dividends
-
-
(100,449)
(100,449)


At 31 July 2024
5,000
190,919
4,025,972
4,221,891


The notes on pages 18 to 36 form part of these financial statements.

Page 14

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 August 2022
5,000
190,919
1,001,942
1,197,861



Profit for the year
-
-
171,006
171,006

Dividends
-
-
(110,153)
(110,153)



At 1 August 2023
5,000
190,919
1,062,795
1,258,714



Profit for the year
-
-
221,124
221,124

Dividends: Equity capital
-
-
(100,449)
(100,449)


At 31 July 2024
5,000
190,919
1,183,470
1,379,389


The notes on pages 18 to 36 form part of these financial statements.

Page 15

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
339,140
646,078

Adjustments for:

Depreciation of tangible assets
773,189
657,598

Loss on disposal of tangible assets
56,388
(16,803)

Decrease in stocks
5,121
24,767

Decrease/(increase) in debtors
423,621
(123,211)

(Decrease)/increase in creditors
(313,482)
254,897

Corporation tax received
37,178
-

Finance costs
24,067
35,511

Hire Purchase Interest
69,993
50,114

Net cash generated from operating activities

1,415,215
1,528,951


Cash flows from investing activities

Purchase of tangible fixed assets
(1,246,244)
(1,375,901)

Sale of tangible fixed assets
43,342
38,799

Net cash from investing activities

(1,202,902)
(1,337,102)

Cash flows from financing activities

Repayment of loans
(51,557)
(118,565)

Dividends paid
(100,449)
(110,153)

Hire Purchase Capital Repaid
(818,498)
(1,015,870)

New Hire Purchase agreements
819,996
947,846

Net cash used in financing activities
(150,508)
(296,742)

Net increase/(decrease) in cash and cash equivalents
61,805
(104,893)

Cash and cash equivalents at beginning of year
1,134,641
1,239,534

Cash and cash equivalents at the end of year
1,196,446
1,134,641


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,196,446
1,134,641

1,196,446
1,134,641


The notes on pages 18 to 36 form part of these financial statements.

Page 16

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024





At 1 August 2023
Cash flows
New finance leases
At 31 July 2024
£

£

£

£

Cash at bank and in hand

1,134,639

61,807

-

1,196,446

Debt due after 1 year

(36,962)

36,962

-

-

Debt due within 1 year

(233,053)

50,901

-

(182,152)

Finance leases

(1,523,131)

(819,996)

818,498

(1,524,629)


(658,507)
(670,326)
818,498
(510,335)

The notes on pages 18 to 36 form part of these financial statements.

Page 17

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

John Pearce (Glynneath) Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts in these financial statements are rounded to nearest £.

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 Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 August 2015.

Page 18

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.3

Going concern

In preparing the financial statements, the directors have considered the current financial position and have also assessed the financial future of the business. The directors have concluded that it is appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the directors have considered the company's net assets and the profit reported in the current financial year.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its financial obligations as they fall due. Accordingly, the directors continue to adopt the going concern basis inpreparing the annual report and accounts.

 
2.4

Turnover and Revenue recognition

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 19

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

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

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 20

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant and machinery
-
20%
Motor vehicles
-
20%
Fixtures and fittings
-
10%

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.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value 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 21

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

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

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.16

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

Decreases in provisions are generally credited to profit or loss. 

  
2.17

Hire purchase

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the assets useful lives. 

A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability. 

Page 22

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 23

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
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.

  
2.20

Operating leases

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

  
2.21

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiries within the group. Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and furutre periods.


4.


Turnover

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


2024
2023
£
£

Haulage and leasing revenue
13,270,727
13,421,938

13,270,727
13,421,938


All turnover arose within the United Kingdom.

Page 24

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
15,400
14,265


6.

Operating profit

2024
2023
        £
        £
Depreciation - owned assets

219,981

199,601

Depreciation - assets on hire purchase

553,208

419,062

Gain/Loss on disposal of fixed assets

56,388

-16,803

Auditors remuneration

15,400

14,265



7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
4,167,302
4,034,172

Social security costs
370,791
363,059

4,538,093
4,397,231


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


        2024
        2023
            No.
            No.







Drivers and Warehouse
99
93



Administration
18
17



Directors
4
4

121
114

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)
Page 25

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Directors' remuneration



Directors remuneration during the year is as follows:

2024
2023
        £
        £

Directors remuneration

88,722

85,444


88,722

85,444



9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
7,281
17,908

Loans from group undertakings
16,786
17,603

Finance leases and hire purchase contracts
69,993
50,114

94,060
85,625


10.


Taxation


2024
2023
£
£



Deferred tax


Origination and reversal of timing differences
74,416
255,535

Changes to tax rates
-
23,266

Total deferred tax
74,416
278,801


Tax on profit
74,416
278,801
Page 26

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
339,140
646,078


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.01%)
84,785
159,244

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,146
20,296

Capital allowances for year in excess of depreciation
-
133,186

Non-taxable income
-
(41,177)

Remeasurement of deferred tax due to change in rates
3,475
23,266

Other
-
(17,203)

Other differences leading to an increase (decrease) in the tax charge
(38,110)
(11,616)

Group relief
21,120
12,805

Total tax charge for the year
74,416
278,801


11.


Dividends

2024
2023
£
£


Dividends
100,449
110,153

100,449
110,153

Page 27

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

12.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
52,800
307,088
7,686,069
302,315
8,348,272


Additions
-
24,249
1,142,180
79,816
1,246,245


Disposals
-
-
(494,048)
-
(494,048)



At 31 July 2024

52,800
331,337
8,334,201
382,131
9,100,469



Depreciation


At 1 August 2023
25,615
255,159
4,434,966
229,377
4,945,117


Charge for the year on owned assets
6,358
10,980
743,390
12,461
773,189


Disposals
-
-
(394,318)
-
(394,318)



At 31 July 2024

31,973
266,139
4,784,038
241,838
5,323,988



Net book value



At 31 July 2024
20,827
65,198
3,550,163
140,293
3,776,481



At 31 July 2023
27,185
51,929
3,251,103
72,938
3,403,155

Page 28

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           12.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
20,827
27,185

20,827
27,185


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


2024
2023
£
£



Motor vehicles
2,395,140
2,279,982

2,395,140
2,279,982

Page 29

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2023
2,500



At 31 July 2024
2,500





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

John Pearce (Glynneath) Ltd
Willowfield, Chain Walk, Glynneath, West Glamorgan, Wales, SA11 5ER
Ordinary
100%

The aggregate of the share capital and reserves as at 31 July 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

John Pearce (Glynneath) Ltd
2,845,005
166,222

Page 30

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Investment property

Group


Freehold investment property

£



Valuation


At 1 August 2023
678,684



At 31 July 2024
678,684

The 2024 valuations were made by the directors, on an open market value for existing use basis.


2024
2023
£
£


Historic cost
428,684
428,684

428,684
428,684

Company





Freehold investment property

£



Valuation


At 1 August 2023
678,684



At 31 July 2024
678,684

The 2024 valuations were made by the directors, on an open market value for existing use basis.


15.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
19,984
25,105

19,984
25,105


Page 31

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,217,597
2,396,651
-
810

Amounts owed by group undertakings
-
-
100,000
100,000

Amounts owed by related parties
-
265,594
-
265,594

Other debtors
-
2,500
2,500
2,500

Prepayments and accrued income
117,621
94,094
-
-

Tax recoverable
-
37,178
-
-

2,335,218
2,796,017
102,500
368,904


Amounts owed by related parties are un-secured, interest-free and repayable on demand.


17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,196,446
1,134,639
896,710
549,360

1,196,446
1,134,639
896,710
549,360



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
35,405
50,000
-
-

Trade creditors
632,416
730,140
2,000
-

Other taxation and social security
362,399
443,748
1,820
1,820

Obligations under finance lease and hire purchase contracts
743,254
714,473
-
-

Other creditors
176,000
214,807
157,667
193,972

Accruals and deferred income
213,072
193,782
100,535
85,860

2,162,546
2,346,950
262,022
281,652


Other creditors include £146,747 (2023 - £183,053) Directors' current accounts, which are repayable on demand. Interest charged £15,203 (2023 - £14,516) on this balance during the year. Included in accruals is £97,538 (2023 - £82,334) of interest on directors' current account balances.   

Page 32

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
-
36,962

Net obligations under finance leases and hire purchase contracts
781,375
808,658

Other creditors
6,947
27,778

788,322
873,398



The following liabilities were secured:
Group
Group
2024
2023
£
£


Hire purchase contracts
1,524,629
1,523,131

1,524,629
1,523,131

Details of security provided:

Hire purchase obligations are secured upon the asset to which they relate.




20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
35,405
50,000

Amounts falling due 1-2 years

Bank loans
-
36,962


35,405
86,962


Bank loans are repayable in 60 installments of £4,167 to be paid monthly. Interest is payable at 2.48% per annum, and the bank loans are secured by way of a debenture granted by John Pearce (Glynneath) Ltd. The final repayment will be made in April 2025.

Page 33

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
743,254
714,473

Between 1-5 years
781,375
808,658

1,524,629
1,523,131


22.


Deferred taxation


Group



2024


£






At beginning of year
(759,637)


Charged to profit or loss
(74,416)



At end of year
(834,053)

Company


2024


£






At beginning of year
(59,082)


Charged to profit or loss
20,099



At end of year
(38,983)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Fixed asset timing differences
(834,053)
(759,637)
(38,983)
(59,082)

(834,053)
(759,637)
(38,983)
(59,082)

Page 34

 
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,002 (2023 - 2,002) Ordinary shares of £1.00 each
2,002
2,002
999 (2023 - 999) Ordinary A shares of £1.00 each
999
999
996 (2023 - 996) Ordinary B shares of £1.00 each
996
996
1 (2023 - 1) Ordinary C share of £1.00
1
1
1 (2023 - 1) Ordinary D share of £1.00
1
1
1 (2023 - 1) Ordinary E share of £1.00
1
1
1,000 (2023 - 1,000) Deferred Shares shares of £1.00 each
1,000
1,000

5,000

5,000



24.


Reserves








Fair Value Reserve

The group and company fair value other reserve movement in the year is as follows:

Fair Value Reserve
        £

At 1 August 2023

190,919

At 31 July 2024

190,919



Profit and loss account

The company retained earnings movements in the year are as follows:

Group Retained Earnings
Company Retained Earnings
        £
        £

At1 August 2023

3,861,696

1,062,795

Profit for the year

264,725

221,124

Dividends Paid

(100,449)

(100,449)

At 31 July 2024

4,025,972

1,183,470


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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

25.


Ultimate controlling party

There is no single controlling party. 


26.


Capital commitments




At 31 July 2024 the Group and Company had capital commitments as follows:


Group
Group
2024
2023
£
£

Contracted for but not provided in these financial statements
41,990
-

 
Page 36