The directors present the strategic report for the Period ended 31 May 2024.
It’s been another difficult growing season – two on the trot. I’ve never known it so wet. It basically didn’t stop raining in UK from October to April while at the same time most of Southern Europe, particularly Spain, suffered from drought. It’s also been too wet in Africa and El Nino has caused chaos to the supply chain in South America. This all meant short supply and high prices again but as usual, our procurement teams coped admirably in exceptionally difficult circumstances.
The end result is another record year with turnover up 5.5% to £186.3m and profit before tax up 66% to £3.62m.
Another major event for us was the cessation of our joint-venture trading arrangement with AH Worth. We were already in advanced negotiations to buy AH Worth out of the J-V when they dropped the bombshell that they were putting their business into Administration. As a 130 year-old, fourth generation, family farming business it came as a shock as they have substantial land, assets and retained profits in their holding company. AH Worth had made heavy losses as a result of the loss of a major retail potato packing account. In our view there were two options. The honourable option was to close the business down and pay off the debts which they could have easily afforded to do. The dishonourable option was to bust it. They chose the latter. Fortunately, the seven-figure bad debt we incurred was mainly covered and paid promptly by our trade insurance policy with Allianz.
The good news is that AHW’s two main customers, Aldi and Lidl, worked with us to ensure a hasty but smooth transition of the business directly over to us literally overnight. It’s great to have them on board although we can now no longer call ourselves non-retail specialists! Having these two major retailers now as direct customers and no longer having the endless complications of our onion packing business being in an awkward J-V, has given us the confidence to increase our investment to £5m in the site that we own at Long Sutton. Work has already started to double the size of the packing facility with major investment in machinery with the latest technology and robotics. We’ve also increased our onion acreage on our own farming operation by 27% from 550 acres to 700, this is set to increase further next season. Onwards and upwards!
Our main depot at Evesham continues to grow and increase market share. This is through our commitment to creating a state-of-the-art facility for the storage and distribution of a huge range of fresh produce, extensively sourced by our specialist procurement teams. Coupled with our ever evolving I.T platform and our own transport fleet, we offer an unrivalled chilled, timed delivery service to our customers.
So, we continue to remain confident about the future and we continue to invest.
Best wishes,
Tim.
The likely consequences of any decision in the long term
A large investment in an extension of the offices at our main depot in Evesham to cater for the ever-increasing number of commercial staff, investment in more lorries to strengthen our fleet and investment in an extension & machinery/robotics at our Long Sutton packhouse are all examples of the long-term decision making the Board has made this year. The Board took account of a number of stakeholder factors in reaching the decision. Not least the large increase in the number of full-time staff we employ which is now around 200. Also, the positive impact on customer service and the investment benefits to the local community. The Board also took account of the financial returns of these projects and considered it was in the best interests of the Group to approve the expenditure.
The interests of the Group's employees
Our employees are our key asset. This year we achieved Great Place to Work certification. This prestigious award is based on an extensive and anonymous survey completed by our employees.
The need to foster the Group's business relationships with suppliers, customers and others
We have never made an acquisition in our 48-year history – our strategy has always been to prioritise organic growth. To achieve this, we need to develop and maintain strong relationships with customers and suppliers. We value all our customers and suppliers and have long-term contracts with many of them. We’ve also dealt with many of them literally on a daily basis for decades.
The impact of the Group's operations on the community and the environment
We operate within the agricultural sector so fully understand that it is important for the long-term future of our business that we protect and enhance the environment. Our warehouses in Lincolnshire and Evesham draw a large portion of their energy requirement from the solar panels on their roofs. We have also installed another huge array of solar panels on the roof of the new extension at Evesham. The rest of the electricity we use in the UK is from ENGIE – a company which specialises in the supply of Green Electricity to business. Therefore, 100% of the energy we use in the UK is from renewable sources. On our own farms we use water sparingly – we use drip irrigation which uses far less water in a targeted way than the traditional method of irrigation. We encourage our growers to do the same. We have too many examples to mention of reducing the use of plastic in our packaging – this is an ongoing project. Any surplus or left-over food from our depots is donated to FareShare for meal redistribution – we are certified as a “Leading Food Partner” to FareShare. Also, any food that is unfit for human consumption is packed off to a local anaerobic digestion plant where it is transformed into fertiliser and renewable energy. As a family business we’ve always believed in engaging heavily with the local community. Our charitable donations are testament to that – most are to community projects.
The desirability of the Group maintaining a reputation for high standards of business conduct
We believe that our values and standards underpin how we create and sustain value over the long term and are key elements of how we maintain a reputation for high standards of conduct within our industry.
The need to act fairly as between members of the company
The company has one class of ordinary shares, which have the same rights as regards voting, distributions and on liquidation. The executive Directors of the company hold 100% of the shares. Therefore, the goals of the executive Directors are fully aligned with the shareholders.
On behalf of the board
The directors present their annual report and financial statements for the Period ended 31 May 2024.
The results for the Period are set out in the financial statements.
Dividends of £250,000 (2023 - £200,000) were paid during the period.
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
The group and company finances its operations through a mixture of retained profits, and where necessary to fund expansion or capital expenditure programmes through bank borrowings and finance lease and hire purchase contracts. The managements objectives are to:
retain sufficient liquid funds to enable it to meet its day to day obligations as they fall due whilst maximising returns on surplus funds;
minimise the group company's exposure to fluctuating interest rates when seeking new borrowings; and
match the repayment schedule of any external borrowings or overdrafts with the expected future cash flows expected to arise from the group and company's trading activities.
Where appropriate the group and company's funds are held primarily in short term variable deposit accounts. The directors believe that this gives them the flexibility to release cash resources at short notice and also allows them to take advantage of changing conditions in the finance markets as they arise.
All deposits are with reputable United Kingdom and European banks.
Certain purchases are made in foreign currencies. Foreign exchange differences on the revaluation of foreign currency assets and liabilities are taken to the profit and loss account.
It is the group's normal practice to agree terms of transactions, including payment terms, with its suppliers on an individual basis, and provided the suppliers perform in accordance with the agreed terms, it is the group's policy that payment is made accordingly.
As at 2 June 2023, the average credit period taken for trade purchases was 41 days (2023 - 44 days).
The auditor, Azets Audit Services are deemed to be reappointed under section 487(2) of the Companies Act 2006.
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1,000,000 turnover.
Fleet additions
The company actively look to replace any fleet vehicles with Hybrid models to reduce emissions, this year the company purchased 1 fully electric vehicle and will be looking to replace its existing fleet with Hybrid/Electric vehicles in the future.
Company meetings
For the fifth year running the company has encouraged for the majority of company meetings to take place virtually to cut down on travel and emissions. In the past all Board meetings were held in London with Directors having to travel from different parts of the country as well as Spain and Holland, they are now held on Zoom.
Evesham distribution network
The company has continued with its investment in new lorries and have made sure the ones purchased were the most efficient in relation to low emissions.
Renewable Energy
The company continues to purchase electricity from ENGIE, a supplier which specialises in certified renewable energy. Any other electricity used is generated from solar panels across various properties.
We have audited the financial statements of Nationwide Produce Holdings Plc (the 'parent company') and its subsidiaries (the 'group') for the Period ended 31 May 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial Period 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.
In the light of the knowledge and understanding of the group and the parent company and their 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 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.
As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
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 auditor's 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 an auditor's 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £250,000 (2023 - £200,000 profit).
Nationwide Produce Holdings PLC (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 164 Lord Street, Southport, Lancashire, PR9 0QA.
The group consists of Nationwide Produce Holdings PLC and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated financial statements incorporate those of Nationwide Produce Holdings PLC and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).
All financial statements are made up to 31 May 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
These financial statements cover the period from 3 June 2023 to 31 May 2024. The comparative period was the period from 28 May 2022 to 2 June 2023, which was shorter than the current period. The group changes its period end date each year to end the period on the final Friday closest to the end of May.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There was no key accounting estimates.
The average monthly number of persons (including directors) employed by the group and company during the Period was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).
The actual charge for the Period can be reconciled to the expected charge for the Period based on the profit or loss and the standard rate of tax as follows:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Revaluations
Land and buildings at Long Sutton were revalued to £945,000 in a prior period by reference to an independent valuation undertaken by Brown & Co. Property and Business Consultants, independent valuers not connected with the company, on the basis of market value. A further valuation was carried out in January 2022 which indicated that the value of the property had not materially changed and hence no further revaluation was reflected in the financial statements. After taking advice from an appropriately qualified professional, the directors are of the opinion that the valuation of the property remains correctly stated as at the balance sheet date.
Subsequent to the initial revaluation of the Long Sutton property, the company has acquired a premesis in Evesham which is included within freehold buildings at cost less depreciation.
If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
Details of the company's subsidiaries at 31 May 2024 are as follows:
* Shares in Nationwide Spain S.L. and Nationwide Ireland Impex Ltd are held by Nationwide Produce Plc.
Details of joint ventures at 31 May 2024 are as follows:
* Shares in Anglia Growing Partnership Limited are held by Nationwide Produce Plc.
In February 2023 the group revised its bank borrowings and replaced the previous bank loan with a new loan of £4,000,000. This loan is secured by legal charges over the group's assets.
Repayment terms are quarterly instalments of £66,666 over 5 years, with the remaining balance due at the end of the term. Interest is being charged at 1.75% over base rate.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases in relation to land and buildings, which fall due as follows:
The group has taken advantage of the exemption from disclosing detials of related party transactions with wholly owned group undertakings, as set out in FRS 102 33.1A.
During the period the group leased three properties from The Nationwide Produce Plc Directors Pension scheme, of which Mr B J P O'Malley, Mr P O'Malley, Mr A O'Malley, Mr T O'Malley and Mr J P Mann are trustees of the scheme.
During the period the group incurred rental charges of £239,000 (2023 - £86,500) from the pension scheme and made pension contributions of £92,545 (2023 - £45,389) to the scheme.
During the period the group recharged expenses of £13,060 (2023 - £43,763) and charged rent of £104,712 (2023 - £105,000) to Anglia Growing Partnership Limited, a joint ventue undertaking. The group also purchased goods totalling £4,596,989 (2023 - £4,667,867) from Anglia Growing Partnership Limited.
At the balance sheet date the group had amounts due from Anglia Growing Partnership Limited totalling £823,401 (2023 - £823,401). This balance has no set repayment date.
The group does not have a controlling party.