Company registration number 09325809 (England and Wales)
TEESSIDE GROWERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TEESSIDE GROWERS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
TEESSIDE GROWERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
31 March 2023
31 December 2022
Notes
£
£
£
£
Non-current assets
Investment property
4
2,799,200
4,496,000
Current assets
Trade and other receivables falling due after more than one year
6
988,735
991,131
Trade and other receivables falling due within one year
6
2,545,551
2,624,582
Cash and cash equivalents
1,945
1,132
3,536,231
3,616,845
Current liabilities
7
(180,964)
(190,850)
Net current assets
3,355,267
3,425,995
Total assets less current liabilities
6,154,467
7,921,995
Non-current liabilities
8
(2,094,415)
(2,125,590)
Provisions for liabilities
(580,000)
(1,011,000)
Net assets
3,480,052
4,785,405
Equity
Called up share capital
9
3
3
Retained earnings
3,480,049
4,785,402
Total equity
3,480,052
4,785,405

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

TEESSIDE GROWERS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
A Bartho
Director
Company registration number 09325809 (England and Wales)
TEESSIDE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Teesside Growers Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.

1.1
Reporting period

The information included in the financial statements in respect of the period ended 31 March 2023 is not comparable with the information in respect of the year ended 31 December 2022 as the company changed its reporting date as part of a wider group restructure to align with the rest of the group.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Revenue

Revenue consists of finance charges and rental income receivable, and arises solely in the United Kingdom.

1.4
Investment property

Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

TEESSIDE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets

Financial assets, other than those held at fair value through the statement of income, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of income.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of income.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

TEESSIDE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Leases

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

1.10

Leased assets

Assets leased to third parties are shown as current assets net of future finance charges receivable. Finance charges are allocated to accounting periods to give a constant periodic rate of return on the net cash investment in the lease in each period.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment properties

Investment property was professionally valued using the critical, property-specific considerations and market conditions. The Directors have used the input from the valuer to inform the 31 March 2023 valuation of the investment property used in the financial statements. There is an inevitable degree of judgement involved in this as this property has unique features and the value can only truly be tested through a sale process in the market itself. The valuation included in these financial statements is management’s best estimate of the property’s value at the reporting date based on the information available.

TEESSIDE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
-
0
-
0

The comparative number has been adjusted to exclude those directors who are not employed under contracts of service.

4
Investment property
2023
£
Fair value
At 1 January 2023
4,496,000
Revaluations
(1,696,800)
At 31 March 2023
2,799,200

The company’s investment property portfolio undergoes valuation by an independent valuer in accordance with RICS Red Book standards. The directors have used the input from the valuer as a basis for assessing the fair value of the investment property at each reporting date.

The company has pledged the investment property to secure its bank loans by way of a fixed charge.

5
Finance lease receivables
2023
2022
£
£
Gross amounts receivable under finance leases:
Within one year
253,846
253,846
In two to five years
1,015,385
1,015,385
In over five years
1,976,863
2,040,323
3,246,094
3,309,554
Unearned finance income
(2,245,289)
(2,305,892)
Present value of minimum lease payments receivable
1,000,805
1,003,662
The present value is receivable as follows:
Within one year
12,070
12,531
In two to five years
101,545
94,484
In over five years
887,190
896,647
1,000,805
1,003,662
TEESSIDE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
5
Finance lease receivables
(Continued)
- 7 -
Analysis of finance leases
2023
2022
£
£
Current assets
12,070
12,531
Non-current assets
988,735
991,131
1,000,805
1,003,662
6
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Amounts due from connected companies
2,512,025
2,580,677
Finance leases receivable
12,070
12,531
Other receivables
3,577
7,156
Prepayments and accrued income
17,879
24,218
2,545,551
2,624,582
2023
2022
Amounts falling due after more than one year:
£
£
Finance leases receivable
988,735
991,131
Total debtors
3,534,286
3,615,713
7
Current liabilities
2023
2022
Notes
£
£
Bank loans
82,290
71,585
Trade payables
-
0
21,455
Corporation tax
65,100
65,100
Accruals and deferred income
33,574
32,710
180,964
190,850
TEESSIDE GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 8 -
8
Non-current liabilities
2023
2022
Notes
£
£
Bank loan
1,773,764
1,799,504
Deferred income
320,651
326,086
2,094,415
2,125,590

The bank loan is secured by way of fixed and floating charges over the assets of the company.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
10
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the period
3,034,520
3,034,520
Non distributable profits in the period
(1,272,800)
-
At the end of the period
1,761,720
3,034,520
11
Financial commitments, guarantees and contingent liabilities

Teesside Growers Limited is one of several entities to have provided a guarantee in respect of a bank loan amounting to £7.5m in total. Of the £7.5m loan, £1.9m was allocated to Teesside Growers Limited. The other entities that are part of the cross guarantee are P3P Selby Limited, P3P Brigg Lane Limited and Elloughton Glasshouses Limited. The guarantee and any other liabilities due to the bank are secured against the company's assets by way of a fixed and floating charge.

 

12
Parent company

During the period, the immediate parent undertaking was Perfect Health Holdings Limited, a company incorporated in England and Wales with registered office First Floor, 5 Fleet Place, London, EC4M 7RD. The ultimate parent was P3P Health Holdings Limited, with the same registered office.

 

After the balance sheet date on 1 April 2023, as part of a wider group restructure the ultimate parent became P3P Partners LLP.

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