IRIS Accounts Production v25.1.4.42 03533436 Board of Directors Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities selling of carrots and other vegetables on behalf of the members. 28 28 true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035334362023-12-31035334362024-12-31035334362024-01-012024-12-31035334362022-12-31035334362023-01-012023-12-31035334362023-12-3103533436ns15:EnglandWales2024-01-012024-12-3103533436ns14:PoundSterling2024-01-012024-12-3103533436ns10:Director12024-01-012024-12-3103533436ns10:Director22024-01-012024-12-3103533436ns10:Director32024-01-012024-12-3103533436ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3103533436ns10:MediumEntities2024-01-012024-12-3103533436ns10:Audited2024-01-012024-12-3103533436ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-3103533436ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-3103533436ns10:FullAccounts2024-01-012024-12-3103533436ns10:Director42024-01-012024-12-3103533436ns10:Director52024-01-012024-12-3103533436ns10:RegisteredOffice2024-01-012024-12-3103533436ns5:RetainedEarningsAccumulatedLosses2023-12-3103533436ns5:RetainedEarningsAccumulatedLosses2022-12-3103533436ns5:RetainedEarningsAccumulatedLosses2024-12-3103533436ns5:RetainedEarningsAccumulatedLosses2023-12-3103533436ns5:CurrentFinancialInstruments2024-12-3103533436ns5:CurrentFinancialInstruments2023-12-3103533436ns5:Non-currentFinancialInstruments2024-12-3103533436ns5:Non-currentFinancialInstruments2023-12-3103533436ns5:ShareCapital2024-12-3103533436ns5:ShareCapital2023-12-310353343612024-01-012024-12-3103533436ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-01-012024-12-3103533436ns5:PlantMachinery2024-01-012024-12-3103533436ns5:MotorVehicles2024-01-012024-12-3103533436ns5:OwnedAssets2024-01-012024-12-3103533436ns5:OwnedAssets2023-01-012023-12-3103533436ns5:HirePurchaseContracts2024-01-012024-12-3103533436ns5:HirePurchaseContracts2023-01-012023-12-3103533436ns5:LandBuildings2023-12-3103533436ns5:PlantMachinery2023-12-3103533436ns5:FurnitureFittings2023-12-3103533436ns5:MotorVehicles2023-12-3103533436ns5:LandBuildings2024-01-012024-12-3103533436ns5:FurnitureFittings2024-01-012024-12-3103533436ns5:LandBuildings2024-12-3103533436ns5:PlantMachinery2024-12-3103533436ns5:FurnitureFittings2024-12-3103533436ns5:MotorVehicles2024-12-3103533436ns5:LandBuildings2023-12-3103533436ns5:PlantMachinery2023-12-3103533436ns5:FurnitureFittings2023-12-3103533436ns5:MotorVehicles2023-12-3103533436ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3103533436ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3103533436ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-31
REGISTERED NUMBER: 03533436 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Fresh Growers Limited

Fresh Growers Limited (Registered number: 03533436)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Chairman's Report 2

Strategic Report 3

Report of the Directors 5

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 9

Statement of Financial Position 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


Fresh Growers Limited

Company Information
for the year ended 31 December 2024







DIRECTORS: W H Eastwood
M J Hardstaff
A R Howard
R W Marshall
J D Templeton





REGISTERED OFFICE: Inkersall Grange Farm
Bilsthorpe
Newark
Nottinghamshire
NG22 8TN





REGISTERED NUMBER: 03533436 (England and Wales)





AUDITORS: Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

Fresh Growers Limited (Registered number: 03533436)

Chairman's Report
for the year ended 31 December 2024

The 2024 financial year was affected by an early end to the 2023/24 crop caused by the long period of wet weather which also pushed back planting in 2024 resulting in a late start to the 2024/25 crop. The result was an unusually long summer break in UK lifting and a reduction in annual turnover.

Sales in 2024 were £14.5m, below the £15.3m in 2023. An improvement in packhouse efficiency raised percentage gross margin with a maintained money gross margin which enabled us to show a small operating profit in line with our mutual status. The formula for the deduction of levy from members to fund the business again remained unchanged, and the solar and wind turbine investments made another useful contribution to containing costs.

As anticipated, the Fruit and Vegetable Aid Scheme will close at the end of 2025. This was inherited from the EU and had as an objective encouraging co-operation in the sector in the form of producer organisations (POs) which enable groups of farmers and growers to work together to share risk, get closer to market and invest to innovate and expand, assisted by grants assured over multi-year approved programmes. In our case it helped us to develop the small Chantenay carrot market where we are the principal producer, and enabled members to share growing, marketing and investment risk. Although the UK devolved administrations have announced replacement schemes, Defra has said that this will not apply in England. We continue to work with other POs to lobby constructively for this decision to be amended.

We have known since Brexit that the PO scheme could be at risk and have been positioning the company to be sufficiently robust either to thrive without it, or to continue to grow with it. This has involved cautious balance sheet planning. We have ensured that fixed asset values at £1.3m (2023 £1.4m) cautiously reflect the assets in use with a conservative depreciation policy; the debtor book, £3.1m (2023 £3.5m) is clean and represents about 40 days sales; trade creditors, £0.5m (2023 £0.9m) are paid to terms; the main non-finance liability is accrued expenses (£3.6m (2023 £3.5m) the bulk of which is amounts owed to members for product supplied and the balance cautious provisions against potential and actual liabilities. At year end we held £0.8m in cash (2023 £0.8m) with no bank borrowing and only £60,000 in finance lease obligation which will be cleared in the current year.

Whilst we have a strong balance sheet, we remain cautious. Weather, our largest uncontrollable variable, is increasingly unpredictable due to climate change. The marketplace remains highly competitive in both retail and food service. Inflationary cost pressure continues. For example, over the last eight years the national living wage has increased by 56% compared to 33% for consumer inflation putting differential pressure up the pay scale for our workforce, and the increase in employers' national insurance adds to our cost base. The macro-economic environment has become unpredictable but in this uncertain world, management, led by Martin Evans, will continue to minimise risk for members.

I would thank on behalf of the board management and staff once again for their efforts in achieving a satisfactory outcome under very difficult conditions.

We remember with thanks and affection John Clark who died recently. John was a founder member of Fresh Growers and a great supporter of the principles of the company. He attended meetings regularly, always contributing with the same active and enquiring mind which he brought to his farming and encouraged in Tim Allen his son in law and Ben Allen his grandson. He will be missed by us all.

Fresh Growers Limited (Registered number: 03533436)

Strategic Report
for the year ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The Chairman's statement reviews certain aspects of the 2024 year performance, including the future of the Fruit and Vegetable Aid Scheme, and should be read in conjunction with this report


- Total sales at £14.5m (2023: £15.3 million) were 0.5% lower than in 2023.

- Profit after tax of £40,000 (2023: £66,000) was retained by the Company in line with its mutual trading status.

- The net book value of tangible fixed assets fell to £1,276,000 (2023: £1,436,000) representing £171,000 of investment in new manufacturing equipment and a depreciation charge of £242,000. The manufacturing equipment was part funded by receipt of grants, with the balance from cash flow.

- Cash net of debt at the year end was £748,000 (2023 net cash of £605,000), which was represented by finance lease liabilities of £59,000 (2023: £188,000\ and a positive bank balance of £807,000 (2023: £793,000).

The marketing strategy continues to focus on product quality together with niche positioning of products, when appropriate, in a market where there is strong resistance to price increase. Increasing the element of added value in the products helps to counteract this. The Company continues to maintain its position in the Chantenay market and during the year has maintained close ties with customers for this and other products. The Company will continue to develop and market crops grown by members which can occupy a niche market position. The Company continued to supply the majority of the major supermarkets in the UK but exposure to this sector is balanced by sales to food service.

The Company continued to benefit from its investment in renewable energy, and water treatment, both of which are enhancing the sustainability of its operations.

Developments in the packing plant have included:

- Continued investment in new plant to improve quality and efficient handling.

- Maintenance and development of health, hygiene, operational best practice and waste minimisation principles to comply with Global Food Standards requirements, and the wide variety of UK retailer and food service protocols. The company's retail customer base continues to develop its quality requirements for packing, product purity and on farm traceability, and the company has kept pace with these requirements.


Fresh Growers Limited (Registered number: 03533436)

Strategic Report
for the year ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The board has continued to apply governance best practice. The key areas of risk identified by the board are:

- Inflation and economic uncertainty: Inflation has eased but input cost inflation and the large increases in national living wage remain a concern.

- Weather: The yield and quality of produce grown by our members is directly affected by weather, the more so by the extreme weather events resulting from climate change. This is mitigated to extent possible by ensuring that produce is grown on land allowing continued access in wet weather and by members having assured access to irrigation.

- Political Risk: the outlook for support in the horticultural sector beyond December 2025 is uncertain and general agricultural support for our members has reduced. Both remain subject to political decision which will be affected by national budgetary restraint.

- Product Risk: As a supplier of food products, the directors are acutely aware of the necessity of the highest standards of hygiene and food handling procedures. The board has appointed a technical director with overall responsibility for this, and the company is subject to continual audit by its customers and statutory authorities, whose recommendations are considered when drawing up operational guidelines. A report on these matters is presented at each monthly board meeting.

- Customer risk: Becoming too closely allied with a single customer, with the potential for dominance and/or a financial risk through customer failure; this is mitigated through the diversity of the customer base, there being some 80 active customers. The Board has accordingly adjusted its policy and aims to have no customer representing more than 20% of sales in normal circumstances. There were no material bad debt losses reflecting continued tight controls. The Board are aware of the vulnerability of the company to changes in policy of their customers.

- Supplier Risk: The company is dependent on the membership, which constitutes the supplier base. As the interests of shareholder and supplier are thus aligned, the risk is considered small. There were 9 grower Members during the year.

- Internal misappropriation: This is mitigated by ensuring that no individual has sole control over any core process involving either commitment of the business or the handling of business funds.

- Financial instruments: The directors have not identified any financial risks for which it is appropriate to utilise financial instruments to mitigate the risk further.

ON BEHALF OF THE BOARD:





W H Eastwood - Director


21 May 2025

Fresh Growers Limited (Registered number: 03533436)

Report of the Directors
for the year ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
The declaration of dividends is prohibited under the Articles of Association.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

W H Eastwood
M J Hardstaff
A R Howard
R W Marshall
J D Templeton

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





W H Eastwood - Director


21 May 2025

Report of the Independent Auditors to the Members of
Fresh Growers Limited

Opinion
We have audited the financial statements of Fresh Growers Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

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

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

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

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

Report of the Independent Auditors to the Members of
Fresh Growers Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- 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 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 bias;

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

Report of the Independent Auditors to the Members of
Fresh Growers Limited


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.




D Perry FCA (Senior Statutory Auditor)
for and on behalf of Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

21 May 2025

Fresh Growers Limited (Registered number: 03533436)

Statement of Income and
Retained Earnings
for the year ended 31 December 2024

2024 2023
Notes £    £   

REVENUE 4 14,509,088 15,321,555

Cost of sales 13,127,370 13,927,618
GROSS PROFIT 1,381,718 1,393,937

Administrative expenses 2,225,813 2,149,037
(844,095 ) (755,100 )

Other operating income 5 875,236 842,851
OPERATING PROFIT 7 31,141 87,751

Interest receivable and similar income 24,598 -
55,739 87,751

Interest payable and similar expenses 9 10,822 22,022
PROFIT BEFORE TAXATION 44,917 65,729

Tax on profit 10 4,674 -
PROFIT FOR THE FINANCIAL YEAR 40,243 65,729

Retained earnings at beginning of year 547,037 481,308

RETAINED EARNINGS AT END OF
YEAR

587,280

547,037

Fresh Growers Limited (Registered number: 03533436)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 11 1,276,040 1,436,331

CURRENT ASSETS
Inventories 12 70,413 75,352
Debtors 13 3,076,599 3,532,066
Cash at bank and in hand 807,776 793,076
3,954,788 4,400,494
CREDITORS
Amounts falling due within one year 14 4,643,536 5,230,777
NET CURRENT LIABILITIES (688,748 ) (830,283 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

587,292

606,048

CREDITORS
Amounts falling due after more than
one year

15

-

58,999
NET ASSETS 587,292 547,049

CAPITAL AND RESERVES
Called up share capital 18 12 12
Retained earnings 19 587,280 547,037
SHAREHOLDERS' FUNDS 587,292 547,049

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:




J D Templeton - Director



A R Howard - Director


Fresh Growers Limited (Registered number: 03533436)

Statement of Cash Flows
for the year ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 342,132 935,208
Interest paid (2,201 ) (13,402 )
Interest element of hire purchase
payments paid

(8,621

)

(8,620

)
Net cash from operating activities 331,310 913,186

Cash flows from investing activities
Purchase of tangible fixed assets (212,633 ) (106,495 )
Sale of tangible fixed assets - 54,667
Interest received 24,598 -
Net cash from investing activities (188,035 ) (51,828 )

Cash flows from financing activities
Loan repayments in year - (602,877 )
Capital repayments in year (128,575 ) (128,575 )
Net cash from financing activities (128,575 ) (731,452 )

Increase in cash and cash equivalents 14,700 129,906
Cash and cash equivalents at
beginning of year

2

793,076

663,170

Cash and cash equivalents at end
of year

2

807,776

793,076

Fresh Growers Limited (Registered number: 03533436)

Notes to the Statement of Cash Flows
for the year ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 44,917 65,729
Depreciation charges 372,924 399,024
Profit on disposal of fixed assets - (39,021 )
Increase/(Decrease) in deferred income (31,554 ) (92,516 )
Finance costs 10,822 22,022
Finance income (24,598 ) -
372,511 355,238
Decrease in inventories 4,939 11,503
Decrease/(increase) in trade and other debtors 455,467 (222,673 )
(Decrease)/increase in trade and other creditors (490,785 ) 791,140
Cash generated from operations 342,132 935,208

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 807,776 793,076
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 793,076 663,170


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 793,076 14,700 807,776
793,076 14,700 807,776
Debt
Finance leases (188,189 ) 128,575 (59,614 )
(188,189 ) 128,575 (59,614 )
Total 604,887 143,275 748,162

Fresh Growers Limited (Registered number: 03533436)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Fresh Growers 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 Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Judgements
In the application of the company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no critical accounting judgements or estimation uncertainty that. in the opinion of the directors, will have a material effect on the financial statements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 33% on cost and 5% on cost
Plant and machinery - 33% on cost, 20% on cost, 10% on cost and 5% on cost
Motor vehicles - 25% per annum straight line

Government grants
Grants towards capital expenditure are released in the profit and loss account over the expected life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

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

Taxation
The company trades as a mutual society and accordingly no corporation tax is chargeable on its excess of income over expenditure arising from its activities with members. Corporation tax is chargeable on other income at rates current during the period of accounts.

Fresh Growers Limited (Registered number: 03533436)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Foreign currency transactions and balances
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

4. REVENUE

Turnover comprises revenue recognised by the company in respect of produce supplied to wholesale and retail customers along with levies charged to members in respect of packhouse and haulage services supplied during the year, exclusive of Value Added Tax and trade discounts.

Revenue is recognised when goods are dispatched from the packhouse.

5. OTHER OPERATING INCOME

The analysis of the Company's other operating income for the year is as follows:
20242023
£   £   
Government grants549,506534,125
Miscellaneous other operating income325,730308,726
875,236842,851

Fresh Growers Limited (Registered number: 03533436)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

6. EMPLOYEES AND DIRECTORS

2024 2023
£ £
Wages & salaries 1,202,162 1,066,041
Social security costs 129,189 111,613
Other pension costs 120,553 104,455

1,451,904 1,282,109

The average number of employees during the year was as follows: 2024 2023
Administration and support staff 11 11
Other departments 17 17

28 28

7. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 372,924 399,024
Profit on disposal of fixed assets - (39,021 )

8. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

6,076

8,100

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 2,201 13,402
Hire purchase 8,621 8,620
10,822 22,022

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 4,674 -
Tax on profit 4,674 -

UK corporation tax has been charged at 19% .

Fresh Growers Limited (Registered number: 03533436)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

10. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 44,917 65,729
Profit multiplied by the standard rate of corporation tax in the UK
of 19% (2023 - 25%)

8,534

16,432

Effects of:
Effects of non-taxable mutual trading (3,860 ) (16,432 )
Total tax charge 4,674 -

The company trades as a mutual society and accordingly no corporation tax is chargeable on its excess of income over expenditure arising from its activities with members. Corporation tax is chargeable on other income at rates current during the period of accounts.

11. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 1,572,064 5,839,442 1,304,539 291,485 9,007,530
Additions - 171,986 - 40,647 212,633
Disposals - (4,781,288 ) - (15,300 ) (4,796,588 )
At 31 December 2024 1,572,064 1,230,140 1,304,539 316,832 4,423,575
DEPRECIATION
At 1 January 2024 1,272,962 5,403,209 686,399 208,629 7,571,199
Charge for year 23,045 242,454 53,791 53,634 372,924
Eliminated on disposal - (4,781,288 ) - (15,300 ) (4,796,588 )
At 31 December 2024 1,296,007 864,375 740,190 246,963 3,147,535
NET BOOK VALUE
At 31 December 2024 276,057 365,765 564,349 69,869 1,276,040
At 31 December 2023 299,102 436,233 618,140 82,856 1,436,331

Included in cost of land and buildings is freehold land of £ 167,529 (2023 - £ 167,529 ) which is not depreciated.

The £4,781,288 shown as plant and machinery disposals in the period is a book entry representing the cumulative cost value of fully depreciated items disposed of during prior years or no longer in use. Any profit or loss on disposal was included in prior years.

12. INVENTORIES

The company does not hold stock of members' produce. Stocks at year end consist of packaging materials which are held at cost with due allowance for obsolete and slow moving items. Cost is determined using the first-in , first-out (FIFO) method.

Fresh Growers Limited (Registered number: 03533436)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,567,485 2,985,828
Other debtors 260,874 270,760
VAT 211,969 239,207
Prepayments 36,271 36,271
3,076,599 3,532,066

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 59,614 129,190
Trade creditors 539,435 944,882
Tax 4,674 -
Social security and other taxes 29,043 31,118
Other creditors 204,590 199,064
Accrued expenses 3,598,505 3,531,246
Deferred government grants 207,675 239,229
Provision for bad debts - 156,048
4,643,536 5,230,777

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) - 58,999

16. LEASING AGREEMENTS

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 59,614 -

Fresh Growers Limited (Registered number: 03533436)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

18. CALLED UP SHARE CAPITAL

Ordinary shares of £1 each may be issued on the advice of the board and the agreement of members in general meeting. Shares may only be issued and held by persons who are signatories to a currently valid growing agreement with the company. The shares must be issued and, where permitted transferred, at the par value of £1 which must be fully paid. No person may hold more than one share other than the chairman who may hold shares in trust in a non-voting capacity pending issue to a new member. Each share entitles the member to one vote in general meetings. The surplus if any on liquidation is to be distributed in accordance with the provisions of the growing agreement.

19. RESERVES
Retained
earnings
£   

At 1 January 2024 547,037
Profit for the year 40,243
At 31 December 2024 587,280

Fresh Growers Limited (Registered number: 03533436)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

20. SUMMARY OF TRANSACTIONS WITH OTHER RELATED PARTIES

During the year the company had transactions with related parties, all of which are members of
the producer organisation, and as a result represent sales and purchases to/from those members,
with the exception of Freshtrans Limited. Freshtrans Limited is a company in which Mr AR Howard,
holds an interest.

The produce purchases from members are recorded net of washing, grading, haulage and packing costs. These costs are recharged in the "pool" calculation, of which the net amount is paid to the members. The figures for both years, as set out below, do not include the closing pool amounts that are payable to members at the year end. The amounts owed are not individually allocated to members at the year end, as final allocations are only agreed upon when a "pool season" is complete. The closing amounts are disclosed in note 11 within accruals and deferred income.

A summary of transactions with related parties is given below:

Year Ending 31st December 2024
Purchases Purchases Amounts Amounts
Sales Produce Non-Prod Due From Due To
£ £ £ £ £
Bawtry Farms Ltd 6,598 721,258 - - -
Blyth Farm Services Ltd 20,726 348,149 - - -
Allen Clark Farming Ltd 9,563 349,060 - - -
RE Howard & Sons 376,787 3,054,831 - - -
Hardstaff Linby 13,256 500,190 - - -
Marshall Farms 7,429 288,365 - - -
Robert Thomas Farms 98,242 1,026,434 - - -
Tiln Farms Ltd 969 36,382 - - -
Freshtrans Ltd 9,196 - 457,867 - 52,404

Totals 542,764 6,324,669 457,867 - 52,404

Year Ending 31st December 2023
Purchases Purchases Amounts Amounts
Sales Produce Non-Prod Due From Due To
£ £ £ £ £
Bawtry Farms Ltd 75,061 780,549 - - -
Blyth Farm Services Ltd 61,441 531,885 - - -
Allen Clark Farming Ltd 12,394 ,426,544 - - -
RE Howard & Sons 585,307 2,899,061 - - -
Hardstaff Linby 18,647 707,313 - - -
Marshall Farms 9,672 331,404 - - -
Robert Thomas Farms 124,687 1,150,628 - - -
Tiln Farms Ltd - - - - -
Freshtrans Ltd 9,196 - 569,473 2,160 56,910

Totals 896,405 6,827,382 569,473 2,160 56,910