Year Ended
Registration number:
River Cottage Stores Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
River Cottage Stores Limited
Company Information
Directors |
Mr Hugh Fearnley-Whittingstall Mr Stewart Dodd |
Registered office |
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Accountants |
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Page 1 |
River Cottage Stores Limited
Balance Sheet
31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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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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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
- |
( |
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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 |
( |
( |
Page 2 |
River Cottage Stores Limited
Balance Sheet
31 March 2019
For the financial year ending 31 March 2019 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: 06206210
Page 3 |
River Cottage Stores Limited
Notes to the Financial Statements
Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principal place of business 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.
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 Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Page 4 |
River Cottage Stores Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Going concern
The financial statements have been prepared on a going concern basis.
During the year there has been a group reconstruction in which River Cottage Stores Limited has become part of the River Cottage Holdings Limited group.
The principal factors considered by the directors in preparing the accounts on a going concern basis were as follows:
• The group has prepared a three year forecast with the expectation of returning the group to profitability.
• Additional funds of £2,372,500 have been invested into the group during the year.
• A letter of support for 2019/20 has been obtained from the major shareholder confirming his intention to provide further financial support to fulfil the group 2019/20 business plan.
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.
Revenue is recognised as follows:
Events income is recognised when the event takes place. Payments in advance of the event are accounted for as deferred income.
Canteen Food & Beverages and Retail sales are recognised in the period in which the goods are sold.
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 5 |
River Cottage Stores Limited
Notes to the Financial Statements
Year Ended 31 March 2019
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 |
Leasehold property |
the lower of 10 years or the lease term |
Fixtures and fittings |
20-25% straight line |
Plant and machinery |
10-33% straight line |
Office equipment |
25% straight line |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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 6 |
River Cottage Stores Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; 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.
Except for bank loans, 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.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Page 7 |
River Cottage Stores Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Leasehold land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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Disposals |
- |
( |
( |
At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Page 8 |
River Cottage Stores Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Investments |
Investments in subsidiaries |
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Cost or valuation |
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At 1 April 2018 |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
2018 |
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Subsidiary undertakings |
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Park Farm
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Ordinary |
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Park Farm
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Ordinary |
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Park Farm
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Ordinary |
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Page 9 |
River Cottage Stores Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Stocks |
2019 |
2018 |
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Other inventories |
68,456 |
113,850 |
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Creditors |
Note |
2019 |
2018 |
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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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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
- |
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Page 10 |
River Cottage Stores Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Loans and borrowings |
Note |
2019 |
2018 |
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Loans and borrowings due after one year |
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Amounts due from group undertakings |
- |
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2019 |
2018 |
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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
2019 |
2018 |
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No. |
£ |
No. |
£ |
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1,227 |
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1,227 |
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250 |
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250 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Page 11 |
River Cottage Stores Limited
Notes to the Financial Statements
Year Ended 31 March 2019
Related party transactions |
Summary of transactions with subsidiaries
Loans from related parties
2019 |
Subsidiary |
At start of period |
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Repaid |
( |
Interest transactions |
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At end of period |
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2018 |
Subsidiary |
At start of period |
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Repaid |
( |
Interest transactions |
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At end of period |
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Terms of loans from related parties
Parent and ultimate parent undertaking |
As of 25 April 2018 the company's immediate parent is
Page 12 |