Period from 1 April 2020 to
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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River Cottage Stores Limited
Balance Sheet
30 March 2021
Note |
2021 |
2020 |
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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 |
( |
( |
River Cottage Stores Limited
Balance Sheet
30 March 2021
For the financial period ending 30 March 2021 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
River Cottage Stores Limited
Notes to the Financial Statements
Period from 1 April 2020 to 30 March 2021
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
River Cottage Stores Limited
Notes to the Financial Statements
Period from 1 April 2020 to 30 March 2021
Going concern
The financial statements have been prepared on a going concern basis.
In order to ensure the company maximises both operational efficiencies and reveues, the Axminster restaurant was relocated on 1 March 2022 from Axminster to the main site.
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.
• 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.
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.
Government grants
Government grants are recognised in other income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate. During the year, the company received the following income from the government:-
East Devon District Council Grant £34,000
Furlough income £297,249
Interest covered by government on bounce back loan £1,040
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.
River Cottage Stores Limited
Notes to the Financial Statements
Period from 1 April 2020 to 30 March 2021
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.
River Cottage Stores Limited
Notes to the Financial Statements
Period from 1 April 2020 to 30 March 2021
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Loss before tax |
Arrived at after charging/(crediting)
2021 |
2020 |
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Depreciation expense |
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Exceptional administrative expenses |
3,125 |
186,478 |
Exceptional costs relate to the closure of the Winchester restaurant.
River Cottage Stores Limited
Notes to the Financial Statements
Period from 1 April 2020 to 30 March 2021
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 2020 |
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Disposals |
( |
( |
( |
At 30 March 2021 |
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Depreciation |
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At 1 April 2020 |
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Charge for the period |
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Eliminated on disposal |
( |
( |
( |
At 30 March 2021 |
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Carrying amount |
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At 30 March 2021 |
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At 31 March 2020 |
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River Cottage Stores Limited
Notes to the Financial Statements
Period from 1 April 2020 to 30 March 2021
Investments |
Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2020 |
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Provision |
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Carrying amount |
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At 30 March 2021 |
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At 31 March 2020 |
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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 |
Country of incorporation |
Holding |
Proportion of voting rights and shares held |
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2021 |
2020 |
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Subsidiary undertakings |
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Ordinary |
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Ordinary |
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River Cottage Canteen Bristol Limited and River Cottage Canteen Winchester Limited were dissolved on 7 September 2021.
River Cottage Stores Limited
Notes to the Financial Statements
Period from 1 April 2020 to 30 March 2021
Stocks |
2021 |
2020 |
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Other inventories |
4,421 |
12,600 |
Debtors |
2021 |
2020 |
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Amounts due from group undertakings |
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Other debtors |
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Creditors |
Note |
2021 |
31 March 2020 |
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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 |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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- |
River Cottage Stores Limited
Notes to the Financial Statements
Period from 1 April 2020 to 30 March 2021
Loans and borrowings |
Note |
2021 |
2020 |
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Loans and borrowings due after one year |
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Bank borrowings |
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- |
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Amounts due from group undertakings |
- |
- |
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- |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Bank overdrafts |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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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 £
Parent and ultimate parent undertaking |
The company's immediate parent is