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Registered number: 09300360
GREOSN LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GREOSN LTD
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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Barnes Roffe Advisory Limited
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GREOSN LTD
CONTENTS
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Independent Auditors' Report
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Consolidated Statement of Comprehensive Income
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Consolidated Balance Sheet
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Notes to the Financial Statements
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GREOSN LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Greosn is committed to investing in leading brands globally across fresh produce and horticulture.
The group continues to grow our brand from strength to strength alongside our mission to invest in people, plants and produce creating supply chain sustainability and security through innovation and partnership with all our stakeholders.
Greosn is now poised for significant growth in 2025 which is driven by our focus on sustainable growth, underpinned by our commitment to ESG, to deliver supply chain security with our loyal customer base. At the same time, we are committed to developing the leaders of the future and a supportive, safe and rewarding environment for all our staff.
In 2024 the Board continued its focus on reducing risk and consolidating its operating profits as it delivered its strategy to sustainably expand its position in the fresh produce supply chain.
The individual operating Boards of Newey, Varfell Farms and Pro-Force have developed their strategy for their specific sector aligned with the group's overall long term outlook.
The Directors are pleased to report that as a result of our focus on our strategy, brand and driving sustainable growth, the group continues to perform beyond expectations with a very positive outlook for future opportunities.
The Directors believe that as the UK continues to establish new supply chains, significant opportunities exist in the UK Agri/Horti market for their buy and build strategy based on a secure labour supply.
Greosn continued its significant growth program, which included continued organic growth and strategic acquisitions to gain market share in the horticulture and farming sectors. The group continues to identify commercial opportunities with multiple key UK and export retailers and add value to the group and our customers through our combined technical knowledge, products and supply chain. The Directors are encouraged to see a strong pipeline of potential acquisition opportunities in both the UK and Europe as we progress through 2025 and beyond. Greosn is also identifying global opportunities to further develop a full year model for the fresh produce supply chain.
Greosn has successfully expanded Varfell’s farming operations which we highlighted in last year’s report. The technical knowledge and experience of our farming leadership team continue to provide a strong platform to pursue further farming opportunities in the South West.
Together with the expansion of our farming and horticultural activities, Pro-Force continues to be the leading UK labour provider in its sector. This gives the group the strategic advantage of a secure labour supply, operating at the highest standards of ethics and welfare. In the post Brexit era, the group will continue to explore an ambitious growth strategy in farming supported by the extensive knowledge and reach that Pro-Force offers.
2024 has seen turnover increase by £29.0m (15%) from £192.7m in 2023 to £221.7m in 2024, through expanding its operations throughout the UK and Europe. At the same time balance sheet net assets have increased by £7.4m (24%) to £37.8m.
The Directors continue to lobby key stakeholders and the farming and the fresh produce community to deliver a secure and sustainable supply chain for UK fresh produce.
The group has reported operating profit of £11.2m in 2024, an increase of 13% (2023: £9.9m), underpinning the strategic vision of the group and providing a platform to explore further opportunities that will enhance the strategic position of the group.
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GREOSN LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Business review of the Operating Companies owned by Greosn
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2024 presented significant opportunities for Pro-Force. The Seasonal Worker Scheme has underpinned labour availability and brought stability with developments in the visa scheme for poultry and horticulture.
Newey Ltd has continued to consolidate its operations and rationalise its supply chain. The horticulture sector has experienced a period of caution on its store stock levels and customer buying habits. Customer demand, increased consumer footfall and improved category management from retailers has given more stability for Newey in 2024. Operating profits at £1.1m for 2024 are broadly in line with 2023.
Varfell Farms had a successful daffodil season in 2024 with sales remaining stable at £23.1m as they worked with retailers to manage national living wage increases through efficiencies in the packhouse and farm practices. Profit before tax increases to £3.0m compared to £2.1m in 2023, an increase of £0.9m.
Labour Management Business
Pro-Force is the largest UK labour provider in the fresh produce sector supplying 32,000 workers in 2024; this is testament to the innovative models and ethical stance ensuring they are the employers of choice
In line with expectations, 2024 was a year of consolidation and the business showed its underlying financial strength and strong position in the market for seasonal labour. 2024 has seen the business attract some of the best talent within the industry which will support our sustainable growth for many years to come.
Demand in the seasonal labour market remains very buoyant with demand outstripping supply throughout 2024. As a government operator of the Seasonal Worker Scheme, we believe we are best placed in the market to meet the challenge of sourcing well-skilled labour. The group expects further global labour supply challenges in 2025 and beyond, together with sustained upward pressure on price. We believe we are best placed to work with our loyal customers to find the solutions to mitigate cost increase, where possible, and secure labour supply chains.
Horticulture
The environment for growing and selling plants in 2024 showed an improvement on 2023 due to more predictability on demand. We expect this period of relative stability to continue in 2025.
Farming Operations
2024 and into 2025 are pivotal years for our farming operations with group synergies, significant expansion in fresh produce and the development of group functions covering finance, human resources and treasury underpinning substantial cost efficiencies.
The acquisition of Emery Soft Fruits forms the platform for further expansion into soft fruits and the food supply chain. We see this as working hand in hand with our existing suppliers and customers to ensure that we are seen as adding value to all our partners.
Our farming operations continue to work hand in hand with Pro-Force and Newey to deliver the highest standards of ethics and welfare whilst focusing on sustainable farming and soil husbandry.
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GREOSN LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
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In all of our operating companies the principal risks are the impact of the end of free movement of labour and weather.
The affect of the war in Ukraine has largely been mitigated through access to labour markets in Asia.
Demand for all of our products and services remain strong but costs can be impacted by currency movements, border delays, the end of free movement of people and any associated tariffs. Where possible the company and its customers have worked collaboratively to mitigate all of these risks as far as possible.
The group reviews energy costs on a regular basis and has measures in place to mitigate the risk of short term pricing movements.
In the Horticultural business units, delayed sales due to poor weather increases wastage, as well as increasing labour costs due to the demands of dealing with a living product are the main risks to control and mitigate. We address this issue with detailed and collaborative forecasting with our customers to help flex production to expected demand.
Financial key performance indicators
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The Group focused on its growth strategy in the fresh produce sector, increasing planting programs to prepare for significant growth in soft fruit, stone fruit and top fruit.
At the same time turnover relating to labour provision increased from £133.1m to £150.6m in 2024 with operating profits increasing by £1.1m to £3.4m.
2024 has seen Group turnover increase by £29.0m (15%) from £192.7m in 2023 to £221.7m in 2024, through expanding its operations throughout the UK and Europe. At the same time, balance sheet net assets have increased by £7.3m (24%) to £37.8m.
The group has reported operating profit of £11.2m in 2024 (2023: £9.9m), underpinning the strategic vision of the group and providing a platform to explore further opportunities that will enhance the strategic position of the group.
Other key performance indicators
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Other key performance indicators used in the ongoing management of the group include customer and product profitability, peer group reviews, production yields and sales waste. Given the straightforward nature of the business, the group's directors are of the opinion that publishing these external performance indicators is not necessary for an understanding of the development of the business.
Directors' statement of compliance with duty to promote the success of the group
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The board of directors of the Greosn Group consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of shareholders as a whole.
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GREOSN LTD
GROUP STRATEGIC 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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M J Jarrett
Director
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GREOSN LTD
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.
Directors' responsibilities statement
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The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group'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 group 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £5,457,739 (2023 - £5,827,953).
The company paid dividends of £799,000 during the year (2023: £Nil). No further dividend is recommended.
The directors who served during the year were:
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GREOSN LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Labour Management business
We continue to lobby to secure the most sustainable and secure process to ensure the continued access to seasonal labour which is essential for the UK fresh produce industry.
Horticulture business
We continue to grow the business organically by working closely with customers and suppliers on quality, service, value and innovation.
Farming operations
We continue to make substantial progress to create synergies within the group which will strengthen future opportunities. In addition to this, investment has been made to significantly increase on-site seasonal accommodation which will improve the recruitment and retention of seasonal workers.
The group has invested in the management team, governance and technology to accelerate its expansion in the fresh produce sector. Our strategy in 2025 is to complete key strategic acquisitions to prepare a platform to leverage further growth.
At the forefront of our strategy is our commitment to ESG which underpins supply chain security and a sustainable growth strategy.
Business relationships
The directors understand the importance to the success of the group, of having good relationships with key stakeholders including shareholders, statutory authorities, employees, external finance providers, customers and suppliers.
Further detail can be found in the directors' statement of compliance with duty to promote the success of the group in the strategic report.
The group has exposure to three main areas of risk - foreign exchange exposure, liquidity risk and customer credit exposure. The group has established a risk and financial management framework whose primary objectives are to protect the group from events that hinder the achievement of its performance objectives. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and to monitor the management of risk.
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GREOSN LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Exposure to price, credit, liquidity and cash flow risk
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The group's principal financial instruments comprise bank balances, bank overdrafts, invoice discounting
facilities, trade creditors, trade debtors, loans to the company, and lease arrangements. The main purpose of
these instruments is to finance the company's operations.
Due to the nature of the financial instruments used by the group there is no exposure to price risk, for example in respect of fluctuations in commodity or equity prices.
Liquidity risk is the risk that the group will encounter difficulty in meeting its financial obligations as they fall due. The group's objective in managing liquidity risk is to ensure that this does not arise. Having assessed future cash flow requirements the group expects to be able to meet its financial obligations through the cash flows that are generated from its operating activities. In the event that these cash flows would not be sufficient to enable the company to meet all of its obligations the company has available credit facilities provided by its bankers, as disclosed in note 19. The interest rate risk arising from these facilities is considered by the directors to be minimal, and the company has not entered into any derivative instruments designed to mitigate exposure to such risk. With these facilities in place the company is in a position to meets its commitments and obligations as they fall due.
The group regularly offers credit terms to its customers which allow for payment of the debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt within those terms. This risk is mitigated by the strong on-going customer relationships and by only granting credit to customers who are able to demonstrate an appropriate payment history and satisfy credit worthiness procedures.
Engagement with employees
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The group takes employee involvement seriously and during the period has introduced meetings whereby chosen worker representatives meet with the management team to discuss any concerns that they have. The group’s policy is to recruit disabled workers for those vacancies it is able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for development exist. Arrangements are made wherever possible for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.
Business relationships
The directors understand the importance to the success of the group, of having good relationships with key stakeholders including shareholders, employees, external finance providers, customers and suppliers.
Further detail can be found in the directors' statement of compliance with duty to promote the success of the group in the strategic report.
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GREOSN LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Greenhouse gas emissions, energy consumption and energy efficiency action
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The group's greenhouse gas emissions and energy consumption are as follows:
Energy consumed from activities for which the group is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the group for its own use, including for the purposes of transport, in kWh was 28,845,546 (2023: 29,166,164)
Quantification & Reporting Methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines and GHG Reporting Protocol- Corporate Standard. We have also used the 2020 UK Government's Conversion Factors for Company Reporting.
The primary source for energy consumption information is invoices. Where invoices are not in line with the financial year a pro rata calculation has been used to estimate the usage which falls within the reporting period.
Mileage data was used to calculate transport usage. All gas oil usage has been included as it was deemed that the majority of this is used by on site transport.
This energy and emissions data includes subsidiaries wholly-owned by Greosn Ltd. Data for joint ventures has not been included as Greosn Ltd do not have control of the energy consumption at these sites.
Intensity Measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £M turnover. For the year ended 31 December 2024 the ratio for the group amounted to 28.35 tCO2e/£m (2023 – 34.77 tCO2e/£m)
Measures taken to Improve Energy Efficiency
The group undertakes regular reviews to improve energy efficiency.
Statement of corporate governance arrangements
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The board of directors does not currently apply a specific corporate governance code, such as Wates Corporate Governance Principles, as this is currently a voluntary requirement. The board are considering the adoption of an appropriate governance code as the group further expands.
The board of directors of the parent company includes three shareholder directors in addition to the group finance director. The board meets regularly and focuses on overall group strategy oversight of operational activity and performance against the business plan.
Each division of the group has an operational board consisting of local directors and key management which drive operational delivery. Members of the parent company board attend these divisional board meetings as required.
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GREOSN LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.
Post balance sheet events
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Please see note 34 for a description of the post balance sheet events that the group have undertaken.
The auditors, Kreston Reeves LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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M J Jarrett
Director
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GREOSN LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREOSN LTD
We have audited the financial statements of Greosn Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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).
In our opinion the financial statements:
∙give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GREOSN LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREOSN LTD (CONTINUED)
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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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.
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
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GREOSN LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREOSN LTD (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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 Group 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:
• Discussions with management and assessment of known or suspected instances of non-compliance
with laws and regulations (including health and safety) and fraud; and
• Assessment of identified fraud risk factors; and
• Challenging assumptions and judgements made by management in its significant accounting estimates
particularly with regard to the biological asset valuation; and
• Performing analytical procedures to identify any unusual or unexpected relationships, including related
party transactions, that may indicate risks of material misstatement due to fraud; and
• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of
business; and
• Performing analytical procedures with automated data analytics tools (for selected subsidiaries) to
identify any unusual or unexpected relationships, including related party transactions, that may
indicate risks of material misstatement due to fraud; and
• Reading minutes of meetings of those charged with governance; and
• Physical inspection of tangible assets susceptible to fraud or irregularity; and
• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation; and
• Physical verification of stock through attendance of the year-end stocktake and analytical procedures undertaken on stock valuation; and
• Confirmation of employee existence through substantive testing.
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.
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GREOSN LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREOSN LTD (CONTINUED)
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙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. 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.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
Simon Webber BA (Hons) DChA, FCA (Senior Statutory Auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants & Statutory Auditor
Chichester
Date: 30 September 2025
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GREOSN LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Income from participating interests
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Unrealised surplus on revaluation of tangible fixed assets
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Deferred tax on revaluation of tangible fixed assets
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Other comprehensive income for the year
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Total comprehensive income for the year
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Profit for the year attributable to:
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Non-controlling interests
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Owners of the parent company
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There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.
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The notes on pages 23 to 62 form part of these financial statements.
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GREOSN LTD
REGISTERED NUMBER: 09300360
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Equity attributable to owners of the parent company
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Non-controlling interests
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GREOSN LTD
REGISTERED NUMBER: 09300360
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.
................................................
M J Jarrett
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The notes on pages 23 to 62 form part of these financial statements.
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GREOSN LTD
REGISTERED NUMBER: 09300360
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Profit and loss account brought forward
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Other changes in the profit and loss account
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Profit and loss account carried forward
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GREOSN LTD
REGISTERED NUMBER: 09300360
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.
................................................
M J Jarrett
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The notes on pages 23 to 62 form part of these financial statements.
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GREOSN LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Non-controlling interests
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Surplus on revaluation of freehold property
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Dividends: Equity capital
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On acqusition of subsidiary
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Non-controlling interests
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The notes on pages 23 to 62 form part of these financial statements.
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GREOSN LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Dividends: Equity capital
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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The notes on pages 23 to 62 form part of these financial statements.
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GREOSN LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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Decrease/(increase) in stocks
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(Increase)/decrease in amounts owed by joint ventures
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Increase/(decrease) in creditors
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(Decrease)/increase in amounts owed to join ventures
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Net fair value (gains) recognised in P&L
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Net cash from investing activities
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GREOSN LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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Cash flows from financing activities
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Repayment of/new finance leases
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Net cash used in financing activities
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Net (decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is a private company limited by share capital incorporated in England and Wales. The address of its registered office is Pagham Road, Lagness, Chichester, West Sussex, United Kingdom, PO20 1LL.
The principal activity of the group during the period has been that of the production and supply of horticultural products and the management and provision of labour, and contract management to the fresh produce industry.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 December 2019.
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The group has continued to expand via investment and acquisition. In the year to 31 December 2024 the group reported a strong profit for the year but continues to experience pressures over borrowing costs and national minimum wage increases.
The group's business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. The group meets its day to day working capital requirements via its overdraft facilities and via the use of invoice discounting facilities which match its growth and seasonality profile. December represents one of the high points of the group's working capital demands, in line with the seasonal nature of its activities.
The group's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the group can continue to operate comfortably within the level of its current facilities.
With continued performance at the current levels, the group's directors remain confident of the continued support of the bank in financing current and future working capital requirements and have no reason to believe existing facilities would be withdrawn. The directors therefore have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the group has transferred the significant risks and rewards of ownership to the buyer;
∙the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the group will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Operating leases: the group as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic have been recognised on a systematic basis over the periods that the change in lease payments is intended to compensate. This is conditional on:
∙the change in lease payments resulting in revised consideration for the lease that is less than the consideration for the lease immediately preceding the change;
∙any reduction in lease payments affecting only payments originally due on or before 30 June 2021;
∙there being no significant change to other terms and conditions of the lease.
The group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2023 to continue to be charged over the period to the first market rent review rather than the term of the lease.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the group in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
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Buildings and leasehold improvements included in land and buildings
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Long-term leasehold property
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Short-term leasehold property
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Other Property, Plant and machinery
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Between 6.67% and 50% straight line, and 15% reducing balance
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Between 20% and 33% straight line, and 20% or 25% reducing balance
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20% straight line, and 10% reducing balance
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Between 20% and 33% straight line
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under the course of construction are not depreciated until they are ready to be brought into use.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Associates and joint ventures
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An entity is treated as a joint venture where the group is a party to a contractual agreement with one or more parties from outside the group to undertake an economic activity that is subject to joint control.
An entity is treated as an associated undertaking where the group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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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.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, with 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
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Biological assets can be categorised as short or long term depending upon the product lifecycle of the asset concerned and its output in the form of harvested crops for sale. Those biological assets which will produce more than one crop over a number of years are classified as long term biological assets whilst those which will produce a single crop with the asset either being wasted or sold as part of the product offering are classified as short term.
Long term biological assets are mainly from the group daffodil farm which undertakes the activities of growing and sourcing daffodil flowers for onward supply to the retail and wholesale markets. Flowers are grown from bulbs which are planted to produce an annual flower crop which is harvested, packed and sold. These bulb assets are considered to be biological assets within the scope of FRS102. Given the indefinite useful life of these bulbs, they are classified in the balance sheet under fixed assets. The bulbs reproduce every 3 to 5 years resulting in the so-called 'multiplication' effect.
The group can reliably measure fair value of these bulb assets and the most appropriate and representative method for assessing fair value in accordance with FRS102 is considered to be by calculating the net present value of the daffodil flower production. The group has established, based on historical information, clear profitability reporting on own production and sourced production. This allows the group to clearly forecast future performance and to implement a more consistent valuation method enabling a net present value approach to measure the fair value of these assets.
A gain or loss arising on the initial recognition of these biological assets at fair value less costs to sell, and from a change in fair value less costs to sell, are included in the income statement for the period in which it arises. The costs associated with growing the flower and tending the bulb are expensed in the income statement as a cost of sale when the flowers and bulbs are sold.
At the year end, the group also had Biological Assets in relation to the production of other flowers for subsequent incorporation into bouquets for onward supply to the retail multiples. The group has considered how these Biological Assets should be valued in accordance with FRS102 and has concluded that the ability to determine a fair value less costs to sell cannot be reliably determined. Following the point of harvest the group will combine the harvested crops with complementary products, both purchased and/or grown in house, together with packaging thus creating a finished bouquet or pot for supply. This process incurs significant costs and results in the revenues of the finished products made available for sale not being in direct correlation to the products grown and held as biological assets at the year end.
The group undertakes a secondary process to convert its harvested products into packed bouquets for supply to the retail market. This secondary production process includes combining multiple products grown in-house with those purchased from third parties in order to produce bouquets. This process incurs significant costs.
Given the above, it is considered that market data does not exist in any significant or reliable way in relation to the specific product offerings made by the group. The significance of costs to sell and the various revenue streams that the product could be combined into mean that no reliable measure of fair value less costs to sell is available to the group. It is therefore considered that fair value less costs to sell cannot be reliably determined and as a result the appropriate method for valuing other flower biological assets is on a cost basis less depreciation and impairment.
In order to value the group's other flower biological assets in accordance with FRS102 the group has valued this category of biological asset at cost less accumulated depreciation and impairment losses on the grounds that fair value cannot be reliably measured.
|
|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Short term biological assets consist of Dahlia cuttings planted at the year end.
The company discounts its trade debts. The accounting policy is to include trade debtors discounted with recourse under trade debtors due within one year and to record the returnable element of the proceeds under other creditors due within one year. Discount fees are charged to the income statement when payable. Bad debts are borne by the company and charged to the income statement when reasonably foreseeable.
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Judgments in applying accounting policies and key sources of estimation uncertainty
|
Stock valuation
The valuation of work in progress and finished goods includes estimates for the cost of labour, overheads and wastage. Considering the volume of product, their varying production methods and varying stages of completion, the use of estimated costs when determining the value of work in progress and finished goods is appropriate. Where total costs, including the estimates above, exceed selling price the value of work in progress and finished goods are re-valued and any subsequent impairment is taken to the profit and loss. The carrying amount is £9,336,902 (2023: £8,649,668).
Goodwill and intangible assets
The group has recognised goodwill and other intangible assets arising from business combinations with a carrying value of £5,567,188 (2023 - £2,395,953) at the reporting date (see note 14). On acquisition the group determines a reliable estimate of the useful life of goodwill and intangible assets based upon factors such as the expected use of the acquired business, forecasts of expected future results and cash flows, and any legal, regulatory or contractual provisions that can limit useful life. At each subsequent reporting date the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the useful life of goodwill and intangible assets.
Tangible fixed assets
The group has recognised tangible fixed assets with a carrying value of £40,677,385 (2023 - £33,307,740) at the reporting date (see note 16). The group has adopted the revaluation model for the measurement of land and buildings, other assets are stated at their cost less provision for depreciation and impairment. In order to determine the fair value of land and buildings the group has engaged independent valuation specialists with experience in the location and nature of the property being valued. They have used a valuation technique based on comparable market data. Valuations are obtained with sufficient regularity to ensure that the carrying value of revalued assets reflects current market conditions.
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|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Judgments in applying accounting policies (continued)
The determined fair value of the investment property is most sensitive to fluctuations in the property market.
Long term biological assets
All assumptions and judgments associated with the valuations of the long term biological assets are discussed in detail in note 18.
Taxation
Management judgment is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits, together with an assessment of the effects of future tax planning strategies
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An analysis of turnover by class of business is as follows:
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Analysis of turnover by country of destination:
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|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Government grants receivable
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The operating profit is stated after charging:
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Other operating lease rentals
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During the year, the group obtained the following services from the company's auditors and their associates:
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Fees payable to the company's auditors and their associates for the audit of the consolidated and parent company's financial statements
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Group contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to no directors (2023 - 1) in respect of defined contribution pension schemes.
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
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Income from current asset investments
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Other interest receivable
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Interest payable and similar expenses
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Other loan interest payable
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Finance leases and hire purchase contracts
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%/25%). The differences are explained below:
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Profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
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Non-tax deductible amortisation of goodwill and impairment
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Adjustments to tax charge in respect of prior periods
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Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
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Special factors affecting joint-ventures and associates leading to an increase (decrease) in the tax charge
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Total tax charge for the year
|
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Taxation (continued)
|
|
Factors that may affect future tax charges
|
The group has tax losses to carry forward of £Nil (2023: £226,461).
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Charge for the year on owned assets
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Assets under the course of
construction
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Acquisition of subsidiary
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Transfers between classes
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Charge for the year on owned assets
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Charge for the year on financed assets
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The group has assets under hire purchase agreements which are accounted for accordingly. The NBV of these assets at the Balance Sheet date were £2,510,932 (2023: £2,511,644).
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Revaluations (Group)
Land and buildings within the group have been valued at varying times.
Land and buildings valued at £13,000,000 were revalued in February 2018 based on the report by Savills, independent valuer, in November 2017. The property was valued on an open market value using the profits and comparables method and assuming the business continues as a going concern. It is of the directors’ opinion that the valuation remains appropriate.
The historic cost of the land and buildings described above was £7,461,000 (2023: £7,461,000) with accumulated depreciation amounting to £1,863,000 (2023: £1,604,000) resulting in a net book value of £5,598,000 (2023: £5,857,000).
Land and buildings valued at £5,745,000 were valued by independent professional surveyors, Savills, who have valued the buildings using the traditional investment “all risks” yield method of valuation. It is of the directors’ opinion that the valuation remains appropriate.
The historic cost of the land and buildings described above was £4,392,000 (2023: £4,392,000) with accumulated depreciation amounting to £1,759,000 (2023: £1,601,000) resulting in a net book value of £2,633,000 (2023: £2,791,0000).
In previous years, two further properties in Land and Buildings were valued by Caxtons and Cranes Chartered Surveyors both independent values. Total value of the two properties amounted to £1,900,000.
The historic cost of the land and buildings described above was £1,701,000 (2023: £1,701,000) with accumulated depreciation amounting to £46,000 (2023: £23,000) resulting in a net book value of £1,655,000 (2023: £1,678,000).
Further porperties have been revalued in the group with total the historical cost of the land and buildings amounting to £19,754,836 with a correspondin depreciation charge of £4,156,375 generating a NBV of £15,598,461
|
|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
16.Tangible fixed assets (continued)
|
|
Freehold property and plant
|
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Charge for the year on owned assets
|
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Restriction on title and pledged as security (Group)
Land and buildings with a carrying amount of £29,962,646 (2023: £25,552,133) has been pledged as security for the bank loan and overdraft.
Restriction on title and pledged as security (Company)
Land and buildings with a carrying amount of £15,363,741 (2023: £15,574,406) has been pledged as security for the bank loan and overdraft.
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|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Revaluations (Company)
Land and buildings within the group have been valued at varying times.
Land and buildings valued at £13,000,000 were revalued in February 2018 based on the report by Savills, independent valuer, in November 2017. The property was valued on an open market value using the profits and comparables method and assuming the business continues as a going concern. It is of the directors’ opinion that the valuation remains appropriate.
The historic cost of the land and buildings described above was £7,461,000 (2023: £7,461,000) with accumulated depreciation amounting to £1,863,000 (2023: £1,604,000) resulting in a net book value of £5,598,000 (2023: £5,857,000).
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Investments in associates
|
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Investment in joint ventures
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Investments in subsidiary companies
|
Investments in associates
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Direct subsidiary undertakings
|
|
|
The following were direct subsidiary undertakings of the company:
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Newlands, Pagham Road, Lagness, Chichester, West Sussex, PO20 1LL
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|
Hunstead House, Nickle Farm, Chartham, Canterbury, Kent, CT47PE
|
|
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|
|
Cre8 Accommodation Solutions Limited
|
Hunstead House, Nickle Farm, Chartham, Kent, CT47PE
|
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|
Newlands, Pagham Road, Lagness, Chichester, West Sussex, PO20 1LL
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Emery Soft Fruits Limited
|
Riverside Farm, Tutts Lane, West Wellow, Romsey, Hampshire, SO51 6DW
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Camburgh House, 27 New Dover Road, Canterbury,Kent, CT1 3DN
|
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|
|
The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
|
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|
|
Aggregate of share capital and reserves
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Cre8 Accommodation Solutions Limited
|
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Emery Soft Fruits Limited
|
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|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
Indirect subsidiary undertakings
|
|
|
The following were indirect subsidiary undertakings of the company:
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Newlands, Pagham Road, Lagness, Chichester, West Sussex, PO20 1LL
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|
New Place Nurseries Limited
|
Newlands, Pagham Road, Lagness, Chichester, West Sussex, PO20 1LL
|
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|
Newlands, Pagham Road, Lagness, Chichester, West Sussex, PO20 1LL
|
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|
Newlands, Pagham Road, Lagness, Chichester, West Sussex, PO20 1LL
|
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|
|
Avoncross Ornamentals Limited
|
Newlands, Pagham Road, Lagness, Chichester, West Sussex, PO20 1LL
|
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|
|
Pebble Management Services Limited
|
Newlands, Pagham Road, Lagness, Chichester, West Sussex, PO20 1LL
|
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|
Hunstead House, Nickle Farm, Chartham, Kent, CT47PE
|
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|
Hunstead House, Nickle Farm, Chartham, Kent, CT47PE
|
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|
|
Hunstead House, Nickle Farm, Chartham, Kent, CT47PE
|
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|
|
Orchard Views Nickle Farm Ltd
|
Hunstead House, Nickle Farm, Chartham, Kent, CT47PE
|
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Hunstead House, Nickle Farm, Chartham, Kent, CT47PE
|
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Roundstone Nurseries Limited
|
Whitehill Farm, Alderminster, Stratford-Upon-Avon, CV37 8BW
|
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|
Varfell Farm, Varfell Lane, Longrock, Penzance, Cornwall, TR20 8AQ
|
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Varfell Farm, Varfell Lane, Longrock, Penzance, Cornwall, TR20 8AQ
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|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Indirect subsidiary undertakings (continued)
|
|
Mansfield Farms Group Limited
|
Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN
|
|
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|
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Paul & Jane Mansfield Soft Fruits Limited
|
Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN
|
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Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN
|
|
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|
|
Buddy's Transport Services Limited
|
Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN
|
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|
Hunstead House, Nickle Farm, Chartham, Kent, CT47PE
|
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|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Indirect subsidiary undertakings (continued)
|
|
The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
|
|
|
|
Aggregate of share capital and reserves
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New Place Nurseries Limited
|
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Avoncross Ornamentals Limited
|
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Pebble Management Services Limited
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Orchard Views Nickle Farm Ltd
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Roundstone Nurseries Limited
|
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Mansfield Farms Group Limited
|
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Paul & Jane Mansfield Soft Fruits Limited
|
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Buddy's Transport Services Limited
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All subsidiary undertakings have been included in the consolidation.
Cre8 Accomodation Solutions Ltd, Cre8 Property Ltd, Cre8 Island Views Limited, Cre8 Ops Limited, Orchard Views Nickle Farm Ltd, Evergeen Training Ltd, Norton Cherries Limited, Mansfield Farms Group Limited, Paul & Jane Mansfield Soft Fruits Limited, Mansfield Farms Limited, Buddy's Transport Services Limited and Driven (Recruitment) Ltd are exempt by s479A of the companies Act 2006 from the requirement to audit their individual accounts.
New Forest Plants Ltd, New Place Nurseries Limited, My Green Garden Limited, Young Plants Limited, Avoncross Ornamentals Limited, Pebble Management Services Limited, Roundstone Nurseries Limited and Greenyard Flowers UK Ltd are dormant companies, and are exempt by s480 of the Companies Act 2006 from the requirement to audit their individual accounts.
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|
|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
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On acquisition of subsidiaries
|
|
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|
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
18.Biological assets (continued)
|
|
Biological assets can be categorised as short or long term depending upon the product lifecycle of the asset concerned and its output in the form of harvested crops for sale. Those biological assets which will produce more than one crop over a number of years are classified as long term biological assets whilst those which will produce a single crop, with the asset either being wasted or sold as part of the product offering, classified as short term.
Long term biological assets consist mainly of Daffodil bulbs planted in the ground as at the year end. In addition, there are £nil of other planted stocks, being Agapanthus, Brodiaea, Scilla, Peony, Belladonna and Nerines planted at the period end.
Short term biological assets consist solely of Dahlia cuttings planted at the period end.
Over recent years the company's focus has been on the innovation of new varieties of daffodils. The main goal has been to breed varieties which could be grown earlier and later than the company's competitors, providing a significant advantage towards retail customers. Due to these developments, the company has expanded its bulb portfolio to more than 360 varieties currently.
To calculate fair value it is impossible to value each variety separately, partly because there is no market price available for each of the individual varieties. Therefore, all varieties are grouped under the following categories:
- Early varieties: these can be harvested in January .
- Mid varieties: harvested February-March, this is the normal season (all other growers have production as well)
- Late varieties: harvested in April, which is very challenging due to weather uncertainties (low production from competitors).
In order to value the company's daffodil bulb biological assets in accordance with FRS102 the company has developed a model to calculate fair value based on the net present value of the daffodils produced. This is a level 3 measure in terms of the fair value measurement hierarchy.
Sales statistics over recent years have shown that daffodils which are sold in January and April are extremely demanded by retailers and hence give greater added value and margins. Therefore, based on previous years' averages, underlying sales prices are allocated accordingly in the model to calculate revenues going forward on which a 0% increase is included year on year.
The asset producing the flowers are the actual bulbs in the ground (70,253 planted tonnes) which form the basis for revenue assurance and future growth. As these bulbs on average generate an extra bulb that produces a flower whilst planted (based on uplift proven over the years), the number of bulbs in the ground will increase year on year. In order to accommodate this into the valuation model, a "multiplicator" effect has been applied (over 5 years a bulb generates an extra bulb with flower production, excluding waste). As it is common practice to sell surplus bulbs each year, the assumption is taken that an amount of bulbs generated in the ground are to be sold. The remainder is used to further grow flowers and fulfil the extra demand of customers. No impact of increasing yields is taken into account. Growth rate is set at 0% (2023: 0.5%). All costs are based on the actual performance of the previous year, inclusive of a 0% (2023: 0.5%) cost inflation rate. Potential future savings are not taken into account.
All these assumptions are reflected in the discounted cash flow model using a weighted average cost of capital of 10.7%.
In order to value the company's other flower biological assets in accordance with FRS102 the company has valued this category of biological asset at cost less accumulated depreciation and impairment losses on the grounds that fair value cannot be reliably measured. This is a level 3 measure in terms of the fair value measurement hierarchy.
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
18.Biological assets (continued)
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Raw materials and consumables
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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The difference between purchase price or production cost of stocks and their replacement cost is not material.
The carrying amount of stocks pledged as security for liabilities amount to £9,366,902 (2023: £8,649,668).
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Amounts owed by group undertakings
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Amounts owed by joint ventures and associated undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to joint ventures
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Included in creditors is a balance of £12,156,646 (2023: £9,652,645) in respect of the group's financing facility. The facilities are secured by way of a fixed and floating charge over the undertakings, property and assets of the group.
Hire purchase assets amounting to £2,450,824 (2023: £2,058,038) are secured over the assets to which they relate.
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charged to profit or loss
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Charged to other comprehensive income
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Arising on business combinations
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Accelerated capital allowances
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Revaluation of land and buildings
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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85 (2023 - 85) Ordinary A shares of £1.00 each
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85 (2023 - 85) Ordinary B shares of £1.00 each
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30 (2023 - 30) Ordinary C shares of £1.00 each
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Acquisition and disposal of subsidiaries
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GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
During the year the group made two acqusitions.
On 17 March 2024 Greosn Limited acquired 51% of the share capital in Norton Cherries Limited, the parent of a group of companies that includes Mansfield Farms Group Limited, Paul & Jane Mansfield Soft Fruits Limited, Mansfields Farm Limited and Buddy's Transport Services Limited. The results noted below are the consolidated results up to the date of acqusition.
On 15 November 2024 Pro-Force Limited, a 100% subsidiary of Greosn Limited, acquired 100% of the share capital of Driven (Recruitment) Limited.
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Acquisition of Norton Cherries Limited
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Recognised amounts of identifiable assets acquired and liabilities assumed
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Total Identifiable net assets
|
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Non-controlling interests
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Total purchase consideration
|
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|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
29.Business combinations (continued)
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Directly attributable costs
|
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Total purchase consideration
|
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Cash outflow on acquisition
|
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Purchase consideration settled in cash, as above
|
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Directly attributable costs
|
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Less: Cash and cash equivalents acquired
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Net cash outflow on acquisition
|
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The goodwill arising on acquisition is attributable to the trade and assets
|
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The results of Norton Cherries Limited since acquisition are as follows:
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Current period since acquisition
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(Loss) for the period since acquisition
|
|
|
|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
29.Business combinations (continued)
|
|
Acquisition of Driven (Recruitment) Limited
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Recognised amounts of identifiable assets acquired and liabilities assumed
|
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Due after more than one year
|
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|
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Total Identifiable net assets
|
|
|
|
|
|
|
|
|
|
|
|
Total purchase consideration
|
|
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|
|
|
|
|
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|
|
Total purchase consideration
|
|
|
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Cash outflow on acquisition
|
|
|
|
|
|
|
|
|
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|
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Purchase consideration settled in cash, as above
|
|
|
|
|
|
|
|
Less: Cash and cash equivalents acquired
|
|
|
|
Net cash outflow on acquisition
|
|
|
|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
29.Business combinations (continued)
|
|
The goodwill arising on acquisition is attributable to the trade and assets and there has been no trade since the acqusition.
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Greosn Ltd has a number of subsidiary undertakings which have taken advantage of audit exemption in accordance with Section 479A Companies Act 2006. The companies that have taken this exemption are noted in note 17 to the accounts. As part of the requirements for doing so the company has provided guarantees over all liabilities of these subsidiary undertakings as at 31 December 2024. These guarantees will remain in place until such times as these liabilities are settled in full. The total recorded liabilities of those subsidiary undertakings for which guarantees have been provided as at 31 December 2024, including intra-group debt, was £3,815,547 (2023: £3,810,363). The directors are not aware of any circumstances which may indicate the company will be required to settle any liabilities of subsidiary undertakings in accordance with the guarantees that have been provided.
Greosn Ltd has provided a guarantee over loans made to a subsidiary company Emery Soft Fruits Limited, the maximum exposure at 31 December 2024 is £1,500,000 (2023: £nil). The directors are not aware of any circumstances which may indicate the company will be required to settle any liabilities of subsidiary undertakings in accordance with the guarantees that have been provided.
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £785,058 (2023 - £671,834). Contributions totalling £184,221 (2023 - £90,170) were payable to the fund at the balance sheet date and are included in creditors.
|
|
Commitments under operating leases
|
|
|
At 31 December 2024 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
|
|
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|
|
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|
|
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|
|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Related party transactions
|
|
|
Group
Key management compensation
The directors of the group have defined key management personnel as the directors of the parent company. Key management personnel salaries and other short term benefits that have not been included in the directors remuneration note above totalled £57,457 (2023: £69,919).
Summary of transactions with directors
During the year interest of £nil (2023: £15,583) was incurred on a loan provided to the group by a director and shareholder. At the balance sheet date the amount owed to the group was £668,485 (2023: £466,315).
During the year interest of £82,379 (2023: £136,465) was incurred on a loan provided to the group by a director and shareholder. At the balance sheet date the amount owed by the group was £2,143,080 (2023: £2,925,756).
During the year interest of £nil (2023: £13,687) was incurred on a loan provided to the group by a director. At the balance sheet date the amount owed to the group was £1,937,977 (2023: £924,381). This amount has been repaid post year end.
Summary of transactions with entities with joint control
During the year the group made sales/recharges of £40,271 (2023: £66,176) and purchases of £107,086 (2023: £455,312) from an entity under joint control. At the balance sheet date the amount owed to the group was £2,154,011 (2023: £2,153,263).
During the year the group made sales of £98,104 (2023: £20,011) and purchases of £1,375,145 (2023: £1,227,344) from an entity under joint control. At the balance sheet date the amount owed to the group was £463,431 (2023: £109,024).
Summary of transactions with other related parties
During the year interest of £5,625 (2023: £5,625) was incurred on a loan provided to the group by the wife of a director and shareholder. At the balance sheet date the amount owed by the group was £125,000 (2023: £125,000).
Company
Key management compensation
The directors of the company have defined key management personnel as the directors of the company. Key management personnel salaries and other short term benefits totalled £57,457 (2023: £69,919).
Summary of transactions with entities with joint control
During the year the company made sales/recharges of £nil (2023: £nil) and purchases of £nil (2023: £nil) from an entity under joint control. At the balance sheet date the amount owed to Greosn Ltd was £2,111,126 (2023: £2,111,126).
Transactions with wholly owned group entities
The company is exempt from disclosing other related party transactions as they are with other companies that are wholly owned within the group.
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|
|
GREOSN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Post balance sheet events
|
In March 2025, the group completed refinancing with Metro Bank Plc and restructured certain elements of short term working capital debt with term loans in order to facilitate future acquisitions and investments into the fresh produce sector.
The group is controlled by M Jarrett by virtue of his controlling holding via Greosn Holdings Limited, the ultimate parent undertaking.
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