Registered number:
FOR THE PERIOD ENDED 6 MAY 2023
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G'S GROWERS LIMITED
COMPANY INFORMATION
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G'S GROWERS LIMITED
CONTENTS
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G'S GROWERS LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 6 MAY 2023
The principal activity of the Group is that of a farm produce co-operative with harvesting, packing and plant raising operations.
The Group comprises operations in the UK and provides services to members in the UK.
Turnover in the period increased by 35% (2022 decreased by 0.5%). The group loss for the period, before taxation, amounted to £242,000 (2022 loss £351,000).
The group uses various financial instruments. These include ongoing charges, funding payments, loans, cash and various items such as trade debtors and trade creditors that arise directly from its operation. The main purpose of these financial instruments is to raise finance for the group's operations.
The existence of these financial instruments exposes the Company to number of financial risks, primarily operational risk, liquidity risk, currency risk and credit risk. Operational risk The parent company operates as a Producer Organisation under the Fruit and Vegetable Regime and therefore is exposed to the risk of scheme non compliance. This risk is managed through diligent adherence to the scheme rules and regular communication with the RPA. The Company is subject to annual audits from the RPA to ensure the company is compliant with the rules and regulations. The directors monitor the Company's performance during the period which includes reports it receives from the RPA following their audits to mitigate the risk of monies received being refunded to the authorities as a result of breaches of the rules. No grant funded expenditure is undertaken without prior approval from the RPA. Therefore, the group's exposure to the risk is mitigated. Liquidity risk The Group, through an annual budgeting process, reviews the working capital requirements of the business to meet its operational needs. This review assesses the level of capital and revenue expenditure expected over a 12 month cycle and is matched to the expected income from members, customers, and grants over the same period. The Directors monitor the group's position during the period and where necessary, defer expenditure or raise additional contributions so as to remain within its working capital requirements. The Group's liquidity risk is thereby limited. Foreign currency risk A small number of capital purchases are made in Euros which are exposed to transactional risk. The Directors monitor this and therefore the group's exposure to this risk is mitigated. Credit risk The Group’s principal financial assets are cash and debtors. The Parent Company work closely with its invoicing and marketing agents to manage its debtor days. As a consequence, the directors believe that credit risk is both limited and mitigated.
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G'S GROWERS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 6 MAY 2023
The Key Performance Indicators for the group remain Gross Sales Value and its constituent parts (namely price per kilo and volume of produce shipped in kilos), cost of services to members, the net return to members and working capital management. Extensive key performance indicators covering all aspects of the business are measured daily, weekly and monthly by managers.
IIn considering how to promote the success of the group under Section 172 the directors are required to explain how they consider the interests of key stakeholders when seeking to promote the group’s success. The key stakeholder groups, how we engage with them and how we measure the effectiveness of the engagement are set out below.
The parent company operates as a not for profit co-operative which exists to promote the interests of its members. These members are directly represented by 7 of our 11 Board members. In addition, all active members are represented in the relevant crop-specific Crop Boards. Both the Board of directors and the Crop Boards drive the strategy of the Group and all key decisions are taken in these Boards. The directors regularly review the performance of the Group. Due to the fast and changing nature of the industry, regular forecasting is performed to ensure we can meet customer demand as efficiently as possible. Business planning is carried on an annual basis with reference to our 5 year Crop Strategies. Employees are fundamental to the success of the group. Attracting, retaining, progressing, and motivating those employees whilst keeping them safe is a core objective of the board. We have a diverse skill base and range of expertise across our businesses and recognise that maintaining and growing this is key to the future. The group offers opportunities to apprentices and graduates to ensure a constant pipeline of development potential progressing through the business and a variety of training across all areas is provided to meet the needs of all employees Maintaining strong, mutually beneficial partnerships with our members, suppliers and customers has been key to the success of the group. Our customer relationships have been built over many years and are fundamental to the development of product ranges and quality for consumers. The company meets regularly with all customers to review performance and collaborate on new product development. Due to the nature of the industry, suppliers are key to delivering fresh products to customers to meet consumer demand and integrated supply chains are in place which rely upon coordination of supply chain partners including our grower members, service providers and subsidiaries within the group. The sustainability of the environment and the impact on the community drives the group to look at how we grow, harvest and transport our products to market. The methods of farming continue to evolve to minimise the impact on the land we farm.
This report was approved by the board on 15 November 2023 and signed on its behalf.
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G'S GROWERS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 6 MAY 2023
The directors present their report and the financial statements for the period ended 6 May 2023.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation and minority interests, amounted to £196,000 (2022 - loss £304,000).
No dividends were paid during the year and the Directors do not propose a final dividend.
The directors who served during the period were:
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G'S GROWERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 6 MAY 2023
The Group intends to maintain its position with the existing range of products, whilst looking at all opportunities to expand into new markets and higher added value ranges.
The Group depends on the skills and commitment of its employees in order to achieve its objectives, and staff members at every level are encouraged to make their fullest contribution to the group’s success.
The Group’s selection, development and promotion procedures are designed to encourage all employees to achieve their potential and regular communications keep the staff well informed on the group’s progress.
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G'S GROWERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 6 MAY 2023
The following Streamlined Energy and Carbon Report (SECR) provides environmental impact information in accordance with the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 and (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
The Group aims to ensure the environment is left in a better condition for future generations, this strategy underlines the importance of Environmental, Social and Governance (ESG) as well as sustainability in supporting the future growth and development of the business. As a group we have made meaningful progress in the last financial year in understanding our environmental impact and developing mitigation measures Methodology As in the previous year, for the majority of the calculation, primary data has been sourced (e.g. meter readings, supplier invoices, employee expense information). While a reasonable attempt has been made to provide a complete view, some exclusions have been made on the basis of materiality such as de minimis office and staff related expenses which could not be separately identified through our systems. The footprint is calculated in accordance with the Greenhouse Gas (GHG) Protocol and environmental reporting guidelines: including streamlined energy and carbon reporting guidance. The table below provides a comparison between 2021/22 and 2022/23.
In previous years, the mileage transport data was placed under Scope 1 (direct emission relating to company owned cars). However, under SECR guidelines, transport in employee-owned cars or hire/lease cars are classed as indirect emission and therefore sit under Scope 3. Therefore, the data has been amended for the 2021/22 financial year.
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G'S GROWERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 6 MAY 2023
Energy Efficiency
Energy efficiency has been a priority for the group with investment in renewable power generation at our greenhouse already in place. In addition, the group has historically purchased renewable electricity for the balance of its power needs. During the period, the group continued to invest in precision farming and innovations with a focus on the reduction of fuel usage as well as reducing the use of fertilisers, herbicides, pesticides and water.
There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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G'S GROWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G'S GROWERS LIMITED
We have audited the financial statements of G's Growers Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 6 May 2023, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' 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 or the 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 directors with respect to going concern are described in the relevant sections of this report.
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G'S GROWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G'S GROWERS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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G'S GROWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G'S GROWERS LIMITED (CONTINUED)
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 Auditors' 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 taken on the basis of these Group financial statements.
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 gained an understanding of the legal and regulatory framework applicable to the company, the group and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits and industry regulations including GDPR, employment law and health and safety.
We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: -agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; -enquiries of management including those responsible for key regulations; -performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; -reviewing minutes of board meetings. In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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G'S GROWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G'S GROWERS LIMITED (CONTINUED)
This report is made solely to the 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 Company's members those matters we are required to state to them in an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Tennyson House
Cambridge Business Park
CB4 0WZ
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G'S GROWERS LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 6 MAY 2023
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G'S GROWERS LIMITED
REGISTERED NUMBER: 01806047
CONSOLIDATED BALANCE SHEET
AS AT 6 MAY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2023.
The notes on pages 19 to 38 form part of these financial statements.
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G'S GROWERS LIMITED
REGISTERED NUMBER: 01806047
COMPANY BALANCE SHEET
AS AT 6 MAY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 38 form part of these financial statements.
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G'S GROWERS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 6 MAY 2023
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 7 MAY 2022
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G'S GROWERS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 6 MAY 2023
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 7 MAY 2022
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G'S GROWERS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 6 MAY 2023
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G'S GROWERS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 6 MAY 2023
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G'S GROWERS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 6 MAY 2023
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
G's Growers Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The registered office is Barway, Ely, Cambridgeshire, CB7 5TZ.
The nature of the Group's operations and principal activities is that of a farm produce co-operative with harvesting, packing and plant raising operations.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Group and rounded to the nearest £000.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 04 May 2014.
The directors have considered a period of at least twelve months from the date of approval of the financial statements and are confident that the Group has sufficient cash reserves and working capital to enable liabilities to be settled as they fall due and to continue trading for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
2.Accounting policies (continued)
Turnover represents the goods and services provided to members and charges to members to fund operational and administrative costs. Turnover is recognised on delivery of goods. Contributions from members which relate to expenditure that is to be recognised in future periods, for example, fixed assets are deferred and released to the profit and loss account on the same basis that the underlying expenditure to which they relate is also recognised.
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
2.Accounting policies (continued)
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor. The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 04 May 2014 to continue to be charged over the period to the first market rent review rather than the term of the lease.
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
2.Accounting policies (continued)
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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, with 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
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
2.Accounting policies (continued)
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
The whole of the turnover is attributable to the Group's principal activity.
Analysis of turnover by country of destination:
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
Page 28
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
11.Taxation (continued)
G's Growers (Ramsey) Limited has estimated losses of £578,046 (2022 - £552,917) available to carry forward against future trading profits.
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
12.Tangible fixed assets (continued)
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
12.Tangible fixed assets (continued)
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
Page 32
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
Page 33
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
The bank loans as at 7 May 2022 of £2,878,000 were secured against a debenture issued by G's Growers Limited over all assets of the company including present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.
G's Growers Limited has an inter-company guarantee in place for G's Growers Nurseries Limited with unlimited security.
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
Page 35
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
Page 36
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
Profit and loss account
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G'S GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £596,000 (2022 - £424,000). Contributions totalling £176,000 (2022 - £80,000) were payable to the fund at the balance sheet date and are included in creditors.
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