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Registration number: 02739292

Pepe Garden Furniture Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2025

Pepe Garden Furniture Limited

Contents

Statement of Financial Position | 1
Notes to the Unaudited Financial Statements | 2 to 8

Pepe Garden Furniture Limited

(Registration number: 02739292)
Statement of Financial Position as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 26,354 | 29,345
Current assets |  |  |
Stocks | 5 | 161,147 | 219,362
Debtors | 6 | 1,359 | 11,998
Cash at bank and in hand |  | 1,923 | 3,811
|  | 164,429 | 235,171
Creditors: Amounts falling due within one year | 7 | (227,554) | (252,852)
Net current liabilities |  | (63,125) | (17,681)
Total assets less current liabilities |  | (36,771) | 11,664
Creditors: Amounts falling due after more than one year | 7 | - | (4,674)
Provisions for liabilities |  | (5,008) | (5,576)
Net (liabilities)/assets |  | (41,779) | 1,414
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Profit and loss account |  | (41,879) | 1,314
Shareholders' (deficit)/funds |  | (41,779) | 1,414

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

Directors' responsibilities:

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 4 June 2026 and signed on its behalf by:

J L M Watkins Director

Pepe Garden Furniture Limited

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

1 | General information

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

The address of its registered office is:
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is the design and retail of garden furniture and accessories.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

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.
The validity of this assumption depends on the continued support from group companies and the directors.
If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets.
The directors believe that is is appropriate for the financial statements to be prepared on the going concern basis.

Pepe Garden Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and management charges receivable comprises the provision of services in the ordinary course of the company’s activities. Turnover and management charges receivable are shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Pepe Garden Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class | Depreciation method and rate
Plant and machinery | 15% straight line
Fittings fixtures and equipment | 15% straight line
Motor vehicles | 10% straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Pepe Garden Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025 (continued)

2 | Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2024 - 5).

Pepe Garden Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025 (continued)

4 | Tangible assets

| Fixtures and fittings £ | Plant and machinery £ | Motor vehicles £ | Total £
Cost or valuation
At 1 January 2025 | 12,657 | 8,953 | 34,865 | 56,475
Additions | 2,778 | - | - | 2,778
At 31 December 2025 | 15,435 | 8,953 | 34,865 | 59,253
Depreciation
At 1 January 2025 | 10,157 | 2,154 | 14,819 | 27,130
Charge for the year | 1,045 | 1,237 | 3,487 | 5,769
At 31 December 2025 | 11,202 | 3,391 | 18,306 | 32,899
Carrying amount
At 31 December 2025 | 4,233 | 5,562 | 16,559 | 26,354
At 31 December 2024 | 2,500 | 6,799 | 20,046 | 29,345

5 | Stocks

| 2025 £ | 2024 £
Finished goods and goods for resale | 161,147 | 219,362

6 | Debtors

| 2025 £ | 2024 £
Trade debtors | 1,187 | 7,681
Prepayments | 172 | 4,317
| 1,359 | 11,998

Pepe Garden Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025 (continued)

7 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Loans and borrowings | 4,416 | 19,568
Trade creditors | 32,198 | 58,645
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 181,486 | 164,822
Taxation and social security | 4,798 | 5,345
Accruals and deferred income | 3,755 | 2,895
Other creditors | 901 | 1,577
| 227,554 | 252,852

The loans and borrowings are secured by a fixed and floating charge over the assets of the company.

Creditors: amounts falling due after more than one year

| 2025 £ | 2024 £
Loans and borrowings | - | 4,674

The loans and borrowings are secured by a fixed and floating charge over the assets of the company.

8 | Reserves

Profit and loss account:
This reserve records retained earnings and accumulated losses.

9 | Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of guarantees not included in the statement of financial position is £145,617 (2024 - £150,893). The company has provided security, by way of fixed and floating charges over all the property and undertakings of the company, on behalf of a fellow subsidiary undertaking.

Pepe Garden Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025 (continued)

10 | Related party transactions

Transactions with directors

During the year the directors entered into the following advances and credits with the company:

2025 | At 1 January 2025 £ | Advances to director £ | At 31 December 2025 £
Directors | (185) | - | (185)

2024 | At 1 January 2024 £ | Advances to director £ | At 31 December 2024 £
Directors | (486) | 301 | (185)

11 | Parent and ultimate parent undertaking

The company's immediate parent is John Watkins Group Limited, incorporated in England and Wales, by virtue of its 100% shareholding. The registered office of John Watkins Group Limited is Plym House 3 Longbridge Road, Marsh Mills, Plymouth, Devon, United Kingdom, PL6 8LT. The ultimate controlling party is J L M Watkins.