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Registered number: 08538445 JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
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
| 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 - 17
Consolidated Analysis of Net Debt | 18
Notes to the Financial Statements | 19 - 38
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2025
Introduction
The directors present their strategic report of the company and the group for the year ended 31 July 2025.
Business review
The results for the group are set out in the consolidated statement of comprehensive income on page 10. The turnover has decreased slightly from £13.3m 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 13.8% for the year ended 31 July 2024 compared to 14.8% for the year ended 31 July 2025. The group balance sheet on page 11 shows that the group's net assets have increased from £4,221,891 at 31 July 2024 to £4,428,205 at 31 July 2025. The group's net current assets have decreased from £1,389,102 at 31 July 2024 to £1,618,458 at 31 July 2025.
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 2025 This report was approved by the board on 16 January 2026 and signed on its behalf.
R C Davies Director
Page 2
JOHN PEARCE (GLYNNEATH) HOLDINGS 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 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 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.
Principal activity
The principal activity of the group in the year under review was that of haulage and warehousing.
Results and dividends
The profit for the year, after taxation, amounted to £282,928 (2024 - £264,725). Dividends totalling £76,614 (2024 - £100,449) 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 group 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 groups activities are anticipated in the forseeable future. Page 3
JOHN PEARCE (GLYNNEATH) HOLDINGS 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 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
Further information is disclosed in note 28 to the financial statements.
Auditors
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 and signed on its behalf.
R C Davies Director
Date: 16 January 2026
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 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 July 2025 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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. 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 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. Brian Garland BA ACA (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditor Swansea, United Kingdom Date: 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) HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 12,327,845 | 13,270,727
Cost of sales |  | (10,505,261) | (11,438,037)
Gross profit |  | 1,822,584 | 1,832,690
Administrative expenses |  | (1,373,037) | (1,399,489)
Other operating income | 5 | 33,620 | -
Operating profit |  | 483,167 | 433,201
Interest receivable and similar income | 9 | 1,992 | -
Interest payable and similar expenses | 10 | (105,559) | (94,060)
Profit before taxation |  | 379,600 | 339,141
Tax on profit | 11 | (96,672) | (74,416)
Profit for the financial year |  | 282,928 | 264,725
Total comprehensive income for the year |  | 282,928 | 264,725
Profit for the year attributable to: |  |  |
Owners of the Parent Company |  | 282,928 | 264,725
|  | 282,928 | 264,725
The notes on pages 19 to 38 form part of these financial statements.
Page 9
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED REGISTERED NUMBER: 08538445 CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 3,636,966 |  | 3,776,480
Investment property | 15 |  | 678,684 |  | 678,684
|  |  | 4,315,650 |  | 4,455,164
Current assets |  |  |  |  |
Stocks | 16 | 14,028 |  | 19,984 |
Debtors: amounts falling due within one year | 17 | 2,110,029 |  | 2,335,218 |
Cash at bank and in hand | 18 | 1,759,528 |  | 1,196,446 |
|  | 3,883,585 |  | 3,551,648 |
Creditors: amounts falling due within one year | 19 | (2,265,127) |  | (2,162,546) |
Net current assets |  |  | 1,618,458 |  | 1,389,102
Total assets less current liabilities |  |  | 5,934,108 |  | 5,844,266
Creditors: amounts falling due after more than one year | 20 |  | (638,959) |  | (788,322)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 22 | (866,944) |  | (834,053) |
|  |  | (866,944) |  | (834,053)
Net assets |  |  | 4,428,205 |  | 4,221,891
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 5,000 |  | 5,000
Other reserves | 24 |  | 190,919 |  | 190,919
Profit and loss account | 24 |  | 4,232,286 |  | 4,025,972
Equity attributable to owners of the Parent Company |  |  | 4,428,205 |  | 4,221,891
Page 10
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED REGISTERED NUMBER: 08538445 CONSOLIDATED 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 19 to 38 form part of these financial statements. Page 11
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED REGISTERED NUMBER: 08538445 COMPANY BALANCE SHEET AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 14 |  | 2,500 |  | 2,500
Investment property |  |  | 678,684 |  | 678,684
|  |  | 681,184 |  | 681,184
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 114,110 |  | 102,500 |
Cash at bank and in hand | 18 | 1,052,929 |  | 896,710 |
|  | 1,167,039 |  | 999,210 |
Creditors: amounts falling due within one year | 19 | (298,141) |  | (262,022) |
Net current assets |  |  | 868,898 |  | 737,188
Total assets less current liabilities |  |  | 1,550,082 |  | 1,418,372
Provisions for liabilities |  |  |  |  |
Deferred taxation | 22 | (35,139) |  | (38,983) |
|  |  | (35,139) |  | (38,983)
Net assets |  |  | 1,514,943 |  | 1,379,389
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 |  | 1,183,470 |  | 1,062,795 |
Profit for the year |  | 212,168 |  | 221,124 |
Dividends |  | (76,614) |  | (100,449) |
Profit and loss account carried forward |  |  | 1,319,024 |  | 1,183,470
|  |  | 1,514,943 |  | 1,379,389
Page 12
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED REGISTERED NUMBER: 08538445 COMPANY 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 19 to 38 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 2025
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2023 | 5,000 | 190,919 | 3,861,696 | 4,057,615
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 264,725 | 264,725
Dividends | - | - | (100,449) | (100,449)
At 1 August 2024 | 5,000 | 190,919 | 4,025,972 | 4,221,891
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 282,928 | 282,928
Dividends | - | - | (76,614) | (76,614)
At 31 July 2025 | 5,000 | 190,919 | 4,232,286 | 4,428,205
| The notes on pages 19 to 38 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 2025
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2023 | 5,000 | 190,919 | 1,062,795 | 1,258,714
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 221,124 | 221,124
Dividends | - | - | (100,449) | (100,449)
At 1 August 2024 | 5,000 | 190,919 | 1,183,470 | 1,379,389
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 212,168 | 212,168
Dividends | - | - | (76,614) | (76,614)
At 31 July 2025 | 5,000 | 190,919 | 1,319,024 | 1,514,943
| The notes on pages 19 to 38 form part of these financial statements.
Page 15
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit before tax | 379,600 | 339,140
Adjustments for: |  |
Depreciation of tangible assets | 832,640 | 773,189
Loss on disposal of tangible assets | - | 56,388
Interest paid | 105,559 | 94,060
Interest received | (1,992) | -
Decrease in stocks | 5,956 | 5,121
Decrease in debtors | 225,189 | 423,621
(Decrease) in creditors | (45,809) | (219,421)
Corporation tax received | - | 37,178
Net cash generated from operating activities | 1,501,143 | 1,509,276
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (693,126) | (1,246,244)
Sale of tangible fixed assets | - | 43,342
Interest received | 1,992 | -
Net cash from investing activities | (691,134) | (1,202,902)
Cash flows from financing activities |  |
Repayment of loans | (35,405) | (51,557)
Dividends paid | (76,614) | (100,449)
Interest paid | (23,640) | (24,067)
Interest paid on hire purchase | (81,919) | (69,993)
Hire purchase repayments | (936,053) | (818,499)
New hire purchase agreements | 674,524 | 819,996
Net cash used in financing activities | (479,107) | (244,569)
Page 16
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
|  | 2025 | 2024
|  | £ | £
Net increase in cash and cash equivalents | 330,902 | 61,805
Cash and cash equivalents at beginning of year | 1,196,446 | 1,134,641
Cash and cash equivalents at the end of year | 1,527,348 | 1,196,446
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,759,527 | 1,196,446
Bank overdrafts | (232,179) | -
| 1,527,348 | 1,196,446
The notes on pages 19 to 38 form part of these financial statements.
Page 17
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 JULY 2025
| At 1 August 2024 | Cash flows | New finance leases | At 31 July 2025
| £ | £ | £ | £
Cash at bank and in hand | 1,196,446 | 563,082 | - | 1,759,528
Bank overdrafts | - | (232,179) | - | (232,179)
Debt due within 1 year | (182,152) | 38,016 | - | (144,136)
Finance leases | (1,524,629) | 936,053 | (674,525) | (1,263,101)
| (510,335) | 1,304,972 | (674,525) | 120,112
The notes on pages 19 to 38 form part of these financial statements.
Page 18
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
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 19
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 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 | 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 Consolidated 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.
| 2.7 | 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. Page 20
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | 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.
| 2.10 | 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 21
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.10 | 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.
| 2.11 | 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.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.13 | 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.
| 2.14 | 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 22
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.15 | 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.
| 2.16 | 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.
| 2.17 | 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.
| 2.18 | 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.
| 2.19 | 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 23
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.20 | 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. 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 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 24
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.21 | 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.
| 2.22 | Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over lease term.
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. 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 assesses useful economic lives of the asset classes. Depreciation rates are reviewed each year. Page 25
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Haulage and leasing revenue | 12,327,845 | 13,270,727
|  | 12,327,845 | 13,270,727
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Government grants receivable | 30,500 | -
| Sundry income | 3,120 | -
|  | 33,620 | -
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 | 16,500 | 15,500
| Auditors' remuneration - non audit services | 11,150 | 7,850
Page 26
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 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
| The company has no employees other than the directors. In both the current and prior years, the directors received no remuneration from the parent company, being remunerated instead by the subsidiary undertaking. Directors’ remuneration for the year was as follows:
|  | 2025 | 2024
|  | £ | £
| Directors' emoluments | 89,451 | 88,722
|  | 89,451 | 88,722
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 1,992 | -
|  | 1,992 | -
Page 27
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 11,382 | 7,281
| Loans from group undertakings | 12,258 | 16,786
| Finance leases and hire purchase contracts | 81,919 | 69,993
|  | 105,559 | 94,060
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 63,781 | -
| Total current tax | 63,781 | -
| Deferred tax |  |
| Origination and reversal of timing differences | 36,735 | 74,416
| Short term timing differences | (3,844) | -
| Total deferred tax | 32,891 | 74,416
| Tax on profit | 96,672 | 74,416
Page 28
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower 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 | 379,600 | 339,140
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 94,900 | 84,785
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 965 | 3,146
| Remeasurement of deferred tax due to change in rates | - | 3,475
| Other differences leading to an increase (decrease) in the tax charge | 807 | (38,110)
| Group relief | - | 21,120
| Total tax charge for the year | 96,672 | 74,416
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 76,614 | 100,449
|  | 76,614 | 100,449
Page 29
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
13. | Tangible fixed assets
| Group
|  | 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
| 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
Page 30
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 August 2024 | 2,500
| At 31 July 2025 | 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 2025 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 | 2,915,766 | 211,379
Page 31
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
15. | Investment property
| Group
|  | Freehold investment property
|  | £
| Valuation |
| At 1 August 2024 | 678,684
| At 31 July 2025 | 678,684
The 2025 valuations were made by the directors, on an open market value basis.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 428,684 | 428,684
|  | 428,684 | 428,684
| Company
|  | Freehold investment property
|  | £
| Valuation |
| At 1 August 2024 | 678,684
| At 31 July 2025 | 678,684
The 2025 valuations were made by the directors, on an open market value basis.
16. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Finished goods and goods for resale | 14,028 | 19,984
|  | 14,028 | 19,984
Page 32
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 2,027,141 | 2,217,597 | 16,800 | -
| Amounts owed by group undertakings | - | - | 94,810 | 100,000
| Other debtors | - | - | 2,500 | 2,500
| Prepayments and accrued income | 82,888 | 117,621 | - | -
|  | 2,110,029 | 2,335,218 | 114,110 | 102,500
| Amounts owed by related parties are un-secured, interest-free and repayable on demand.
18. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 1,759,528 | 1,196,446 | 1,052,929 | 896,710
| Less: bank overdrafts | (232,179) | - | - | -
|  | 1,527,349 | 1,196,446 | 1,052,929 | 896,710
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | 232,179 | - | - | -
| Bank loans | - | 35,405 | - | -
| Trade creditors | 536,114 | 632,416 | - | 2,000
| Corporation tax | 63,781 | - | 27,694 | -
| Other taxation and social security | 413,095 | 362,399 | 2,800 | 1,820
| Obligations under finance lease and hire purchase contracts | 624,142 | 743,254 | - | -
| Other creditors | 159,505 | 176,000 | 155,056 | 157,667
| Accruals and deferred income | 236,311 | 213,072 | 112,591 | 100,535
|  | 2,265,127 | 2,162,546 | 298,141 | 262,022
Page 33
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
20. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 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:
|  | Group | Group
|  | 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 asset to which they relate. Page 34
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 624,142 | 743,254
| Between 1-5 years | 638,969 | 781,375
|  | 1,263,111 | 1,524,629
22. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (834,052)
| Charged to profit or loss | (32,891)
| At end of year | (866,943)
| Company
|  | 2025
|  | £
| At beginning of year | (38,983)
| Charged to profit or loss | 3,844
| At end of year | (35,139)
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Fixed asset timing differences | (831,804) | (795,070) | - | -
| Short term timing differences | 27,361 | 23,517 | 27,361 | 23,517
| Capital gains | (62,500) | (62,500) | (62,500) | (62,500)
|  | (866,943) | (834,053) | (35,139) | (38,983)
Page 35
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,002 (2024 - 2,002) Ordinary shares of £1.00 each | 2,002 | 2,002
|  | 999 (2024 - 999) Ordinary A shares of £1.00 each | 999 | 999
|  | 996 (2024 - 996) Ordinary B shares of £1.00 each | 996 | 996
|  | 1 (2024 - 1) Ordinary C share of £1.00 | 1 | 1
|  | 1 (2024 - 1) Ordinary D share of £1.00 | 1 | 1
|  | 1 (2024 - 1) Ordinary E share of £1.00 | 1 | 1
|  | 1,000 (2024 - 1,000) Deferred Shares shares of £1.00 each | 1,000 | 1,000
|  |  | 5,000 | 5,000
| There are seven classes of shares. Six of these classes comprise ordinary shares designated by letter (Ordinary, Ordinary A, Ordinary B, Ordinary C, Ordinary D and Ordinary E). Each class ranks pari passu, with identical voting rights and equal entitlement to distributions on a winding up. The shares are not redeemable. The deferred shares carry no voting rights and no entitlement to dividends. However, they rank equally for any distribution on a winding up and are not redeemable.
24. | Reserves
Share capital See note 25. Group Profit and loss account This reserve records retained earnings and accumulated profits. Page 36
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
| Other reserves
| Included within other reserves is the fair value reserve. The movement in the year is as follows:
|  | Fair Value Reserve
|  | £
| At 1 August 2024 | 190,919
| At 31 July 2025 | 190,919
| The fair value reserve includes the net movement arising from the revaluation of investment property. During prior years, investment property was revalued upwards by £250,000. The related deferred tax liability of £59,081 has been recognised within provisions, with the net credit of £190,919 reflected in the fair value reserve.
25. | Capital commitments
| At 31 July 2025 the Group and Company had capital commitments as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Contracted for but not provided in these financial statements | - | 41,990
26. | 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 subsidiries within the group. Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. Transactions and balances with Key Management Personnel Other creditors include directors’ current account balances of £144,136 (2024: £146,747), which are repayable on demand. Interest of £11,382 (2024: £15,203) was charged on these balances during the year at an interest rate of 8%. Accrued interest on directors’ current account balances is included within accruals and amounts to £109,444 (2024: £97,538). Total compensation paid to key management personnel has been disclosed in note 8.
27. | Ultimate Controlling party
There is no single controlling party. Page 37
JOHN PEARCE (GLYNNEATH) HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
28. | Post balance sheet events
Since the balance sheet date the group has further invested in its tangible fixed assets acquiring new assets costing £1.1m.
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