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Registration number: 08998724

John Morgan Autoparts Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

John Morgan Autoparts Limited

Company Information

Directors

Mr M J Williams Mr D Davies Mr D M G Owen Mr P Williams

Registered office

Llys Deri Parc Pensarn Carmarthen SA31 2NF

John Morgan Autoparts Limited

(Registration number: 08998724)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	153,640	123,633
Current assets
Stocks	6	842,247	770,314
Debtors	7	1,201,923	1,056,207
Cash at bank and in hand		11,031,763	14,301,641
		13,075,933	16,128,162
Creditors: Amounts falling due within one year	8	(1,394,217)	(5,855,409)
Net current assets		11,681,716	10,272,753
Total assets less current liabilities		11,835,356	10,396,386
Creditors: Amounts falling due after more than one year	8	(8,368)	-
Net assets		11,826,988	10,396,386
Capital and reserves
Called up share capital		1	1
Profit and loss account		11,826,987	10,396,385
Total equity		11,826,988	10,396,386

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 May 2026 and signed on its behalf by:
 

......................................... Mr M J Williams Director

John Morgan Autoparts Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

The principal place of business is:
Old Station Road
Carmarthen
SA31 1LP

These financial statements were authorised for issue by the Board on 15 May 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

John Morgan Autoparts Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures & Fittings	20% Reducing balance
Motor Vehicles	20% Reducing balance
Plant and machinery - right of use asset	Straight line over its useful life

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

John Morgan Autoparts Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2024 - 36).

4	Profit before tax

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	39,405	30,908

John Morgan Autoparts Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

5	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2025	46,076	-	248,681	294,757
Additions	7,705	15,910	71,900	95,515
Disposals	-	-	(65,750)	(65,750)
At 31 December 2025	53,781	15,910	254,831	324,522
Depreciation
At 1 January 2025	37,816	-	133,308	171,124
Charge for the year	3,193	3,978	32,234	39,405
Eliminated on disposal	-	-	(39,647)	(39,647)
At 31 December 2025	41,009	3,978	125,895	170,882
Carrying amount
At 31 December 2025	12,772	11,932	128,936	153,640
At 31 December 2024	8,260	-	115,373	123,633

6

Stocks

	2025 £	2024 £
Other inventories	842,247	770,314

7

Debtors

	2025 £	2024 £
Trade debtors	1,014,281	1,056,207
Other debtors	187,642	-
	1,201,923	1,056,207

John Morgan Autoparts Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

8

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Bank loans and overdrafts	10	3,778	-
Trade creditors		1,006,169	1,086,237
Taxation and social security		367,487	397,738
Directors' loan accounts		-	4,333,059
Outstanding defined contribution pension costs		5,507	4,431
Other creditors		11,276	33,944
		1,394,217	5,855,409