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REGISTERED NUMBER: 01872960 (England and Wales)









S. PUGH & SON ( GARDEN CENTRE ) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S. PUGH & SON ( GARDEN CENTRE ) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: G.N. Pugh
I.M. Pugh





REGISTERED OFFICE: Tynant Nursery
Ty Nant Road
Morganstown
Cardiff
SOUTH GLAMORGAN
CF15 8LB





REGISTERED NUMBER: 01872960 (England and Wales)






S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

BALANCE SHEET
31 JANUARY 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,519,976 2,305,622

CURRENT ASSETS
Stocks 5 589,731 608,978
Debtors 6 405,987 297,128
Cash at bank and in hand 926,561 962,305
1,922,279 1,868,411
CREDITORS
Amounts falling due within one year 7 1,318,659 1,226,542
NET CURRENT ASSETS 603,620 641,869
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,123,596

2,947,491

CREDITORS
Amounts falling due after more than one
year

8

(447,092

)

(377,743

)

PROVISIONS FOR LIABILITIES 11 (262,493 ) (232,996 )
NET ASSETS 2,414,011 2,336,752

S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

BALANCE SHEET - continued
31 JANUARY 2024

2024 2023
as restated
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 12 6,000 6,000
Retained earnings 2,408,011 2,330,752
SHAREHOLDERS' FUNDS 2,414,011 2,336,752

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:





G.N. Pugh - Director


S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

S. Pugh & Son ( Garden Centre ) Ltd 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 (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with their continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Valuation of land and buildings - As described in note 8 to the financial statements, land and buildings are stated at fair value based on the valuation performed by the Directors.

Useful economic lives of tangible assets - The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimate based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes for the carrying amount of the tangible fixed assets and accounting policies in note 2 for the useful economic lives of each class of asset.

Turnover
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods:
Turnover represents the value of goods sold excluding value added tax and is recognised in the financial statements when cash has been received or is receivable.

Turnover 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.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- The company has transferred the significant risks and rewards of owner to the buyer;
- The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Concession and Rental income
Turnover is recognised in the period which it relates over the term of the lease agreement. Income is recognised within other operating income.

S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Short leasehold - Over term of lease
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 12.5% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are stated at the lower of cost and estimated selling price costs to complete and sell. Costs price is calculated by reference to retail prices less known mark-ups. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated.

Where there are a number of similar obligations, the likelihood that an outflow of economic benefits will be required in settlement is determined by considering the class of obligation as a whole. A provision is recognised even if the likelihood of an outflow with respect of any one item in the same class of obligations may be small.

Provisions are not made for future operating losses.

Provisions are measures at the present value of the cost expected to be required to settle the obligation using a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passing of time is recognised as a cost in the income statement.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 120 (2023 - 108 ) .

4. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 February 2023 1,184,448 743,510 509,406
Additions 195,000 - 21,914
Disposals - - -
At 31 January 2024 1,379,448 743,510 531,320
DEPRECIATION
At 1 February 2023 428,333 185,419 330,879
Charge for year 31,598 41,091 37,471
Eliminated on disposal - - -
At 31 January 2024 459,931 226,510 368,350
NET BOOK VALUE
At 31 January 2024 919,517 517,000 162,970
At 31 January 2023 756,115 558,091 178,527

S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023 1,452,204 71,421 215,482 4,176,471
Additions 78,353 168,165 9,790 473,222
Disposals - (52,084 ) - (52,084 )
At 31 January 2024 1,530,557 187,502 225,272 4,597,609
DEPRECIATION
At 1 February 2023 713,238 51,439 161,541 1,870,849
Charge for year 98,318 12,499 26,544 247,521
Eliminated on disposal - (40,737 ) - (40,737 )
At 31 January 2024 811,556 23,201 188,085 2,077,633
NET BOOK VALUE
At 31 January 2024 719,001 164,301 37,187 2,519,976
At 31 January 2023 738,966 19,982 53,941 2,305,622

S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 136,032 165,719 54,204 51,171 407,126
Additions - - 151,695 - 151,695
Disposals - - (34,867 ) - (34,867 )
Transfer to ownership - - (19,337 ) (18,020 ) (37,357 )
At 31 January 2024 136,032 165,719 151,695 33,151 486,597
DEPRECIATION
At 1 February 2023 33,549 26,864 39,658 25,269 125,340
Charge for year 20,496 17,011 10,981 8,288 56,776
Eliminated on disposal - - (27,781 ) - (27,781 )
Transfer to ownership - - (15,322 ) (9,385 ) (24,707 )
At 31 January 2024 54,045 43,875 7,536 24,172 129,628
NET BOOK VALUE
At 31 January 2024 81,987 121,844 144,159 8,979 356,969
At 31 January 2023 102,483 138,855 14,546 25,902 281,786

5. STOCKS
2024 2023
as restated
£    £   
Stock of goods for resale 589,731 608,978

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 80,676 24,696
Other debtors 325,311 272,432
405,987 297,128

S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Within other debtors is an amount due from a connected company. There is no formal agreement between the connected company and the company for them to repay their loan in more than one year. The amounts due are considered repayable on demand and are shown at cost. The amounts shown in the accounts are at their carrying values.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts 85,418 101,959
Hire purchase contracts (see note 9) 110,445 113,221
Trade creditors 664,971 602,322
Taxation and social security 303,038 259,179
Other creditors 154,787 149,861
1,318,659 1,226,542

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
as restated
£    £   
Bank loans 323,883 279,231
Hire purchase contracts (see note 9) 123,209 98,512
447,092 377,743

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
as restated
£    £   
Net obligations repayable:
Within one year 110,445 113,221
Between one and five years 123,209 98,512
233,654 211,733

S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 149,750 161,000
Between one and five years 449,250 644,000
599,000 805,000

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Bank loans 409,301 381,190
Hire purchase contracts 233,654 211,733
642,955 592,923

The Natwest Bank PLC holds a first charge over land at Pughs Garden Village, at east side Ty Nant Road, Morganstown. The bank also holds a fixed and floating charge over all current and future assets of the company. The company has also provided an unlimited guarantee to a loan creditor of a company under common control, Style Gardens Limited

Bank loans are secured by the company's land and buildings which have a carrying value of £919,517 (2023 - £756,115). The directors consider that the carrying amounts of the bank loans and overdraft approximate to their fair values.

Lloyds financing and Lombard hire purchase contracts are secured against the relevant tangible fixed assets to which they relate, held on the balance sheet at 31 January 2024, and as disclosed in note 9 of the financial statements.

11. PROVISIONS FOR LIABILITIES
2024 2023
as restated
£    £   
Deferred tax 262,493 232,996

S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 February 2023 232,996
Accelerated capital allowances 29,497
Balance at 31 January 2024 262,493

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
2,400 Ordinary B £1 2,400 2,400
300 Ordinary C £1 300 300
300 Ordinary D £1 300 300
2,400 Ordinary A £1 2,400 2,400
200 Ordinary E £1 200 200
200 Ordinary F £1 200 200
200 Ordinary G £1 200 200
6,000 6,000

13. TRANSACTIONS WITH DIRECTORS

Included in creditors, amounts falling due within one year are amounts owed to the directors of £28,086 (2023 - £57,721).

All amounts owed to the directors are interest free and considered repayable on demand.

S. PUGH & SON ( GARDEN CENTRE ) LTD (REGISTERED NUMBER: 01872960)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

14. RELATED PARTY DISCLOSURES

Included in current assets is an amount of £224,123 (2023 - £183,000) due from Style Gardens Limited. The company has also provided a guarantee in respect of the lease entered into by Style Gardens Limited.

During the year the company made sales of £348,246 (2023 - £302,406) to Style Gardens Limited a company under common control. The company also incurred costs with Style Gardens Limited of £77,587 (2023 - £21,546) in respect of shared marketing and consultancy.

During the year the company has paid rent of £69,750 (2023 - £81,000) to the pension fund, in which the directors hold a beneficial interest and £30,000 (2023 - £30,000) to G N Pugh and I M Pugh properties.

During the year the company was provided with construction services to the value of £94,461 (2023 - £74,546) by Pughs Construction Limited. As at the 31 January 2024 an amount of £28,153 (2023 - £26,616) was owed to Pughs Construction Limited and was included within creditors, amounts falling due within one year.

Pughs Construction Limited is a company under common control.

During the year, the company acquired a freehold property from a director's pension scheme for £195,000.

15. ULTIMATE CONTROLLING PARTY

There was no controlling party during the period under review.