The director presents the strategic report for the period ended 31 January 2026.

The director is satisfied with the results for the period.

2025 marked our 25th Anniversary and to mark the occasion we supported over 114 local school and community groups in the North and North-East with £25,000 of funding. We were delighted to see how well the funding was used.

In January we welcomed Lakeland to the Inverness site which we believe enhances the overall customer experience, and continue to look for suitable offerings at each site to complement our existing ranges.

In April the government introduced a higher rate of employers NI which we have tried to absorb through operating efficiencies.

In June we acquired Christies of Fochabers garden centre, unfortunately due to delays in the acquisition we missed much of the gardening season. A significant investment was made to upgrade the facilities, and the director is delighted to see how well the local community has supported these changes.

Our commitment to invest in each of the sites continues as does the desire to create year-round destinations that are part of the local communities they serve. This can only be achieved by the hard work and support of all our colleagues and customers.

We are also very proud of the relationships we have with the wider community and local business we support each year. In addition to the many local charities we support we nominated the Archies foundation as our charity of the year and are delighted to have raised over £11,000 for them.

The 2025 gardening season was as good as it has been for a number of years with like for like sales were up 15% and overall sales with the inclusion of Fochabers up 34%.

The director continues to evaluate and update the risks the group faces.

The director has identified the following key risks;

Weather

By continuing to invest in the site as a year-​round destination the risk associated with adverse weather can be reduced.

Interest rates

During the period the base rate was reduced to 3.75% which helped reduce our overall finance costs and support our debt repayment model.

Liquidity

The group operates well within the bank facilities available to it. Weekly cash flows are prepared to ensure good liquidity levels are maintained.

Inflation

Inflation continued to remain higher than we would have liked with the hospitality sector continuing to see the impact with rates between 3.5% and 4.1% during 2025. The group has continued to work with suppliers and the FMG buying group to ensure we offer value for money and minimise any retail price rises.

The principal indicators used to measure performance for the garden centre are turnover, gross margin and EBITDA. Turnover has increased by over 34.03% on the previous year. The gross margin was maintained at 55.03% compared to 54.54% (2025). The EBITDA reduced from 12% to 11%.

The director is satisfied with the key performance indicators of the group and the continuing growth of the group.

Looking ahead, the director expects inflation and energy market volatility to remain key operational risks. We continue to monitor geopolitical and macroeconomic indicators closely. To build resilience against future commodity price shocks, the group is continuing to invest in energy-efficient technologies as well as fixed price energy contracts.

We remain committed to improving everything we do and during 2026 we are upgrading many of our systems to facilitate the next stage of our growth.

On behalf of the board

The director presents his annual report and financial statements for the period ended 31 January 2026.

The principal activities of the group was the operation of garden centres.

The director who held office during the period and up to the date of signature of the financial statements was as follows:

The results for the period are set out on page 9.

A dividend of £45,000 (2025 - £45,000) was paid and approved during the period.

The auditors, Johnston Carmichael LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 group and company is unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as a director in order to make himself aware of all relevant audit information and to establish that the auditor of the group and company is aware of that information.

The reporting period for the parent company has amended its accounting reference date to 31 January. As such, the results for the current period reflect an extended reporting period to 31 January 2026 with the comparative figures covering the year ended 7 January 2025.

The group 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. It has done so in respect of future developments.

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial period. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and parent company and of the profit or loss of the group for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

We have audited the financial statements of Simpson Highview Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 January 2026 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, 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 2026 and of the group's profit for the period 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report and financial statements other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report and financial statements. 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. 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 course of 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 the audit:

• the information given in the strategic report and the director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's 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 and the director's 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 director's responsibilities statement set out on page 4, the director is 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 director is responsible for assessing the group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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 was taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and parent company and the sector in which they operate, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

• UK Generally Accepted Accounting Practice

• Companies Act 2006

• UK Corporation Tax Act 2010

• VAT Act 1994

We gained an understanding of how the group and parent company are complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns, external inspections and relevant correspondence with regulatory bodies.

We assessed the susceptibility of the group’s and parent company’s financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

• Management override of controls

• Revenue recognition

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

• Reviewing the level of and reasoning behind the group’s and parent company’s procurement of legal and professional services;

• Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and assessing judgements made by management in their calculation of accounting estimates for potential management bias;

• Procedures to confirm the completeness of revenue, ensuring recognised in line with the group's and parent company's accounting policies.

• Completion of appropriate checklists and use of our experience to assess the group’s and parent company’s compliance with the Companies Act 2006; and

• Agreement of the financial statement disclosures to supporting documentation.

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The group statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 15 to 36 form part of the financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £443,512 (2025 - £292,147 profit).

Simpson Highview Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Highview House, Inshes, INVERNESS, IV2 5BA.

The group consists of Simpson Highview Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 certain tangible fixed assets. The principal accounting policies adopted are set out below.

This parent company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this parent company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The parent company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company Simpson Highview Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 January 2026. 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.

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

The director has prepared the financial statements on the going concern basis. The group and parent company are continuing to report profit with a further increase to the net asset position at the balance sheet date, which are now in excess of £7.8m and have also been supplemented by a revaluation of the group's fixed assets in the period.

The parent company is funded through a combination of shareholders' funds, secured bank facilities and cash generated through operating profits. During the period, a further garden centre was acquired in conjunction with plans for expansion, which has resulted in further bank funding being provided.

The director and management have prepared cashflow forecasts through to January 2029, taking into consideration what they consider to be downside scenarios, carefully considering the overall funding requirements throughout this period. Monitoring of forecasts against performance, stock control and cost control measures ensures a focus on working capital management. The director expects the parent company's overdraft facility to be suitable to meet the working capital requirements of the group and ensure adequate resources are in place to meet all obligations for a period of at least twelve months from the date of approval of the financial statements. The overdraft facility is in place until June 2027 with the director fully anticipating this will be renewed in line with the group's requirements. Furthermore, the forecasts consider the conditions and repayment profiles of its bank loans over this period. The director is encouraged by the financial results for subsequent financial period to date and appreciates the continued support from their customers.

Therefore, the director considers - after making appropriate enquiries and taking into consideration the economic outlook in relation to the group and parent company's cost base, inflation and interest rates - that the group and parent company are well placed to adapt to any future challenges, and will have adequate resources to continue in operation, meeting all financial obligations as they fall due. Consequently, the director considers the going concern basis to remain appropriate.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

The parent company has amended its accounting reference date and as such, these financial statements have been prepared with an extended financial period to 31 January 2026 to align the business interests of the director.

The comparative financial period is for the year ended 7 January 2025 and are therefore not entirely

comparable.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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 its activities.

At each reporting period end date, the group reviews the carrying amounts of its fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the group and parent company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is also calculated using the retail method in some instances due to the nature of the items held.

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

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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, which include #tErm6, amounts due from group undertakings 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to expenditure 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 lease asset are consumed.

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The company amount included in debtors falling due within one year of £1,793,092 at 31 January 2026 by group undertakings is deemed recoverable on the basis the subsidiary holds an asset that is of strategic importance to ongoing operations and will be retained for the foreseeable future.

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

These assets were revalued in the period to 31 January 2026 as an operational entity having regard to its trading potential. The estimated valuation requires judgements and assumptions and takes into consideration valuations provided by specialists in the sector. The net book value of assets revalued in the period was £9,925,000 (2025 - £7,868,512).

An analysis of the group's turnover is as follows:

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2025 - 1).

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

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

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Included within land and buildings is land with a carrying value of £1,384,533 (2025 - £1,384,533) in both the group and parent company, which has not been depreciated.

Certain items within freehold land and buildings, plant and machinery and fixtures and fittings were valued at £9,925,000 on 21 August 2026 by Christie & Co, Chartered Surveyors. The basis of the valuation was as a fully equipped operational entity having regard to its trading potential in accordance with the RICS Appraisal and Valuation manual. The director is satisfied that this amount is an appropriate reflection of the carrying value of these assets at 31 January 2026 and as such, this has been recorded through tangible fixed assets and the group's and parent company's revaluation reserve at the reporting date.

Also included within tangible fixed assets is a garden centre acquired during the period as referenced within Business combinations, subject to a formal valuation having regard to its trading potential in accordance with the RICS Appraisal and Valuation manual. The acquisition took place on the 20 June 2025 and with reference to the formal valuation the directors are satisfied this reflects the fair value as at 31 January 2026.

The group's and parent company's land and buildings, including certain items within fixtures and fittings are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

In the period, Simpson Highview Limited acquired 100% of the share capital of Gardens and Gifts Limited, following it's incorporation.

Details of the company's subsidiaries at 31 January 2026 are as follows:

Gardens and Gifts Limited (SC834783) has claimed the exemption from audit under section 479A of the Companies Act 2006.

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

The bank loans are secured by a floating charge and standard security over the land and buildings held by the group. The bank overdraft is secured by a floating charge over all of the assets of the group and parent company.

The terms of the borrowing facilities are as follows:

A loan under which £53,024 is outstanding at the reporting date is repayable via monthly instalments over a period to May 2031 with no interest being charged.

A loan under which £23,640 is outstanding at the reporting date is repayable via monthly instalments over a period to April 2026 at a fixed interest rate of 10.1%.

A loan under which £1,953,609 is outstanding at the reporting date is repayable via monthly instalments over a period to June 2032 at an interest rate of base plus 2.75%.

A loan under which £1,711,002 is outstanding at the reporting date is repayable via monthly instalments over a period to June 2040 at an interest rate of base plus 2.75%.

A loan under which £450,341 is outstanding at the reporting date is repayable via monthly instalments over a period to June 2030 at an interest rate of base plus 2.75%.

Finance lease payments represent rentals payable by the group for certain tangible fixed assets. There are no restrictions in place on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The obligations under hire purchase and finance lease contracts are secured over the assets which the agreements relate to.

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.

The revaluation reserve relates to the surplus recognised on the revaluation of tangible fixed assets. Transfers between profit and loss and the revaluation reserve is carried out to allocate the depreciation element on the surplus each period.

The tax impact of those items is also reflected through the revaluation reserve.

The profit and loss reserves represent accumulated profits less distributions.

On 20 June 2025 the group acquired 100 percent of the issued capital of Garden and Gifts Limited. Gardens and Gifts acquired the trade and assets of Christies Garden centre for £1,902,000 with the acquisition being funded by a £1,702,000 loan from Simpson Highview Limited. The remaining acquisition price has been recognised as deferred consideration.

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 group and parent company leases certain parts of its property to a third party. Income generated on these during the period was £35,000 (2025 - £35,000). The lessee does not have an option to purchase the property at the expiry of the lease periods.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

During the period the group and company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

The group and parent company has also taken advantage of the Section 33.7A exemption available in FRS 102 from the requirement to disclose total key management personnel remuneration as there is no difference between the company's director and key management personnel.

Amounts owed by related parties include debtors falling due after more than one year of £2,159,355 (2025 - £1,919,008).

Amounts owed to key management personnel and other related parties are unsecured, interest free and repayable on demand.

Other related parties comprise other business interests controlled by the director.

The parent company has taken advantage of section 33.1A available in FRS 102 from the requirement to disclose related party transactions with wholly owned group companies.

Dividends totalling £45,000 (2025 - £45,000) were paid in the period in respect of shares held by the company's director.

The ultimate controlling party is Mr A Simpson.