IRIS Accounts Production v24.2.0.383 03876990 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false true false Ordinary A 0.10000 Ordinary B 0.10000 Ordinary C 0.10000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh038769902023-01-31038769902024-01-31038769902023-02-012024-01-31038769902022-01-31038769902022-02-012023-01-31038769902023-01-3103876990ns15:EnglandWales2023-02-012024-01-3103876990ns14:PoundSterling2023-02-012024-01-3103876990ns10:Director12023-02-012024-01-3103876990ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3103876990ns10:SmallEntities2023-02-012024-01-3103876990ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3103876990ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3103876990ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3103876990ns10:FullAccounts2023-02-012024-01-3103876990ns10:OrdinaryShareClass32023-02-012024-01-3103876990ns10:OrdinaryShareClass42023-02-012024-01-3103876990ns10:OrdinaryShareClass52023-02-012024-01-3103876990ns10:Director22023-02-012024-01-3103876990ns10:RegisteredOffice2023-02-012024-01-3103876990ns5:CurrentFinancialInstruments2024-01-3103876990ns5:CurrentFinancialInstruments2023-01-3103876990ns5:Non-currentFinancialInstruments2024-01-3103876990ns5:Non-currentFinancialInstruments2023-01-3103876990ns5:ShareCapital2024-01-3103876990ns5:ShareCapital2023-01-3103876990ns5:RevaluationReserve2024-01-3103876990ns5:RevaluationReserve2023-01-3103876990ns5:RetainedEarningsAccumulatedLosses2024-01-3103876990ns5:RetainedEarningsAccumulatedLosses2023-01-3103876990ns5:ShortLeaseholdAssetsns5:LandBuildings2023-02-012024-01-3103876990ns5:PlantMachinery2023-02-012024-01-3103876990ns5:FurnitureFittings2023-02-012024-01-3103876990ns5:ComputerEquipment2023-02-012024-01-3103876990ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-3103876990ns5:PlantMachinery2023-01-3103876990ns5:FurnitureFittings2023-01-3103876990ns5:ComputerEquipment2023-01-3103876990ns5:ShortLeaseholdAssetsns5:LandBuildings2024-01-3103876990ns5:PlantMachinery2024-01-3103876990ns5:FurnitureFittings2024-01-3103876990ns5:ComputerEquipment2024-01-3103876990ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-3103876990ns5:PlantMachinery2023-01-3103876990ns5:FurnitureFittings2023-01-3103876990ns5:ComputerEquipment2023-01-3103876990ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3103876990ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2023-01-3103876990ns5:LeasedAssetsHeldAsLessee2023-01-3103876990ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3103876990ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3103876990ns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3103876990ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-01-3103876990ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2024-01-3103876990ns5:LeasedAssetsHeldAsLessee2024-01-3103876990ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3103876990ns5:FurnitureFittingsns5:LeasedAssetsHeldAsLessee2023-01-3103876990ns5:LeasedAssetsHeldAsLessee2023-01-3103876990ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3103876990ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3103876990ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3103876990ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3103876990ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-01-3103876990ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-01-3103876990ns5:HirePurchaseContracts2024-01-3103876990ns5:HirePurchaseContracts2023-01-3103876990ns5:WithinOneYear2024-01-3103876990ns5:WithinOneYear2023-01-3103876990ns5:BetweenOneFiveYears2024-01-3103876990ns5:BetweenOneFiveYears2023-01-3103876990ns5:MoreThanFiveYears2024-01-3103876990ns5:MoreThanFiveYears2023-01-3103876990ns5:AllPeriods2024-01-3103876990ns5:AllPeriods2023-01-3103876990ns5:Secured2024-01-3103876990ns5:Secured2023-01-3103876990ns5:DeferredTaxation2023-01-3103876990ns5:DeferredTaxation2024-01-3103876990ns10:OrdinaryShareClass32024-01-3103876990ns10:OrdinaryShareClass42024-01-3103876990ns10:OrdinaryShareClass52024-01-31
REGISTERED NUMBER: 03876990 (England and Wales)









STYLE GARDENS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






STYLE GARDENS LIMITED (REGISTERED NUMBER: 03876990)






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


STYLE GARDENS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







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





REGISTERED OFFICE: Port Road
Wenvoe
Cardiff
CF5 6AD





REGISTERED NUMBER: 03876990 (England and Wales)






STYLE GARDENS LIMITED (REGISTERED NUMBER: 03876990)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 617,574 658,700

CURRENT ASSETS
Stocks 5 305,780 265,982
Debtors 6 65,750 34,088
Cash at bank and in hand 355,667 574,944
727,197 875,014
CREDITORS
Amounts falling due within one year 7 765,281 601,865
NET CURRENT (LIABILITIES)/ASSETS (38,084 ) 273,149
TOTAL ASSETS LESS CURRENT
LIABILITIES

579,490

931,849

CREDITORS
Amounts falling due after more than one
year

8

(98,126

)

(150,371

)

PROVISIONS FOR LIABILITIES 11 (78,410 ) (93,195 )

ACCRUALS AND DEFERRED INCOME (7,630 ) (9,629 )
NET ASSETS 395,324 678,654

STYLE GARDENS LIMITED (REGISTERED NUMBER: 03876990)

BALANCE SHEET - continued
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 12 110,040 110,040
Non-distributable revaluation
reserve 62,824 78,530
Retained earnings 222,460 490,084
SHAREHOLDERS' FUNDS 395,324 678,654

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


STYLE GARDENS LIMITED (REGISTERED NUMBER: 03876990)

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

1. STATUTORY INFORMATION

Style Gardens 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 (£).


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 as modified by the revaluation of certain assets.

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.

STYLE GARDENS LIMITED (REGISTERED NUMBER: 03876990)

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 7 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
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.

STYLE GARDENS LIMITED (REGISTERED NUMBER: 03876990)

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.
Short leasehold - Over term of lease
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are held at cost or valuation.

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.

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.


STYLE GARDENS LIMITED (REGISTERED NUMBER: 03876990)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and interest is charged to the Profit and Loss Account on a straight line basis.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits 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.

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.

STYLE GARDENS LIMITED (REGISTERED NUMBER: 03876990)

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

2. ACCOUNTING POLICIES - continued

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 63 (2023 - 58 ) .

STYLE GARDENS LIMITED (REGISTERED NUMBER: 03876990)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 February 2023 1,382,593 208,893 379,720 41,158 2,012,364
Additions 83,613 - 20,324 - 103,937
At 31 January 2024 1,466,206 208,893 400,044 41,158 2,116,301
DEPRECIATION
At 1 February 2023 991,967 180,253 153,946 27,498 1,353,664
Charge for year 86,539 5,729 47,153 5,642 145,063
At 31 January 2024 1,078,506 185,982 201,099 33,140 1,498,727
NET BOOK VALUE
At 31 January 2024 387,700 22,911 198,945 8,018 617,574
At 31 January 2023 390,626 28,640 225,774 13,660 658,700

Cost or valuation at 31 January 2024 is represented by:

Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
Valuation in 2003 574,120 - - - 574,120
Cost 892,086 208,893 400,044 41,158 1,542,181
1,466,206 208,893 400,044 41,158 2,116,301

The value of the properties have been included at its open market value.

STYLE GARDENS LIMITED (REGISTERED NUMBER: 03876990)

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
machinery fittings Totals
£    £    £   
COST OR VALUATION
At 1 February 2023 15,500 - 15,500
Additions - 5,285 5,285
At 31 January 2024 15,500 5,285 20,785
DEPRECIATION
At 1 February 2023 5,425 - 5,425
Charge for year 2,015 352 2,367
At 31 January 2024 7,440 352 7,792
NET BOOK VALUE
At 31 January 2024 8,060 4,933 12,993
At 31 January 2023 10,075 - 10,075

5. STOCKS
2024 2023
£    £   
Stock of goods for resale 305,780 265,982

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,179 2,179
Other debtors 63,571 31,909
65,750 34,088

STYLE GARDENS LIMITED (REGISTERED NUMBER: 03876990)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 110,536 54,688
Hire purchase contracts (see note 9) 6,271 3,100
Trade creditors 217,197 200,253
Taxation and social security 101,379 123,851
Other creditors 329,898 219,973
765,281 601,865

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 91,614 143,137
Hire purchase contracts (see note 9) 6,512 7,234
98,126 150,371

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 6,271 3,100
Between one and five years 6,512 7,234
12,783 10,334

Non-cancellable operating leases
2024 2023
£    £   
Within one year 140,000 140,000
Between one and five years 700,000 700,000
In more than five years 6,020,000 6,160,000
6,860,000 7,000,000

STYLE GARDENS LIMITED (REGISTERED NUMBER: 03876990)

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

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 57,430 -
Bank loans 144,720 197,825
202,150 197,825

The Natwest bank holds a first legal charge over the leasehold premises at Port Road in Wenvoe, the main operating premises of the company. The bank also holds a fixed and floating charge over all of the assets of the company. The bank holds a personal guarantee of £50,000 each, from all of the Directors, charges on their life cover policies, and a collateral guarantee from S. Pugh & Son (Garden Centre) Limited and in addition to security on the assets of S Pugh & Son (Garden Centre) Limited.

Hire purchase liabilities are secured against the tangible fixed assets to which they relate.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 78,410 93,195

Deferred
tax
£   
Balance at 1 February 2023 93,195
Accelerated capital allowances (9,550 )
Charges on revaluation (5,235 )
Balance at 31 January 2024 78,410

The deferred tax account consists of the tax effect of timing differences in respect of;

20242023
££
Accelerated capital allowances57,46967,018
Revaluation of investment properties20,94126,177
78,41093,195

As at 31 January 2024 there was a deferred tax liability of £78,410 (2023 - £91,195), which is referred to in note 14 to the financial statements.

STYLE GARDENS LIMITED (REGISTERED NUMBER: 03876990)

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

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
302,610 Ordinary A 10p 30,261 30,261
302,610 Ordinary B 10p 30,261 30,261
275,100 Ordinary C 10p 27,510 27,510
55,020 Ordinary D 10p 5,502 5,502
55,020 Ordinary E 10p 5,502 5,502
36,680 Ordinary F 10p 3,668 3,668
36,680 Ordinary G 10p 3,668 3,668
36,680 Ordinary H 10p 3,668 3,668
110,040 110,040

13. RELATED PARTY DISCLOSURES

During the year, Style Gardens Limited made management fees and purchases of £348,246 (2023 - £302,406) from S Pugh & Son (Garden Centre) Limited. The company also made sales of £77,587 (2023 - £21,546) in respect of shared marketing, consultancy fees and other costs. All these transactions were carried out on an arms length basis.

Included in creditors, amounts falling due within one year is £224,123 (2023 - £183,000) due to S Pugh & Son (Garden Centre) Limited. In addition S. Pugh & Son (Garden Centre) Limited provides a guarantee in respect of the lease entered into by Style Gardens Limited.

All amounts due from the company are interest free and considered repayable on demand.

S Pugh & Son (Garden Centre) Limited is a company under common control and common Directors.

During the year the company was provided with construction services to the value of £137,610 (2023 - £59,609) by Pughs Construction Limited. As at the 31 January 2024 an amount of 13,749 (2023 - £30,661) was owed to Pughs Construction Limited and was included within creditors, amounts falling due within one year.

Pughs Constructions Limited is a company under common control and common Directors.