Year Ended
Registration number:
River Cottage Partnerships Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
River Cottage Partnerships Ltd
Company Information
Directors |
Mr Hugh Fearnley-Whittingstall Mr Gordon Stewart Dodd |
Registered office |
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Accountants |
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River Cottage Partnerships Ltd
Balance Sheet
31 March 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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River Cottage Partnerships Ltd
Balance Sheet
31 March 2020
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 04736945
River Cottage Partnerships Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The company was formerly known as HFW Interactive Limited.
The address of its registered office and principal place of business is:
The company changed its name on 16 April 2019 from HFW Interactive Limited to River Cottage Partnerships Ltd.
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentational currency of the company is considered to be pounds sterling because this is the currency of the primary environment in which the company operates.
River Cottage Partnerships Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2020
Going concern
The financial statements have been prepared on a going concern basis.
The impact of Covid-19 offers an uncertain situation, paradoxically, the general consumer shift to on-line leisure activities led to a significant new partnership venture with an on-line educational platform producing and selling cookery courses. Sales commenced in November 2020, outperforming initial projections.
The principal factors considered by the directors in preparing the accounts on a going concern basis were as follows:
• The group has prepared a revised three year forecast with the expectation of returning the group to profitability by 2022/23.
• The on-line venture has demonstrated significant profitable growth potential and forms a key aspect of the three year business plan.
• Commercial collaborations for corporate programmes, accelerated branded product launches and book launches are all in progress through 2020/21.
• Following the 2019/20 letter of support confirming his intention to provide further financial support to fulfil the group business plan, the major shareholder has reaffirmed his intentions, and is actively working with the Board and senior management team to support future growth initiatives.
Having duly considered the matters above, the directors are of the opinion that the company will continue to operate for the foreseeable future, therefore the financial statements have been prepared on the assumption that the going concern basis of preparation is appropriate.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
Product sales are recognised on despatch.
Royalty revenue is recognised in the period in which the royalties are earned.
Brand income in recognised in the period in which the related sales of products using the brand are sold.
Service charge income is recognised in the period to which the charges relate.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
River Cottage Partnerships Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2020
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% straight line basis |
Intangible assets
Website costs are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
25% straight line basis |
River Cottage Partnerships Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2020
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Website |
Total |
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Cost or valuation |
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At 1 April 2019 |
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At 31 March 2020 |
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Amortisation |
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At 1 April 2019 |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
- |
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At 31 March 2019 |
- |
- |
River Cottage Partnerships Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2020
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 April 2019 |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
- |
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At 31 March 2019 |
- |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
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- |
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Prepayments |
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- |
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River Cottage Partnerships Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2020
Creditors |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Amounts due to group undertakings |
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Corporation tax |
19,600 |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of guarantees not included in the balance sheet is £200,000 (2019 - £200,000). The company is a guarantor to a limit of £200,000 for bank borrowings in its fellow subsidiary River Cottage Limited.
Parent and ultimate parent undertaking |
The company's immediate parent is