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REGISTERED NUMBER: 11696354 (England and Wales)







STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2023

FOR

THE GREEN HOUSE NORWICH LTD

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30th November 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


THE GREEN HOUSE NORWICH LTD

COMPANY INFORMATION
For The Year Ended 30th November 2023







DIRECTORS: J A Koornneef
L E J Leerdam





REGISTERED OFFICE: Kirby Road
Trowse
Norwich
Norfolk
NR14 8RS





REGISTERED NUMBER: 11696354 (England and Wales)





AUDITORS: Bromley Clackett Limited
76 Aldwick Road
Bognor Regis
West Sussex
PO21 2PE

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

STRATEGIC REPORT
For The Year Ended 30th November 2023

The directors present their strategic report for the year ended 30th November 2023.

REVIEW OF BUSINESS
A summary of the results and key performance indicators are as follows:

Summary of financial results
Turnover increased from £13,748,996 to £16,298,706 but an overall loss was suffered before taxation of £734,854 compared to a profit before tax last year of £240,604. The loss after taxation was £963,288 which has reduced the balance sheet value of the company, after adjusting for prior year changes, from £1,725,434 to £762,146.

Review of the business
The main activity of the company continues to be the growing and packing of tomatoes and cucumbers to UK retailers. The business suffered from loss of yield due to Cucumber Mosaic Virus (CMV) in some of its crops during the 2023 season. The infection was well managed to minimise impact on supply to customers, but a financial loss could not be avoided.

Future performance
The tomato and cucumber greenhouse have been swapped to reduce the CMV pressure. The company has also switched all cucumber crops for the 2024 season to more resistance against CMV. It has also increased its hygiene measure and cross infection controls to reduce further the risk of loss of yield from diseases.

Principal risks and uncertainties
Gas prices, although (largely) hedged against for the 2024 season, remain a risk in the longer term in particular as is the ongoing availability of staff to harvest and pack fruit. Pests and diseases are an ongoing threat which all staff are made aware of and strict hygiene measures are implemented to control the risks.

ON BEHALF OF THE BOARD:





L E J Leerdam - Director


22nd August 2024

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

REPORT OF THE DIRECTORS
For The Year Ended 30th November 2023

The directors present their report with the financial statements of the company for the year ended 30th November 2023.

DIVIDENDS
No dividends will be distributed for the year ended 30th November 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st December 2022 to the date of this report.

J A Koornneef
L E J Leerdam

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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;
-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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





L E J Leerdam - Director


22nd August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE GREEN HOUSE NORWICH LTD

Opinion
We have audited the financial statements of The Green House Norwich Ltd (the 'company') for the year ended 30th November 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30th November 2023 and of its loss for the year 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 company 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 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 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 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 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
THE GREEN HOUSE NORWICH LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 three, 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE GREEN HOUSE NORWICH LTD


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with management of the company.

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, Financial reporting Standard 102 and tax legislation.

- We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

- We inquired of management as to any known instances of irregularities or non-compliance with laws and regulations.

- We agreed the financial statement disclosures to underlying supporting documentation and performed detailed testing on accounts balances which were considered to be at a greater risk of susceptibility to fraud.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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
THE GREEN HOUSE NORWICH LTD


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.




Lee Clackett (Senior Statutory Auditor)
for and on behalf of Bromley Clackett Limited
76 Aldwick Road
Bognor Regis
West Sussex
PO21 2PE

22nd August 2024

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

INCOME STATEMENT
For The Year Ended 30th November 2023

30.11.23 30.11.22
as restated
Notes £    £    £    £   

TURNOVER 16,298,706 13,748,996

Cost of sales 11,307,046 8,600,596
GROSS PROFIT 4,991,660 5,148,400

Distribution costs 2,000,849 1,907,234
Administrative expenses 4,008,917 3,598,934
6,009,766 5,506,168
(1,018,106 ) (357,768 )

Other operating income 283,252 598,372
OPERATING (LOSS)/PROFIT and
(LOSS)/PROFIT BEFORE TAXATION (734,854 ) 240,604

Tax on (loss)/profit 5 228,434 61,496
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(963,288

)

179,108

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

OTHER COMPREHENSIVE INCOME
For The Year Ended 30th November 2023

30.11.23 30.11.22
as restated
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (963,288 ) 179,108


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(963,288

)

179,108
Note
Prior year adjustment 6 (90,863 ) 1,245,990
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

(1,054,151

)

1,425,098

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

BALANCE SHEET
30th November 2023

30.11.23 30.11.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 2,973,669 3,019,243

CURRENT ASSETS
Stocks 8 701,331 412,072
Debtors 9 4,652,753 2,928,644
Cash at bank 202,719 41,406
5,556,803 3,382,122
CREDITORS
Amounts falling due within one year 10 6,811,051 3,647,864
NET CURRENT LIABILITIES (1,254,248 ) (265,742 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,719,421

2,753,501

CREDITORS
Amounts falling due after more than one
year

11

(624,194

)

(923,420

)

PROVISIONS FOR LIABILITIES 15 (333,081 ) (104,647 )
NET ASSETS 762,146 1,725,434

CAPITAL AND RESERVES
Called up share capital 16 10 10
Retained earnings 17 762,136 1,725,424
SHAREHOLDERS' FUNDS 762,146 1,725,434

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





L E J Leerdam - Director


THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30th November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st December 2021 10 300,326 300,336
Prior year adjustment - 1,245,990 1,245,990
As restated 10 1,546,316 1,546,326

Changes in equity
Total comprehensive income - 269,971 269,971
Balance at 30th November 2022 10 1,816,287 1,816,297
Prior year adjustment - (90,863 ) (90,863 )
As restated 10 1,725,424 1,725,434

Changes in equity
Total comprehensive income - (963,288 ) (963,288 )
Balance at 30th November 2023 10 762,136 762,146

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

CASH FLOW STATEMENT
For The Year Ended 30th November 2023

30.11.23 30.11.22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 656,249 964,474
Tax paid - (1,120 )
Net cash from operating activities 656,249 963,354

Cash flows from investing activities
Purchase of tangible fixed assets (332,476 ) (1,005,140 )
Loans to group undertakings (168,138 ) -
Net cash from investing activities (500,614 ) (1,005,140 )

Cash flows from financing activities
New loans in year - 603,000
Bank loan repayments in year (114,626 ) (65,497 )
Capital repayments in year (202,460 ) (288,006 )
Loans from group undertakings 322,764 829,382
Net cash from financing activities 5,678 1,078,879

Increase in cash and cash equivalents 161,313 1,037,093
Cash and cash equivalents at beginning of
year

2

41,406

(995,687

)

Cash and cash equivalents at end of year 2 202,719 41,406

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

NOTES TO THE CASH FLOW STATEMENT
For The Year Ended 30th November 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.11.23 30.11.22
as restated
£    £   
(Loss)/profit before taxation (734,854 ) 240,604
Depreciation charges 378,050 386,210
(356,804 ) 626,814
(Increase)/decrease in stocks (289,259 ) 118,233
Increase in trade and other debtors (1,555,971 ) (475,665 )
Increase in trade and other creditors 2,858,283 695,092
Cash generated from operations 656,249 964,474

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:

Year ended 30th November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 202,719 41,406
Year ended 30th November 2022
30.11.22 1.12.21
as restated
£    £   
Cash and cash equivalents 41,406 -
Bank overdrafts - (995,687 )
41,406 (995,687 )


THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

NOTES TO THE CASH FLOW STATEMENT
For The Year Ended 30th November 2023

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.12.22 Cash flow changes At 30.11.23
£    £    £    £   
Net cash
Cash at bank 41,406 161,313 202,719
41,406 161,313 202,719
Debt
Hire purchase and
finance leases (705,135 ) 202,460 - (502,675 )
Debts falling due
within 1 year (125,005 ) 114,626 (114,685 ) (125,064 )
Debts falling due
after 1 year (412,498 ) - 114,685 (297,813 )
(1,242,638 ) 317,086 - (925,552 )
Total (1,201,232 ) 478,399 - (722,833 )

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30th November 2023

1. STATUTORY INFORMATION

The Green House Norwich Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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 financial statements are presented in Sterling and are rounded to the nearest pound.

Significant judgements and estimates
The company makes certain estimates and assumptions regarding the future which are continually evaluated based on historical experience and other factors. The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are limited to the depreciation of fixed assets.

Turnover
Turnover represents amounts receivable for the supply of produce during the accounting period irrespective of the timing of invoicing.

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 - Evenly over the remaining lease term
Plant and machinery - 33% on cost, 20% on cost, 15% on cost and 10% on cost
Motor vehicles - 15% on cost

Depreciation is provided when assets are brought into economic use and on a pro rata basis.

Stocks
Stocks represent costs of sales incurred before the end of the period relating to the following seasons crop, general stocks and also a valuation of unsold crop whether harvested or otherwise at the end of the financial year.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30th November 2023

2. ACCOUNTING POLICIES - continued
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 year 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.

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

3. EMPLOYEES AND DIRECTORS
30.11.23 30.11.22
as restated
£    £   
Wages and salaries 4,033,187 3,944,953
Social security costs 297,543 169,841
Other pension costs 14,429 12,679
4,345,159 4,127,473

The average number of employees during the year was as follows:
30.11.23 30.11.22
as restated

Directors 2 2
Management 8 8
Direct labour 85 78
95 88

30.11.23 30.11.22
as restated
£    £   
Directors' remuneration 54,283 109,400

4. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

30.11.23 30.11.22
as restated
£    £   
Depreciation - owned assets 378,050 386,210
Auditors' remuneration 12,500 -

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30th November 2023

5. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
30.11.23 30.11.22
as restated
£    £   
Deferred tax 228,434 61,496
Tax on (loss)/profit 228,434 61,496

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

30.11.23 30.11.22
as restated
£    £   
(Loss)/profit before tax (734,854 ) 240,604
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
23.010% (2022 - 19%)

(169,090

)

45,715

Effects of:
Capital allowances in excess of depreciation (17,990 ) (73,855 )
Tax losses - 34,526
Depreciation of assets held under finance leases (5,413 ) (6,386 )
Group relief 192,493 -
Deferred taxation 228,434 61,496
Total tax charge 228,434 61,496

6. PRIOR YEAR ADJUSTMENT

The accounts for earlier years have been updated to account for:

Changes to accounts for the year ended 30th November 2022

i) Additional costs identified of £114,594 relating to this period
ii) Change of accounting of equipment purchased from an operating lease to a hire purchase agreement which removes £82,730 of operating lease costs from the accounts
iii) An adjustment to deferred taxation of £7,966.
iv) De-recognition of income of £66,965

These adjustments increase the previously reported loss by £98,829 before taxation or £90,863 after taxation.

Changes to earlier years

i) Correction of prior year errors in respect of timing of revenue recognition - £1,245,990.

The cumulative effect of these adjustments is to change the previously reported balance sheet value at 30th November 2021 of £300,336 to £1,546,316.

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30th November 2023

7. TANGIBLE FIXED ASSETS
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1st December 2022 472,687 3,139,842 16,255 3,628,784
Additions - 312,753 19,723 332,476
At 30th November 2023 472,687 3,452,595 35,978 3,961,260
DEPRECIATION
At 1st December 2022 43,642 562,044 3,855 609,541
Charge for year 23,634 352,430 1,986 378,050
At 30th November 2023 67,276 914,474 5,841 987,591
NET BOOK VALUE
At 30th November 2023 405,411 2,538,121 30,137 2,973,669
At 30th November 2022 429,045 2,577,798 12,400 3,019,243

8. STOCKS
30.11.23 30.11.22
as restated
£    £   
Raw materials & consumables 393,285 325,632
Growing crop 308,046 86,440
701,331 412,072

9. DEBTORS
30.11.23 30.11.22
as restated
£    £   
Amounts falling due within one year:
Trade debtors 2,254,997 852,168
Amounts owed by group undertakings 168,148 10
Other debtors 460,368 331,156
VAT 112,547 82,819
Prepayments & accrued income 363,693 323,193
3,359,753 1,589,346

Amounts falling due after more than one year:
Other debtors 1,293,000 1,339,298

Aggregate amounts 4,652,753 2,928,644

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30th November 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
as restated
£    £   
Bank loans and overdrafts (see note 12) 125,064 125,005
Hire purchase contracts and finance leases (see note 13)
176,294

194,213
Trade creditors 1,120,041 451,853
Amounts owed to group undertakings 322,764 -
Tax 36,617 36,617
Social security and other taxes 118,726 41,214
Other creditors 101,454 40,769
Factoring account 1,531,414 370,602
Other loans 1,300,000 1,300,000
Accrued expenses 1,978,677 1,087,591
6,811,051 3,647,864

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
as restated
£    £   
Bank loans (see note 12) 297,813 412,498
Hire purchase contracts and finance leases (see note 13)
326,381

510,922
624,194 923,420

12. LOANS

An analysis of the maturity of loans is given below:

30.11.23 30.11.22
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 125,064 125,005

Amounts falling due between one and two years:
Bank loans 137,132 131,590

Amounts falling due between two and five years:
Bank loans 160,681 280,908

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30th November 2023

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
30.11.23 30.11.22 30.11.23 30.11.22
as restated as restated
£    £    £    £   
Net obligations repayable:
Within one year 176,294 174,608 - 19,605
Between one and five years 326,381 510,922 - -
502,675 685,530 - 19,605

Non-cancellable operating leases
30.11.23 30.11.22
as restated
£    £   
Within one year 1,888,121 1,851,100
Between one and five years 7,703,534 7,665,772
In more than five years 23,110,603 25,036,487
32,702,258 34,553,359

14. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
as restated
£    £   
Bank loans 422,877 537,503
Hire purchase contracts and finance leases 502,675 705,135
Invoice financing 1,531,414 370,602
Other loans 1,300,000 1,300,000
3,756,966 2,913,240

The debts above are secured by way of a mixture of fixed and floating charges over all assets.

15. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
as restated
£    £   
Deferred tax 333,081 104,647

Deferred
tax
£   
Balance at 1st December 2022 104,647
Provided during year 228,434
Balance at 30th November 2023 333,081

THE GREEN HOUSE NORWICH LTD (REGISTERED NUMBER: 11696354)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30th November 2023

15. PROVISIONS FOR LIABILITIES - continued

The deferred taxation provision represents accelerated capital allowances of £437,142 (2022: £405,806) less tax losses of £104,061 (2022: £301,159).

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: as restated
£    £   
1,000 Ordinary £0.01 10 10

17. RESERVES
Retained
earnings
£   

At 1st December 2022 1,816,287
Prior year adjustment (90,863 )
1,725,424
Deficit for the year (963,288 )
At 30th November 2023 762,136

18. ULTIMATE PARENT COMPANY

Fenland Holdings B.V. (incorporated in Netherlands ) is regarded by the directors as being the company's ultimate parent company.

The smallest group in which the results of the company are consolidated is that headed by The Green House Growers Ltd. The consolidated of this company are available to the public and may be obtained from The Green House Norwich, Kirby Road, Trowse, Norwich, Norfolk, NR14 8RS.