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Registered number: 02666622 JOHN PEARCE (GLYNNEATH) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
JOHN PEARCE (GLYNNEATH) LIMITED COMPANY INFORMATION
Directors | H K Davies
| J Y Pearce
| J Pearce
| R C Davies
Company secretary | J Pearce
Registered number | 02666622
Registered office | Willowfield
| Chain Walk
| Glynneath
| West Glamorgan
| SA11 5ER
Independent auditors | MHA
| Swansea, United Kingdom
JOHN PEARCE (GLYNNEATH) LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Balance Sheet | 10 - 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 - 27
JOHN PEARCE (GLYNNEATH) LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2025
Introduction
The directors present their strategic report for the year ended 31 July 2025.
Business review
The results for the company are set out in the Statement of Comprehensive Income on page 9. The turnover has decreased from £13.2m for the year ended 31 July 2024 to £12.3m for the year ended 31 July 2025. The key measurement of the effectiveness of the company's operations is gross profit margin which is 13.5% for the year ended 31 July 2024 compared to 14.4% for the year ended 31 July 2025. The company balance sheet on page 10 shows that the company's net assets have increased from £2,845,005 at 31 July 2024 to £2,915,766 at 31 July 2025. The company's net current assets have increased from £651,916 at 31 July 2024 to £749,564, at 31 July 2025.
Principal risks and uncertainty
The company operates in a competitive market which is a continuing risk to the company and could result in losing sales to its key competitors. The company 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 company 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 company'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 company's operations change in size or nature. Liquidity risk The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for its operations. Credit risk The company's principal financial assets are cash at bank and trade receivables. The company'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 company. The company'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) LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 This report was approved by the board and signed on its behalf.
R C Davies Director
Date: 16 January 2026
Page 2
JOHN PEARCE (GLYNNEATH) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 JULY 2025 The directors present their report and the financial statements for the year ended 31 July 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the company in the year under review was that of haulage and warehousing.
Results and dividends
The profit for the year, after taxation, amounted to £211,379 (2024 - £166,222). Dividends totalling £140,619 (2024 - £122,621) were paid during the year.
Directors
The directors who served during the year were:
H K Davies
J Y Pearce
J Pearce
R C Davies
Future developments
The company will continue to focus on maintaining operational efficiency and service quality within its haulage activities. The directors will monitor market conditions and cost pressures and respond as appropriate. No significant changes to the company’s activities are anticipated in the foreseeable future. Page 3
JOHN PEARCE (GLYNNEATH) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
Further information is disclosed in note 24 to the financial statements..
Auditors
The auditors, MHA Audit Services LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
R C Davies Director
Date: 16 January 2026
Page 4
JOHN PEARCE (GLYNNEATH) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN PEARCE (GLYNNEATH) LIMITED
Opinion
We have audited the financial statements of John Pearce (Glynneath) Limited (the 'Company') for the year ended 31 July 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 July 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
JOHN PEARCE (GLYNNEATH) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN PEARCE (GLYNNEATH) 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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
JOHN PEARCE (GLYNNEATH) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN PEARCE (GLYNNEATH) LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - 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 with 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. 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 7
JOHN PEARCE (GLYNNEATH) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JOHN PEARCE (GLYNNEATH) LIMITED (CONTINUED) Brian Garland BA ACA (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditor Swansea, United Kingdom MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542) 16 January 2026 Page 8
JOHN PEARCE (GLYNNEATH) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 12,269,093 | 13,225,905
Cost of sales |  | (10,505,261) | (11,438,037)
Gross profit |  | 1,763,832 | 1,787,868
Administrative expenses |  | (1,421,590) | (1,448,274)
Other operating income | 5 | 33,620 | -
Operating profit | 6 | 375,862 | 339,594
Interest receivable and similar income |  | 1,992 | -
Interest payable and similar expenses | 9 | (93,653) | (78,857)
Profit before tax |  | 284,201 | 260,737
Tax on profit | 10 | (72,822) | (94,515)
Profit for the financial year |  | 211,379 | 166,222
Total comprehensive income for the year |  | 211,379 | 166,222
The notes on pages 13 to 27 form part of these financial statements.
Page 9
JOHN PEARCE (GLYNNEATH) LIMITED REGISTERED NUMBER: 02666622 BALANCE SHEET AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 3,636,966 |  | 3,776,481
|  |  | 3,636,966 |  | 3,776,481
Current assets |  |  |  |  |
Stocks | 13 | 14,028 |  | 19,984 |
Debtors: amounts falling due within one year | 14 | 2,093,230 |  | 2,335,218 |
Cash at bank and in hand |  | 706,599 |  | 299,736 |
|  | 2,813,857 |  | 2,654,938 |
Creditors: amounts falling due within one year | 15 | (2,064,293) |  | (2,003,022) |
Net current assets |  |  | 749,564 |  | 651,916
Total assets less current liabilities |  |  | 4,386,530 |  | 4,428,397
Creditors: amounts falling due after more than one year | 16 |  | (638,959) |  | (788,322)
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (831,805) |  | (795,070) |
|  |  | (831,805) |  | (795,070)
Net assets |  |  | 2,915,766 |  | 2,845,005
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 2,500 |  | 2,500
Profit and loss account | 20 |  | 2,913,266 |  | 2,842,505
|  |  | 2,915,766 |  | 2,845,005
Page 10
JOHN PEARCE (GLYNNEATH) LIMITED REGISTERED NUMBER: 02666622 BALANCE SHEET (CONTINUED) AS AT 31 JULY 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R C Davies
Director
Date: 16 January 2026
The notes on pages 13 to 27 form part of these financial statements. Page 11
JOHN PEARCE (GLYNNEATH) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 August 2023 | 2,500 | 2,798,904 | 2,801,404
Comprehensive income for the year |  |  |
Profit for the year | - | 166,222 | 166,222
Dividends | - | (122,621) | (122,621)
At 1 August 2024 | 2,500 | 2,842,505 | 2,845,005
Comprehensive income for the year |  |  |
Profit for the year | - | 211,379 | 211,379
Dividends | - | (140,618) | (140,618)
At 31 July 2025 | 2,500 | 2,913,266 | 2,915,766
| The notes on pages 13 to 27 form part of these financial statements.
Page 12
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
John Pearce (Glynneath) 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 management to exercise judgment in applying the Company's accounting policies (see note 3). Financial Reporting Standard 102 - reduced disclosure exemptions The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": • the requirements of Section 7 Statement of Cash Flows. The following principal accounting policies have been applied:
| 2.2 | 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 in preparing the annual report and financial statements. Page 13
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.3 | Turnover and Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: 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 Company 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.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 14
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | 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, 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. Page 15
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.9 | 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.
| 2.10 | 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.
| 2.11 | 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 16
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments
The Company 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 17
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company'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 to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing 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 the revision and future periods where the revision affects both current and future periods. The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Impairment of fixed assets Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement. Useful economic lives of tangible fixed assets Each class of assets is reviewed to identify the expected usage and longevity, expected physical wear and tear and any other factors that would impact upon the assessed useful economic lives of the asset classes. Depreciation rates are reviewed each year.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Haulage | 12,269,093 | 13,225,905
|  | 12,269,093 | 13,225,905
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Government grants receivable | 30,500 | -
| Sundry income | 3,120 | -
|  | 33,620 | -
Page 18
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation - owned assets | 101,628 | 219,981
| Depreciation - assets on hire purchase | 731,012 | 553,208
| Profit / (Loss) on sale of tangible assets | - | 56,388
| Auditors' remuneration | 14,200 | 13,500
| Auditors' remuneration - non audit services | 11,150 | 7,850
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 4,163,643 | 4,167,302
| Social security costs | 419,372 | 370,791
|  | 4,583,015 | 4,538,093
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Drivers and warehouse | 89 | 99
|  | Administration | 17 | 18
|  | Directors | 4 | 4
|  |  | 110 | 121
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 88,764 | 88,722
|  | 88,764 | 88,722
Page 19
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 11,382 | 7,281
| Loans from group undertakings | 352 | 1,583
| Finance leases and hire purchase contracts | 81,919 | 69,993
|  | 93,653 | 78,857
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 36,087 | -
| Total current tax | 36,087 | -
| Deferred tax |  |
| Origination and reversal of timing differences | 36,735 | 94,515
| Total deferred tax | 36,735 | 94,515
| Tax on profit | 72,822 | 94,515
Page 20
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 284,201 | 260,736
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 71,050 | 65,184
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 807 | 3,146
| Other differences leading to an increase (decrease) in the tax charge | - | 1,590
| Group relief | - | 21,120
| Non qualifying depreciation | 965 | -
| Remeasurement of Deferred Tax for Changes in Tax Rates | - | 3,475
| Total tax charge for the year | 72,822 | 94,515
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 140,618 | 122,621
|  | 140,618 | 122,621
Page 21
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
12. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 August 2024 | 52,800 | 331,337 | 8,334,201 | 382,131 | 9,100,469
| Additions | - | - | 690,684 | 2,441 | 693,125
| At 31 July 2025 | 52,800 | 331,337 | 9,024,885 | 384,572 | 9,793,594
| Depreciation |  |  |  |  |
| At 1 August 2024 | 31,973 | 266,139 | 4,784,038 | 241,838 | 5,323,988
| Charge for the year | 3,862 | 12,096 | 797,350 | 19,332 | 832,640
| At 31 July 2025 | 35,835 | 278,235 | 5,581,388 | 261,170 | 6,156,628
| Net book value |  |  |  |  |
| At 31 July 2025 | 16,965 | 53,102 | 3,443,497 | 123,402 | 3,636,966
| At 31 July 2024 | 20,827 | 65,198 | 3,550,163 | 140,293 | 3,776,481
Page 22
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 12.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 2,125,896 | 2,439,303
|  | 2,125,896 | 2,439,303
13. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 14,028 | 19,984
|  | 14,028 | 19,984
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,010,342 | 2,217,597
| Prepayments and accrued income | 82,888 | 117,621
|  | 2,093,230 | 2,335,218
Page 23
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 232,179 | -
| Bank loans | - | 35,405
| Trade creditors | 536,114 | 630,416
| Amounts owed to group undertakings | 94,810 | 100,000
| Corporation tax | 36,087 | -
| Other taxation and social security | 410,295 | 360,579
| Obligations under finance lease and hire purchase contracts | 624,142 | 743,254
| Other creditors | 6,947 | 20,832
| Accruals and deferred income | 123,719 | 112,536
|  | 2,064,293 | 2,003,022
16. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 638,959 | 781,375
| Other creditors | - | 6,947
|  | 638,959 | 788,322
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Hire purchase contracts | 1,263,101 | 1,524,629
|  | 1,263,101 | 1,524,629
| Details of security provided:
Hire purchase obligations are secured upon the assets to which they relate. Page 24
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
17. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 624,142 | 743,254
| Between 1-5 years | 638,959 | 781,375
|  | 1,263,101 | 1,524,629
18. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (795,069)
| Charged to the profit or loss | (36,735)
| At end of year | (831,804)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (831,804) | (857,128)
| Losses and other deductions | - | 62,058
|  | (831,804) | (795,070)
Page 25
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,000 (2024 - 2,000) Ordinary shares of £1.00 each | 2,000 | 2,000
|  | 500 (2024 - 500) Deferred shares of £1.00 each | 500 | 500
|  |  | 2,500 | 2,500
| There are 2 classes of ordinary shares. Ordinary shares carry one vote per share and deferred shared have no voting rights.
20. | Reserves
Share capital See note 19. Profit and loss account This reserve records retained earnings and accumulated profits.
21. | Capital commitments
| At 31 July 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | - | 41,990
|  | - | 41,990
22. | Related party transactions
| 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 subsidiaries within the group. There are no other related party balances or transactions to note.
Page 26
JOHN PEARCE (GLYNNEATH) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
23. | Ultimate controlling party
The parent company John Pearce (Glynneath) Holdings Ltd, a company registered in England and Wales. The registered office is Willowfield Chainwalk, Glynneath, Neath, Port Talbot, SA11 5ER. John Pearce (Glynneath) Holdings Ltd is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 July 2025. A copy of the consolidated financial statements may be obtained from the Registrar of Companies, Crown Way, Cardiff CF14 3UZ. There is no single ultimate controlling party.
24. | Post balance sheet events
Since the balance sheet date the company has further invested in its tangible fixed assets acquiring new assets costing £1.1m.
Page 27