S. Pugh & Son ( Garden Centre ) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01872960 (England and Wales)

S. PUGH & SON ( GARDEN CENTRE ) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G.N. Pugh

I.M. Pugh

REGISTERED OFFICE:

Tynant Nursery

Ty Nant Road

Morganstown

Cardiff

SOUTH GLAMORGAN

CF15 8LB

REGISTERED NUMBER:

01872960 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,715,739

1,489,074

Investments

5

82,500

82,500

1,798,239

1,571,574

CURRENT ASSETS

Stocks

6

415,169

359,513

Debtors

7

428,893

538,595

Cash at bank and in hand

202,501

159,012

1,046,563

1,057,120

CREDITORS

Amounts falling due within one year

8

790,495

783,279

NET CURRENT ASSETS

256,068

273,841

TOTAL ASSETS LESS CURRENT LIABILITIES

2,054,307

1,845,415

CREDITORS

Amounts falling due after more than one year

9

(391,475

)

(373,625

)

PROVISIONS FOR LIABILITIES

12

(104,743

)

(84,258

)

NET ASSETS

1,558,089

1,387,532

CAPITAL AND RESERVES

Called up share capital

13

5,000

5,000

Revaluation reserve

14

84,555

84,555

Retained earnings

14

1,468,534

1,297,977

SHAREHOLDERS' FUNDS

1,558,089

1,387,532

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 August 2019 and were signed on its behalf by:

G.N. Pugh - Director

1.	STATUTORY INFORMATION

S. Pugh & Son ( Garden Centre ) Ltd is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the

Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 1, management is

required to make judgements, estimates and assumptions about the carrying values of assets and

liabilities that are not readily apparent from other sources. The estimates and underlying assumptions

are based on historical experience and other factors that are considered to be relevant. Actual results

may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that

period, or in the period of the revision and future periods if the revision affects both current and future

periods.

Valuation of land and buildings

As described in note 9 to the financial statements, land and buildings are stated at fair value based on

the valuation performed by the Directors.

Turnover

Turnover is measured at fair value of the consideration received or receivable net of VAT and

discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of Services:

Turnover relates to rental income is recognised by reference is usually billed monthly in for monthly

engagements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2.5% of valuation

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

12.5% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Investment property

Investment properties for which fair value can be measured reliably, are measured at fair value at each

reporting date with changes in fair value measured through profit and loss.

The methods and significant assumptions used to ascertain the fair value at the balance sheet date and

fair value movement in the profit for the year are as follows:

Properties are valued by the directors using a yield calculation to ascertain a fair value.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items. Cost price is calculated by reference to retail prices less known mark-ups.

Nursery stock is calculated by reference to the cost of equivalent stock items available from external

suppliers.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Group accounts

In preparing these financial statements,advantage has been taken of the exemptions conferred by

section 399 of the Companies Act 2006 not to prepare consolidated group accounts, on the grounds

that the group is entitled to the benefit of those exemptions as a small size group.These financial

statements therefore present present information about the company as an individual undertaking and

not about its group.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of

a past event, it is probable that an outflow of economic benefit will be required in settlement and the

amount can be reliable estimated.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss

account in other administration expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at

each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets

cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount

exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is

carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 89 (2018 - 81 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST OR VALUATION

At 1 February 2018

1,069,004

289,170

280,677

Additions

-

154,233

5,775

At 31 January 2019

1,069,004

443,403

286,452

DEPRECIATION

At 1 February 2018

307,809

30,829

253,684

Charge for year

26,726

22,727

6,174

Eliminated on disposal

-

-

-

At 31 January 2019

334,535

53,556

259,858

NET BOOK VALUE

At 31 January 2019

734,469

389,847

26,594

At 31 January 2018

761,195

258,341

26,993

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 February 2018

759,708

30,177

89,521

2,518,257

Additions

144,395

54,204

16,296

374,903

Disposals

-

(23,377

)

-

(23,377

)

At 31 January 2019

904,103

61,004

105,817

2,869,783

DEPRECIATION

At 1 February 2018

351,755

27,506

57,600

1,029,183

Charge for year

64,862

8,733

17,829

147,051

Eliminated on disposal

-

(22,190

)

-

(22,190

)

At 31 January 2019

416,617

14,049

75,429

1,154,044

NET BOOK VALUE

At 31 January 2019

487,486

46,955

30,388

1,715,739

At 31 January 2018

407,953

2,671

31,921

1,489,074

Cost or valuation at 31 January 2019 is represented by:

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

Valuation in 2011

84,555

-

-

Cost

984,449

443,403

286,452

1,069,004

443,403

286,452

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Valuation in 2011

-

-

-

84,555

Cost

904,103

61,004

105,817

2,785,228

904,103

61,004

105,817

2,869,783

Properties are held for investment purposes and as such they are not depreciated. Such properties are

not held for consumption but for investment and the Directors consider that to depreciate them would

not give a true and fair view.

The value of the properties, which have been included at a fair value valuation and have been

considered by the Directors.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST OR VALUATION

Additions

36,899

54,204

91,103

At 31 January 2019

36,899

54,204

91,103

DEPRECIATION

Charge for year

3,844

8,228

12,072

At 31 January 2019

3,844

8,228

12,072

NET BOOK VALUE

At 31 January 2019

33,055

45,976

79,031

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 February 2018

and 31 January 2019

82,500

NET BOOK VALUE

At 31 January 2019

82,500

At 31 January 2018

82,500

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Styles Garden Centre Limited

Registered office: Port Road, Wenvoe, Cardiff, CF5 6AD

Nature of business: Garden Centre

%

Class of shares:

holding

Ordinary

75.00

2019

2018

£

£

Aggregate capital and reserves

57,371

27,549

Profit/(loss) for the year

29,822

(10,314

)

6.

STOCKS

2019

2018

£

£

Stock of goods for resale

415,169

359,513

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

43,699

126,138

Other debtors

310,883

354,558

Prepayments and accrued income

74,311

57,899

428,893

538,595

There is no formal agreement between the group undertaking balance and the Company for the group

undertakings to repay their loans in more than one year. All the loans are repayable by demand and

are shown at cost. The amounts shown in the accounts are at their carrying values.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

50,132

50,132

Hire purchase contracts (see note 10)

18,029

-

Trade creditors

388,498

432,744

Tax

53,491

37,786

Social security and other taxes

150,587

117,046

Other creditors

10,000

10,000

Directors' current accounts

66,460

100,933

Accrued expenses

53,298

34,638

790,495

783,279

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

330,788

373,625

Hire purchase contracts (see note 10)

60,687

-

391,475

373,625

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2019

2018

£

£

Net obligations repayable:

Within one year

18,029

-

Between one and five years

60,687

-

78,716

-

Non-cancellable

operating leases

2019

2018

£

£

Within one year

143,998

148,816

Between one and five years

287,996

297,632

In more than five years

575,992

595,264

1,007,986

1,041,712

11.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

380,920

423,757

Hire purchase contracts

78,716

-

459,636

423,757

The Natwest bank holds a first charge over land at Pughs Garden Centre, at east side Ty Nant Road,

Morganstown. The bank also holds a fixed and floating charge over all current and future assets of the

company. The company has also provided an unlimited guarantee to a loan creditor of its subsidiary,

Style Gardens Limited and cross guarantee in favour of S Pugh & Son (Garden Centre Cwmbran)

Limited.

Bank loans are secured by the Company's land and buildings which have a carrying value of £734,469

(2018 - £761,195). The directors consider that the carrying amounts of the bank loans and overdraft

approximate to their fair values.

Lloyds financing and Lombard hire purchase contracts are secured against the relevant tangible fixed

assets to which they relate, held on the balance sheet at 31 January 2019.

12.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

104,743

84,258

Deferred

tax

£

Balance at 1 February 2018

84,258

Accelerated capital allowances

20,485

Balance at 31 January 2019

104,743

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

5,000

Ordinary

£1

5,000

5,000

14.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 February 2018

1,297,977

84,555

1,382,532

Profit for the year

222,587

222,587

Dividends

(52,030

)

(52,030

)

At 31 January 2019

1,468,534

84,555

1,553,089

15.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors maintained loan accounts with the company. The movements in the

directors loan accounts were as follows:

CWC Pugh

31.01.19

31.01.18

Balance B.Fwd

75,564

66,091

Amounts withdrawn

(81,551

)

(24,663

)

Amounts introduced

5,987

34,136

Balance C.Fwd

-

75,564

Maximum amount owed to/from the company during the year

75,564

75,564

WM Pugh

31.01.19

31.01.18

Balance B.Fwd

12,645

8,610

Amounts withdrawn

(15,248

)

(10,807

)

Amounts introduced

2,603

14,842

Balance C.Fwd

-

12,645

Maximum amount owed to/from the company during the year

12,645

12,645

GN Pugh

31.01.19

31.01.18

Balance B.Fwd

163

73

Amounts withdrawn

(33,787

)

(49,630

)

Amounts introduced

64,886

49,720

Balance C.Fwd

31,262

163

Maximum amount owed to/from the company during the year

31,262

163

IM Pugh

31.01.19

31.01.18

Balance B.Fwd

12,560

8,330

Amounts withdrawn

(42,249

)

(45,490

)

Amounts introduced

64,886

49,720

Balance C.Fwd

35,197

12,560

Maximum amount owed to/from the company during the year

35,197

12,560