S. Pugh & Son ( Garden Centre ) Ltd - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 01872960 (England and Wales)

S. PUGH & SON ( GARDEN CENTRE ) LTD

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2014

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

Morganstown

Radyr

Cardiff

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

884,244

836,802

Investments

3

82,500

82,500

966,744

919,302

CURRENT ASSETS

Stocks

193,010

229,143

Debtors

4

667,445

627,681

Cash at bank and in hand

265,202

11,238

1,125,657

868,062

CREDITORS

Amounts falling due within one year

5

728,659

739,668

NET CURRENT ASSETS

396,998

128,394

TOTAL ASSETS LESS CURRENT LIABILITIES

1,363,742

1,047,696

CREDITORS

Amounts falling due after more than one year

5

311,596

107,427

NET ASSETS

1,052,146

940,269

CAPITAL AND RESERVES

Called up share capital

6

5,000

5,000

Revaluation reserve

84,555

84,555

Profit and loss account

962,591

850,714

SHAREHOLDERS' FUNDS

1,052,146

940,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2014 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 29 September 2014 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 April 2008).

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 2013

1,494,672

Additions

97,469

At 31 January 2014

1,592,141

DEPRECIATION

At 1 February 2013

657,870

Charge for year

50,027

At 31 January 2014

707,897

NET BOOK VALUE

At 31 January 2014

884,244

At 31 January 2013

836,802

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 February 2013

and 31 January 2014

82,500

NET BOOK VALUE

At 31 January 2014

82,500

At 31 January 2013

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

2014

2013

£

£

Aggregate capital and reserves

(129,085

)

(222,281

)

Profit for the year

97,250

43,559

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 596,205 (2013 - £ 533,854 )

5.

CREDITORS

Creditors include an amount of £ 398,516 (2013 - £ 282,883 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

5,000

Ordinary

£1

5,000

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:

31.01.14

31.01.13

CWC Pugh

Balance B.Fwd

47

478

Transfers from directors loan account

(16,609

)

(51,269

)

Transfers to directors loan account

39,344

50,838

Balance C.Fwd

22,782

47

Maximum amount owed to/from the company during the year

26,038

7,254

WM Pugh

Balance B.Fwd

240

500

Transfers from directors loan account

(9,868

)

(22,363

)

Transfers to directors loan account

15,954

22,103

Balance C.Fwd

6,326

240

Maximum amount owed to/from the company during the year

7,127

500

GN Pugh

Balance B.Fwd

6

1,142

Transfers from directors loan account

(49,857

)

(106,109

)

Transfers to directors loan account

52,562

104,972

Balance C.Fwd

2,711

6

Maximum amount owed to/from the company during the year

(4,472

)

(54,544

)

IM Pugh

Balance B.Fwd

205

4,575

Transfers from directors loan account

(59,930

)

(97,302

)

Transfers to directors loan account

59,791

92,932

Balance C.Fwd

66

205

Maximum amount owed to/from the company during the year

(5,939

)

(51,444

)