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Registered number: 11160799
















GLOBAL GROWERS LIMITED




DIRECTORS' REPORT, STRATEGIC REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

































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GLOBAL GROWERS LIMITED

 
COMPANY INFORMATION


DIRECTORS
C J Kilvington 
J R Scott 




REGISTERED NUMBER
11160799



REGISTERED OFFICE
1-3 College Yard

Worcester

Worcestershire

WR1 2LB




TRADING ADDRESS
Briary Barn
Pury Hill Business Park

Alderton Road

Towcester

Northamptonshire

NN12 7LS






INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

1-3 College Yard

Worcester

WR1 2LB






GLOBAL GROWERS LIMITED


CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13
Analysis of Net Debt
 
14
Notes to the Financial Statements
 
15 - 21


GLOBAL GROWERS LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

BUSINESS REVIEW
 
Turnover has increased by 14.8% to £136,325,103 (2022: £118,767,558), reflecting a continued strong relationship with our key customers.
The gross margin is £3,164,616 or 2.3% (2022: £2,882,765 – 2.4%). Instability around currencies as a consequence of weaker pound resulted in £67,097 of exchange losses during the year (2022: loss of £9,078). The Company continues to assess the requirement for forward contracts to reduce its exposure to exchange rate fluctuations in the future. Trading performance has improved as a consequence of reduced global supply chain disruption. 
The net profit after tax of £295,741 (2022: £136,643). Improvement in net profit demonstrates an overall improvement in the supply chain disruptions seen in the first half of 2022. This has enabled the business to deliver quality products at the expected turnover levels consistently throughout the year.
The business is inherently linked to the weather and other agricultural conditions which impact the growers in its supply chain and the Company continues to work closely with its customers to provide quality products at a competitive price. The Directors continue to review the strategic opportunities of the business going forward. 

PRINCIPAL RISKS AND UNCERTAINTIES
 
Market risk
The company acknowledges that it operates in a competitive market and maintaining strong relationships with its key customers is important to avoid any loss in revenue. This risk is managed through excellent customer service and consistent KPI delivery.
The purchasing activities of the company could expose it to over reliance of its suppliers. The company manages this risk through continuous review and growth of its supplier base to ensure continuity of goods.
The company’s strategy of utilising the efficiencies of third-party partnerships could expose it to over reliance of the performance of certain providers. Strong partnership between the business and its service providers in the UK ensures that there is the well-developed understanding and clear performance monitoring required to maintain outstanding service to key customers.
 
Currency risk 
The Company’s foreign currency exposure arises from importing produce in multiple currencies from overseas companies. The Company will continue to assess the requirement for forward contracts to reduce its exposure to the exchange rate fluctuations in the future.
Liquidity risk 
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet the operating needs of the business.
Credit risk 
The Company’s principal financial asset is trade debtors. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk, the Directors set limits for its customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the management team on a regular basis in conjunction with debt ageing and collection history.

Page 1


GLOBAL GROWERS LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL KEY PERFORMANCE INDICATORS

The Directors consider turnover, net profit, and net assets to be the business’s Key Performance Indicators.

2023
2022
        £
        £
Turnover

136.3m

118.8m
 
Net profit (before tax)

0.4m

0.2m
 
Net assets/(liabilities)

(1.0m)

(1.3m)
 

OTHER KEY PERFORMANCE INDICATORS
 
The Directors look at service level and growth of the customer base. These measures are tracked to help explain and provide context for the financial KPI’s.
By regularly monitoring Industry and market trends, the Directors can use the data to ensure they are making informed decisions about the Company’s strategy and operations. Also, having a clear understanding of the latest market trends enables the Directors to identify opportunities and threats more easily and reduce any risk associated with the business.


This report was approved by the board and signed on its behalf.





C J Kilvington
Director

Date: 5 August 2024
Page 2


GLOBAL GROWERS LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £295,741 (2022: £136,643).

No dividend has been paid in the current year (2022: £NIL).

DIRECTORS

The Directors who served during the year were:

C J Kilvington 
J R Scott 

FUTURE DEVELOPMENTS

The Directors expect the general level of activity to remain the same in the coming year. The Company continues to develop its relationship with its key customers.

Page 3


GLOBAL GROWERS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The Directors have been involved in several collaborations with suppliers, customers and other stakeholders that are designed to create value and mutual benefits, develop strategic partnerships, and deliver sustainable growth. 
Discussions have continued through 2023 with key customers on their strategic goals and how they can be supported, specifically consolidating their supply base whilst delivering a sustainable supply chain. These discussions continue in to 2024.
To ensure the Company continues to be well placed to benefit from its customers' strategy, the Directors continue to invest in the workforce through a broader commitment to training and development as well as the recruitment of new skills to support growth plans.
Similarly, discussions are ongoing with suppliers to ensure alignment with the company's strategies, and its customers' goals and objectives.
To ensure that the Company is aligned with its customers' strategy around growth and stability, the Company continues to develop its working relationship with key suppliers around the world so that it can achieve the future goals and objectives.
Collaboration with the following bodies to ensure compliance with food safety standards and the Modern Slavery Act.
 
Improved business practices in the food supply chain with Audax, FNET and Sensitech
Sustainable practices in the food supply chain with Global G.A.P and Sedex
Prevention, awareness, and mitigation of modern slavery in our supply chain with Stronger Together and Modern Slavery Helpline

MATTERS COVERED IN THE STRATEGIC REPORT

A description of the principle risks and uncertainties has been included in the Strategic Report. 

DISCLOSURE OF INFORMATION TO AUDITORS

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

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

POST BALANCE SHEET EVENTS

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

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4


GLOBAL GROWERS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
 





C J Kilvington
Director

Date: 5 August 2024

1-3 College Yard
Worcester
Worcestershire
WR1 2LB
Page 5


GLOBAL GROWERS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF GLOBAL GROWERS LIMITED
OPINION


We have audited the financial statements of Global Growers Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6


GLOBAL GROWERS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF GLOBAL GROWERS LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, 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 Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the 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.


Page 7


GLOBAL GROWERS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF GLOBAL GROWERS LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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.

Our procedures surrounding the identification and assessment of risks of material misstatement in relation to irregularities, including fraud and non-compliance with laws and regulations, included the following:

considering the nature of the entity and its environment, internal control environment, and business performance;
considering the results of our enquiries of management about their own identification and assessment of the risk of irregularities;
obtaining and reviewing, for any matters identified, the Company’s documentation of their policies and procedures relating to:
°the identification, evaluation, and compliance with laws and regulations, and whether management were aware of any instances of non-compliance within the year;
°the detection and response to the risk of fraud, and whether management have knowledge of actual, suspected, or alleged fraud; and
°the internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
discussing amongst the audit engagement team, including internal tax specialists, regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the completeness of revenue recognition and management override of controls. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to these identified risks.
obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
considering provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, and employment legislation.
Page 8


GLOBAL GROWERS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF GLOBAL GROWERS LIMITED (CONTINUED)

Audit response to risks identified

We identified revenue recognition completeness and management override of controls as key audit matters related to the potential risk of fraud. Our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management and those charged with governance concerning actual and potential litigation claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;
reading minutes of meetings of management and those charged with governance throughout the year;
in addressing the risk of fraud through management override of controls:
°testing the appropriateness of journal entries and other adjustments;
°assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
°evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also 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.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


USE OF OUR REPORT
 

This report is made solely to the Company's shareholders in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's shareholders those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's shareholders for our audit work, for this report, or for the opinions we have formed.





Andrew Wood FCCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
1-3 College Yard
Worcester
WR1 2LB

21 August 2024
Page 9


GLOBAL GROWERS LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
136,325,103
118,767,558

Cost of sales
  
(133,160,487)
(115,884,793)

GROSS PROFIT
  
3,164,616
2,882,765

  

Administrative expenses
  
(2,808,549)
(2,675,836)

OPERATING PROFIT
 5 
356,067
206,929

Interest receivable and similar income
 7 
1,131
-

PROFIT BEFORE TAX
  
357,198
206,929

Tax on profit
 8 
(61,457)
(70,286)

PROFIT FOR THE FINANCIAL YEAR
  
295,741
136,643

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 21 form part of these financial statements.
Page 10


GLOBAL GROWERS LIMITED
REGISTERED NUMBER:11160799

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 9 
6,965,049
5,200,369

Cash at bank and in hand
 10 
132,853
1,326,830

  
7,097,902
6,527,199

Creditors: amounts falling due within one year
 11 
(8,144,326)
(7,869,364)

NET CURRENT LIABILITIES

  

(1,046,424)
(1,342,165)

  

NET LIABILITIES
  
(1,046,424)
(1,342,165)


CAPITAL AND RESERVES
  

Called up share capital 
 12 
100,000
100,000

Profit and loss account
 13 
(1,146,424)
(1,442,165)

  
(1,046,424)
(1,342,165)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





C J Kilvington
Director

Date: 5 August 2024

The notes on pages 15 to 21 form part of these financial statements.
Page 11


GLOBAL GROWERS LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100,000
(1,442,165)
(1,342,165)


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
295,741
295,741


AT 31 DECEMBER 2023
100,000
(1,146,424)
(1,046,424)


The notes on pages 15 to 21 form part of these financial statements.


 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100,000
(1,578,808)
(1,478,808)


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
136,643
136,643


AT 31 DECEMBER 2022
100,000
(1,442,165)
(1,342,165)


The notes on pages 15 to 21 form part of these financial statements.
Page 12


GLOBAL GROWERS LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the year
295,741
136,643

ADJUSTMENTS FOR:

Interest received
(1,131)
-

Taxation charge
61,457
70,286

(Increase)/decrease in debtors
(1,780,069)
96,708

Increase in creditors
17,538
1,198

Increase/(decrease)) in amounts owed to associates
250,673
(300,214)

Corporation tax (paid)
(39,317)
-

NET CASH (USED IN) / GENERATED FROM OPERATING ACTIVITIES

(1,195,108)
4,621


CASH FLOWS FROM INVESTING ACTIVITIES

Interest received
1,131
-

NET CASH FROM INVESTING ACTIVITIES

1,131
-


(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(1,193,977)
4,621

Cash and cash equivalents at beginning of year
1,326,830
1,322,209

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
132,853
1,326,830


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
132,853
1,326,830

132,853
1,326,830


The notes on pages 15 to 21 form part of these financial statements.

Page 13


GLOBAL GROWERS LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,326,830

(1,193,977)

132,853



1,326,830
(1,193,977)
132,853

The notes on pages 15 to 21 form part of these financial statements.
Page 14


GLOBAL GROWERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Global Growers Limited is a company limited by shares incorporated in England. The registered office is 1-3 College Yard, Worcester, United Kingdom, WR1 2LB. The principal place of trading is Briary Barn, Pury Hill Business Park, Alderton Road, Towcester, Northamptonshire, NN12 7LS. 
The principal activity of the Company during the year was the sale of fresh produce within the UK.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The Company's financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, 'the Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
The presentation currency of these financial statements is in Sterling. All amounts in the financial statements have been rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

 
2.2

GOING CONCERN

The Directors have reviewed the going concern and are satisfied that it will continue to operate as a going concern in the foreseeable future. The Directors took into consideration the operations of the Company, the industry it is affiliated with, and the impact of potential supply chain disruptions. The Company continues to maintain positive cash reserves subsequent to the year end and this has enabled it to meet its operating and other financial obligations. In addition, the Directors forecast for the upcoming year includes more than 50% of its turnover supported by long term contracts in an industry where the standard is contracts agreed for short durations as part of a tender process. The Company relationship with its key customers remains very strong.

 
2.3

INTEREST INCOME

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

 
2.4

DEBTORS

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

Page 15


GLOBAL GROWERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

  
2.5

IMPAIRMENT OF ASSETS

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
(i) Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
(ii) Financial assets
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

  
2.6

CASH AND CASH EQUIVALENTS

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

 
2.7

CREDITORS

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

 
2.8

FOREIGN CURRENCY TRANSLATION

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the reporting date and the gains or losses on translation are included in the Statement of comprehensive income.

Page 16


GLOBAL GROWERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

  
2.9

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.10

CURRENT AND DEFERRED TAXATION

Current tax, including UK Corporation Tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the reporting date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains or losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. 
The tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and to settle the liability simultaneously.
Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. 

Page 17


GLOBAL GROWERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts 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 of the revision and future periods if the revision affects both current and future periods.


4.


TURNOVER

Turnover is recognised when goods are received by the customer and the risks and rewards of ownership have passed to them. Turnover is measured at the fair value of consideration received or receivable and represents amounts receivable for goods provided in the normal course of business, net of discounts and Value Added Tax.
There is only one class of business which is the sale of fruit.
All turnover arose within the United Kingdom. 


5.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Audit fees
14,300
13,400

Non audit fees
1,380
1,290

Exchange differences
67,097
9,078


6.


EMPLOYEES




The Company has no employees other than the Directors, who did not receive any remuneration (2022: £NIL).


7.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
1,131
-

Page 18


GLOBAL GROWERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
84,994
39,317

Adjustments in respect of previous periods
(23,537)
-


TOTAL CURRENT TAX
61,457
39,317

DEFERRED TAX


Tax losses carried forward
-
30,969

TOTAL DEFERRED TAX
-
30,969


TAXATION ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES
61,457
70,286

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is different to the effective rate of corporation tax in the UK of 23.5 %
 (2022: 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
357,198
206,929


Profit on ordinary activities multiplied by effective rate of corporation tax in the UK of 23.5% (2022: 19%)
84,015
39,317

EFFECTS OF:


Expenses not deductible for tax purposes
979
30,969

Adjustments to tax charge in respect of prior periods
(23,537)
-

TOTAL TAX CHARGE FOR THE YEAR
61,457
70,286



Page 19


GLOBAL GROWERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


DEBTORS

2023
2022
£
£


Trade debtors
6,834,129
4,742,817

Other debtors
119,812
456,078

Prepayments and accrued income
11,108
1,474

6,965,049
5,200,369



10.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
132,853
1,326,830



11.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
275
95

Amounts owed to associates
8,098,531
7,847,858

Corporation tax
6,751
-

Accruals and deferred income
38,769
21,411

8,144,326
7,869,364


Amounts owed to associates are unsecured and repayable on demand.


12.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND PARTLY PAID



100,000 (2022: 100,000) Ordinary shares of £1.00 each
100,000
100,000

 The Company has one class of share capital which carry voting rights and the right to a dividend.



13.


RESERVES

Profit and loss account

This reserve includes all current and prior periods retained profits and losses.

Page 20


GLOBAL GROWERS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


RELATED PARTY TRANSACTIONS


2023
2022
£
£

Purchases from associates
135,102,075
118,497,109
Trading amounts due to associates
8,098,531
7,847,858

Key Management Personnel
All directors who have authority and responsibility for planning, directing and controlling the activities of the Company are considered to be key management personnel. No director received compensation directly from the Company during the year (2022: £NIL).


15.


CONTROLLING PARTY

The Company's immediate parent is Global Pacific Food Group Limited. The Company is controlled by its ultimate parent Klear Holdings Limited, a company incorporated in the Bahamas. The ultimate controlling party is C J Kilvington.
 
Page 21