IRIS Accounts Production v24.2.0.383 05155045 Board of Directors 2.3.24 26.2.23 2.3.24 2.3.24 group company. true true true false true true false false false false false false false true false Ordinary 1.00000 Preference shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure051550452023-02-25051550452024-03-02051550452023-02-262024-03-02051550452022-02-26051550452022-02-272023-02-25051550452023-02-2505155045ns16:EnglandWales2023-02-262024-03-0205155045ns15:PoundSterling2023-02-262024-03-0205155045ns11:Director12023-02-262024-03-0205155045ns11:Consolidated2024-03-0205155045ns11:ConsolidatedGroupCompanyAccounts2023-02-262024-03-0205155045ns11:PrivateLimitedCompanyLtd2023-02-262024-03-0205155045ns11:FRS102ns11:Consolidated2023-02-262024-03-0205155045ns11:Auditedns11:Consolidated2023-02-262024-03-0205155045ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-262024-03-0205155045ns11:LargeMedium-sizedCompaniesRegimeForAccounts2023-02-262024-03-0205155045ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-262024-03-0205155045ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2023-02-262024-03-0205155045ns11:FullAccounts2023-02-262024-03-0205155045ns6:Subsidiary12023-02-262024-03-0205155045ns6:Subsidiary22023-02-262024-03-0205155045ns6:Subsidiary32023-02-262024-03-0205155045ns6:Subsidiary42023-02-262024-03-020515504512023-02-262024-03-0205155045ns11:OrdinaryShareClass12023-02-262024-03-0205155045ns11:OrdinaryShareClass22023-02-262024-03-0205155045ns11:Consolidated2023-02-262024-03-0205155045ns11:Director22023-02-262024-03-0205155045ns11:CompanySecretary12023-02-262024-03-0205155045ns11:RegisteredOffice2023-02-262024-03-0205155045ns11:Consolidated2022-02-272023-02-2505155045ns6:CurrentFinancialInstruments2024-03-0205155045ns6:CurrentFinancialInstruments2023-02-2505155045ns6:Non-currentFinancialInstruments2024-03-0205155045ns6:Non-currentFinancialInstruments2023-02-2505155045ns6:ShareCapital2024-03-0205155045ns6:ShareCapital2023-02-2505155045ns6:SharePremium2024-03-0205155045ns6:SharePremium2023-02-2505155045ns6:RetainedEarningsAccumulatedLosses2024-03-0205155045ns6:RetainedEarningsAccumulatedLosses2023-02-2505155045ns6:ShareCapital2022-02-2605155045ns6:RetainedEarningsAccumulatedLosses2022-02-2605155045ns6:SharePremium2022-02-2605155045ns6:RetainedEarningsAccumulatedLosses2022-02-272023-02-2505155045ns6:RetainedEarningsAccumulatedLosses2023-02-262024-03-0205155045ns6:NetGoodwill2023-02-262024-03-0205155045ns6:IntangibleAssetsOtherThanGoodwill2023-02-262024-03-0205155045ns6:PatentsTrademarksLicencesConcessionsSimilar2023-02-262024-03-0205155045ns6:CostValuation2023-02-2505155045ns6:AdditionsToInvestments2024-03-0205155045ns6:CostValuation2024-03-02051550451ns6:Subsidiary12023-02-262024-03-0205155045ns6:Subsidiary232023-02-262024-03-02051550455ns6:Subsidiary32023-02-262024-03-02051550457ns6:Subsidiary42023-02-262024-03-0205155045ns6:WithinOneYearns6:CurrentFinancialInstruments2024-03-0205155045ns6:WithinOneYearns6:CurrentFinancialInstruments2023-02-2505155045ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2024-03-0205155045ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-02-2505155045ns6:DeferredTaxation2023-02-2505155045ns6:DeferredTaxation2023-02-262024-03-0205155045ns6:DeferredTaxation2024-03-0205155045ns11:OrdinaryShareClass12024-03-0205155045ns11:OrdinaryShareClass22024-03-0205155045ns6:RetainedEarningsAccumulatedLosses2023-02-2505155045ns6:SharePremium2023-02-25
REGISTERED NUMBER: 05155045 (England and Wales)






















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Period

26 February 2023 to 2 March 2024

for

Grovetree Limited

Grovetree Limited (Registered number: 05155045)






Contents of the Consolidated Financial Statements
for the Period 26 February 2023 to 2 March 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 7

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Grovetree Limited

Company Information
for the Period 26 February 2023 to 2 March 2024







DIRECTORS: J W Hammond
A E Hammond





SECRETARY: P A Thompson





REGISTERED OFFICE: New Farm
Mansfield Road
Redhill
Nottinghamshire
NG5 8PB





REGISTERED NUMBER: 05155045 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Grovetree Limited (Registered number: 05155045)

Group Strategic Report
for the Period 26 February 2023 to 2 March 2024

The directors present their strategic report for the 53-week period from 26 February 2023 to 2 March 2024.

OPERATIONAL AND FINANCIAL OVERVIEW
The Group supplies fresh produce and cold-pressed rapeseed oil and provides contract packing services to other food producers. Group companies enjoy a varied customer base, including supermarkets, wholesale food suppliers and other food producers. Key suppliers to the Group include produce growers, rapeseed growers and merchants, packaging distributers, agency labour providers and suppliers of fuel and energy.

Following the invasion of Ukraine in February 2022, the Group suffered increased input costs for most key supplies, together with shortages of some raw materials. In turn, this led to increases in both direct and indirect costs, much of which continued into the period to 2 March 2024. Following heavy spring frosts in 2023, there were shortages of some UK fresh produce and, to meet customer demand, the Group was forced to use imports of produce for longer, and at higher prices, than usual. Despite these challenges, the Group succeeded in delivering an increase in operating profits to £221,000 on sales of £21.0m, compared with £125,000 on sales of £18.8m last year.

On 26 February 2023, the first day of the financial year, changes were made to both the operating structure and the legal structure of Phoenix Farm Group Limited ("PFGL") and its subsidiaries, Phoenix Speciality Oils Limited ("PSOL") and Hammond Food Oils Limited ("HFOL"). On that date, the shares in HFOL were transferred from PFGL to PSOL. HFOL then transferred certain of its assets, liabilities and parts of its trade to PSOL; HFOL staff also transferred to PSOL. Throughout the period, PSOL employees have managed the customer relationships, sourced all raw materials and dealt with all production of the cold-pressed rapeseed oil supplied by HFOL.

On 15 September 2023, PSOL acquired the business, production assets, goodwill and trade carried on by Wharfe Valley Farms Limited, a niche supplier of branded cold-pressed rapeseed oil and contract packing services. The contract packing business was immediately taken into PSOL, whilst the supply of branded cold-pressed rapeseed oil was continued by a newly-formed subsidiary, Wharfe Valley Oils Limited ("WVOL"). The production assets have been used to develop the production capabilities of PSOL.

The Group's transport fleet is used mainly for customer deliveries, with spare capacity sold to third parties when possible. External demand continued at the higher level enjoyed in the previous year.

There were continuing difficulties in recruiting direct labour operatives and in obtaining agency labour. To attract and retain skilled direct labour, the Group's bonus schemes were extended where possible, giving the opportunity for talented operatives to earn more than the national minimum wage.

The Group has maintained tight control of cash and working capital throughout the year. Each business prepares weekly cash forecasts, with a 13-week time horizon, which are monitored daily and updated every week. As a result of these controls, the Group has continued to operate with in-hand cash balances throughout the year.


Grovetree Limited (Registered number: 05155045)

Group Strategic Report
for the Period 26 February 2023 to 2 March 2024

NORMAL BUSINESS RISKS & UNCERTAINTIES
Hammond Produce Limited
Extremes of weather can have a significant impact on the quality and availability of fresh produce processed by the company. To minimise the potential impact on financial performance, the company buys from a number of produce growers, both in the UK and overseas. A key supplier is a related company, T Hammond Farms Limited, which grows fresh produce on a number of separate areas of farmland, each with different growing characteristics, and has extensive irrigation facilities for periods of low rainfall. In addition, Hammond Produce Limited operates medium-term cold storage facilities.

Customer demand fluctuates depending upon the season of the year, any supermarket promotional activities, changes in the weather and any changes in demand from end-consumers. The business works in partnership with its customers to understand their requirements and to manage demand where feasible. The company sells a range of fresh produce to spread demand across the year and to avoid over-reliance on a single type of produce.

The production process is labour intensive and requires suitably skilled people. The business employs a core workforce of directly employed staff and works in partnership with agency labour providers which supply additional staff during periods of high demand.

Phoenix Speciality Oils Limited, Hammond Food Oils Limited and Wharfe Valley Oils Limited
These three companies work closely together. PSOL operates a modern and mechanised plant for bottling foodstuffs, manufacturing short-run food products and cold-pressing rapeseed and other plant seeds to produce high-quality oils. To minimise the risk of equipment down time, the company operates a number of production lines; in addition, the business adopts a rigorous service protocol and holds stocks of critical machine spares.

HFOL and WVOL enjoy leading positions in their respective markets for cold-pressed rapeseed oil. Any deterioration in the market could have a negative impact on profitability, but the continuing consumer demand for healthier food oils has reduced this risk. Both companies work closely with a number of suppliers and growers to ensure the consistent high quality of rapeseed supplies. They use only high-quality rapeseed and every production batch is tested to ensure the highest quality standards.

Yields can vary depending on the strain of seed, the temperature when pressed, moisture content and the press settings. Seed prices can fluctuate in response to market forces, which can impact adversely on margins.

The companies operate with a few key customers, ensuring strong customer focus, although creating some risk to profitability in the event of losing a significant customer. The businesses have been successful in expanding the number of customers, progressively reducing this risk.


Grovetree Limited (Registered number: 05155045)

Group Strategic Report
for the Period 26 February 2023 to 2 March 2024

DEVELOPMENT, PERFORMANCE AND POSITION
Hammond Produce Limited
During the year, the company introduced additional bonus schemes, with the aim of both improving productivity and improving the take home pay of both employees and agency workers. These bonus schemes have been supported by improved systems to monitor and record production volumes, both with field harvest operatives and staff working on the main production lines.

Throughout the year the business has continued to develop and improve the knowledge and skills of the senior management team, through training, recruitment, external coaching and mentoring. The business continues to be focused on improving profitability whilst strengthening key relationships with both customers and suppliers.

Despite continuing high direct operating costs, EBITDA improved to £166,000 compared with £43,000 (negative) last year.

Phoenix Speciality Oils Limited, Hammond Food Oils Limited and Wharfe Valley Oils Limited
These businesses are wholly-owned by Phoenix Farm Group Limited, a company in which Grovetree owns 90.4% of the shares. The companies are managed as a single entity by an experienced commercial and production team; the companies hold regular joint board and management meetings.

PSOL has continued to improve its production techniques, enhancing its capability to manufacture and bottle different foodstuffs. During the period, the company has continued some trials pressing other types of oil seed and has also continued to develop a solid fuel, made from the expeller by-product from cold-pressed rapeseed, for use in place of steam coal by the heritage steam sector. During 2023, the company started to supply fuel to a steam-ship operating passenger cruises in the north-west of Scotland and made initial supplies to a steam museum. Further trials were undertaken at a number of other heritage steam locations.

With general food inflation in both 2022 and 2023, many consumers changed their grocery preferences, seeking economies in their food bills. This appears to have included a shift towards cold-pressed rapeseed oil away from olive oils and other high-priced cooking oils, benefiting HFOL and WVOL, which sell high-quality cold-pressed rapeseed oils under the brands of "Borderfields", "Borderfields Gold", "Wharfe Valley" and "Yorkshires Original". Taken together, the businesses generated a combined EBITDA of £143,000 (last year: £350,000).

KEY PERFORMANCE INDICATORS
Hammond Produce Limited
Produce yields and the financial margin per tonne are monitored each month, together with direct labour utilisation and labour costs per tonne. This is used to ensure the company is achieving consistently high output and efficiencies, together with acceptable margins. Customer quality issues are also monitored to ensure the company's products meet the demands of the end-consumer.

Phoenix Speciality Oils Limited, Hammond Food Oils Limited and Wharfe Valley Oils Limited
Management monitors line speeds and production yields to ensure efficient use of production facilities. Utilisation of production operatives is also monitored and controlled.

Service metrics and stock levels are monitored closely to ensure the businesses meet the requirements of their customers. The businesses monitor and compare their products with those of key competitors.


Grovetree Limited (Registered number: 05155045)

Group Strategic Report
for the Period 26 February 2023 to 2 March 2024

FUTURE PROSPECTS
Since the year-end, volumes of fresh produce sold by Hammond Produce Limited have been slightly lower than the same period in 2023, although margins have been better. Demand for high quality rapeseed oil has increased and sales of the biofuel produced by PSOL have also increased.

The Group started the current financial year with in-hand cash balances of £757,000 (last year: £744,000) and net current assets of £2,028,000 (last year: £2,019,000). Most of the Group's debt is due to Hammond family members. Non-family debt is relatively low and includes preference shares issued on the 2020 acquisition of the minority shareholding in HFOL (redeemable by 2028), a small term loan and an invoice finance facility which normally operates with significant spare availability. Annual repayments on term debt are small and the invoice finance facility provides adequate headroom to deal with seasonal cash requirements. There is no indication that headroom will worsen significantly in the coming year.

In preparing the accounts for the year ended 2 March 2024, the directors have considered the trading and financial position of the Group since the end of the period and are confident the Group will have a sufficient level of activity and sufficient cash resources to remain a going concern for the following 12 months.

ON BEHALF OF THE BOARD:





A E Hammond - Director


20 September 2024

Grovetree Limited (Registered number: 05155045)

Report of the Directors
for the Period 26 February 2023 to 2 March 2024

The directors present their report with the financial statements of the company and the group for the 53-week period from 26 February 2023 to 2 March 2024.

DIVIDENDS
No dividends will be distributed for the period ended 2 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 26 February 2023 to the date of this report.

J W Hammond
A E Hammond

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:





A E Hammond - Director


20 September 2024

Report of the Independent Auditors to the Members of
Grovetree Limited

Opinion
We have audited the financial statements of Grovetree Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 2 March 2024 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 2 March 2024 and of the group's profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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.

Report of the Independent Auditors to the Members of
Grovetree Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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

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

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.
- Assessing the extent of compliance with the relevant laws and regulations.

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.

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.




Matthew Chadwick BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

20 September 2024

Grovetree Limited (Registered number: 05155045)

Consolidated
Income Statement
for the Period 26 February 2023 to 2 March 2024

Period Period
26.2.23 to 2.3.24 27.2.22 to 25.2.23
Notes £    £    £    £   

TURNOVER 21,009,624 18,798,978

Cost of sales 17,339,959 15,207,655
GROSS PROFIT 3,669,665 3,591,323

Distribution costs 216,264 266,978
Administrative expenses 3,232,497 3,199,805
3,448,761 3,466,783
OPERATING PROFIT 4 220,904 124,540


Interest payable and similar expenses 5 9,043 16,667
PROFIT BEFORE TAXATION 211,861 107,873

Tax on profit 6 25,492 17,460
PROFIT FOR THE FINANCIAL PERIOD 186,369 90,413
Profit attributable to:
Owners of the parent 185,735 73,608
Non-controlling interests 634 16,805
186,369 90,413

Grovetree Limited (Registered number: 05155045)

Consolidated
Other Comprehensive Income
for the Period 26 February 2023 to 2 March 2024

Period Period
26.2.23 27.2.22
to to
2.3.24 25.2.23
Notes £    £   

PROFIT FOR THE PERIOD 186,369 90,413


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

186,369

90,413

Total comprehensive income attributable to:
Owners of the parent 185,735 73,608
Non-controlling interests 634 16,805
186,369 90,413

Grovetree Limited (Registered number: 05155045)

Consolidated Balance Sheet
2 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 35,886 15,121
Tangible assets 9 403,326 394,790
Investments 10 - -
439,212 409,911

CURRENT ASSETS
Stocks 11 965,152 880,525
Debtors 12 2,874,906 2,493,377
Cash at bank and in hand 756,712 743,692
4,596,770 4,117,594
CREDITORS
Amounts falling due within one year 13 2,568,302 2,098,320
NET CURRENT ASSETS 2,028,468 2,019,274
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,467,680

2,429,185

CREDITORS
Amounts falling due after more than one
year

14

(515,703

)

(688,371

)

PROVISIONS FOR LIABILITIES 18 (31,326 ) (6,851 )
NET ASSETS 1,920,651 1,733,963

CAPITAL AND RESERVES
Called up share capital 19 2,450,100 2,450,100
Share premium 20 266,574 266,574
Retained earnings 20 (902,212 ) (1,087,947 )
SHAREHOLDERS' FUNDS 1,814,462 1,628,727

NON-CONTROLLING INTERESTS 106,189 105,236
TOTAL EQUITY 1,920,651 1,733,963

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





A E Hammond - Director


Grovetree Limited (Registered number: 05155045)

Company Balance Sheet
2 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 1,403,006 1,403,005
1,403,006 1,403,005

CURRENT ASSETS
Debtors 12 15,081 140,481
Cash at bank 36,974 260,921
52,055 401,402
CREDITORS
Amounts falling due within one year 13 260,870 623,232
NET CURRENT LIABILITIES (208,815 ) (221,830 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,194,191

1,181,175

CREDITORS
Amounts falling due after more than one
year

14

69,983

69,983
NET ASSETS 1,124,208 1,111,192

CAPITAL AND RESERVES
Called up share capital 19 2,450,100 2,450,100
Share premium 20 266,574 266,574
Retained earnings 20 (1,592,466 ) (1,605,482 )
SHAREHOLDERS' FUNDS 1,124,208 1,111,192

Company's profit/(loss) for the financial year 13,016 (43,826 )

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





A E Hammond - Director


Grovetree Limited (Registered number: 05155045)

Consolidated Statement of Changes in Equity
for the Period 26 February 2023 to 2 March 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 27 February 2022 2,450,100 (1,161,555 ) 266,574

Changes in equity
Total comprehensive income - 73,608 -
Balance at 25 February 2023 2,450,100 (1,087,947 ) 266,574

Changes in equity
Total comprehensive income - 185,735 -
2,450,100 (902,212 ) 266,574
Acquisition of non-controlling
interest

-

-

-
Balance at 2 March 2024 2,450,100 (902,212 ) 266,574
Non-controlling Total
Total interests equity
£    £    £   
Balance at 27 February 2022 1,555,119 88,431 1,643,550

Changes in equity
Total comprehensive income 73,608 16,805 90,413
Balance at 25 February 2023 1,628,727 105,236 1,733,963

Changes in equity
Total comprehensive income 185,735 634 186,369
1,814,462 105,870 1,920,332
Acquisition of non-controlling
interest

-

319

319
Balance at 2 March 2024 1,814,462 106,189 1,920,651

Grovetree Limited (Registered number: 05155045)

Company Statement of Changes in Equity
for the Period 26 February 2023 to 2 March 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 27 February 2022 2,450,100 (1,561,656 ) 266,574 1,155,018

Changes in equity
Total comprehensive income - (43,826 ) - (43,826 )
Balance at 25 February 2023 2,450,100 (1,605,482 ) 266,574 1,111,192

Changes in equity
Total comprehensive income - 13,016 - 13,016
Balance at 2 March 2024 2,450,100 (1,592,466 ) 266,574 1,124,208

Grovetree Limited (Registered number: 05155045)

Consolidated Cash Flow Statement
for the Period 26 February 2023 to 2 March 2024

Period Period
26.2.23 27.2.22
to to
2.3.24 25.2.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 378,528 180,421
Finance costs paid (9,043 ) (16,667 )
Tax paid (33,847 ) (47,766 )
Net cash from operating activities 335,638 115,988

Cash flows from investing activities
Purchase of intangible fixed assets (159,502 ) -
Purchase of tangible fixed assets (33,002 ) (17,431 )
Sale of tangible fixed assets 1,199 -
Net cash from investing activities (191,305 ) (17,431 )

Cash flows from financing activities
Loan repayments in year (92,572 ) (90,770 )
Capital repayments in year (8,059 ) (7,679 )
Amount introduced by directors - 9,787
Redemption of shares in subsidiary (30,682 ) (30,681 )
Net cash from financing activities (131,313 ) (119,343 )

Increase/(decrease) in cash and cash equivalents 13,020 (20,786 )
Cash and cash equivalents at beginning
of period

2

743,692

764,478

Cash and cash equivalents at end of
period

2

756,712

743,692

Grovetree Limited (Registered number: 05155045)

Notes to the Consolidated Cash Flow Statement
for the Period 26 February 2023 to 2 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period Period
26.2.23 27.2.22
to to
2.3.24 25.2.23
£    £   
Profit before taxation 211,861 107,873
Depreciation charges 104,428 125,764
Loss on disposal of fixed assets 320 1,862
Finance costs 9,043 16,667
325,652 252,166
Increase in stocks (27,053 ) (14,817 )
Increase in trade and other debtors (381,523 ) (238,643 )
Increase in trade and other creditors 461,452 181,715
Cash generated from operations 378,528 180,421

2. CASH AND CASH EQUIVALENTS

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

Period ended 2 March 2024
2.3.24 26.2.23
£    £   
Cash and cash equivalents 756,712 743,692
Period ended 25 February 2023
25.2.23 27.2.22
£    £   
Cash and cash equivalents 743,692 764,478


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 26.2.23 Cash flow At 2.3.24
£    £    £   
Net cash
Cash at bank and in hand 743,692 13,020 756,712
743,692 13,020 756,712
Debt
Finance leases (21,654 ) 8,059 (13,595 )
Debts falling due within 1 year (150,194 ) (247 ) (150,441 )
Debts falling due after 1 year (589,977 ) 123,501 (466,476 )
(761,825 ) 131,313 (630,512 )
Total (18,133 ) 144,333 126,200

Grovetree Limited (Registered number: 05155045)

Notes to the Consolidated Financial Statements
for the Period 26 February 2023 to 2 March 2024

1. STATUTORY INFORMATION

Grovetree Limited 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 preparation
These financial statements have been prepared in accordance with the Financial Reporting Standard 102. 'The Financial 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.

At 2 March 2024, the Group had negative retained earnings of £902,000 (2023: £1,088,000) but positive shareholders funds of £1,814,000 (2023: £1,630,000). The directors are satisfied that the going concern basis used to prepare the accounts is appropriate, as the Group has a strong overall net asset position.

Basis of consolidation
The consolidated financial statements include the company and all its subsidiary undertakings. The group Income statement includes the results of all subsidiary undertakings for the period from the date of their acquisition and up to the date of disposal.

The company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income statement.

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

Goodwill
Negative and positive goodwill, being the amounts arising in connection with the acquisition of businesses or shares in subsidiaries, are amortised evenly over an estimated useful life of 10 years.

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.

Brands are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.

Leasehold improvements- 10% on cost
Plant and Machinery- 10%-20% on cost or 10-50% on NBV at 3 March 2018
Motor Vehicles- 20-50% on NBV at 3 March 2018 or subsequent cost
Computer Equipment - 20-50% on NBV at 3 March 2018 or subsequent cost

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

Finished goods are valued at the cost of raw materials, sub contracted labour and of other overheads required to produce the finished product.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


Grovetree Limited (Registered number: 05155045)

Notes to the Consolidated Financial Statements - continued
for the Period 26 February 2023 to 2 March 2024

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

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

3. EMPLOYEES AND DIRECTORS
Period Period
26.2.23 27.2.22
to to
2.3.24 25.2.23
£    £   
Wages and salaries 2,893,930 3,052,374
Social security costs 243,426 335,308
Other pension costs 140,357 86,165
3,277,713 3,473,847

The average number of employees during the period was as follows:
Period Period
26.2.23 27.2.22
to to
2.3.24 25.2.23

Production 69 70
Administration 25 27
94 97

Grovetree Limited (Registered number: 05155045)

Notes to the Consolidated Financial Statements - continued
for the Period 26 February 2023 to 2 March 2024

3. EMPLOYEES AND DIRECTORS - continued

Period Period
26.2.23 27.2.22
to to
2.3.24 25.2.23
£    £   
Directors' remuneration 142,049 124,096
Directors' pension contributions to money purchase schemes - 18,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 2

4. OPERATING PROFIT

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

Period Period
26.2.23 27.2.22
to to
2.3.24 25.2.23
£ £
Hire of plant and machinery 632,289 614,439
Depreciation-owned assets 96,892 113,481
Depreciation-assets on hire purchase contracts 3,603 3,603
Loss/(profit) on disposal of fixed assets 320 1,862
Goodwill amortisation 3,308 7,858
Brands amortisation 625 819
Auditors' remuneration 36,550 31,690

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period Period
26.2.23 27.2.22
to to
2.3.24 25.2.23
£    £   
Bank interest 43 137
Hire purchase interest 880 1,261
Other interest 756 6,678
Dividend on subsidiary preference shares 7,364 8,591
9,043 16,667

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period Period
26.2.23 27.2.22
to to
2.3.24 25.2.23
£    £   
Current tax:
UK corporation tax 1,017 33,821

Deferred tax 24,475 (16,361 )
Tax on profit 25,492 17,460

UK corporation tax has been charged at 24.45 % (2023 - 19 %).

Grovetree Limited (Registered number: 05155045)

Notes to the Consolidated Financial Statements - continued
for the Period 26 February 2023 to 2 March 2024

6. TAXATION - continued

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

Period Period
26.2.23 27.2.22
to to
2.3.24 25.2.23
£    £   
Profit before tax 211,861 107,873
Profit multiplied by the standard rate of corporation tax in the UK of 24.450
% (2023 - 19 %)

51,800

20,496

Effects of:
Expenses not deductible for tax purposes 6,228 2,208
Income not taxable for tax purposes 715 1,493
Capital allowances in excess of depreciation (4,473 ) -
Depreciation in excess of capital allowances - 16,108
Adjustments to tax charge in respect of previous periods - (25 )
Adjustments in respect of tax losses carried forward (49,675 ) -
Deferred tax provision 24,475 (16,362 )
consolidation
R&D tax relief (3,578 ) (6,458 )
Total tax charge 25,492 17,460

7. INDIVIDUAL INCOME STATEMENT

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


8. INTANGIBLE FIXED ASSETS

Group
Goodwill Brands Totals
£    £    £   
COST
At 26 February 2023 (91,507 ) 41,170 (50,337 )
Additions 9,698 15,000 24,698
At 2 March 2024 (81,809 ) 56,170 (25,639 )
AMORTISATION
At 26 February 2023 (106,628 ) 41,170 (65,458 )
Amortisation for period 3,308 625 3,933
At 2 March 2024 (103,320 ) 41,795 (61,525 )
NET BOOK VALUE
At 2 March 2024 21,511 14,375 35,886
At 25 February 2023 15,121 - 15,121

Grovetree Limited (Registered number: 05155045)

Notes to the Consolidated Financial Statements - continued
for the Period 26 February 2023 to 2 March 2024

9. TANGIBLE FIXED ASSETS

Group
Leasehold Plant and Motor Computer
improvements machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 26 February 2023 36,161 1,285,625 30,400 24,946 1,377,132
Additions - 103,190 - 7,660 110,850
Disposals - (2,755 ) - - (2,755 )
At 2 March 2024 36,161 1,386,060 30,400 32,606 1,485,227
DEPRECIATION
At 26 February 2023 14,656 932,488 16,720 18,478 982,342
Charge for period 3,616 87,504 6,080 3,295 100,495
Eliminated on disposal - (936 ) - - (936 )
At 2 March 2024 18,272 1,019,056 22,800 21,773 1,081,901
NET BOOK VALUE
At 2 March 2024 17,889 367,004 7,600 10,833 403,326
At 25 February 2023 21,505 353,137 13,680 6,468 394,790


10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 26 February 2023 3,293,005
Additions 1
At 2 March 2024 3,293,006
PROVISIONS
At 26 February 2023
and 2 March 2024 1,890,000
NET BOOK VALUE
At 2 March 2024 1,403,006
At 25 February 2023 1,403,005

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

Subsidiaries

Hammond Produce Limited
Registered office: New Farm, Mansfield Road, Redhill, Nottingham, NG5 8PB
Nature of business: Packing and sale of fresh vegetables
%
Class of shares: holding
Ordinary & Preference shares 100.00

Grovetree Limited (Registered number: 05155045)

Notes to the Consolidated Financial Statements - continued
for the Period 26 February 2023 to 2 March 2024

10. FIXED ASSET INVESTMENTS - continued

Phoenix Farm Group Limited
Registered office: New Farm, Mansfield Road, Redhill, Nottingham, NG5 8PB
Nature of business: Holding company
%
Class of shares: holding
Ordinary & B Preference shares 90.40

Stoffell's Sauces Limited
Registered office: New Farm, Mansfield Road, Redhill, Nottingham, NG5 8PB
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Green Dragon Fuels Limited
Registered office: New Farm, Mansfield Road, Redhill, Nottingham, NG5 8PB
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Phoenix Speciality Oils Limited
Registered office: New Farm, Mansfield Road, Redhill, Nottingham, NG5 8PB
Nature of business: Manufacture of pressed oil & contract bottling
%
Class of shares: holding
Ordinary 90.40

Hammond Food Oils Limited
Registered office: New Farm, Mansfield Road, Redhill, Nottingham, NG5 8PB
Nature of business: Sale of cold pressed rape seed oil
%
Class of shares: holding
Ordinary 90.40

Borderfields Limited
Registered office: New Farm, Mansfield Road, Redhill, Nottingham, NG5 8PB
Nature of business: Dormant
%
Class of shares: holding
Ordinary 90.40

Wharfe Valley Oils Limited
Registered office: New Farm, Mansfield Road, Redhill, Nottingham, NG5 8PB
Nature of business: Sale of cold pressed rape seed oil
%
Class of shares: holding
Ordinary 90.40


11. STOCKS

Group
2024 2023
£    £   
Raw materials & consumables 897,665 355,639
Finished goods 67,487 524,886
965,152 880,525

Grovetree Limited (Registered number: 05155045)

Notes to the Consolidated Financial Statements - continued
for the Period 26 February 2023 to 2 March 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,490,117 2,251,859 - -
Amounts owed by group undertakings - - 4,385 108,082
Other debtors 8,103 166 - 22,968
VAT 99,958 39,857 - 1,703
Deferred tax asset - - - 3,258
Prepayments and accrued income 276,728 201,495 10,696 4,470
2,874,906 2,493,377 15,081 140,481

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15) 10,140 9,892 - -
Other loans (see note 15) 140,301 140,302 28,500 28,500
Hire purchase contracts (see note 16) 8,464 8,060 - -
Trade creditors 1,978,210 1,540,169 13,994 -
Amounts owed to group undertakings - - 193,051 589,365
Tax 1,017 33,846 - -
Social security and other taxes 71,912 46,497 - -
VAT - - 12,482 -
Other creditors 7,292 5,704 - -
Directors' current accounts 21,778 29,275 - -
Accruals and deferred income 329,188 284,575 12,843 5,367
2,568,302 2,098,320 260,870 623,232

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 15) 14,808 24,948 - -
Other loans (see note 15) 451,668 565,029 69,983 69,983
Hire purchase contracts (see note 16) 5,131 13,594 - -
Trade creditors 44,096 84,800 - -
515,703 688,371 69,983 69,983

Grovetree Limited (Registered number: 05155045)

Notes to the Consolidated Financial Statements - continued
for the Period 26 February 2023 to 2 March 2024

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 10,140 9,892 - -
Other loans 109,620 109,620 28,500 28,500
Preference shares in
subsidiary 30,681 30,682 - -
150,441 150,194 28,500 28,500
Amounts falling due between two and five years:
Bank loans 14,808 24,948 - -
Other loans 328,943 394,463 69,983 69,983
Preference shares in
subsidiary 122,725 122,725 - -
466,476 542,136 69,983 69,983
Amounts falling due in more than five years:
Repayable by instalments
Other loans due > 5 years - 17,160 - -
Preference shares in
subsidiary - 30,681 - -
- 47,841 - -


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 8,464 8,060
Between one and five years 5,131 13,594
13,595 21,654

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 595,315 599,920
Between one and five years 1,530,058 1,761,045
In more than five years 294,175 360,378
2,419,548 2,721,343

Grovetree Limited (Registered number: 05155045)

Notes to the Consolidated Financial Statements - continued
for the Period 26 February 2023 to 2 March 2024

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase contracts 13,595 21,654

Hire purchase liabilities are secured against the asset to which they relate.

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 31,326 6,851

Group
Deferred
tax
£   
Balance at 26 February 2023 6,851
Charge to Income Statement during period 24,475
Balance at 2 March 2024 31,326

Company
Deferred
tax
£   
Balance at 26 February 2023 (3,258 )
Provided during period 3,258
Balance at 2 March 2024 -

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
2,450,000 Preference shares £1 2,450,000 2,450,000
2,450,100 2,450,100

20. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 26 February 2023 (1,087,947 ) 266,574 (821,373 )
Profit for the period 185,735 185,735
At 2 March 2024 (902,212 ) 266,574 (635,638 )

Grovetree Limited (Registered number: 05155045)

Notes to the Consolidated Financial Statements - continued
for the Period 26 February 2023 to 2 March 2024

20. RESERVES - continued

Company
Retained Share
earnings premium Totals
£    £    £   

At 26 February 2023 (1,605,482 ) 266,574 (1,338,908 )
Profit for the period 13,016 13,016
At 2 March 2024 (1,592,466 ) 266,574 (1,325,892 )


21. RELATED PARTY DISCLOSURES

Nature of related parties
Hammond Produce Limited ("HPL") and Green Dragon Fuels Limited ("GDFL") are wholly-owned subsidiaries of Grovetree Limited ("Grovetree"); following the acquisition of the minority shareholding during the year, Stoffell's Sauces Limited ("SSL") is now also a wholly-owned subsidiary. Grovetree owns 90.4% of the ordinary shares in Phoenix Farm Group Limited ("PFGL"), which in turn owns all the shares in Phoenix Speciality Oils Limited ("PSOL"), Hammond Food Oils Limited ("HFOL") and Wharfe Valley Oils Limited ("WVOL"). Mr J W Hammond and Mr A E Hammond, directors and owners of the ordinary shares in Grovetree, also own all the ordinary shares in T Hammond Farms Limited ("THFL"), which farms on approximately 2,400 acres in Nottinghamshire, growing vegetables, potatoes, wheat, maize, barley and oilseed rape. In accordance with paragraph 33.1A of FRS102, no disclosure is given in relation to transactions between Grovetree and those subsidiaries that were wholly-owned throughout the period and between PFGL and its wholly-owned subsidiaries.

Sales made between related parties
The following sales have been made during the period:
- Grovetree did not provide services to PSOL and HFOL, but in 2023 provided services amounting in total to £3,737.
- Grovetree provided services to THFL, amounting in total to £28,004 (2023: £10,574).
- HPL has sold goods and services to PSOL and HFOL, amounting in total to £221,715 (2023: £173,439).
- HPL has also sold goods and services to THFL, amounting in total to £422,695 (2023: £447,450).
- PSOL and HFOL have sold goods and services to HPL, amounting in total to £4,345 (2023: £985) and PSOL has provided services to Grovetree, amounting in total to £11,675 (2023: £12,954). PSOL has also sold goods to THFL, amounting to £1,500 (2023: £nil).
- THFL has sold fresh produce and services to HPL, PSOL and HFOL amounting in total to £2,516,855 (2023: £2,158,591). THFL has also rented plant and sub-let certain buildings to HPL, charging a total rent of £291,260 (2023: £258,403).

Other transactions in the period
- During the period, Grovetree made short-term loans to THFL amounting to a maximum of £50,000 (2023: maximum of £385,000). These loans had been fully repaid by 2 March 2024.
- PSOL made short-term loans to Grovetree, amounting to a maximum of £572,500 (2023: maximum of £572,500) and Grovetree made short-term loans to HFOL, amounting to a maximum of £100,000 (2023: £136,000). The balances due on these loans are included in the amounts set out below.

Outstanding balances at 2 March 2024
The following intercompany balances existed as at 2 March 2024, deriving both from the above transactions and from transactions entered into in previous years:
- Grovetree was owed £3,000 by PFGL and HFOL (2023: £106,734), £nil by THFL (2023: £12,688) and it owed £188,000 (2023: £588,045) to PSOL. There had been a balance of £1,218 owed by SSL at 25 February 2023.
- HPL was owed £44,078 (2023: £28,302) in total by PSOL and HFOL and it owed £253,602 to THFL (2023: £149,676).
- PSOL and HFOL together were owed £1,534 by THFL (2023: £700 owed to THFL).
- GDFL owed £312 (2023: £312) to PSOL and HFOL.