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REGISTERED NUMBER: 12765751 (England and Wales)







GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2023

FOR

THE GREEN HOUSE GROWERS LTD

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


THE GREEN HOUSE GROWERS LTD

COMPANY INFORMATION
For The Year Ended 30th November 2023







DIRECTORS: J A Koornneef
L E J Leerdam
D Stevenson
N Stevenson





REGISTERED OFFICE: The Green House Norwich
Kirby Road
Trowse
Norwich
Norfolk
NR14 8RS





REGISTERED NUMBER: 12765751 (England and Wales)





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

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

GROUP STRATEGIC REPORT
For The Year Ended 30th November 2023

The directors present their strategic report of the company and the group 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
The turnover of the group increased from £22,623,386 to £34,025,672 and the overall result was a profit before taxation of £3,382,264 compared to a loss of £844,687 last year. The profit after taxation was £2,614,953 which has increased shareholders funds from £984,565 at 30th November 2022 to £3,599,518 at 30th November 2023.

Review of the business
The main activity of the group continues to be the growing and packing of tomatoes and cucumbers to UK retailers. The group suffered a loss of yield due to Cucumber Mosaic Virus (CMV) in some of it's crop and only started some packing activities during the summer season. The group made a good profit due to a favourable energy contract and the directors are pleased with the overall performance of the group.

Future performance
The group has become more mature and route to market is where we want it to be. Yet the risk for pest and diseases remain high, increased hygiene measure have been put in place across site.

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 implemented to control the risks.

ON BEHALF OF THE BOARD:





L E J Leerdam - Director


22nd August 2024

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

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

The directors present their report with the financial statements of the company and the group 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
D Stevenson
N Stevenson

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;
- 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:





L E J Leerdam - Director


22nd August 2024

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

Opinion
We have audited the financial statements of The Green House Growers Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th November 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 30th November 2023 and of the group's profit 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 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
THE GREEN HOUSE GROWERS LTD


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 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THE GREEN HOUSE GROWERS 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 Group 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.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements.

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 GROWERS 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 GROWERS LTD (REGISTERED NUMBER: 12765751)

CONSOLIDATED INCOME STATEMENT
For The Year Ended 30th November 2023

Year Ended Period
30.11.23 1.1.22 to 30.11.22
as restated
Notes £    £    £    £   

TURNOVER 34,025,672 22,623,386

Cost of sales 24,303,496 16,650,491
GROSS PROFIT 9,722,176 5,972,895

Distribution costs 2,906,886 2,630,810
Administrative expenses 9,589,792 6,129,799
12,496,678 8,760,609
(2,774,502 ) (2,787,714 )

Other operating income 6,156,766 1,943,027
OPERATING PROFIT/(LOSS) 4 3,382,264 (844,687 )

Interest receivable and similar income - 30,415
3,382,264 (814,272 )

Interest payable and similar expenses 5 293,254 20,400
PROFIT/(LOSS) BEFORE TAXATION 3,089,010 (834,672 )

Tax on profit/(loss) 6 474,057 61,496
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

2,614,953

(896,168

)
Profit/(loss) attributable to:
Owners of the parent 2,614,953 (896,168 )

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
For The Year Ended 30th November 2023

Period
1.1.22
Year Ended to
30.11.23 30.11.22
as restated
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 2,614,953 (896,168 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,614,953

(896,168

)
Note
Prior year adjustment 8 (90,863 ) 1,245,990
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

2,524,090

349,822

Total comprehensive income attributable to:
Owners of the parent 2,524,090 349,822

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

CONSOLIDATED BALANCE SHEET
30th November 2023

30.11.23 30.11.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 40,374 -
Tangible assets 10 5,704,319 3,721,664
Investments 11 - -
5,744,693 3,721,664

CURRENT ASSETS
Stocks 12 1,534,326 1,025,785
Debtors 13 11,103,606 6,077,257
Cash at bank 356,663 638,807
12,994,595 7,741,849
CREDITORS
Amounts falling due within one year 14 13,569,566 8,997,686
NET CURRENT LIABILITIES (574,971 ) (1,255,837 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,169,722

2,465,827

CREDITORS
Amounts falling due after more than one
year

15

(991,500

)

(1,376,615

)

PROVISIONS FOR LIABILITIES 19 (578,704 ) (104,647 )
NET ASSETS 3,599,518 984,565

CAPITAL AND RESERVES
Called up share capital 20 400 400
Retained earnings 21 3,599,118 984,165
SHAREHOLDERS' FUNDS 3,599,518 984,565

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 GROWERS LTD (REGISTERED NUMBER: 12765751)

COMPANY BALANCE SHEET
30th November 2023

30.11.23 30.11.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 210 110
210 110

CURRENT ASSETS
Debtors 13 452,780 412,764
Cash at bank 314,198 345,030
766,978 757,794
CREDITORS
Amounts falling due within one year 14 759,174 757,504
NET CURRENT ASSETS 7,804 290
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,014

400

CAPITAL AND RESERVES
Called up share capital 20 400 400
Retained earnings 7,614 -
SHAREHOLDERS' FUNDS 8,014 400

Company's profit for the financial year 7,614 -

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

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 GROWERS LTD (REGISTERED NUMBER: 12765751)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 400 634,343 634,743
Prior year adjustment - 1,245,990 1,245,990
As restated 400 1,880,333 1,880,733

Changes in equity
Total comprehensive income - (805,305 ) (805,305 )
Balance at 30th November 2022 400 1,075,028 1,075,428
Prior year adjustment - (90,863 ) (90,863 )
As restated 400 984,165 984,565

Changes in equity
Total comprehensive income - 2,614,953 2,614,953
Balance at 30th November 2023 400 3,599,118 3,599,518

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 400 - 400

Changes in equity
Balance at 30th November 2022 400 - 400

Changes in equity
Total comprehensive income - 7,614 7,614
Balance at 30th November 2023 400 7,614 8,014

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 30th November 2023

Period
1.1.22
Year Ended to
30.11.23 30.11.22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,948,792 1,613,032
Interest paid (293,254 ) (20,400 )
Tax paid - (1,120 )
Net cash from operating activities 2,655,538 1,591,512

Cash flows from investing activities
Purchase of intangible fixed assets (42,499 ) -
Purchase of tangible fixed assets (2,494,437 ) (1,550,103 )
Loans from third parties - 410,224
Interest received - 30,415
Net cash from investing activities (2,536,936 ) (1,109,464 )

Cash flows from financing activities
New loans in year - 1,152,999
Loan repayments in year (198,286 ) (65,497 )
Capital repayments in year (202,460 ) (288,006 )
Net cash from financing activities (400,746 ) 799,496

(Decrease)/increase in cash and cash equivalents (282,144 ) 1,281,544
Cash and cash equivalents at beginning of
year

2

638,807

(642,737

)

Cash and cash equivalents at end of year 2 356,663 638,807

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

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

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1.1.22
Year Ended to
30.11.23 30.11.22
as restated
£    £   
Profit/(loss) before taxation 3,089,010 (834,672 )
Depreciation charges 513,907 441,200
Foreign exchange conversions (12,663 ) -
Finance costs 293,254 20,400
Finance income - (30,415 )
3,883,508 (403,487 )
Increase in stocks (508,541 ) (365,039 )
Increase in trade and other debtors (5,013,688 ) (1,643,755 )
Increase in trade and other creditors 4,587,513 4,025,313
Cash generated from operations 2,948,792 1,613,032

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 356,663 638,807
Period ended 30th November 2022
30.11.22 1.1.22
as restated
£    £   
Cash and cash equivalents 638,807 -
Bank overdrafts - (642,737 )
638,807 (642,737 )


THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

NOTES TO THE CONSOLIDATED 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 638,807 (282,144 ) 356,663
638,807 (282,144 ) 356,663
Debt
Hire purchase and
finance leases (705,135 ) 202,460 - (502,675 )
Debts falling due
within 1 year (221,811 ) 198,288 (200,574 ) (224,097 )
Debts falling due
after 1 year (865,693 ) - 200,574 (665,119 )
(1,792,639 ) 400,748 - (1,391,891 )
Total (1,153,832 ) 118,604 - (1,035,228 )

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

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

1. STATUTORY INFORMATION

The Green House Growers 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 General 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

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
Fixtures and fittings - 10% on cost
Motor vehicles - 15% on cost

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 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.


THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

NOTES TO THE CONSOLIDATED 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.

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.

3. EMPLOYEES AND DIRECTORS
Period
1.1.22
Year Ended to
30.11.23 30.11.22
as restated
£    £   
Wages and salaries 10,122,336 7,774,679
Social security costs 650,753 322,492
Other pension costs 14,429 12,679
10,787,518 8,109,850

The average number of employees during the year was as follows:
Period
1.1.22
Year Ended to
30.11.23 30.11.22
as restated

Directors 2 2
Management 17 12
Direct labour 206 126
Other/admin 7 -
232 140

Period
1.1.22
Year Ended to
30.11.23 30.11.22
as restated
£    £   
Directors' remuneration 54,283 109,400

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

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

4. OPERATING PROFIT/(LOSS)

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

Period
1.1.22
Year Ended to
30.11.23 30.11.22
as restated
£    £   
Hire of plant and machinery 45,677 56,733
Depreciation - owned assets 511,782 441,200
Development costs amortisation 2,125 -
Auditors' remuneration 26,000 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.1.22
Year Ended to
30.11.23 30.11.22
as restated
£    £   
Bank interest 241,887 -
Other interest 51,367 20,400
293,254 20,400

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.1.22
Year Ended to
30.11.23 30.11.22
as restated
£    £   
Deferred tax 474,057 61,496
Tax on profit/(loss) 474,057 61,496

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

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

6. TAXATION - continued

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

Period
1.1.22
Year Ended to
30.11.23 30.11.22
as restated
£    £   
Profit/(loss) before tax 3,089,010 (834,672 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
23.010 % (2022 - 19 %)

710,781

(158,588

)

Effects of:
Capital allowances in excess of depreciation (161,351 ) (147,980 )
Utilisation of tax losses (544,017 ) -
Deferred taxation 474,057 61,496
Depreciation of assets held under finance leases (5,413 ) (6,386 )
Tax losses carried forward - 312,954
Total tax charge 474,057 61,496

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.


8. 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 £634,343 to £1,880,333.

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

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

9. INTANGIBLE FIXED ASSETS

Group
Development
costs
£   
COST
Additions 42,499
At 30th November 2023 42,499
AMORTISATION
Amortisation for year 2,125
At 30th November 2023 2,125
NET BOOK VALUE
At 30th November 2023 40,374

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st December 2022 887,691 3,482,249 - 16,255 4,386,195
Additions 1,142,498 1,015,804 316,412 19,723 2,494,437
At 30th November 2023 2,030,189 4,498,053 316,412 35,978 6,880,632
DEPRECIATION
At 1st December 2022 64,392 596,284 - 3,855 664,531
Charge for year 97,002 381,153 31,641 1,986 511,782
At 30th November 2023 161,394 977,437 31,641 5,841 1,176,313
NET BOOK VALUE
At 30th November 2023 1,868,795 3,520,616 284,771 30,137 5,704,319
At 30th November 2022 823,299 2,885,965 - 12,400 3,721,664

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

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

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st December 2022 110
Additions 100
At 30th November 2023 210
NET BOOK VALUE
At 30th November 2023 210
At 30th November 2022 110


12. STOCKS

Group
30.11.23 30.11.22
as restated
£    £   
Raw materials & consumables 680,572 939,345
Growing crop valuation 853,754 86,440
1,534,326 1,025,785

13. DEBTORS

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
as restated as restated
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,013,551 1,401,302 40,000 -
Amounts owed by group undertakings - - 402,365 402,349
Other debtors 3,812,773 1,245,757 10,415 10,415
VAT 644,862 398,494 - -
Prepayments & accrued income 1,238,236 603,885 - -
8,709,422 3,649,438 452,780 412,764

Amounts falling due after more than one year:
Other debtors 2,394,184 2,427,819 - -

Aggregate amounts 11,103,606 6,077,257 452,780 412,764

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

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

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 16) 224,097 221,811 - -
Hire purchase contracts and finance leases (see note 17)
176,294

194,213

-

-
Trade creditors 4,294,017 2,999,838 - -
Amounts owed to group undertakings - - 100 10
Tax 114,967 114,967 - -
Social security and other taxes 201,748 88,688 - -
Other creditors 218,363 76,414 3,100 110
Factoring account 1,679,939 682,973 - -
Other loans 2,142,174 2,142,854 755,974 757,384
Accrued expenses 4,517,967 2,475,928 - -
13,569,566 8,997,686 759,174 757,504

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
30.11.23 30.11.22
as restated
£    £   
Bank loans (see note 16) 665,119 865,693
Hire purchase contracts and finance leases (see note 17)
326,381

510,922
991,500 1,376,615

16. LOANS

An analysis of the maturity of loans is given below:

Group
30.11.23 30.11.22
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 224,097 221,811
Amounts falling due between one and two years:
Bank loans 245,780 234,584
Amounts falling due between two and five years:
Bank loans 419,339 631,109

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

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

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
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

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.11.23 30.11.22
as restated
£    £   
Bank loans 889,216 1,087,504
Hire purchase contracts and finance leases 502,675 705,135
Invoice financing 1,679,939 682,973
3,071,830 2,475,612

19. PROVISIONS FOR LIABILITIES

Group
30.11.23 30.11.22
as restated
£    £   
Deferred tax 578,704 104,647

Group
Deferred
tax
£   
Balance at 1st December 2022 104,647
Timing differences 397,015
Tax losses 77,042
Balance at 30th November 2023 578,704

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: as restated
£    £   
400 Ordinary £1 400 400

THE GREEN HOUSE GROWERS LTD (REGISTERED NUMBER: 12765751)

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

21. RESERVES

Group
Retained
earnings
£   

At 1st December 2022 1,075,028
Prior year adjustment (90,863 )
984,165
Profit for the year 2,614,953
At 30th November 2023 3,599,118