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Registered number: 01806047 G'S GROWERS LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
G'S GROWERS LIMITED COMPANY INFORMATION
Directors | F K Colson
| J R Foskett
| G A Colebrook
| P J Sargeant
| R J Shropshire
| R P Baker-Bates
| E F V Perrott
| W O Jolly (resigned 28 March 2025)
| T E J Young
| H J Shropshire
| C J Shropshire
Registered number | 01806047
Registered office | Barway
| Ely
| Cambridgeshire
| CB7 5TZ
Independent auditors | Price Bailey LLP
| Chartered Accountants & Statutory Auditors
| Tennyson House
| Cambridge Business Park
| Cambridge
| CB4 0WZ
Bankers | HSBC Bank Plc
| PO Box 68
| 130 New Street
| Birmingham
| B2 4JU
G'S GROWERS LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 7
Independent Auditors' Report | 8 - 11
Consolidated Profit and Loss Account | 12
Consolidated Balance Sheet | 13
Company Balance Sheet | 14
Consolidated Statement of Changes in Equity | 15
Company Statement of Changes in Equity | 16
Consolidated Statement of Cash Flows | 17 - 18
Consolidated Analysis of Net Debt | 19
Notes to the Financial Statements | 20 - 41
G'S GROWERS LIMITED GROUP STRATEGIC REPORT FOR THE PERIOD ENDED 3 MAY 2025
Principal activities
The principal activity of the Group is that of a farm produce co-operative with harvesting, packing and plant raising operations.
Business review
The Group comprises operations in the UK and provides services to members in the UK. Turnover in the period increased by 8.7% (2024 decreased by 7.3%). The group profit for the period, after taxation, amounted to £3,577,000 (2024 restated loss £562,000). The 2024 consolidated accounts have been restated to reflect the alignment in 2025 of the year end dates for the group and all its subsidiaries to reflect more accurately income and expenditure. Further information is provided in Note 26 on page 40. During the reporting period, and following agreement with its customers, two subsidiary companies received additional income relating to unrecovered, historic winter operating costs. The value of the recovery was £3,724,032 and is considered unlikely to occur again in future periods. As such, the item has been recorded as an Exceptional Item in the Income Statement. Page 1
G'S GROWERS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 3 MAY 2025
Principal risks and uncertainties
The group uses various financial instruments. These include ongoing charges, funding payments, loans, cash and various items such as trade debtors and trade creditors that arise directly from its operation. The main purpose of these financial instruments is to raise finance for the group's operations. The existence of these financial instruments exposes the Company to number of financial risks, primarily operational risk, liquidity risk, currency risk and credit risk. The current grant scheme under the Fruit and Vegetable Regime will conclude in December 2025. Details regarding its replacement have not yet been announced. Operational risk The parent company operates as a Producer Organisation under the Fruit and Vegetable Regime and therefore is exposed to the risk of scheme non compliance. This risk is managed through diligent adherence to the scheme rules and regular communication with the RPA. The Company is subject to annual audits from the RPA to ensure the company is compliant with the rules and regulations. The directors monitor the Company's performance during the period which includes reports it receives from the RPA following their audits to mitigate the risk of monies received being refunded to the authorities as a result of breaches of the rules. No grant funded expenditure is undertaken without prior approval from the RPA. Therefore, the group's exposure to the risk is mitigated. Liquidity risk The Group, through an annual budgeting process, reviews the working capital requirements of the business to meet its operational needs. This review assesses the level of capital and revenue expenditure expected over a 12 month cycle and is matched to the expected income from members, customers, and grants over the same period. The Directors monitor the group's position during the period and where necessary, defer expenditure or raise additional contributions so as to remain within its working capital requirements. The Group's liquidity risk is thereby limited. Foreign currency risk A small number of capital purchases are made in Euros which are exposed to transactional risk. The Directors monitor this and therefore the group's exposure to this risk is mitigated. Credit risk The Group’s principal financial assets are cash and debtors. The Parent Company work closely with its invoicing and marketing agents to manage its debtor days. As a consequence, the directors believe that credit risk is both limited and mitigated. Page 2
G'S GROWERS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 3 MAY 2025
Financial key performance indicators
The Key Performance Indicators for the group remain Gross Sales Value and its constituent parts (namely price per kilo and volume of produce shipped in kilos), cost of services to members, the net return to members and working capital management. Extensive key performance indicators covering all aspects of the business are measured daily, weekly and monthly by managers.
Directors' statement of compliance with duty to promote the success of the Group
In considering how to promote the success of the group under Section 172 the directors are required to explain how they consider the interests of key stakeholders when seeking to promote the group’s success. The key stakeholder groups, how we engage with them and how we measure the effectiveness of the engagement are set out below. The parent company operates as a not for profit co-operative which exists to promote the interests of its members. These members are directly represented by 7 of our 11 Board members. In addition, all active members are represented in the relevant crop-specific Crop Boards. Both the Board of directors and the Crop Boards drive the strategy of the Group and all key decisions are taken in these Boards. The directors regularly review the performance of the Group. Due to the fast and changing nature of the industry, regular forecasting is performed to ensure we can meet customer demand as efficiently as possible. Business planning is carried on an annual basis with reference to our 5 year Crop Strategies. Employees are fundamental to the success of the group. Attracting, retaining, progressing, and motivating those employees whilst keeping them safe is a core objective of the board. We have a diverse skill base and range of expertise across our businesses and recognise that maintaining and growing this is key to the future. The group offers opportunities to apprentices and graduates to ensure a constant pipeline of development potential progressing through the business and a variety of training across all areas is provided to meet the needs of all employees Maintaining strong, mutually beneficial partnerships with our members, suppliers and customers has been key to the success of the group. Our customer relationships have been built over many years and are fundamental to the development of product ranges and quality for consumers. The company meets regularly with all customers to review performance and collaborate on new product development. Due to the nature of the industry, suppliers are key to delivering fresh products to customers to meet consumer demand and integrated supply chains are in place which rely upon coordination of supply chain partners including our grower members, service providers and subsidiaries within the group. The sustainability of the environment and the impact on the community drives the group to look at how we grow, harvest and transport our products to market. The methods of farming continue to evolve to minimise the impact on the land we farm. This report was approved by the board on 5 November 2025 and signed on its behalf.
................................................ R P Baker-Bates Director
Page 3
G'S GROWERS LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 3 MAY 2025 The directors present their report and the financial statements for the period ended 3 May 2025.
Results and dividends
The profit for the period, after taxation and minority interests, amounted to £2,013 thousand (2024 - loss £608 thousand). No dividends were paid during the year and the Directors do not propose a final dividend.
Directors
The directors who served during the period were:
F K Colson
J R Foskett
G A Colebrook
P J Sargeant
R J Shropshire
R P Baker-Bates
E F V Perrott
W O Jolly (resigned 28 March 2025)
T E J Young
H J Shropshire
C J Shropshire
Directors' responsibilities statement
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.
Future developments
The Group intends to maintain its position with the existing range of products, whilst looking at all opportunities to expand into new markets and higher added value ranges. Page 4
G'S GROWERS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 3 MAY 2025
Engagement with employees
The Group depends on the skills and commitment of its employees in order to achieve its objectives, and staff members at every level are encouraged to make their fullest contribution to the group’s success. The Group’s selection, development and promotion procedures are designed to encourage all employees to achieve their potential and regular communications keep the staff well informed on the group’s progress.
Equality policy
The Group has continued its policy of equality. Full and fair consideration is given to all applications for employment irrespective of age, disability, gender, marital status, race, religion or sexual orientation and appropriate training and career development opportunities are available to all employees.
Greenhouse gas emissions, energy consumption and energy efficiency action
G’s Growers Limited (GGL) are required to report under the Streamlined Energy and Carbon Reporting (SECR) framework, under the Companies (Directors’ Report) and Limited Liability Partnership (Energy and Carbon Report) Regulations 2018. This report covers the SECR requirements of G’s Growers Limited for the 12-month period, 1 May 2024 to 30 April 2025. G’s Growers Limited incorporates ESG as an integral part of its 2030 strategy with champions in several ESG disciplines from different areas of the business working on projects with the support of the Management Board to facilitate improves ESG performance. This model allows organic ideation and project management, that provides effective improvement throughout the group. G’s have completed work with the Carbon Trust to calculate its baseline emissions that provide a basis for the group’s SBTi targets for both 2030 and 2040. During the financial year of 2024/25, the group established site-by-site GHG reduction plans, producing targets for reductions of key inputs, such as fuel and refrigerant use. This will support the reduction pathway and act as a roadmap to achieving the group SBTi targets. The group also continues to publish its Sustainability Report annually. SECR Table 52 weeks ended 52 weeks ended Units Measure: 1 May 2025 May 2024 *Restated Energy consumption used to calculate 3,726,605 3,540,445 Kwh emissions Emissions from combustion of fuel for 59 60 tC02e transport purposes Emissions from business travel or employee -owned vehicles where company is responsible 13 14 tC02e for purchasing fuel. Emissions from market-based electricity (renewable) 0 0 tC02e Total gross tC02e 73 74 tC02e Intensity ratio market-based 0.000601 0.000604 (Gross tC02e / production tonne) Page 5
G'S GROWERS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 3 MAY 2025 Methodology The financial period ending 1 May 2024 has been used for the comparison of emissions calculations, using a consistent approach year-on-year, aligned with the SECR regulations. This report shows the most recent period, 2024/25, in comparison with the previous year, 2023/24. The footprint is calculated in accordance with the Greenhouse Gas (GHG) Protocol and Environmental Reporting Guidelines: including Streamlined Energy and Carbon Reporting guidance. The latest edition of UK Government GHG Conversion Factors for Company Reporting (2024) provides the most comprehensive list of conversion factors available for all emissions sources for this report. The conversion factors allow an activity to be converted into a carbon dioxide equivalent (CO2e) value. For most calculations, where practicable, primary data has been sourced (e.g. meter readings, supplier invoices, employee expense information) but in some cases where complete datasets were not available, estimated or aggregated data has been used. Emissions from business travel or employee-owned vehicles where the company is responsible for purchasing the fuel was obtained from the corporate expenses system. This data covers all fuel used by company and personal vehicles. Electricity and gas emissions were calculated using energy consumption from supplier invoices and meter readings. Results In the period ending 1 May 2025, the Intensity Ratio based on total Scope 1, 3 and 3 emissions (Market Based) against tonne of production, was 0.000601, compared to 0.000604 from the previous year. Total energy consumption increased by 5% from the previous year, rising from 3.5 million kWh to 3.7 million kWh. Purchased electricity grew by 6%, rising from 3.2 million kWh to 3.4 million kWh. Energy Efficiency Actions The installation of new lighting systems has improved the performance of lighting efficiency on site. This is expected to be further improved by the planned installation of an LED auto-lighting system and smart metering in the future.
Disclosure of information to auditors
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. Page 6
G'S GROWERS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 3 MAY 2025
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditors
Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board on 5 November 2025 and signed on its behalf.
................................................ R P Baker-Bates Director
Page 7
G'S GROWERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G'S GROWERS LIMITED
Opinion
We have audited the financial statements of G's Growers Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 3 May 2025, which comprise the Consolidated Profit and Loss Account, 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 3 May 2025 and of the Group's profit for the period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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
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. Page 8
G'S GROWERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G'S GROWERS LIMITED (CONTINUED)
Other information
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
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 period 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
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
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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. Page 9
G'S GROWERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G'S GROWERS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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: We gained an understanding of the legal and regulatory framework applicable to the company, the group and the industry in which it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits and industry regulations including GDPR, employment law and health and safety. We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following: -Agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; -enquiries of management including those responsible for key regulations; -performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; -reviewing minutes of board meetings. In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 10
G'S GROWERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF G'S GROWERS LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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. Sean McCann ACA (Senior Statutory Auditor) for and on behalf of Price Bailey LLP Chartered Accountants Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 0WZ 10 March 2026 Page 11
G'S GROWERS LIMITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 3 MAY 2025
| 3 May | As restated 4 May
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 97,358 | 89,555
Exceptional income | 12 | 3,724 | -
Cost of sales |  | (77,317) | (70,155)
Gross profit |  | 23,765 | 19,400
Administrative expenses |  | (28,425) | (28,165)
Other operating income | 5 | 8,987 | 8,864
Operating profit | 6 | 4,327 | 99
Interest receivable and similar income |  | 109 | 64
Interest payable and similar expenses | 10 | (638) | (798)
Profit/(loss) before tax |  | 3,798 | (635)
Tax on profit/(loss) | 11 | (221) | 73
Profit/(loss) for the financial period |  | 3,577 | (562)
Profit/(loss) for the period attributable to: |  |  |
Non-controlling interests |  | 1,564 | 46
Owners of the Parent Company |  | 2,013 | (608)
|  | 3,577 | (562)
The notes on pages 20 to 41 form part of these financial statements.
Page 12
G'S GROWERS LIMITED REGISTERED NUMBER: 01806047 CONSOLIDATED BALANCE SHEET AS AT 3 MAY 2025
|  | 3 May |  | As restated 4 May
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 39,153 |  | 36,600
Current assets |  |  |  |  |
Stocks | 15 | 1,479 |  | 1,621 |
Debtors: amounts falling due within one year | 16 | 22,939 |  | 17,848 |
Cash at bank and in hand | 17 | 2,086 |  | 2,471 |
|  | 26,504 |  | 21,940 |
Creditors: amounts falling due within one year | 18 | (30,236) |  | (29,330) |
Net current liabilities |  |  | (3,732) |  | (7,390)
Total assets less current liabilities |  |  | 35,421 |  | 29,210
Creditors: amounts falling due after more than one year | 19 |  | (32,445) |  | (29,927)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 23 | (116) |  | - |
|  |  | (116) |  | -
Net assets excluding pension asset |  |  | 2,860 |  | (717)
Net assets/(liabilities) |  |  | 2,860 |  | (717)
Capital and reserves |  |  |  |  |
Profit and loss account | 25 |  | 2,037 |  | 24
Non-controlling interests |  |  | 823 |  | (741)
|  |  | 2,860 |  | (717)
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 November 2025.
................................................ R P Baker-Bates
Director
The notes on pages 20 to 41 form part of these financial statements. Page 13
G'S GROWERS LIMITED REGISTERED NUMBER: 01806047 COMPANY BALANCE SHEET AS AT 3 MAY 2025
|  | 3 May |  | 4 May
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 34,818 |  | 31,909
Investments | 14 |  | 810 |  | 810
|  |  | 35,628 |  | 32,719
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 16 | 15,724 |  | 12,500 |
Cash at bank and in hand | 17 | 1,557 |  | 2,389 |
|  | 17,281 |  | 14,889 |
Creditors: amounts falling due within one year | 18 | (20,879) |  | (18,250) |
Net current liabilities |  |  | (3,598) |  | (3,361)
Total assets less current liabilities |  |  | 32,030 |  | 29,358
Creditors: amounts falling due after more than one year | 19 |  | (30,587) |  | (27,915)
Net assets |  |  | 1,443 |  | 1,443
Capital and reserves |  |  |  |  |
Profit and loss account carried forward |  |  | 1,443 |  | 1,443
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 November 2025.
................................................ R P Baker-Bates
Director
The notes on pages 20 to 41 form part of these financial statements. Page 14
G'S GROWERS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 3 MAY 2025
| Called up share capital | Profit and loss account | Equity attributable to owners of Parent Company | Non-controlling interests | Total equity
| £000 | £000 | £000 | £000 | £000
At 5 May 2024 as previously stated | - | 664 | 664 | (348) | 316
Prior year adjustment (note 26) | - | (640) | (640) | (393) | (1,033)
At 5 May 2024 (as restated) | - | 24 | 24 | (741) | (717)
Comprehensive income for the period |  |  |  |  |
Profit for the period | - | 2,013 | 2,013 | 1,564 | 3,577
At 3 May 2025 | - | 2,037 | 2,037 | 823 | 2,860
| The notes on pages 20 to 41 form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 4 MAY 2024
| Called up share capital | Profit and loss account | Equity attributable to owners of Parent Company | Non-controlling interests | Total equity
| £000 | £000 | £000 | £000 | £000
At 7 May 2023 (as previously stated) | - | 1,327 | 1,327 | (354) | 973
Prior year adjustment (note 26) | - | (695) | (695) | (433) | (1,128)
At 7 May 2023 (as restated) | - | 632 | 632 | (787) | (155)
Comprehensive income for the period |  |  |  |  |
Restated loss for the period | - | (608) | (608) | 46 | (562)
At 4 May 2024 | - | 24 | 24 | (741) | (717)
| The notes on pages 20 to 41 form part of these financial statements.
Page 15
G'S GROWERS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 3 MAY 2025
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 5 May 2024 | - | 1,443 | 1,443
Total comprehensive income for the period | - | - | -
At 3 May 2025 | - | 1,443 | 1,443
| The notes on pages 20 to 41 form part of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 4 MAY 2024
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 7 May 2023 | - | 1,443 | 1,443
Total comprehensive income for the period | - | - | -
At 4 May 2024 | - | 1,443 | 1,443
| The notes on pages 20 to 41 form part of these financial statements.
Page 16
G'S GROWERS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 3 MAY 2025
|  |  | 3 May | As restated 4 May
|  |  | 2025 | 2024
|  |  | £000 | £000
Cash flows from operating activities |  |
Profit/(loss) for the financial period | 3,577 | (562)
Adjustments for: |  |
Depreciation of tangible assets | 9,629 | 8,920
Profit on disposal of tangible assets | (175) | (181)
Interest paid | 638 | 798
Interest received | (109) | (64)
Taxation charge | 221 | (73)
Decrease/(increase) in stocks | 142 | (935)
(Increase) in debtors | (5,125) | (621)
Increase in creditors | 2,302 | 6,627
Corporation tax (paid)/received | (20) | 73
Net cash generated from operating activities | 11,080 | 13,982
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (12,331) | (10,849)
Sale of tangible fixed assets | 325 | 537
Interest received | 109 | 64
Net cash from investing activities | (11,897) | (10,248)
Page 17
G'S GROWERS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE PERIOD ENDED 3 MAY 2025
|  | 3 May | 4 May
|  | 2025 | 2024
|  | £000 | £000
Cash flows from financing activities |  |
Repayment of loans | (300) | (300)
Other new loans | 330 | -
Repayment of other loans | - | (381)
New finance leases | (125) | 512
Interest paid | (638) | (798)
Net cash used in financing activities | (733) | (967)
Net (decrease)/increase in cash and cash equivalents | (1,550) | 2,767
Cash and cash equivalents at beginning of period | 1,655 | (1,112)
Cash and cash equivalents at the end of period | 105 | 1,655
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 2,086 | 2,471
Bank overdrafts | (1,981) | (816)
| 105 | 1,655
Page 18
G'S GROWERS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE PERIOD ENDED 3 MAY 2025
| At 5 May 2024 | Cash flows | At 3 May 2025
| £000 | £000 | £000
Cash at bank and in hand | 2,471 | (385) | 2,086
Bank overdrafts | (816) | (1,165) | (1,981)
Debt due after 1 year | (1,650) | 53 | (1,597)
Debt due within 1 year | (300) | (82) | (382)
Finance leases | (512) | 125 | (387)
| (807) | (1,454) | (2,261)
The notes on pages 20 to 41 form part of these financial statements.
Page 19
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
1. | General information
G's Growers Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The registered office is Barway, Ely, Cambridgeshire, CB7 5TZ. The nature of the Group's operations and principal activities is that of a farm produce co-operative with harvesting, packing and plant raising operations. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 financial statements are presented in pounds sterling which is the functional currency of the Group and rounded to the nearest £000. 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 Profit and Loss Account in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
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 Profit and Loss Account 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 04 May 2014.
| 2.3 | Going concern
The directors have considered a period of at least twelve months from the date of approval of the financial statements and are confident that the Group has sufficient cash reserves and working capital to enable liabilities to be settled as they fall due and to continue trading for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. Page 20
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025 2.Accounting policies (continued)
| 2.4 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised: Sale of goods Turnover 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 turnover 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 Turnover 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 turnover 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. The Company applies the principle of substance over form with regard to the recognition of revenue from sale of produce, acting as an agent rather than principal in such transactions. Turnover represents the goods and services provided to members and charges to members to fund operational and administrative costs. Turnover is recognised on delivery of goods. Contributions from members which relate to expenditure that is to be recognised in future periods, for example, fixed assets are deferred and released to the profit and loss account on the same basis that the underlying expenditure to which they relate is also recognised.
| 2.5 | Grants
Grants received by the cooperative are matched to the expenditure either in the period to which items of a revenue nature have been charged, or for fixed asset expenditure deferred over the life of the asset and released in line with the depreciation charge relating to the asset. Page 21
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets
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. The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 10 to 50 years
|  |  |  | Leasehold improvements | - | 3 to 25 years
|  |  |  | Plant and machinery | - | 4 to 10 years
|  |  |  | Motor vehicles | - | 2 to 10 years
|  |  |  | Office equipment | - | 3 to 5 years
|  |  |  | Other fixed assets | - | 4 to 10 years
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.
| 2.7 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.8 | Leased assets: the Group as lessee
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to profit or loss over the shorter of estimated useful economic life and the term of the lease. Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor. 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 04 May 2014 to continue to be charged over the period to the first market rent review rather than the term of the lease. Page 22
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025 2.Accounting policies (continued)
| 2.9 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.10 | Stocks
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.
| 2.11 | Debtors
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.
| 2.12 | Cash and cash equivalents
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.
| 2.13 | Creditors
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. Page 23
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. 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. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. 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, Page 24
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
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.
| 2.15 | Finance costs
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.
| 2.16 | Pensions
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.
| 2.17 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.18 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred. Page 25
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025 2.Accounting policies (continued)
| 2.19 | Current and deferred taxation
The tax expense for the period 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 corporation 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.
| 2.20 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
| 2.21 | Provisions for liabilities
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.
| 2.22 | Dividends
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. Page 26
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.
4. | Turnover
The whole of the turnover is attributable to the Group's principal activity. Analysis of turnover by country of destination:
|  |  |  |  | 3 May | As restated 4 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| United Kingdom | 97,358 | 89,555
5. | Other operating income
|  |  |  |  | 3 May | As restated 4 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Other operating income | 7,064 | 7,191
| Net rents receivable | 1,923 | 1,673
|  | 8,987 | 8,864
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 3 May | Restated 4 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Depreciation expense | 9,629 | 8,920
| Exchange differences | 3 | 1
| Other operating lease rentals | 1,974 | 1,883
| Defined contribution pension cost | 1,083 | 1,180
Page 27
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
7. | Auditors' remuneration
| During the period, the Group obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 3 May | 4 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements | 33 | 23
| Fees payable to the Company's auditors and their associates in respect of: |  |
| The auditing of accounts of associates of the Company | 17 | 17
| All non-audit services not included above | 23 | 48
| Audit fees for the Company were £32,500 (2024 - £22,500). Amounts paid for non audit services were £1,500 (2024 - £1,500).
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group 3 May | Group Restated 4 May | Company 3 May | Company Restated 4 May
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Wages and salaries | 17,603 | 16,202 | 9,281 | 9,141
| Social security costs | 1,602 | 1,611 | 1,058 | 1,003
| Cost of defined contribution scheme | 1,083 | 1,180 | 756 | 770
|  | 20,288 | 18,993 | 11,095 | 10,914
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | Group | Group | Company | Company
|  |  | 3 May | 4 May | 3 May | 4 May
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Management, Administration & Commercial | 128 | 124 | 74 | 82
|  | Production | 207 | 222 | 86 | 88
|  |  | 335 | 346 | 160 | 170
Page 28
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
9. | Directors' remuneration
|  |  |  |  | 3 May | 4 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Directors' emoluments | 293 | 250
| Group contributions to defined contribution pension schemes | 53 | 44
|  | 346 | 294
| During the period retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £150,000 (2024 - £111,000).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £11,000 (2024 - £26,000).
10. | Interest payable and similar expenses
|  |  |  |  | 3 May | 4 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank interest payable | 416 | 101
| Other loan interest payable | 222 | 697
|  | 638 | 798
Page 29
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
11. | Taxation
|  |  |  |  | 3 May | 4 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 71 | 14
| Total current tax | 71 | 14
| Deferred tax |  |
| Origination and reversal of timing differences | 150 | (87)
| Total deferred tax | 150 | (87)
|  | 221 | (73)
| Factors affecting tax charge for the period
| There were no factors that affected the tax charge for the period which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2024 - 25%).
| Factors that may affect future tax charges
G's Growers (Ramsey) Limited has estimated losses of £2,058,642 (2024 - £2,390,352) available to carry forward against future trading profits.
12. | Exceptional items
|  |  |  |  | 3 May | 4 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Exceptional income | 3,724 | -
| During the reporting period, and following agreement with its customers, two subsidiary companies received additional income relating to unrecovered, historic winter operating costs. The value of the recovery was £3,724,032 and is considered unlikely to occur again in future periods. As such, the item has been recorded as an Exceptional Item in the Income Statement.
Page 30
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
13. | Tangible fixed assets
| Group
|  | Freehold property | Leasehold improvement | Plant and machinery | Motor vehicles | Office equipment
|  | £000 | £000 | £000 | £000 | £000
| Cost |  |  |  |  |
| At 5 May 2024 | 22,958 | 4,053 | 99,967 | 818 | 82
| Additions | 9 | 1,613 | 10,970 | 13 | -
| Disposals | (31) | - | (2,580) | - | (12)
| At 3 May 2025 | 22,936 | 5,666 | 108,357 | 831 | 70
| Depreciation |  |  |  |  |
| At 5 May 2024 | 13,143 | 3,180 | 74,764 | 376 | 82
| Charge for the period on owned assets | 707 | 222 | 8,571 | 139 | -
| Disposals | - | - | (2,462) | - | (12)
| At 3 May 2025 | 13,850 | 3,402 | 80,873 | 515 | 70
| Net book value |  |  |  |  |
| At 3 May 2025 | 9,086 | 2,264 | 27,484 | 316 | -
| At 4 May 2024 | 9,815 | 872 | 25,203 | 443 | -
Page 31
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025 13.Tangible fixed assets (continued)
|  | Computer equipment | Other fixed assets | Total
|  | £000 | £000 | £000
| Cost |  |  |
| At 5 May 2024 | 73 | 275 | 128,226
| Additions | 1 | (275) | 12,331
| Disposals | - | - | (2,623)
| At 3 May 2025 | 74 | - | 137,934
| Depreciation |  |  |
| At 5 May 2024 | 71 | 10 | 91,626
| Charge for the period on owned assets | - | (10) | 9,629
| Disposals | - | - | (2,474)
| At 3 May 2025 | 71 | - | 98,781
| Net book value |  |  |
| At 3 May 2025 | 3 | - | 39,153
| At 4 May 2024 | 2 | 265 | 36,600
Page 32
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025 13.Tangible fixed assets (continued)
| Company
|  | Freehold property | Long-term leasehold property | Plant and machinery | Motor vehicles | Total
|  | £000 | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |  |
| At 5 May 2024 | 22,507 | 4,001 | 92,134 | 13 | 118,655
| Additions | - | 1,567 | 10,361 | - | 11,928
| Disposals | - | - | (1,394) | - | (1,394)
| At 3 May 2025 | 22,507 | 5,568 | 101,101 | 13 | 129,189
| Depreciation |  |  |  |  |
| At 5 May 2024 | 13,065 | 3,160 | 70,508 | 13 | 86,746
| Charge for the period on owned assets | 706 | 216 | 8,042 | - | 8,964
| Disposals | - | - | (1,339) | - | (1,339)
| At 3 May 2025 | 13,771 | 3,376 | 77,211 | 13 | 94,371
| Net book value |  |  |  |  |
| At 3 May 2025 | 8,736 | 2,192 | 23,890 | - | 34,818
| At 4 May 2024 | 9,442 | 841 | 21,626 | - | 31,909
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 3 May | 4 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Freehold | 8,736 | 9,441
| Long leasehold | 2,192 | 841
|  | 10,928 | 10,282
Page 33
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £000
| Cost |
| At 5 May 2024 | 810
| At 3 May 2025 | 810
| Net book value |
| At 3 May 2025 | 810
| At 4 May 2024 | 810
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Principal activity | Class of shares | Holding
| G's Growers (Ramsey) Limited | Onion grading and packing | Ordinary shares | 100%
| G's Growers Nurseries Limited | Plant propagation | Ordinary "A" shares | 90%
| Salads Harvesting Services Limited | Harvesting services | Ordinary shares | 51%
| G's Growers Mushrooms Limited | Dormant | Ordinary shares | 100%
| G's Growers Salads Limited | Dormant | Ordinary shares | 100%
| The Company has given guarantees in respect of its subsidiaries G's Growers Nurseries Limited and Salads Harvesting Services Limited, listed above under section 479A of the Companies Act 2006 so that they are exempt from audits of their financial statements for the period ended 3 May 2025.
Page 34
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
15. | Stocks
|  | Group 3 May | Group 4 May
|  | 2025 | 2024
|  | £000 | £000
| Raw materials and consumables | 1,479 | 1,621
16. | Debtors
|  | Group 3 May | As restated Group 4 May | Company 3 May | Company 4 May
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Trade debtors | 13,089 | 8,926 | 10,116 | 8,783
| Other debtors | 4,459 | 7,242 | 4,096 | 2,306
| Prepayments and accrued income | 5,391 | 1,646 | 1,512 | 1,411
| Deferred tax | - | 34 | - | -
|  | 22,939 | 17,848 | 15,724 | 12,500
17. | Cash and cash equivalents
|  | Group 3 May | Group 4 May | Company 3 May | Company 4 May
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Cash at bank and in hand | 2,086 | 2,471 | 1,557 | 2,389
| Less: bank overdrafts | (1,981) | (816) | (477) | -
|  | 105 | 1,655 | 1,080 | 2,389
Page 35
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
18. | Creditors: Amounts falling due within one year
|  | Group 3 May | As restated Group 4 May | Company 3 May | Company 4 May
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Bank overdrafts | 1,980 | 816 | 477 | -
| Other loans | 382 | 300 | - | -
| Trade creditors | 8,246 | 8,637 | 4,404 | 7,784
| Amounts owed to group undertakings | - | - | 1,931 | 327
| Corporation tax | 47 | - | 47 | -
| Other taxation and social security | 391 | 349 | 248 | 227
| Obligations under finance lease and hire purchase contracts | 125 | 150 | - | -
| Other creditors | 7,658 | 10,644 | 3,321 | 1,962
| Accruals and deferred income | 11,407 | 8,434 | 10,451 | 7,950
|  | 30,236 | 29,330 | 20,879 | 18,250
19. | Creditors: Amounts falling due after more than one year
|  | Group 3 May | Group 4 May | Company 3 May | Company 4 May
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Other loans | 1,597 | 1,650 | - | -
| Net obligations under finance leases and hire purchase contracts | 261 | 362 | - | -
| Accruals and deferred income | 30,587 | 27,915 | 30,587 | 27,915
|  | 32,445 | 29,927 | 30,587 | 27,915
| The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
|  | Group 3 May | Group 4 May
|  | 2025 | 2024
|  | £000 | £000
| Repayable by instalments | 150,000 | 450,000
Page 36
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025 The bank overdrafts as at 3 May 2025 of £1,981,000 (2024 £816,000) were secured against a debenture issued by G's Growers Limited over all assets of the company including present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future. G's Growers Limited has an inter-company guarantee in place for G's Growers Nurseries Limited with unlimited security. G's Growers Limited has an inter-company guarantee in place with G's Growers (Ramsey) Limited with unlimited security.
20. | Loans
| Analysis of the maturity of loans is given below:
|  | Group 3 May | Group 4 May
|  | 2025 | 2024
|  | £000 | £000
| Amounts falling due within one year |  |
| Other loans | 382 | 300
| Amounts falling due 1-2 years |  |
| Other loans | 382 | 300
| Amounts falling due 2-5 years |  |
| Other loans | 1,065 | 900
| Amounts falling due after more than 5 years |  |
| Other loans | 150 | 450
|  | 1,979 | 1,950
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group 3 May | Group 4 May
|  | 2025 | 2024
|  | £000 | £000
| Within one year | 125 | 150
| Between 1-5 years | 261 | 362
|  | 386 | 512
Page 37
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
22. | Financial instruments
|  | Group 3 May | Group 4 May | Company 3 May | Company 4 May
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Financial assets |  |  |  |
| Financial assets measured at fair value through profit or loss | 2,086 | 2,471 | 1,557 | 2,389
| Financial assets that are debt instruments measured at amortised cost | 17,224 | 16,168 | 14,213 | 11,089
| Financial assets that are equity instruments measured at cost less impairment | - | - | 810 | 810
|  | 19,310 | 18,639 | 16,580 | 14,288
| Financial liabilities |  |  |  |
| Financial liabilities measured at amortised cost | (19,507) | (22,047) | (10,133) | (10,074)
| Financial assets measured at fair value through profit or loss comprise bank and cash in hand.
| Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.
| Financial assets that are equity instruments measured at cost less impairment comprise investments in subsidiaries.
| Financial liabilities measured at amortised cost comprise trade creditors, other creditors, bank overdraft, bank loans, other loans and amounts owed to group undertakings.
Page 38
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
23. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £000 | £000
| At beginning of year | 34 | (49)
| Charged to profit or loss | (150) | 83
| At end of year | (116) | 34
| Company
|  | 2025 | 2024
| At end of year | - | -
|  | Group 3 May | Group 4 May
|  | 2025 | 2024
|  | £000 | £000
| Accelerated capital allowances | (116) | 34
24. | Share capital
|  |  |  |  | 3 May | 4 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 17 (2024 - 17) Share Capital shares of £1.00 each | - | -
25. | Reserves
Profit and loss account The profit and loss account represents cumulative profits and losses. Page 39
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
26. | Prior year adjustment
The financial statements for the prior year have been adjusted to correct the reserves brought forward and the debtors and creditors position for the subsidiaries. The effect of the correction of these errors on the Consolidated Profit and Loss account for the period ended 4 May 2024 was to increase turnover by £95,000. The effect on the loss for the period in the Consolidated Statement of Changes in Equity was to increase equity attributable to owners of the parent Company by £55,000 and to increase non-controlling interests by £40,000. The correction also adjusted the brought forward reserves at 7 May 2023, reducing total equity by £1,128,000, with equity attributable to the owners of the parent Company reducing by £695,000 and non-controlling interests reducing by £433,000. The net effect of these movements was a reduction in total equity as at 5 May 2024 of £1,033,000. The effect on the Consolidated Balance Sheet was to reduce debtors by £1,167,000 and to reduce creditors by £134,000. The financial statements for the prior year have been adjusted to correctly disclose wages & salaries expenditure incurred during the year and associated recharges to other group companies. There has been an increase to other operating income and administration expenses within the Consolidated Profit and Loss account for the period ended 4 May 2024. Note 5 'Other operating income' has increased by £4,567,000 and note 8 'Employees' has increased by £4,567,000 for both Group and Company salary costs. The financial statements for the prior year have been adjusted to correctly categorise trade debtors as at 4 May 2024. £771,000 has been reclassified from other debtors to trade debtors for the Company for the period ended 4 May 2024.
27. | Capital commitments
| At 3 May 2025 the Group and Company had capital commitments as follows:
|  | Group 3 May | Group 4 May | Company 3 May | Company 4 May
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Contracted for but not provided in these financial statements | 1,942 | 2,748 | 1,942 | 2,748
28. | Pension commitments
The Group operates a defined contributions 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 £1,081,000 (2024 - £1,180,000). Contributions totalling £92,000 (2024 - £91,000) were payable to the fund at the balance sheet date and are included in creditors. Page 40
G'S GROWERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MAY 2025
29. | Related party transactions
| The Company has widespread ownership of shares and consequently no individual or party has overall control of the company. The total turnover by the Company with related parties during the period amounted to £78,259,377 (2024 - £74,804,919). All this trade was carried out on normal commercial terms. At the period end the Company owed a cumulative amount of £881,777 (2024 - £3,036,224) to these businesses. Only the directors are considered to be key management personnel. Total remuneration in respect of these individuals is £346,000 (2024 - £295,000).
Page 41