Year Ended
Registration number:
HFW Interactive Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
HFW Interactive Limited
Company Information
Directors |
Mr Hugh Fearnley-Whittingstall Mr Gordon Dodd |
Registered office |
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Accountants |
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Page 1 |
HFW Interactive Limited
Balance Sheet
31 March 2018
Note |
2018 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
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( |
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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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Page 2 |
HFW Interactive Limited
Balance Sheet
31 March 2018
For the financial year ending 31 March 2018 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
Page 3 |
HFW Interactive Limited
Statement of Changes in Equity
Year Ended 31 March 2018
(As restated) |
(As restated) |
Profit and loss account |
Total |
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At 1 April 2017 (as restated) |
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( |
( |
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
At 31 March 2018 |
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( |
( |
(As restated) |
(As restated) |
Profit and loss account |
Total |
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At 1 April 2016 |
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( |
( |
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
New share capital subscribed (as restated) |
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- |
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At 31 March 2017 (as restated) |
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( |
( |
Page 4 |
HFW Interactive Limited
Notes to the Financial Statements
Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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, except as stated in Note 12.
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 HFW Interactive Limited is considered to be pounds sterling because this is the currency of the primary environment in which the company operates.
Page 5 |
HFW Interactive Limited
Notes to the Financial Statements
Year Ended 31 March 2018
Going concern
The financial statements have been prepared on a going concern basis.
Since the year end there has been a group reconstruction in which the River Cottage Stores Limited group has become part of the River Cottage Holdings Limited group.
The principal factors considered by the directors when adopting the going concern basis were:
• the group has prepared a three year forecast with the expectation of returning the new group to profitability.
• additional funds of £400,000 have been invested into the new group since the year end.
• certain key shareholders and investors have provided a letter of comfort to the directors to confirm that it is their current intention to make funds available as required to ensure liabilities can be paid when they fall due for payment.
Having duly considered the matters above, the directors are of the opinion that it will continue to operate for the foreseeable future and 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.
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.
Page 6 |
HFW Interactive Limited
Notes to the Financial Statements
Year Ended 31 March 2018
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 |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 7 |
HFW Interactive Limited
Notes to the Financial Statements
Year Ended 31 March 2018
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 2017 (as restated) |
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At 31 March 2018 |
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Amortisation |
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At 1 April 2017 (as restated) |
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Amortisation charge |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 (as restated) |
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Page 8 |
HFW Interactive Limited
Notes to the Financial Statements
Year Ended 31 March 2018
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 April 2017 (as restated) |
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At 31 March 2018 |
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Depreciation |
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At 1 April 2017 (as restated) |
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Charge for the year |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 (as restated) |
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Stocks |
2018 |
2017 |
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Goods for resale |
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Debtors |
2018 |
(As restated) |
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Trade debtors |
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Amounts due from group undertakings |
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- |
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Other debtors |
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Prepayments |
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Page 9 |
HFW Interactive Limited
Notes to the Financial Statements
Year Ended 31 March 2018
Creditors |
Note |
2018 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to group undertakings |
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- |
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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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Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
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Share capital |
Allotted, called up and fully paid shares
2018 |
(As restated) |
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No. |
£ |
No. |
£ |
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197 |
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197 |
Parent and ultimate parent undertaking |
As of 7 December 2017 the company's immediate parent is
These financial statements are available upon request from Park Farm, Trinity Hill Road, Axminster, Devon EX13 8TB
Page 10 |
HFW Interactive Limited
Notes to the Financial Statements
Year Ended 31 March 2018
Prior year adjustment |
The comparative figures in these accounts have been restated to reflect the following:
In the financial statements for the year ended 31 March 2017 debtors of £446,162 were erroneously included in amounts owed by group undertakings. Consequently, the comparative figure for amounts due from group undertakings has decreased by £446,162 to £nil and the comparative figure for other debtors has increased to £446,162. Similarly, creditors of £75,186 were erroneously included in amounts owed to group undertakings. Consequently, the comparative figure for amounts due to group undertakings has decreased by £75,186 to £nil and the comparative figure for other creditors has increased to £358,658.
In the financial statements for the year ended 31 March 2017 new share capital subscribed was apportioned incorrectly between share capital and share premium. Consequently, the movement presented in the Statement of Changes in Equity for share capital has been restated from £4 to £20 and for share premium restated from £3,996 to £3,980. As a result of the restatement share capital as at 31 March 2017 has increased from the previously stated figure of £181 to £197 and share premium as at 31 March 2017 has decreased from the previously stated figure of £328,928 to £328,912.
In the financial statements for the year ended 31 March 2017 website costs with a net book value of £26,885 were disclosed as tangible fixed assets. The comparatives have been restated to recognise these as intangible fixed assets.
Page 11 |