Registered number:
FOR THE YEAR ENDED 31 JULY 2024
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
COMPANY INFORMATION
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
CONTENTS
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
The directors present their strategic report of the company and the group for the year ended 31 July 2024.
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.
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.
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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.
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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.
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.
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 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.
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.
The directors who served during the year were:
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.
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
There have been no significant events affecting the Group since the year end.
The auditors, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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.
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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.
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.
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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.
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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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Date:
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
REGISTERED NUMBER: 08538445
CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2024
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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.
The notes on pages 18 to 36 form part of these financial statements.
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
REGISTERED NUMBER: 08538445
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
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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
The notes on pages 18 to 36 form part of these financial statements.
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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
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:
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.
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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.
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (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:
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.
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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.
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Rentals paid under operating leases are charged to profit or loss on a straight line basis over lease term.
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.
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.
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
10.Taxation (continued)
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
12.Tangible fixed assets (continued)
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
The 2024 valuations were made by the directors, on an open market value for existing use basis.
The 2024 valuations were made by the directors, on an open market value for existing use basis.
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Hire purchase obligations are secured upon the asset to which they relate.
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
There is no single controlling party.
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