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REGISTERED NUMBER: 03031052 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

FOR

STOURGARDEN LIMITED

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 8

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


STOURGARDEN LIMITED

COMPANY INFORMATION
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023







DIRECTORS: W H Rix
J G Rix
G P Rix
S J Rix





SECRETARY: J L Litherland





REGISTERED OFFICE: Lodge Farm
Great Horkesley
Colchester
Essex
CO6 4AP





REGISTERED NUMBER: 03031052 (England and Wales)





AUDITORS: MHA
910 The Crescent
Colchester Business Park
Colchester
Essex
CO4 9YQ

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

GROUP STRATEGIC REPORT
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

The directors present their strategic report of the company and the group for the period 31 July 2022 to 29 July 2023.

REVIEW OF BUSINESS
The group has continued to grow and operate profitably throughout the year under review. Turnover increased by 40.48% from the the previous year to £77,176,452, and the gross margin obtained remained broadly consistent, resulting in gross profits of £8,338,633 (10.8% of turnover), compared with £6,245,369 (11.4% of turnover) in the corresponding period last year.

Net operating costs saw a 23.2% increase to £6,077,433 (from £4,934,690), and overall this resulted in net profit before tax of £2,380,617 (3.08% of turnover) compared with £1,401,167 (2.55% of turnover) in 2022.

Post tax profits of £1,729,274 have all been transferred to reserves, thus increasing the Retained Earnings from £15,481,624 to £17,210,898 . This continues to represent a very healthy position from which the group can continue to grow and trade profitably.

During the year the group has invested a further £1,509,530 in tangible fixed assets. This reflects the aim of the directors to continually look to expand and modernise in order to maintain the market position of the group.

Cash funds of £3,467,982 continue to provide sufficient resources for ongoing trading purposes and to fund ongoing anticipated capital expenditure.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors are aware of the risks and uncertainties inherent in the current economic climate and are constantly striving to mitigate these with a detailed and far reaching business plan. They are aware that more than 50% of turnover is derived from one major customer but strive to ensure that the company is not unduly dependent upon that source of income by developing other potential markets, and this policy has proved highly successful in recent years with the introduction of new customers and product lines.

Health and safety, and environmental considerations are also taken very seriously and are reviewed internally and externally on a regular basis.

SECTION 172(1) STATEMENT
The Board of directors are aware of their duty under Section 172 of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole.

As a family owned company, the Board gives careful consideration to the consequences of any decision in the long term, focusing on flexibility to meet the ever changing consumer need. Particular recognition is also given to the need to act fairly between members of the company.

The interests of the company's employees and the need to foster the company's business relationships with suppliers, customers and others is also prioritised, with continual engagement with wider stakeholder groups forming part of the day to day operations.

Continual re-investment into the most up to date technology ensures that the growth of the business is undertaken in a sustainable manner, with a positive impact from of the company's operations on the community and the environment.

The company's ongoing success has come from the Board's desire to maintain a reputation for high standards of business conduct, and this ethos continues to inform all operational decisions.


STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

GROUP STRATEGIC REPORT
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

STAFF POLICY
Although all four directors are male, the company employs approximately an equal number of male and female staff at all levels, and endeavours to ensure that there is no discrimination on grounds of gender, race or disability.

ON BEHALF OF THE BOARD:





J L Litherland - Secretary


22 April 2024

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

REPORT OF THE DIRECTORS
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

The directors present their report with the financial statements of the company and the group for the period 31 July 2022 to 29 July 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review was that of pre-packaging and sale of onions

DIVIDENDS
No dividends will be distributed for the period ended 29 July 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 31 July 2022 to the date of this report.

W H Rix
J G Rix
G P Rix
S J Rix

FINANCIAL INSTRUMENTS
The company considers itself to have a normal level of exposure to price, credit, liquidity and cash flow risks arising from operating activities.

DISABLED EMPLOYEES
The directors recognise their responsibilities toward giving full and fair consideration to applications for employment to the company made by disabled persons, having regard to their particular aptitudes and abilities.

No discrimination is made in terms of training, careers development and promotion of disabled persons employed by the company.

If employees become disabled, every effort is made for continuing their employment. and for arranging appropriate training.

ENGAGEMENT WITH EMPLOYEES
The directors maintain constant communication with their employees regarding all matters affecting their interests. Regular updates on factors affecting the performance of the company are provided, and feedback encouraged so that employees views can be taken into account. Principal decisions taken during the year considered employee engagement, welfare and performance.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The directors are conscious of the need to foster positive business relationships with suppliers, customers and others to promote the success of the business as a whole. The company has a dedicated grower group, and works hard to source suitable onion growers around the world; building long lasting relationships. Principal decisions made during the year are made made with a focus on flexibility, and the company is well placed to meet the ever changing needs of their customers.

STREAMLINED ENERGY AND CARBON REPORTING
Summary
Total emissions for the year were 998 tonnes of carbon dioxide equivalents (tCO2e) based on a verified usage of 4,566,505 kilo-Watt-hours (kWh) of energy. Emissions have Increased by 5.1% on the previous reporting year and increased by 0.6% from the 19/20 baseline reporting year..

No energy efficiency actions (EEA) have been undertaken by the organisation in this reporting year and the intensity ratio has decreased from 40.33 to 37.79 kWh/tonne when compared to the previous reporting year.

Methodology
This report has been compiled in line with the "Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance March 2019".

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

REPORT OF THE DIRECTORS
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023



Base Year Methodology and Adjustments
The base year method that has been used to compile this report is:- Fixed Year - All-Year

Boundary
A Financial Control Boundary has been chosen for reporting on Green House Gases (GHGs).

A Financial Control Boundary has been chosen to align with the rest of the Director Financial Report.

The main site and operations in the UK have been included in the report.

No sites have been omitted from the reporting process.

Reporting Period
This report covers emissions from the period 01 Aug 2022 to 31 Jul 2023. This reporting period has been chosen to match the organisations financial reporting year.

Environmental Impacts
Only environmental impacts from greenhouse gases (GHG) are included in this report/section.

Environmental impacts from waste, water, resource efficiency, ecosystem interaction and non-GHG emission are considered separately and are outside the scope of this report.

The report has been limited to scope 1 and scope 2 emissions with scope 3 emissions for grey fleet travel as required by SECR reporting.

Greenhouse Gas Emissions
Table 1 below shows the GHG emissions for Stourgarden in tonnes of carbon dioxide equivalent for the base year of 19/20, last year and the current reporting year. Total emissions for 21/22 are 949 tonnes of carbon dioxide equivalent. This is 1.9% below the 19/20 baseline and 6.4% above last year.

The general definitions of the GHG Scopes are detailed below:

Scope 1 - All Direct Emissions from the activities of an organisation or under their control. Including combustion of fuel on site such as gas boilers, purchased fuel for vehicles and air-conditioning leaks.

Scope 2 - Indirect Emissions from electricity purchased and used by the organisation.

Scope 3 - All Other Indirect Emissions from activities of the organisation, occurring from sources that they do not own or control. Only Grey Fleet/employee car mileage claims need including for SECR.


Emission Source Units Baseline Last Year Report Year
19/20 21/22 22/23
Scope 1 Gaseous Fuel Emissions (tCO2e) 43.8 41.5 29.0
Passenger Vehicles Emissions (tCO2e) 20.9 23.9 25.5
Delivery Vehicles Emissions (tCO2e) 207.6 373.7 390.9
Sub Total Emissions (tCO2e) 272.4 439.0 445.4
Scope 2 Grid Electricity Emissions (tCO2e) 715.4 508.1 551.0
Sub Total Emissions (tCO2e) 715.4 508.1 551.0
Scope 3 Grey Fleet Emissions (tCO2e) 4.3 2.4 1.4
Sub Total Emissions (tCO2e) 4.3 2.4 1.4
TOTAL EMISSIONS Emissions (tCO2e) 992 949.4 997.7

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

REPORT OF THE DIRECTORS
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

Variance % 0.6% 5.1%
Variance % 0.6% 5.1%

Table 1: Greenhouse Gas Emission (GHG)

Underlying Energy Use
Table 2 below shows the energy use for Stourgarden in kilowatt hours (kWh) for the base year of 19/20, last year and the current reporting year. Total energy used for 22/23 was 4,566,505 kWh. This is 6.4% above the 19/20 baseline and 0.5% above last year.

Emission Source Units Baseline Last Year Report Year
19/20 21/22 22/23
Scope 1 Gaseous Fuel Energy (kWh) 204,334 193,399 136,723
Passenger Vehicles Energy (kWh) 87,670 98,920 106,615
Delivery Vehicles Energy (kWh) 863,127 1,549,503 1,634,894
Sub Total Energy (kWh) 1,155,131 1,841,821 1,878,232
Scope 2 Grid Electricity Energy (kWh) 3,068,455 2,627,226 2,660,818
Renewable Energy Energy (kWh) 51,161 66,273 21,821
Sub Total Energy (kWh) 3,119,616 2,693,499 2,682,639
Scope 3 Grey Fleet Energy (kWh) 17,215 9,542 5,633
Sub Total Energy (kWh) 17,215 9,542 5,633
TOTAL ENERGY Energy (kWh) 4,291,961 4,554,862 4,566,505
Variance % 6.4% 0.5%
Table 2: Underlying Energy Use

Intensity Ratios
The tables below show the intensity ratios for the organisation.

Type Units Baseline Last Year Report Year
19/20 21/22 22/23
Production kWh/tonne 39.2 40.3 37.8
Table 3: Operation Consumption Intensity Ratios


Type Units Baseline Last Year Report Year
19/20 21/22 22/23
Production kgCO2e/tonne 9.0 8.8 7.6
Table 4: Operation Emissions Intensity Ratios

Energy Efficiency Actions Taken
During the reporting year 22/23 no specific energy efficiency actions were taken, however the organisation did achieve certified B Corporation status in June 2023.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with section 414C (11) of the Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.


STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

REPORT OF THE DIRECTORS
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:



J L Litherland - Secretary


22 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STOURGARDEN LIMITED

Opinion
We have audited the financial statements of Stourgarden Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 29 July 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 29 July 2023 and of the group's profit 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 UK, including the FRC'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 and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STOURGARDEN LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page seven, 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 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.

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 a Report of the Auditors 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 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:

- Enquiry of management around actual and potential litigation and claims;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluation the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
- Reviewing minutes of meetings of those charged with governance; and
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STOURGARDEN LIMITED


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 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 a Report of the Auditors 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.




Cara Miller ACCA (Senior Statutory Auditor)
for and on behalf of MHA
Colchester

23 April 2024


MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership
in England and Wales (Registered number OC312313).

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

CONSOLIDATED
INCOME STATEMENT
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

Period Period
31.7.22 1.8.21
to to
29.7.23 30.7.22
Notes £    £   

TURNOVER 77,176,452 54,938,835

Cost of sales 68,837,819 48,693,466
GROSS PROFIT 8,338,633 6,245,369

Administrative expenses 6,077,433 4,934,690
2,261,200 1,310,679

Other operating income 90,413 90,413
OPERATING PROFIT 5 2,351,613 1,401,092

Interest receivable and similar income 29,004 75
PROFIT BEFORE TAXATION 2,380,617 1,401,167

Tax on profit 6 651,343 (498,384 )
PROFIT FOR THE FINANCIAL PERIOD 1,729,274 1,899,551
Profit attributable to:
Owners of the parent 1,729,274 1,899,551

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

Period Period
31.7.22 1.8.21
to to
29.7.23 30.7.22
Notes £    £   

PROFIT FOR THE PERIOD 1,729,274 1,899,551


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

1,729,274

1,899,551

Total comprehensive income attributable to:
Owners of the parent 1,729,274 1,899,551

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

CONSOLIDATED BALANCE SHEET
29 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 6,168,806 6,179,612
Investments 9 100 100
Investment property 10 1,982,335 1,982,335
8,151,241 8,162,047

CURRENT ASSETS
Stocks 11 1,621,108 913,202
Debtors 12 11,603,989 8,560,140
Cash at bank 3,467,982 2,837,576
16,693,079 12,310,918
CREDITORS
Amounts falling due within one year 13 6,620,306 4,126,226
NET CURRENT ASSETS 10,072,773 8,184,692
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,224,014

16,346,739

PROVISIONS FOR LIABILITIES 14 (518,585 ) (280,171 )

ACCRUALS AND DEFERRED INCOME 15 (444,531 ) (534,944 )
NET ASSETS 17,260,898 15,531,624

CAPITAL AND RESERVES
Called up share capital 16 200 200
Share premium 17 49,800 49,800
Retained earnings 17 17,210,898 15,481,624
SHAREHOLDERS' FUNDS 17,260,898 15,531,624

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2024 and were signed on its behalf by:





W H Rix - Director


STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

COMPANY BALANCE SHEET
29 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 6,168,806 6,179,612
Investments 9 2,000,101 2,000,101
Investment property 10 - -
8,168,907 8,179,713

CURRENT ASSETS
Stocks 11 1,621,108 913,202
Debtors 12 11,597,634 8,556,526
Cash at bank 3,250,971 2,640,630
16,469,713 12,110,358
CREDITORS
Amounts falling due within one year 13 6,620,305 4,126,226
NET CURRENT ASSETS 9,849,408 7,984,132
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,018,315

16,163,845

PROVISIONS FOR LIABILITIES 14 (518,585 ) (280,171 )

ACCRUALS AND DEFERRED INCOME 15 (444,531 ) (534,944 )
NET ASSETS 17,055,199 15,348,730

CAPITAL AND RESERVES
Called up share capital 16 200 200
Share premium 17 49,800 49,800
Retained earnings 17 17,005,199 15,298,730
SHAREHOLDERS' FUNDS 17,055,199 15,348,730

Company's profit for the financial year 1,706,469 1,879,303

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2024 and were signed on its behalf by:





W H Rix - Director


STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 August 2021 200 13,582,073 49,800 13,632,073

Changes in equity
Total comprehensive income - 1,899,551 - 1,899,551
Balance at 30 July 2022 200 15,481,624 49,800 15,531,624

Changes in equity
Total comprehensive income - 1,729,274 - 1,729,274
Balance at 29 July 2023 200 17,210,898 49,800 17,260,898

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 August 2021 200 13,419,427 49,800 13,469,427

Changes in equity
Total comprehensive income - 1,879,303 - 1,879,303
Balance at 30 July 2022 200 15,298,730 49,800 15,348,730

Changes in equity
Total comprehensive income - 1,706,469 - 1,706,469
Balance at 29 July 2023 200 17,005,199 49,800 17,055,199

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

Period Period
31.7.22 1.8.21
to to
29.7.23 30.7.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,189,640 957,781
Tax paid (239,720 ) (210,075 )
Net cash from operating activities 1,949,920 747,706

Cash flows from investing activities
Purchase of tangible fixed assets (1,509,530 ) (1,869,064 )
Sale of tangible fixed assets 161,012 90,395
Interest received 29,004 75
Net cash from investing activities (1,319,514 ) (1,778,594 )

Increase/(decrease) in cash and cash equivalents 630,406 (1,030,888 )
Cash and cash equivalents at beginning of
period

2

2,837,576

3,868,464

Cash and cash equivalents at end of period 2 3,467,982 2,837,576

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period Period
31.7.22 1.8.21
to to
29.7.23 30.7.22
£    £   
Profit before taxation 2,380,617 1,401,167
Depreciation charges 1,474,748 1,376,836
Profit on disposal of fixed assets (115,423 ) (65,062 )
Government grants (90,413 ) (90,413 )
Finance income (29,004 ) (75 )
3,620,525 2,622,453
Increase in stocks (707,906 ) (48,220 )
Increase in trade and other debtors (3,217,058 ) (1,896,387 )
Increase in trade and other creditors 2,494,079 279,935
Cash generated from operations 2,189,640 957,781

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 29 July 2023
29.7.23 31.7.22
£    £   
Cash and cash equivalents 3,467,982 2,837,576
Period ended 30 July 2022
30.7.22 1.8.21
£    £   
Cash and cash equivalents 2,837,576 3,868,464


3. ANALYSIS OF CHANGES IN NET FUNDS

At 31.7.22 Cash flow At 29.7.23
£    £    £   
Net cash
Cash at bank 2,837,576 630,406 3,467,982
2,837,576 630,406 3,467,982
Total 2,837,576 630,406 3,467,982

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

1. STATUTORY INFORMATION

Stourgarden Limited is a private company, limited by shares, registered and incorporated in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. COMPLIANCE WITH ACCOUNTING STANDARDS

The Accounts have been prepared in accordance with applicable accounting standards. There were no material departures from those standards.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts.

These financial statements do not include a cashflow statement for the parent only as the relevant exemptions for qualifying entities in s1.12(b) of FRS 102 have been applied.

The Company's functional and presentational currency is Pound Sterling. The financial statements are rounded to the nearest Pound.

Significant judgements and estimates
In applying the Group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

The directors do not believe that the have been judgements made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements. Furthermore, the directors considers that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 5% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is calculated on a straight line basis.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is measured initially at cost, including transaction costs. Subsequent to initial recognition, investment property is stated at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair value are included in profit or loss in the period in which they arise. Fair value is measured by reference to recent similar transactions involving properties of a similar nature, location and condition in the current market.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all costs of purchase and costs incurred in bringing stock to its present location and condition.

Financial instruments
The Group has chosen to adopt Sections 11 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price. Such assets are subsequently carried at amortised cost using the effective interest method.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.The Group's investments in equity instruments are not publicly traded, and therefore such assets are subsequently measured at cost less impairment.

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

All provisions take into account factors that may affect future tax charges such as future changes in corporation tax rates.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS
Period Period
31.7.22 1.8.21
to to
29.7.23 30.7.22
£    £   
Wages and salaries 10,490,546 8,929,306
Social security costs 984,168 817,759
Other pension costs 222,477 183,261
11,697,191 9,930,326

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
Period Period
31.7.22 1.8.21
to to
29.7.23 30.7.22

Management & administration 24 23
Production 321 290
345 313

The average number of employees by undertakings that were proportionately consolidated during the period was 2 (2022 - 2 ) .

During the year total directors' remuneration including benefits in kind amounted to £331,373 (2022: £311,304)

Period Period
31.7.22 1.8.21
to to
29.7.23 30.7.22
£    £   
Directors' remuneration 277,047 259,375

Information regarding the highest paid director is as follows:
Period Period
31.7.22 1.8.21
to to
29.7.23 30.7.22
£    £   
Emoluments etc 83,114 77,813

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period Period
31.7.22 1.8.21
to to
29.7.23 30.7.22
£    £   
Hire of plant and machinery 10,985 25,377
Other operating leases 311,181 311,181
Depreciation - owned assets 1,474,747 1,376,835
Profit on disposal of fixed assets (115,423 ) (65,062 )
Auditors' remuneration
- for audit services 17,000 16,500

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the period was as follows:
Period Period
31.7.22 1.8.21
to to
29.7.23 30.7.22
£    £   
Current tax:
UK corporation tax 412,929 (468,396 )
Underprovision in prior year - (133 )
Total current tax 412,929 (468,529 )

Deferred tax 238,414 (29,855 )
Tax on profit 651,343 (498,384 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
31.7.22 1.8.21
to to
29.7.23 30.7.22
£    £   
Profit before tax 2,380,617 1,401,167
Profit multiplied by the standard rate of corporation tax in the UK of 21 %
(2022 - 19 %)

499,930

266,222

Effects of:
Expenses not deductible for tax purposes 3,468 1,067
Capital allowances in excess of depreciation (89,772 ) (140,377 )
Movement in deferred tax 238,414 (29,855 )
Research & Development expenditure credit - (9,055 )
Adjustments to tax charge in respect of previous period Research & Development claims
-

(586,386

)
Effect of Marginal Relief (697 ) -
Total tax charge/(credit) 651,343 (498,384 )

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

8. TANGIBLE FIXED ASSETS

Group
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 31 July 2022 2,117,842 12,616,124 260,430 228,871 15,223,267
Additions 9,205 1,326,069 - 174,256 1,509,530
Disposals - (296,039 ) - (90,975 ) (387,014 )
At 29 July 2023 2,127,047 13,646,154 260,430 312,152 16,345,783
DEPRECIATION
At 31 July 2022 435,478 8,273,003 239,137 96,037 9,043,655
Charge for period 109,740 1,289,934 5,647 69,426 1,474,747
Eliminated on disposal - (296,039 ) - (45,386 ) (341,425 )
At 29 July 2023 545,218 9,266,898 244,784 120,077 10,176,977
NET BOOK VALUE
At 29 July 2023 1,581,829 4,379,256 15,646 192,075 6,168,806
At 30 July 2022 1,682,364 4,343,121 21,293 132,834 6,179,612

Company
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 31 July 2022 2,117,842 12,616,124 260,430 228,871 15,223,267
Additions 9,205 1,326,069 - 174,256 1,509,530
Disposals - (296,039 ) - (90,975 ) (387,014 )
At 29 July 2023 2,127,047 13,646,154 260,430 312,152 16,345,783
DEPRECIATION
At 31 July 2022 435,478 8,273,003 239,137 96,037 9,043,655
Charge for period 109,740 1,289,934 5,647 69,426 1,474,747
Eliminated on disposal - (296,039 ) - (45,386 ) (341,425 )
At 29 July 2023 545,218 9,266,898 244,784 120,077 10,176,977
NET BOOK VALUE
At 29 July 2023 1,581,829 4,379,256 15,646 192,075 6,168,806
At 30 July 2022 1,682,364 4,343,121 21,293 132,834 6,179,612

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

9. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 31 July 2022
and 29 July 2023 100
NET BOOK VALUE
At 29 July 2023 100
At 30 July 2022 100
Company
Shares in
group
undertakings
£   
COST
At 31 July 2022
and 29 July 2023 2,000,101
NET BOOK VALUE
At 29 July 2023 2,000,101
At 30 July 2022 2,000,101

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

Subsidiaries

The Pink Onion Company Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1 1

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

9. FIXED ASSET INVESTMENTS - continued

Stourgarden Farms Limited
Registered office: United Kingdom
Nature of business: Farming
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2,205,700 2,182,894
Profit for the period 22,806 20,248

Joint venture

Onion Plus (UK) Limited
Registered office: United Kingdom
Nature of business: Onion sales
%
Class of shares: holding
Ordinary 50.00
2023 2022
£    £   
Aggregate capital and reserves 100 100


As a qualifying dormant subsidiary, The Pink Onion Company has claimed exemption from the requirement to prepare individual accounts under section 394A of the Companies Act 2006.

As a qualifying subsidiary, Stourgarden Farms Limited has claimed exemption from audit under section 479A of the Companies Act 2006.

10. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 31 July 2022
and 29 July 2023 1,982,335
NET BOOK VALUE
At 29 July 2023 1,982,335
At 30 July 2022 1,982,335

The Directors have measured the fair value of the investment property at the balance sheet date in line with the accounting policy adopted.

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

11. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Raw materials 717,719 440,744 717,719 440,744
Packaging materials 903,389 472,458 903,389 472,458
1,621,108 913,202 1,621,108 913,202

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 10,364,907 6,853,192 10,364,907 6,853,192
Other debtors 515,980 472,975 515,979 472,974
Corporation Tax 294,610 467,819 300,330 472,539
Prepayments and accrued income 428,492 766,154 416,418 757,821
11,603,989 8,560,140 11,597,634 8,556,526

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 4,931,321 2,968,498 4,931,320 2,968,498
Social security and other taxes 230,821 198,427 230,821 198,427
Accrued expenses 1,367,751 868,888 1,367,751 868,888
Deferred government grants 90,413 90,413 90,413 90,413
6,620,306 4,126,226 6,620,305 4,126,226

14. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 518,585 280,171 518,585 280,171

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

14. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 31 July 2022 280,171
Provided during the year 113,954
Changes to tax rates 124,460
Balance at 29 July 2023 518,585

Company
Deferred
tax
£   
Balance at 31 July 2022 280,171
Provided during the year 113,954
Changes to tax rates 124,460
Balance at 29 July 2023 518,585

The deferred tax liability comprises the tax effect of the accelerated allowances for tax purposes of tangible assets.

15. ACCRUALS AND DEFERRED INCOME

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred government grants 444,531 534,944 444,531 534,944

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary "A" £1 100 100
100 Ordinary "B" £1 100 100
200 200

The holders of the majority of the issued "A" Ordinary Shares can appoint up to three directors and the holders of the majority of the issued "B" Ordinary Shares can appoint another three directors. In all other respects the shares rank pari passu.

STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023

17. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 31 July 2022 15,481,624 49,800 15,531,424
Profit for the period 1,729,274 1,729,274
At 29 July 2023 17,210,898 49,800 17,260,698

Company
Retained Share
earnings premium Totals
£    £    £   

At 31 July 2022 15,298,730 49,800 15,348,530
Profit for the period 1,706,469 1,706,469
At 29 July 2023 17,005,199 49,800 17,054,999


18. CAPITAL COMMITMENTS

At the balance sheet date the group had total capital commitments of £268,249 (2022 - £666,940), and had already paid deposits in respect of those assets of £157,059 (2022 - £405,246) to leave a balance of £111,190 (2022 - £261,694).

19. RELATED PARTY DISCLOSURES

During the year the group purchased produce amounting to £6,764,330 (2022: £5,393,363) from a company under common control on a normal commercial basis. Rent of £311,181 (2022: £311,181) was paid for the group's premises, as were professional service charges of £849,720 (2022: £409,577). Fixed assets totalling £50,000 (2022: nil) were also purchased from the same company. Rent at an open market value of £25,000 (2022: £25,000) for use of farmland was also paid by a company under common control.

The group made sales of £488,604 (2022: £613,817 ) to a company under common control on a normal commercial basis.

At the year end a net amount of £516,017 was due to a company under common control (2022: £463,094 due to that company).

Key management personnel are considered to be the same as the group's Directors.

20. ULTIMATE CONTROLLING PARTY

The group is controlled jointly by the four Directors.