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Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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ORGANIC GROWERS LIMITED
COMPANY INFORMATION
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ORGANIC GROWERS LIMITED
CONTENTS
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ORGANIC GROWERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors present their strategic report, which is followed by the directors' report, together with the audited
financial statements for the year ended 30 September 2025.
The principal subsidiary of Organic Growers Ltd is the Ethical Food Company Ltd ("EFC") ("the Company") who supplies ethically sourced fresh produce and its principal activity is supply of organic fresh produce from trusted farmers, growers & suppliers to their customers.
During this reporting period EFC’s focus was to deliver the next stage of the future strategy which the senior leadership team has been working on for the past three years. Pleasingly the strategic work to widen the organic categories they offer, coupled with high attention to detail across the supply chain model has resulted in turnover growth, maintaining gross profit margins & increasing net asset value. Alongside the implementation of year three of the strategic plan and in response to the continual changes to supply chains in recent years, the Company progressed its investment in a wider resilience plan and thus expansion of grower base and source countries to mitigate risk of supply interruptions due to climate related, logistical, or economic consequences. This shift in future planning couples risk assessment, horizon scanning and detailed travel to understand product by product, the plans that need to be put in place. We expect this approach to deliver further success in the coming years and to ensure that we continue to provide our customers with a consistent supply of organic products with high levels of supply chain trust, transparency, and integrity. It is important to note this is an iterative process and one that will continue to develop and evolve. 2025 marked the fifth year of EFC’s Operating Ethically Plan, reinforcing our commitment to maximising positive impact while minimising our environmental footprint. During the year, EFC achieved a major milestone by exceeding their target to halve food waste, five years ahead of schedule. This success enables the Company to reset their baseline and establish more ambitious goals for 2026. EFC also advanced supply chain transparency by implementing risk-based human rights and environmental assessments, moving beyond traditional audit approaches. Direct engagement by the Company’s ethical lead and other business units deepened our understanding of salient human rights risks and strengthened collaboration with suppliers on capacity-building initiatives and mitigation plans. To further support worker wellbeing, EFC delivered global webinars on heat stress mitigation for agricultural workers, attended by over 200 suppliers worldwide. These sessions promoted proactive risk management and reinforced our commitment to worker safety. In addition, EFC made significant progress in rolling out environmental certifications for sustainable farming, whether through achieving accreditation or committing to clear compliance roadmaps. The Company continues to be run by a dedicated, knowledgeable, and talented team who deeply understand the arena we operate in. The Company’s financial position is very robust, and the outlook is good as we continue to roll out the strategic plan. The long-term strategy is to expand the product portfolio and improve availability. This requires a specific set of skills within the business. The team increasingly demonstrates these abilities driven by high levels of attention required to unlock the opportunities. The business brings together a significant range of organic products to facilitate scale. This model increasingly drives demand momentum,
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ORGANIC GROWERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Company's financial instruments principally comprise cash at bank and intercompany loans, the main purpose of which is to finance the Company's and its subsidiary undertaking's operations. In addition the Company has various other financial assets and liabilities such as trade creditors arising directly from operations. It is, and has been throughout the period under review, the Company's policy that there should be no speculative trading in financial instruments undertaken.
The main risks arising from the Company's financial instruments are liquidity, credit and foreign currency risk The Board reviews and agrees policies for managing each of these risks and they are summarised below. These policies have remained unchanged throughout the period. Liquidity risk The Company manages its borrowing requirements to ensure the Company has sufficient liquid resources to meet the operating needs of the business. Credit risk The recipients of all loans, including group undertakings, are subject to credit verification procedures by the Board. Debtors are reviewed on a regular basis and provisions are made for doubtful debts when necessary.
The key performance indicator of the Company is based on the results and carrying value of its investment in subsidiary undertakings.
The subsidiary undertakings continue to perform strongly as per the business review above.
This report was approved by the board on 22 May 2026 and signed on its behalf.
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ORGANIC GROWERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors present their report and the financial statements for the year ended 30 September 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £787 (2024 - £26).
The directors did not propose or pay a dividend in the current or prior year.
The directors have highlighted in the strategic report on pages 1 to 2, a review of the current year results, future outlook expectations, risks and key performance indicators for the Company.
The directors who served during the year were:
K Sands (resigned 31 January 2026)
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ORGANIC GROWERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The auditors, Old Mill Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 22 May 2026 and signed on its behalf.
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ORGANIC GROWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORGANIC GROWERS LIMITED
We have audited the financial statements of Organic Growers Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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ORGANIC GROWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORGANIC GROWERS LIMITED (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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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ORGANIC GROWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORGANIC GROWERS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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.
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ORGANIC GROWERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORGANIC GROWERS LIMITED (CONTINUED)
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.
Senior Statutory Auditor
for and on behalf of
Statutory Auditor
Unit 2, Greenways Business Park
Bellinger Close
Chippenham
England
SN15 1BN
22 May 2026
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ORGANIC GROWERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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ORGANIC GROWERS LIMITED
REGISTERED NUMBER: 11634460
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2026.
The notes on pages 12 to 18 form part of these financial statements.
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ORGANIC GROWERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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ORGANIC GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The company is a private company limited by shares, and is incorporated in England and Wales. The address of its registered office is Unit 11a Drayton Manor Drive, Alcester Road, Stratford-Upon-Avon, Warwickshire, United Kingdom, CV37 9RQ.
2.Accounting policies
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Terradace Holdings Limited as at 30 September 2025 and these financial statements may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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ORGANIC GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
The directors have prepared the accounts on a going concern basis. The directors note the net current liability position of the company and have reviewed likely future developments. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of the approval of these accounts. This basis is considered appropriate as the ultimate parent company has confirmed that it will provide the support to enable the company to meet their forecast liabilities as they fall due.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS
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ORGANIC GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.
The company makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The directors consider there to be no significant areas of judgments or key sources of estimation uncertainty.
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ORGANIC GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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ORGANIC GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
There were no factors that may affect future tax charges.
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ORGANIC GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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ORGANIC GROWERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Profit and loss account
At the balance sheet date the company had entered into group bank cross guarantees in respect of loans
and overdrafts. At the balance sheet date the total group facility amounted to £22,136,000 (2024 - £28,110,643).
Terradace Holdings Limited is considered to be the Company's immediate and ultimate parent Company and P Beaumont is considered to be the majority shareholder by virtue of his shareholding in Terradace Holdings Limited.
The results of the company are included within the consolidated accounts of Terradace Holdings Limited which are available to public and may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW.
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