The directors present the strategic report for the year ended 31 January 2025.

The principal activity of the business during the year was the retailing of plants, garden supplies and leisure products. The business also has an extensive food and beverage offer through multiple dining outlets across the site as well as in its Foodhall.

Against a backdrop of tough trading conditions, economic and political uncertainty and one of the wettest spring/summer seasons on record, the directors are extremely pleased with the performance of the business.

Overall sales grew 6.6% to £26.5m (2024: £24.9m) with the majority of key product categories demonstrating year on year growth. The Christmas product sales in particular had a fantastic year with double-digit growth and it was encouraging to see the Garden Furniture category return back to growth even with the poor weather. The catering side of the business also continued to perform incredibly well with a third consecutive year of double-digit growth.

Continued focus on profitable sales and margin growth was once again effective with a Gross Profit Margin % increase of +1.7% in the year.

As a result of the above factors, Profit before Tax grew by £0.5m in the year to £1.1m (2024: £0.6m).

The statement of financial position remains healthy with net assets of £24.8 million and cash reserves of £5.9 million.

Matters of Strategic Importance

The core business strategy is to develop the attractiveness of the site as a leisure destination by investing in the infrastructure, delivering new and exciting events and by attracting additional tenants to the site to increase footfall.

The directors constantly monitor the risks and uncertainties facing the Group. They are confident that there are suitable policies in place and there are no material risks and uncertainties which have not been considered.

Legislative Threat

The business constantly monitors any changes to legislation to ensure that it remain compliant and understands any financial implication to the business. The business will often engage with external agencies to understand any changes in more complex or specialist areas.

Foreign Exchange Risk

The business has exposure to foreign exchange risk through its supply chain. In order to mitigate this, the business maintains a holding of relevant foreign currency and uses forward foreign exchange contracts where deemed appropriate in order to reduce exposure to the volatility of foreign exchange rates.

Liquidity Risk

The business seeks to manage financial risk by maintaining a rolling cash flow forecast to ensure sufficient liquidity is available to meet foreseeable business needs and operate efficiently.

Property Risk

The business is dependent on the premises from which it trades. As such the directors ensure that adequate funds are made available to maintain and improve the buildings and grounds. In addition the business ensures that adequate insurance cover is maintained.

Energy Volatility

The business consumes a large amount of energy. Although currently in long term fixed rate agreements for both gas (March 2027) and electricity (October 2027) the business is also focussed on reducing its energy consumption and increasing its own renewable energy generating capability.

Management meets regularly to discuss these issues and to decide how the business will react and adapt to them.

The board monitors progress on overall strategy and the individual strategic elements by reference to five key performance indicators.

Performance during the year together with historical trend data is set out in the table below:

2025 2024    

Growth in sales          6.6%        0.5%    Year on year sales expressed as

a percentage.    

Gross profit margin         51.1%    49.4%    Gross profit expressed as a percentage of                             sales.

Footfall growth         +2.0%    +6.1% Year on year visitor numbers expressed as                             a percentage.

Footfall conversion         49.6%    49.2%    The total number of baskets during the                             year expressed as a percentage of the                                 total number of visitors to the site. The

conversion rate was broadly similar year

on year.

Average basket size        £19.33     £19.25    Average spend per customer calculated                             as total net takings divided by the                                 number of baskets during the year.

Throughout the financial year ending 31 January 2025 the Board has had regard, in its decision making, to broader stakeholder interests in all the areas identified under section 172 of the Companies Act 2006 and listed under Sections 2 and 3 below.

Our stakeholders are our shareholders, employees, customers, suppliers, local communities, the environment and others.

Throughout the period under review the Board's decision-making process has been driven by sustainability and our long-term business plan, values and aims.

In the year ending 31 January 2025 the directors engaged with stakeholders in the following ways:

Shareholders

The Board regularly reports to the shareholders on the business financial performance and evaluates risk as part of its ongoing decision making process.

Colleagues

Our company is proud to have a dedicated team, including many colleagues who have been with us for over 10 years, supported by a strong and committed core workforce.

Over the past two years, we’ve been recognised as a Great Place to Work UK, achieving official Great Place to Work accreditation in both 2024 and 2025. This year, we were also named one of the UK’s Best Workplaces in Retail, Hospitality & Leisure™, reflecting our continued focus on creating exceptional experiences for our colleagues. By listening to and acting on detailed feedback, we’ve strengthened our culture and made significant progress — increasing our Net Promoter Score from +2% to +54%.

With the support of our Culture Champions and Leaders, we’ve expanded wellbeing initiatives and colleague events throughout the year. These include on-site health checks, visits from health professionals, and financial wellbeing sessions, as well as continued access to mental health first aiders and our Employee Assistance Programme (EAP).

Recognition remains a key part of our culture, and we’re proud that over 1,365 colleagues have been recognised through our internal recognition scheme across 2024. The introduction of our new Award Tree Badge programme has also been a success, with nearly 40 badges awarded in its first year. Improved communication channels have further strengthened engagement, with our latest colleague survey showing a marked improvement in communication scores year-on-year.

Training and development continue to be a top priority. We’ve expanded our leadership training portfolio, introducing new courses in coaching and sexual harassment awareness, and a new elearning system providing our teams with CPD courses, along with three brand-new apprenticeship programmes across our Finance, Marketing, and Buying teams. These initiatives reinforce our commitment to developing talent and supporting career growth across the business.

Suppliers, Customers and Others

Our suppliers include local businesses whom we have traded with for many years.

We seek long term relationships with all our suppliers and aim to be timely in making payment.

We use multiple methods to engage with our customers including our 'Be Inspired' privilege scheme, regular emails, various social media channels and our three magazines.

Via the Tillington Group of Garden Centres we seek to achieve economies of scale in our purchasing which is reflected in the prices we charge our customers.

We are active members of our trade associations - the Garden Centre Association and the Horticultural Trades Association which promote our industry in general.

The Company continues to support local charities and each year nominates a Charity of the Year which benefits from several major fund raising events.

As part of our support to the local community the company has donated a significant parcel of land for use as allotments by local residents.

We support local suppliers (especially for food) and contractors, wherever possible, in order to minimise transport miles and emissions.

The business has a formed a Sustainability Committee whose remit is to look at new ways in which we can reduce our impact on the environment. The business has now invested almost £0.5m in sustainable solar energy which supplies a substantial amount of the total electricity usage. In recent years there has also been significant investments in an LED roll-out programme and replacing older gas boilers with more energy efficient models.

STREAMLINED ENERGY AND CARBON REPORTING

During the year ended 31 January 2025, the group reported the following in respect of energy use:

                             2025        2024

UK energy use (kWh)                     2,492,835    2,269,400

Associated greenhouse gas emissions (Tonnes of CO²)     568.17    514.27

Intensity ratio (Tonnes of CO² emissions per employee)     1.32        1.52

Associated greenhouse gas (GHG) emissions have been calculated using the following rates:

0.21kg of CO² per kWh of electricity consumption.

0.20kg of CO² per kWh of Gas consumption.

2.76kg of CO² per Litre of Gas oil consumption.

2.51kg of CO² per Litre of fuel consumption.

The above GHG emission rates have been derived from a 2024 UK government report on carbon emissions.

Intensity ratio has been calculated using the average number of employees across the group for the year ended 31 January 2025.

The group has implemented a number of measures over the years and continues to invest in new initiatives with the aim of reducing emissions. These initiatives include but aren’t limited to:

-    Investing more than £500,000 in solar energy technology, which supplied 23% of the total         electricity usage in the year.

-    Investing more than £50,000 in LED lighting further improving efficiency.

-    Installing a Building Management System to optimise energy consumption across the site

-    Replacing 3 old gas boilers with newer more energy efficient models

-    Installing Smart Plugs to ensure all non-essential equipment is turned off over night.

-    Regular meetings regarding sustainability exploring how we can reduce emissions further.

Future Trading

The company has substantial cash reserves and the directors are confident that the business is in a strong position to trade through the current risks and uncertainties associated with inflationary pressures and the cost of living squeeze.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 January 2025.

The principal activities of the group in the year under review were of a retail garden centre, property investment and letting. The principal activity of the company in the year under review was that of a holding company to its subsidiaries.

The results for the year are shown on page 12.

The total distribution of dividends for the year ended 31 January 2025 will be £300,000.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The group's policy is to give equal consideration to all applicants for employment including disabled people. Career development and training are available to all employees and those who become disabled are afforded every assistance to enable them to continue in their career including retraining where necessary.

The board continually strives to improve and enhance standards of customer care and service throughout the group.

Directors and senior management regularly monitor and discuss with employees matters of current interest and concern.

The group is committed to treating both its employees and its customers with dignity and respect, and to value the differences people bring to the business.

DJH Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed in the absence of an Annual General Meeting.

The directors are responsible for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, 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 and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

A trading subsidiary undertakes research and development relating to horticulture.

We have audited the financial statements of Bents Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 January 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• The information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the 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.

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 auditor's 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:

• We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Employment Act 2002, Food Safety Act 1990 and General Data Protection Regulations (GDPR).

• We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the calculation of depreciation and the valuation of stock.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are

• central to the entity's ability to continue in operation.

• Testing key revenue lines, in particular cut-off, for evidence of management bias.

• Testing controls surrounding cash sales to ensure the risk of cash misappropriation is minimized.

• Testing controls surrounding the authorization of purchase invoices.

• Performing a physical verification of key assets, including inventories.

• Obtaining third-party confirmation of material bank and loan balances.

• Documenting and verifying all significant related party and consolidated balances and transactions.

• Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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 Report of the Auditors.

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 auditor's 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.

Bents Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Bents Garden Centre Limited Warrington Road, Leigh End, Glazebury, Warrington, Cheshire, England, WA3 5NT.

The group consists of Bents Holdings Limited and all of its subsidiaries.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.

The consolidated financial statements incorporate those of Bents Holdings Limited, Bents Garden Centre Limited and Bents Property Limited.

In 2009 Bents Garden Centre Limited was acquired via a share for share exchange which was accounted for under the terms of Companies Act 2006, s612 (merger relief), thus creating a merger reserve of £5,645,293. Bents Property Limited was acquired on incorporation.

The results of the subsidiaries have been incorporated from the date that control passes. All financial statements are made up to 31 January 2025.

All intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated on consolidation. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

The group's business activities, together with the factors likely to affect its future development, performance and position are set out in the fair review of the business on page 2.

The group has considerable financial resources available with net assets of £24,773,511 (2024: £24,257,602) including cash at bank and in hand of £5,933,695. The directors believe that this strong financial position, together with the group's well known and established trading name, ensures that the group is in the best possible position to manage its business risks successfully.

The UK is currently experiencing a cost of living crisis which presents various risks for the retail sector. Forecasts for the next 12 months have been prepared and show a positive cash position. The directors believe that the company can manage the risks at these challenging times and therefore continue to adopt a going concern basis of accounting in preparing these financial statements.

Turnover represents the amount receivable arising from the supply of goods to customers, excluding value added tax. Turnover is recognized at point of sale to the customer.

Rents receivable are recognised on property rentals on a straight line basis over the period of the lease. Amounts received in advance are deferred and recognized as they fall due.

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortization and any accumulated impairment losses.

Website costs are being amortized evenly over their estimated useful life of four years

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land is not depreciated.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognized in the income statement when the change arises.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognized in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognized in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognized in equity; such gains and loss are recognized in profit or loss.

Investment property, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognized in the profit and loss account.

Gains or losses from changes in fair value of investment property are included in profit or loss for the period in which they arise.

In the separate accounts of the company, interests are initially measured at cost and subsequently measured at cost less any accumulated impairment losses The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from the activities

Stocks are valued at the lower of cost and net realizable value. Cost comprises of direct materials and, where applicable, direct labor costs and those overheads that have been incurred in bringing the inventory to their present location and condition.

Net realisable value is estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling prices less costs to complete and sell is recognized as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost

The company enters into interest rate swap contracts in order to manage its exposure to interest rate risk.

Derivatives are initially measured at fair value at the date a derivative contract is entered into and are subsequently measured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as financial liability.

To qualify for hedge accounting, the company documents the hedged item, the hedging instrument and the hedging relationship between them, and the causes of the hedge ineffectiveness (such as different maturities,nominal amounts or variable rates, and counterparty credit risk).

The company elects to adopt hedge accounting for interest rate swaps where:

- the interest rate swap is a qualifying hedging instrument with an external party that hedges interest rate risk on a loan, part of the nominal amount of a loan, or a group of loans managed together that share the same risk and that qualify as a hedged item,

- the hedging relationship between the interest rate swap and the interest rate risk on the loan is consistent with the risk management objectives for undertaking hedges (i.e. to manage the risk that fixed interest rates

become unfavourable in comparison to current market rates or the variability in cash flows arising from variable interest rates); and

- the change in the fair value of the interest rate swap is expected to move inversely to the change in the fair value of the interest rate risk on the loan.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 recognized at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognized in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognized 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.

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Monetary assets and liabilities in foreign currencies are translated into sterling at the rate of exchanges ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Other operating income

Other operating income represents concessions income, the amount receivable by the company is an agreed percentage of total revenue for the period.

Research and development

Expenditure on research and development is written off in the year which it is incurred,

Cash flow hedge - hedge of variable interest rate risk

Where an interest rate swap that converts variable rate debt into fixed rate debt qualifies for hedge accounting, it is accounted for as a cash flow hedge. The cumulative change in the fair value of the interest rate swap is recognized in other comprehensive income up to the amount of the cumulative fair value movement on the variable rate debt that is attributable to the variable interest rate risk. Any excess fair value gains or losses on the interest rate swap not recognized in other comprehensive income are recognized in profit or loss. The gains and losses recognized in other comprehensive income are recorded as a separate component of equity (the cash flow hedge reserve).

Net cash settlements on the interest rate swap are recognized in profit or loss in the periods when the net cash settlements accrue. The cash flow hedge reserve is reclassified to profit or loss when the variable rate interest is recognized in profit or loss.

Hedge accounting is discontinued when a floating to fixed rate swap expires, is sold, terminated or exercised, or when the conditions for hedge accounting are no longer met or the company documents its election to discontinue hedge accounting. Any fair value gains or losses accumulated in the cash flow hedge reserve are reclassified to profit or loss, either when the variable interest rate expense is recognized in profit or loss, or immediately on discontinuation of hedge accounting if future variable interest rate cash flows are no longer expected to occur.

In the application of the group's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognized in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the fair value of the investment property, given a lack of comparable market data.

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgement in calculating an appropriate depreciation charge.

Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required.

Estimating an appropriate absorption rate to allocate to the valuation of the own grown products, based on historical experience.

In categorizing leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

The revenue and profit before taxation are attributable to the one principal activity of the group.

All turnover has been generated within the United Kingdom.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes is 1 (2024: 1).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

Freehold property was valued on an open market bases on 27 September 2023 by Barclays Plc. The directors are of the opinion that this represents the fair value at the statement of financial position date.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold property was valued on an open market basis on 27 September 2023 by CBRE Limited. The directors are of the opinion that this represents the fair value at the statement of financial position date.

Details of the company's subsidiaries at 31 January 2025 are as follows:

The bank loans are secured by a fixed and floating charge over the group's investment properties and land adjoining Warrington Road, Glazebury, Leigh, Lancashire.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the year end unpaid pension contributions totalling £42,087 (2024: £31,270) are included within other creditors.

The "A" Ordinary Shares and the "B" Ordinary Shares shall be different classes of shares and shall have the following rights:

As regards Income:

The profits relating to or arising from the activities of Bents Garden Centre Limited which the company may determine to distribute in respect of any financial period shall be distributed amongst the holders of the "A"Ordinary Shares in proportion to the amounts paid up on the "A" Ordinary Shares and the holders of "B"Ordinary Shares shall not be entitled to any such income.

The profits relating to or arising from the activities of Bents Property Limited which the company may determine to distribute in respect of any financial period shall be distributed amongst the holders of the "B" Ordinary Shares in proportion to the amounts paid up on the "B" Ordinary Shares and the holders of "A" Ordinary Shares shall not be entitled to any such income.

As regards Capital:

On a return of assets on liquidation or other return of capital (including a purchase or redemption by the company of the shares of any class in accordance with the Act), the assets of the company relating to Bents Garden Centre Limited remaining after the payment of the liabilities of Bents Garden Centre Limited (excluding any liability to pay a share premium) shall be distributed amongst the holders of the "A" ordinary shares (as a class) in proportion to the amounts paid up on "A" Ordinary Shares and the holders of the "B" Ordinary Shares shall not be entitled to any such assets or return of capital.

On a return of assets on liquidation or other return of capital (including a purchase or redemption by the company of the shares of any class in accordance with the Act), the assets of the company relating to Bents Property Limited remaining after the payment of the liabilities of Bents Property Limited (excluding any liability to pay a share premium) shall be distributed amongst the holders of the "B" ordinary shares (as a class) in proportion to the amounts paid up on "B" Ordinary Shares and the holders of the "A" Ordinary Shares shall not be entitled to any such assets or return of capital.

As regards Voting:

Subject to any special rights or restrictions as to voting attached to any shares detailed above, the voting rights of"A" Ordinary Shares and "B" Ordinary Shares rank pari passu in all respects.

The cumulative fair value gains and losses in respect of investment properties and associated deferred tax.

Gains and losses arising on fixed to floating interest rate swaps which have been designated as hedges for hedge accounting purposes and associated deferred tax.

Profit and loss reserves

Cumulative profit and loss net of distribution to owners.

Other reserves

In 2009 Bents Garden Centre Limited was acquired via a share for share exchange which was accounted for under the terms of Companies Act 2006, s612 (merger relief), thus creating a merger reserve of £5,645,293.Bents Property Limited was acquired on incorporation.

Amounts due to family members included within other creditors were £88 (£317).

During the year, consultancy fees of £10,125 (2024: £5,122) were paid to a family member,

During the year, rental charges of £41,318 (2024: £36,793) were paid to a family member.

At 31 January 2025 the group had provided guarantees to third parties of £30,000 (2024: £30,000).

Included within other debtors at the year end was an amount of £1,559 owed to the group by R Bent. This amount is unsecured, interest free and repayable on demand. There were no advances during the year that are considered to be material.

During the year, the company was controlled by R Bent, a director who has beneficial ownership in the majority of the issues shared capital.