FOR THE YEAR ENDED 31 DECEMBER 2024
GLOBAL GROWERS LIMITED
COMPANY INFORMATION
GLOBAL GROWERS LIMITED
CONTENTS
GLOBAL GROWERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Turnover has increased by 17.1% to £159,660,406 (2023: £136,325,103), reflecting a continued strong relationship with our key customers.
The gross margin is £3,643,059 or 2.3% (2023: £3,164,616 – 2.3%). Instability around currencies as a consequence of a weaker pound resulted in £107,298 of exchange losses during the year (2023: loss of £67,097). The Company continues to assess the requirement for forward contracts to reduce its exposure to exchange rate fluctuations in the future. Trading performance has improved as a consequence of reduced global supply chain disruption.
The net profit after tax of £265,259 (2023: £295,741). While slightly lower than the previous year, this reflects a more stable trading environment. The business has maintained consistent delivery of quality products at expected turnover levels, reinforcing operational efficiency.
The business is inherently linked to the weather and other agricultural conditions which impact the growers in its supply chain and the Company continues to work closely with its customers to provide quality products at a competitive price. The Directors continue to review the strategic opportunities of the business going forward.
The gross margin is £3,643,059 or 2.3% (2023: £3,164,616 – 2.3%). Instability around currencies as a consequence of a weaker pound resulted in £107,298 of exchange losses during the year (2023: loss of £67,097). The Company continues to assess the requirement for forward contracts to reduce its exposure to exchange rate fluctuations in the future. Trading performance has improved as a consequence of reduced global supply chain disruption.
The net profit after tax of £265,259 (2023: £295,741). While slightly lower than the previous year, this reflects a more stable trading environment. The business has maintained consistent delivery of quality products at expected turnover levels, reinforcing operational efficiency.
The business is inherently linked to the weather and other agricultural conditions which impact the growers in its supply chain and the Company continues to work closely with its customers to provide quality products at a competitive price. The Directors continue to review the strategic opportunities of the business going forward.
Market risk
The company acknowledges that it operates in a competitive market and maintaining strong relationships with its key customers is important to avoid any loss in revenue. This risk is managed through excellent customer service and consistent KPI delivery.
The purchasing activities of the company could expose it to over reliance of its suppliers. The company manages this risk through continuous review and growth of its supplier base to ensure continuity of goods.
The company’s strategy of utilising the efficiencies of third-party partnerships could expose it to over reliance of the performance of certain providers. Strong partnership between the business and its service providers in the UK ensures that there is the well-developed understanding and clear performance monitoring required to maintain outstanding service to key customers.
Currency risk
The Company’s foreign currency exposure arises from importing produce in multiple currencies from overseas companies. The Company will continue to assess the requirement for forward contracts to reduce its exposure to the exchange rate fluctuations in the future.
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet the operating needs of the business.
Credit risk
The Company’s principal financial asset is trade debtors. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk, the Directors set limits for its customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the management team on a regular basis in conjunction with debt ageing and collection history.
The company acknowledges that it operates in a competitive market and maintaining strong relationships with its key customers is important to avoid any loss in revenue. This risk is managed through excellent customer service and consistent KPI delivery.
The purchasing activities of the company could expose it to over reliance of its suppliers. The company manages this risk through continuous review and growth of its supplier base to ensure continuity of goods.
The company’s strategy of utilising the efficiencies of third-party partnerships could expose it to over reliance of the performance of certain providers. Strong partnership between the business and its service providers in the UK ensures that there is the well-developed understanding and clear performance monitoring required to maintain outstanding service to key customers.
Currency risk
The Company’s foreign currency exposure arises from importing produce in multiple currencies from overseas companies. The Company will continue to assess the requirement for forward contracts to reduce its exposure to the exchange rate fluctuations in the future.
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet the operating needs of the business.
Credit risk
The Company’s principal financial asset is trade debtors. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk, the Directors set limits for its customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the management team on a regular basis in conjunction with debt ageing and collection history.
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GLOBAL GROWERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors look at service level and growth of the customer base. These measures are tracked to help explain and provide context for the financial KPI’s.
By regularly monitoring industry and market trends, the Directors can use the data to ensure they are making informed decisions about the Company’s strategy and operations. Also, having a clear understanding of the latest market trends enables the Directors to identify opportunities and threats more easily and reduce any risk associated with the business.
By regularly monitoring industry and market trends, the Directors can use the data to ensure they are making informed decisions about the Company’s strategy and operations. Also, having a clear understanding of the latest market trends enables the Directors to identify opportunities and threats more easily and reduce any risk associated with the business.
This report was approved by the board and signed on its behalf.
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GLOBAL GROWERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.
The profit for the year, after taxation, amounted to £265,259 (2023: £295,741).
No dividend has been paid in the current year (2023: £NIL).
The Directors who served during the year were:
The Directors expect the general level of activity to remain the same in the coming year. The Company continues to develop its relationship with its key customers.
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GLOBAL GROWERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors have been involved in several collaborations with suppliers, customers and other stakeholders that are designed to create value and mutual benefits, develop strategic partnerships, and deliver sustainable growth.
Discussions have continued through 2024 with key customers around how their strategic goals can be supported, specifically consolidating their supply base whilst delivering a sustainable supply chain. These discussions continue into 2025, alongside initiatives to explore new markets and opportunities to enhance sales growth. The company remains committed to strengthening customer relationships while identifying avenues for growth that align with the commercial objectives.
To ensure the company continues to be well placed to benefit from its customer strategy, the Directors continue to invest in the team by a broader commitment to training and development as well as recruitment of new skills and capability to support growth plans.
Similarly, discussions remain ongoing with suppliers to ensure alignment with the company, and its customers, goals, and objectives.
To ensure that we remain in time with our customers strategy around growth and stability, strategy, we continue to develop our working relationship with key suppliers around the world so that we remain aligned on the future goals and objectives.
Collaboration with the following bodies provides support in ensuring compliance with food safety standards and
understanding Modern Slavery.
understanding Modern Slavery.
∙Improved business practices in the food supply chain with Audax, FNET and Sensitech
∙Sustainable practices in the food supply chain with Global G.A.P and Sedex
∙Prevention, awareness, and mitigation of modern slavery in our supply chain with Stronger Together and Modern Slavery Helpline
A description of the principle risks and uncertainties has been included in the Strategic Report.
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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GLOBAL GROWERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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GLOBAL GROWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF GLOBAL GROWERS LIMITED
We have audited the financial statements of Global Growers Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity, the Analysis of Net Debt and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual 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.
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GLOBAL GROWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF GLOBAL GROWERS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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GLOBAL GROWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF GLOBAL GROWERS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙considering the nature of the entity and its environment, internal control environment, and business performance;
∙considering the results of our enquiries of management about their own identification and assessment of the risk of irregularities;
∙obtaining and reviewing, for any matters identified, the Company’s documentation of their policies and procedures relating to:
°the identification, evaluation, and compliance with laws and regulations, and whether management were aware of any instances of non-compliance within the year;
°the detection and response to the risk of fraud, and whether management have knowledge of actual, suspected, or alleged fraud; and
°the internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙discussing amongst the audit engagement team, including internal tax specialists, regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the completeness of revenue recognition and management override of controls.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to these identified risks.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, and employment legislation.
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GLOBAL GROWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF GLOBAL GROWERS LIMITED (CONTINUED)
Audit response to risks identified
We identified revenue recognition completeness and management override of controls as key audit matters related to the potential risk of fraud. Our procedures to respond to risks identified included the following:
∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙enquiring of management and those charged with governance concerning actual and potential litigation claims;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;
∙reading minutes of meetings of management and those charged with governance throughout the year;
∙in addressing the risk of fraud through management override of controls:
°testing the appropriateness of journal entries and other adjustments;
°assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
°evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's shareholders 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 shareholders those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's shareholders for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
1-3 College Yard
WR1 2LB
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GLOBAL GROWERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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GLOBAL GROWERS LIMITED
REGISTERED NUMBER:11160799
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 21 form part of these financial statements.
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GLOBAL GROWERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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GLOBAL GROWERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GLOBAL GROWERS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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GLOBAL GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Global Growers Limited is a company limited by shares incorporated in England. The registered office is 1-3 College Yard, Worcester, United Kingdom, WR1 2LB. The principal place of trading is Briary Barn, Pury Hill Business Park, Alderton Road, Towcester, Northamptonshire, NN12 7LS.
The principal activity of the Company during the year was the sale of fresh produce within the UK.
The principal activity of the Company during the year was the sale of fresh produce within the UK.
2.ACCOUNTING POLICIES
The Company's financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, 'the Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
The presentation currency of these financial statements is in Sterling. All amounts in the financial statements have been rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
The presentation currency of these financial statements is in Sterling. All amounts in the financial statements have been rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
The Directors have reviewed the going concern and are satisfied that it will continue to operate as a going concern in the foreseeable future. The Directors took into consideration the operations of the Company, the industry it is affiliated with, and the impact of potential supply chain disruptions. The Company continues to maintain positive cash reserves subsequent to the year end and this has enabled it to meet its operating and other financial obligations. Furthermore, the company's long-standing relationships with key customers remain strong, supporting revenue stability and reinforcing confidence in future growth. The Directors remain committed to navigating industry challenges while identifying strategic opportunities to sustain long-term success.
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GLOBAL GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
(i) Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
(ii) Financial assets
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
(i) Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
(ii) Financial assets
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the reporting date and the gains or losses on translation are included in the Statement of comprehensive income.
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GLOBAL GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the reporting date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains or losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
The tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and to settle the liability simultaneously.
Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision and future periods if the revision affects both current and future periods.
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GLOBAL GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GLOBAL GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
8.TAXATION (CONTINUED)
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GLOBAL GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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GLOBAL GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's immediate parent is Global Pacific Food Group Limited. The Company is controlled by its ultimate parent Klear Holdings Limited, a company incorporated in the Bahamas. The ultimate controlling party is C J Kilvington .
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