S. Pugh & Son ( Garden Centre ) Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 01872960 (England and Wales)

S. PUGH & SON ( GARDEN CENTRE ) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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)

FIXED ASSETS

Tangible assets

4

2,321,541

2,519,976

CURRENT ASSETS

Stocks

5

575,273

589,731

Debtors

6

421,711

405,987

Cash at bank and in hand

536,512

926,561

1,533,496

1,922,279

CREDITORS

Amounts falling due within one year

7

1,131,461

1,318,659

NET CURRENT ASSETS

402,035

603,620

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,723,576

3,123,596

CREDITORS

Amounts falling due after more than one
year

8

(337,282

)

(447,092

)

PROVISIONS FOR LIABILITIES

11

(232,451

)

(262,493

)

NET ASSETS

2,153,843

2,414,011

CAPITAL AND RESERVES

Called up share capital

12

6,000

Retained earnings

2,147,843

2,408,011

SHAREHOLDERS' FUNDS

2,153,843

2,414,011

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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 25 September 2025 and were signed on its behalf by:

G.N. Pugh - Director

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.

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.

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:

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.

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, 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.

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 and 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.

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.

Customer loyalty scheme

The company operates a customer loyalty scheme which allows customers to accumulate points on qualifying purchases. These points can be redeemed against future purchases.

Revenue is allocated between the sale of goods and the award of loyalty points based on their relative fair values. The portion of the consideration allocated to the loyalty points is deferred and recognised as a liability within other creditors.

Revenue relating to the loyalty points is recognised when the points are redeemed or when it is no longer considered probable that the points will be redeemed.

The fair value of the loyalty points granted is measured by reference to the discount the customer obtains when redeeming the points and the expected redemption rate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 134 (2024 - 120 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

£

COST

At 1 February 2024

1,379,448

743,510

531,320

Additions

950

-

50,604

Disposals

-

(6,510

)

At 31 January 2025

1,380,398

743,510

575,414

DEPRECIATION

At 1 February 2024

459,931

226,510

368,350

Charge for year

32,412

41,091

38,652

Eliminated on disposal

-

(3,510

)

At 31 January 2025

492,343

267,601

403,492

NET BOOK VALUE

At 31 January 2025

888,055

475,909

171,922

At 31 January 2024

919,517

517,000

162,970

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

COST

At 1 February 2024

1,530,557

187,502

225,272

4,597,609

Additions

18,518

2,000

3,200

75,272

Disposals

-

(6,510

)

At 31 January 2025

1,549,075

189,502

228,472

4,666,371

DEPRECIATION

At 1 February 2024

811,556

23,201

188,085

2,077,633

Charge for year

91,531

41,075

25,946

270,707

Eliminated on disposal

-

(3,510

)

At 31 January 2025

903,087

64,276

214,031

2,344,830

NET BOOK VALUE

At 31 January 2025

645,988

125,226

14,441

2,321,541

At 31 January 2024

719,001

164,301

37,187

2,519,976

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 2024

136,032

165,719

151,695

33,151

486,597

Additions

27,428

-

2,000

-

29,428

Transfer to ownership

(115,728

)

(36,899

)

-

(33,151

)

(185,778

)

At 31 January 2025

47,732

128,820

153,695

-

330,247

DEPRECIATION

At 1 February 2024

54,045

43,875

7,536

24,172

129,628

Charge for year

5,907

13,111

36,039

-

55,057

Transfer to ownership

(47,277

)

(19,945

)

-

(24,172

)

(91,394

)

At 31 January 2025

12,675

37,041

43,575

-

93,291

NET BOOK VALUE

At 31 January 2025

35,057

91,779

110,120

-

236,956

At 31 January 2024

81,987

121,844

144,159

8,979

356,969

5.

STOCKS

2025

2024

£

Stock of goods for resale

575,273

589,731

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

57,684

80,676

Other debtors

364,027

325,311

421,711

405,987

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

2025

2024

£

Bank loans and overdrafts

76,848

85,418

Hire purchase contracts (see note 9)

61,969

110,445

Trade creditors

560,636

664,971

Taxation and social security

280,410

303,038

Other creditors

151,598

154,787

1,131,461

1,318,659

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

2025

2024

£

Bank loans

245,788

323,883

Hire purchase contracts (see note 9)

91,494

123,209

337,282

447,092

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

Net obligations repayable:

Within one year

61,969

110,445

Between one and five years

91,494

123,209

153,463

233,654

Non-cancellable

operating leases

2025

2024

£

Within one year

146,000

149,750

Between one and five years

299,500

449,250

445,500

599,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Bank loans

322,636

409,301

Hire purchase contracts

153,463

233,654

476,099

642,955

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 £888,055 (2024 - £919,517). 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 2025, and as disclosed in note 8 of the financial statements.

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

232,451

262,493

Deferred

tax

£

Balance at 1 February 2024

262,493

Accelerated capital allowances

(30,042

)

Balance at 31 January 2025

232,451

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

2,400

Ordinary B

£1

2,400

300

Ordinary C

£1

300

Ordinary D

£1

300

2,400

Ordinary A

£1

2,400

200

Ordinary E

£1

200

Ordinary F

£1

200

Ordinary G

£1

200

6,000

13.	TRANSACTIONS WITH DIRECTORS

The following advances and credits to a director subsisted during the years ended 31 January 2025 and 31 January 2024:

2025

2024

£

G.N. Pugh

Balance outstanding at start of year

-

Amounts advanced

5,045

-

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

5,045

-

Included in creditors, amounts falling due within one year are amounts owed to the directors of £485 (2024 - £28,086).

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

14.	RELATED PARTY DISCLOSURES

Included in current assets is an amount of £253,529 (2024 - £224,123) 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 £303,292 (2024 - £348,246) to Style Gardens Limited a company under common control. The company also incurred costs with Style Gardens Limited of £59,358 (2024 - £77,587) in respect of shared marketing and consultancy.

During the year the company has paid rent of £66,000 (2024 - £69,750) to the pension fund, in which the directors hold a beneficial interest.

During the year, rent of £30,000 (2024 - £30,000) was paid in respect of the property occupied by the company. The rent is now split equally between the directors and their spouses.

During the year the company was provided with construction services to the value of £64,850 (2024 - £94,461) by Pughs Construction Limited. As at the 31 January 2025 an amount of £26,296 (2024 - £28,153) 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.

15.	ULTIMATE CONTROLLING PARTY

There was no controlling party during the period under review.