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Registered number: 01806047









G'S GROWERS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 6 MAY 2023

 
G'S GROWERS LIMITED
 

COMPANY INFORMATION


Directors
F K Colson 
J R Foskett 
G A Colebrook 
P J Sargeant 
G P Shropshire (resigned 16 November 2022)
R J Shropshire 
R P Baker Bates 
E F V Perrott 
W O Jolly 
 T E J Young 
H J Shropshire (appointed 8 September 2022)
C J Shropshire (appointed 16 November 2022)
J P Green (resigned 16 November 2022)
J J Joel (resigned 16 November 2022)




Company secretary
F K Colson



Registered number
01806047



Registered office
Barway
Soham

Ely

Cambridgeshire

CB7 5TZ




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ




Bankers
HSBC Bank Plc
PO Box 68

130 New Street

Birmingham

B2 4JU





 
G'S GROWERS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 6
Independent Auditors' Report
 
 
7 - 10
Consolidated Profit and Loss Account
 
 
11
Consolidated Balance Sheet
 
 
12
Company Balance Sheet
 
 
13
Consolidated Statement of Changes in Equity
 
 
14
Company Statement of Changes in Equity
 
 
15
Consolidated Statement of Cash Flows
 
 
16 - 17
Consolidated Analysis of Net Debt
 
 
18
Notes to the Financial Statements
 
 
19 - 38


 
G'S GROWERS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 6 MAY 2023

Principal activities
 
The principal activity of the Group is that of a farm produce co-operative with harvesting, packing and plant raising operations.  

Business review
 
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).

Principal risks and uncertainties
 
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.

Page 1

 
G'S GROWERS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 6 MAY 2023

Financial key performance indicators
 
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.

Directors' statement of compliance with duty to promote the success of the Group
 
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.





................................................
R P Baker Bates
Director

Page 2

 
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.

Directors' responsibilities statement

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 2006They 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.

Results and dividends

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.

Directors

The directors who served during the period were:

F K Colson 
J R Foskett 
G A Colebrook 
P J Sargeant 
G P Shropshire (resigned 16 November 2022)
R J Shropshire 
R P Baker Bates 
E F V Perrott 
W O Jolly 
T E J Young 
H J Shropshire (appointed 8 September 2022)
C J Shropshire (appointed 16 November 2022)
J P Green (resigned 16 November 2022)
J J Joel (resigned 16 November 2022)

Page 3

 
G'S GROWERS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 6 MAY 2023

Future developments

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.

Engagement with employees

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.

Equality policy

The Group has continued its policy of equality. Full and fair consideration is given to all applications for employment irrespective of age, disability, gender, marital status, race, religion or sexual orientation and appropriate training and career development opportunities are available to all employees.

Page 4

 
G'S GROWERS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 6 MAY 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

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. 
ole215f.png



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. 
 
Page 5

 
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. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Price 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 15 November 2023 and signed on its behalf.
 







................................................
R P Baker Bates
Director

Page 6

 
G'S GROWERS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G'S GROWERS LIMITED
 

Opinion


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 policiesThe 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 of the parent Company's affairs as at 6 May 2023 and of the Group's loss 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 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.


Conclusions relating to going concern


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.


Page 7

 
G'S GROWERS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G'S GROWERS LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion 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 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.


Matters on which we are required to report by exception
 

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.


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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are 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 directors are 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
G'S GROWERS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G'S GROWERS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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.


Page 9

 
G'S GROWERS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G'S GROWERS LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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.





Paul Cullen FCCA (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

26 January 2024
Page 10

 
G'S GROWERS LIMITED
 

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 6 MAY 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
96,640
71,613

Cost of sales
  
(79,802)
(59,032)

Gross profit
  
16,838
12,581

Administrative expenses
  
(21,019)
(16,051)

Other operating income
 5 
4,134
3,267

Operating loss
 6 
(47)
(203)

Interest receivable and similar income
  
57
-

Interest payable and similar expenses
 10 
(252)
(148)

Loss before tax
  
(242)
(351)

Tax on loss
 11 
(27)
-

Loss for the financial period
  
(269)
(351)

Loss for the period attributable to:
  

Non-controlling interests
  
(73)
(47)

Owners of the parent
  
(196)
(304)

  
(269)
(351)

The notes on pages 19 to 38 form part of these financial statements.

Page 11

 
G'S GROWERS LIMITED
REGISTERED NUMBER: 01806047

CONSOLIDATED BALANCE SHEET
AS AT 6 MAY 2023

6 May
7 May
2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 12 
35,029
34,172

Current assets
  

Stocks
 14 
684
450

Debtors: amounts falling due within one year
 15 
18,456
23,245

Cash at bank and in hand
 16 
874
165

Current liabilities
  
20,014
23,860

Creditors: amounts falling due within one year
 17 
(26,942)
(31,043)

Net current liabilities
  
 
 
(6,928)
 
 
(7,183)

Total assets less current liabilities
  
28,101
26,989

Creditors: amounts falling due after more than one year
 18 
(27,079)
(25,725)

Provisions for liabilities
  

Deferred taxation
 21 
(49)
(22)

Net assets
  
 
 
973
 
 
1,242


Capital and reserves
  

Profit and loss account
 23 
1,327
1,523

Equity attributable to owners of the parent Company
  
1,327
1,523

Non-controlling interests
  
(354)
(281)

  
973
1,242


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2023.




................................................
R P Baker Bates
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 12

 
G'S GROWERS LIMITED
REGISTERED NUMBER: 01806047

COMPANY BALANCE SHEET
AS AT 6 MAY 2023

6 May
7 May
2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 12 
30,471
32,676

Investments
 13 
810
810

  
31,281
33,486

Current assets
  

Debtors: amounts falling due within one year
 15 
16,063
15,363

Cash at bank and in hand
 16 
550
108

Current liabilities
  
16,613
15,471

Creditors: amounts falling due within one year
 17 
(21,322)
(21,789)

Net current liabilities
  
 
 
(4,709)
 
 
(6,318)

Total assets less current liabilities
  
26,572
27,168

  

Creditors: amounts falling due after more than one year
 18 
(25,129)
(25,725)

  

Net assets
  
1,443
1,443


Capital and reserves
  

Profit and loss account carried forward
  
1,443
1,443


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2023.


................................................
R P Baker Bates
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 13

 
G'S GROWERS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 6 MAY 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£000
£000
£000
£000
£000

At 8 May 2022
-
1,523
1,523
(281)
1,242


Comprehensive income for the period

Loss for the period
-
(196)
(196)
(73)
(269)


At 6 May 2023
-
1,327
1,327
(354)
973


The notes on pages 19 to 38 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 7 MAY 2022


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£000
£000
£000
£000
£000

At 9 May 2021
-
1,827
1,827
(234)
1,593


Comprehensive income for the period

Loss for the period
-
(304)
(304)
(47)
(351)


At 7 May 2022
-
1,523
1,523
(281)
1,242


The notes on pages 19 to 38 form part of these financial statements.

Page 14

 
G'S GROWERS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 6 MAY 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 8 May 2022
-
1,443
1,443
Total comprehensive income for the period
-
-
-


At 6 May 2023
-
1,443
1,443


The notes on pages 19 to 38 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 7 MAY 2022


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 9 May 2021
-
1,450
1,450


Comprehensive income for the period

Loss for the period
-
(7)
(7)


At 7 May 2022
-
1,443
1,443


The notes on pages 19 to 38 form part of these financial statements.

Page 15

 
G'S GROWERS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 6 MAY 2023

6 May
7 May
2023
2022
£000
£000

Cash flows from operating activities

Loss for the financial period
(269)
(351)

Adjustments for:

Depreciation of tangible assets
8,652
6,921

Loss on disposal of tangible assets
(180)
(289)

Interest paid
252
148

Interest received
(57)
-

Taxation charge
27
-

(Increase)/decrease in stocks
(234)
77

Decrease/(increase) in debtors
4,789
(3,599)

(Decrease)/increase in creditors
(2,016)
3,694

Corporation tax (paid)
(26)
(27)

Net cash generated from operating activities

10,938
6,574


Cash flows from investing activities

Purchase of tangible fixed assets
(9,578)
(11,575)

Sale of tangible fixed assets
249
299

Interest received
57
-

Net cash from investing activities

(9,272)
(11,276)

Cash flows from financing activities

New secured loans
-
3,103

Repayment of loans
(3,028)
(2,088)

Other new loans
2,700
-

Repayment of other loans
(81)
(81)

Interest paid
(252)
(148)

Net cash used in financing activities
(661)
786

Net increase/(decrease) in cash and cash equivalents
1,005
(3,916)
Page 16

 
G'S GROWERS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 6 MAY 2023

6 May
7 May

2023
2022

£000
£000



Cash and cash equivalents at beginning of period
(2,118)
1,798

Cash and cash equivalents at the end of period
(1,113)
(2,118)


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
874
165

Bank overdrafts
(1,987)
(2,283)

(1,113)
(2,118)


Page 17

 
G'S GROWERS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 6 MAY 2023




At 8 May 2022
Cash flows
At 6 May 2023
£000

£000

£000

Cash at bank and in hand

165

709

874

Bank overdrafts

(2,283)

296

(1,987)

Debt due after 1 year

(81)

(1,869)

(1,950)

Debt due within 1 year

(2,959)

2,278

(681)


(5,158)
1,414
(3,744)

The notes on pages 19 to 38 form part of these financial statements.

Page 18

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Basis of consolidation

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.

 
2.3

Going concern

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.

Page 19

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

The Company applies the principle of substance over form with regard to the recognition of revenue from sale of produce, acting as an agent rather than principal in such transactions. 
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. 

 
2.5

Grants

Grants received by the cooperative are matched to the expenditure either in the period to which items of a revenue nature have been charged, or for fixed asset expenditure deferred over the life of the asset and released in line with the depreciation charge relating to the asset. 

Page 20

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Freehold property
-
10 to 50 years
Leasehold improvements
-
3 to 25 years
Plant and machinery
-
4 to 10 years
Motor vehicles
-
2 to 10 years
Office equipment
-
3 to 5 years
Other fixed assets
-
4 to 10 years

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.

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.8

Leased assets: the Group as lessee

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright.  The amount capitalised is the present value of the minimum lease payments payable over the term of the lease.  The corresponding leasing commitments are shown as amounts payable to the lessor.  Depreciation on the relevant assets is charged to profit or loss over the shorter of estimated useful economic life and the term of the lease.
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.

Page 21

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 22

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

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.
Page 23

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

2.Accounting policies (continued)


2.14
Financial instruments (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.

 
2.15

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.16

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 24

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

2.Accounting policies (continued)

 
2.19

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.20

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. 

Page 25

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. 


4.


Turnover

The whole of the turnover is attributable to the Group's principal activity. 

Analysis of turnover by country of destination:

2023
2022
£000
£000

United Kingdom
96,640
71,613



5.


Other operating income

2023
2022
£000
£000

Other operating income
2,599
1,706

Net rents receivable
1,535
1,561

4,134
3,267



6.


Operating loss

The operating loss is stated after charging:

2023
2022
£000
£000

Depreciation expense
8,652
6,921

Exchange differences
11
7

Other operating lease rentals
1,767
1,401

Defined contribution pension cost
596
424

Page 26

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

7.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements

77
35


Audit fees for the Company were £17,000 (2022 - £16,000). Amounts paid for non audit services were £1,500 (2022 - £1,500).





8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
6 May
Group
7 May
Company
6 May
Company
7 May
2023
2022
2023
2022
£000
£000
£000
£000


Wages and salaries
14,300
12,622
4,960
4,476

Social security costs
1,047
855
575
507

Cost of defined contribution scheme
596
424
410
282

15,943
13,901
5,945
5,265


The average monthly number of employees, including the directors, during the period was as follows:


        2023
        2022
            No.
            No.







Management, Administration & Commercial
82
81



Production
87
89

169
170

Page 27

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

9.


Directors' remuneration

2023
2022
£000
£000

Directors' emoluments
353
625

Group contributions to defined contribution pension schemes
37
63

390
688


During the period retirement benefits were accruing to 4 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £142,000 (2022 - £322,000).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,000 (2022 - £17,000).


10.


Interest payable and similar expenses

2023
2022
£000
£000


Bank interest payable
18
5

Other loan interest payable
228
148

Loans from group undertakings
6
(5)

252
148


11.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
-
(4)


-
(4)


Total current tax
-
(4)

Deferred tax


Origination and reversal of timing differences
27
4

Total deferred tax
27
4


Tax on loss
27
-
Page 28

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023
 
11.Taxation (continued)


Factors affecting tax charge for the period

There were no factors that affected the tax charge for the period which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2022 - 19%).



Factors that may affect future tax charges

G's Growers (Ramsey) Limited has estimated losses of £578,046 (2022 - £552,917) available to carry forward against future trading profits. 


12.


Tangible fixed assets

Group








Freehold property
Leasehold improvement
Plant and machinery
Motor vehicles
Office equipment

£000
£000
£000
£000
£000



Cost


At 8 May 2022
22,935
3,710
82,489
448
82


Additions
-
87
9,420
71
-


Disposals
-
-
(843)
-
-



At 6 May 2023

22,935
3,797
91,066
519
82



Depreciation


At 8 May 2022
11,683
2,729
60,691
373
59


Charge for the period on owned assets
726
193
7,681
18
19


Disposals
-
-
(774)
-
-



At 6 May 2023

12,409
2,922
67,598
391
78



Net book value



At 6 May 2023
10,526
875
23,468
128
4



At 7 May 2022
11,252
982
21,798
75
22
Page 29

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

           12.Tangible fixed assets (continued)


Computer equipment
Other fixed assets
Total

£000
£000
£000



Cost


At 8 May 2022
73
32
109,769


Additions
-
-
9,578


Disposals
-
-
(843)



At 6 May 2023

73
32
118,504



Depreciation


At 8 May 2022
62
-
75,597


Charge for the period on owned assets
5
10
8,652


Disposals
-
-
(774)



At 6 May 2023

67
10
83,475



Net book value



At 6 May 2023
6
22
35,029



At 7 May 2022
10
32
34,171

Page 30

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

           12.Tangible fixed assets (continued)


Company









Freehold property
Leasehold improvement
Plant and machinery
Motor vehicles
Total

£000
£000
£000
£000
£000

Cost


At 8 May 2022
22,507
3,672
78,231
13
104,423


Additions
-
87
6,014
-
6,101


Disposals
-
-
(843)
-
(843)



At 6 May 2023

22,507
3,759
83,402
13
109,681



Depreciation


At 8 May 2022
11,624
2,717
57,394
13
71,748


Charge for the period on owned assets
720
189
7,327
-
8,236


Disposals
-
-
(774)
-
(774)



At 6 May 2023

12,344
2,906
63,947
13
79,210



Net book value



At 6 May 2023
10,163
853
19,455
-
30,471



At 7 May 2022
10,883
956
20,837
-
32,676






Page 31

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

13.


Fixed asset investments

Company








Investments in subsidiary companies

£000



Cost


At 8 May 2022
810



At 6 May 2023
810






Net book value



At 6 May 2023
810



At 7 May 2022
810


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

G's Growers (Ramsey) Limited
Onion grading and packing
Ordinary shares
100%
G's Growers Nurseries Limited
Plant propagation
Ordinary "A" shares
90%
Salads Harvesting Services Limited
Harvesting services
Ordinary shares
51%
G's Growers Mushrooms Limited
Dormant
Ordinary shares
100%
G's Growers Salads Limited
Dormant
Ordinary shares
100%

Page 32

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

14.


Stocks

Group
6 May
Group
7 May
2023
2022
£000
£000

Raw materials and consumables
684
450

684
450



15.


Debtors

Group
6 May
Group
7 May
Company
6 May
Company
7 May
2023
2022
2023
2022
£000
£000
£000
£000


Trade debtors
9,549
9,270
7,942
7,502

Amounts owed by group undertakings
-
-
2,010
-

Other debtors
5,618
11,650
3,793
6,883

Prepayments and accrued income
3,289
2,325
2,318
978

18,456
23,245
16,063
15,363



16.


Cash and cash equivalents

Group
6 May
Group
7 May
Company
6 May
Company
7 May
2023
2022
2023
2022
£000
£000
£000
£000

Cash at bank and in hand
874
165
550
108

Less: bank overdrafts
(1,986)
(2,283)
(1,986)
(2,283)

(1,112)
(2,118)
(1,436)
(2,175)


Page 33

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

17.


Creditors: Amounts falling due within one year

Group
6 May
Group
7 May
Company
6 May
Company
7 May
2023
2022
2023
2022
£000
£000
£000
£000

Bank overdrafts
1,986
2,283
1,986
2,283

Bank loans
300
2,878
300
2,878

Other loans
381
81
81
81

Trade creditors
10,202
8,810
8,503
8,630

Corporation tax
-
24
-
-

Other taxation and social security
442
433
264
229

Other creditors
4,787
9,236
1,982
1,075

Accruals and deferred income
8,844
7,298
8,206
6,613

26,942
31,043
21,322
21,789



18.


Creditors: Amounts falling due after more than one year

Group
6 May
Group
7 May
Company
6 May
Company
7 May
2023
2022
2023
2022
£000
£000
£000
£000

Other loans
1,950
81
-
81

Accruals and deferred income
25,129
25,644
25,129
25,644

27,079
25,725
25,129
25,725



The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
Group
6 May
Group
7 May
2023
2022
£000
£000


Repayable by instalments
750
-

750
-

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.

Page 34

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

19.


Loans


Analysis of the maturity of loans is given below:


Group
6 May
Group
7 May
Company
6 May
Company
7 May
2023
2022
2023
2022
£000
£000
£000
£000

Amounts falling due within one year

Bank loans
300
2,878
300
2,878

Other loans
381
81
81
81


681
2,959
381
2,959

Amounts falling due 1-2 years

Other loans
300
81
-
81


300
81
-
81

Amounts falling due 2-5 years

Other loans
900
-
-
-

Amounts falling due after more than 5 years

Other loans
750
-
-
-

2,631
3,040
381
3,040



Page 35

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

20.


Financial instruments

Group
6 May
Group
7 May
Company
6 May
Company
7 May
2023
2022
2023
2022
£000
£000
£000
£000

Financial assets

Financial assets measured at fair value through profit or loss
874
165
550
108

Financial assets that are debt instruments measured at amortised cost
15,167
20,920
13,745
14,385

Financial assets that are equity instruments measured at cost less impairment
-
-
810
810

16,041
21,085
15,105
15,303


Financial liabilities

Financial liabilities measured at amortised cost
19,606
23,369
12,852
15,028

Financial liabilities measured at amortised cost
-
-
-
-

19,606
23,369
12,852
15,028


Financial assets measured at fair value through profit or loss comprise bank and cash in hand. 


Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other debtors. 


Financial assets that are equity instruments measured at cost less impairment comprise investments in subsidiaries. 


Financial liabilities measured at amortised cost comprise trade creditors, other creditors, bank overdraft, bank loans and other loans. 

Page 36

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

21.


Deferred taxation


Group



2023
2022


£000

£000






At beginning of year
(22)
(18)


Charged to profit or loss
(27)
(4)



At end of year
(49)
(22)

Group
6 May
Group
7 May
2023
2022
£000
£000

Accelerated capital allowances
(49)
(22)

(49)
(22)


22.


Share capital

6 May
7 May
2023
2022
£000
£000
Allotted, called up and fully paid



16 (2022 - 16) Share Capital shares of £1.00 each
-
-



23.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses. 

Page 37

 
G'S GROWERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 MAY 2023

24.


Capital commitments




At 6 May 2023 the Group and Company had capital commitments as follows:


Group
6 May
Group
7 May
Company
6 May
Company
7 May
2023
2022
2023
2022
£000
£000
£000
£000

Contracted for but not provided in these financial statements
1,799
2,369
1,799
2,369

1,799
2,369
1,799
2,369


25.


Pension commitments

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. 


26.


Related party transactions

The Company has widespread ownership of shares and consequently no individual or party has overall control of the company.
The total turnover by the Company with related parties during the period amounted to £67,912,400 (2022 - £51,174,000).  All this trade was carried out on normal commercial terms. At the period end the Company owed a cumulative amount of £2,399,000 (2022 - £2,386,000) to these businesses.
Only the directors are considered to be key management personnel. Total remuneration in respect of these individuals is £391,000 (2022 - £688,000). 


Page 38