S. Pugh & Son ( Garden Centre ) Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 01872960 (England and Wales)

S. PUGH & SON ( GARDEN CENTRE ) LTD

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

C.W.C. Pugh

Mrs W.M. Pugh

G.N. Pugh

I.M. Pugh

SECRETARY:

Mrs W.M. Pugh

REGISTERED OFFICE:

Tynant Nursery

Ty Nant Road, Morganstown

Cardiff

SOUTH GLAMORGAN

CF15 8LB

REGISTERED NUMBER:

01872960 (England and Wales)

ACCOUNTANTS:

HODGE BAKSHI

CHARTERED ACCOUNTANTS

CHURCHGATE HOUSE

CHURCH ROAD

CARDIFF

CF14 2DX

FIXED ASSETS

Tangible assets

2

1,227,564

1,006,998

Investments

3

82,500

1,310,064

1,089,498

CURRENT ASSETS

Stocks

197,013

195,017

Debtors

4

543,202

641,289

Cash at bank and in hand

120,693

231,337

860,908

1,067,643

CREDITORS

Amounts falling due within one year

5

647,379

754,015

NET CURRENT ASSETS

213,529

313,628

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,523,593

1,403,126

CREDITORS

Amounts falling due after more than one
year

5

206,093

262,584

NET ASSETS

1,317,500

1,140,542

CAPITAL AND RESERVES

Called up share capital

6

5,000

Revaluation reserve

84,555

Profit and loss account

1,227,945

1,050,987

SHAREHOLDERS' FUNDS

1,317,500

1,140,542

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8 September 2016 and were signed on
its behalf by:

G.N. Pugh - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller

Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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

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.

Deferred tax

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

the balance sheet date. Deferred tax is not recognised when fixed assets are revalued unless by the

balance sheet date there is a binding agreement to sell the revalued assets and the asset has been

revalued to selling price. Neither is deferred tax recognised when fixed assets are sold and it is more

likely than not that the taxable gain will be rolled over, being charge to tax only if and when the

replacement assets are sold.

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 the profit and loss account over the relevant

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

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account 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.

Fixed asset investments

Fixed asset investments are shown at cost less provision for impairment.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 February 2015

1,775,256

Additions

284,948

At 31 January 2016

2,060,204

DEPRECIATION

At 1 February 2015

768,258

Charge for year

64,382

At 31 January 2016

832,640

NET BOOK VALUE

At 31 January 2016

1,227,564

At 31 January 2015

1,006,998

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 February 2015

and 31 January 2016

82,500

NET BOOK VALUE

At 31 January 2016

82,500

At 31 January 2015

82,500

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

following:

Styles Garden Centre Limited

Nature of business: Garden Centre

%

Class of shares:

holding

Ordinary

75.00

2016

2015

£

Aggregate capital and reserves

54,399

21,523

Profit for the year

32,876

70,608

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 438,078 (2015 - £ 553,703 )

5.

CREDITORS

Creditors include an amount of £ 275,768 (2015 - £ 346,796 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

5,000

Ordinary

£1

5,000

7.	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:

31.01.16

31.01.15

CWC Pugh

Balance B.Fwd

43,923

22,782

Transfers from directors loan account

(12,917

)

(13,076

)

Transfers to directors loan account

27,463

34,217

Balance C.Fwd

58,469

43,923

Maximum amount owed to/from the company during the year

58,469

43,923

WM Pugh

Balance B.Fwd

11,599

6,326

Transfers from directors loan account

(16,314

)

(9,604

)

Transfers to directors loan account

11,940

14,877

Balance C.Fwd

7,225

11,599

Maximum amount owed to/from the company during the year

11,599

GN Pugh

Balance B.Fwd

-

2,711

Transfers from directors loan account

(39,813

)

(52,548

)

Transfers to directors loan account

40,000

49,837

Balance C.Fwd

187

-

Maximum amount owed to/from the company during the year

187

2,711

IM Pugh

Balance B.Fwd

9,250

66

Transfers from directors loan account

(43,105

)

(40,654

)

Transfers to directors loan account

40,000

49,838

Balance C.Fwd

6,145

9,250

Maximum amount owed to/from the company during the year

9,250