River Cottage Stores Limited 06206210 false 2022-03-31 2023-09-29 2023-09-29 The principal activity of the company is that of restaurateurs. Digita Accounts Production Advanced 6.30.9574.0 true true true 06206210 2022-03-31 2023-09-29 06206210 2023-09-29 06206210 core:CurrentFinancialInstruments 2023-09-29 06206210 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-29 06206210 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-29 06206210 core:FurnitureFittings 2023-09-29 06206210 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-29 06206210 bus:SmallEntities 2022-03-31 2023-09-29 06206210 bus:AuditExemptWithAccountantsReport 2022-03-31 2023-09-29 06206210 bus:FilletedAccounts 2022-03-31 2023-09-29 06206210 bus:SmallCompaniesRegimeForAccounts 2022-03-31 2023-09-29 06206210 bus:RegisteredOffice 2022-03-31 2023-09-29 06206210 bus:Director1 2022-03-31 2023-09-29 06206210 bus:PrivateLimitedCompanyLtd 2022-03-31 2023-09-29 06206210 core:FurnitureFittings 2022-03-31 2023-09-29 06206210 core:FurnitureFittingsToolsEquipment 2022-03-31 2023-09-29 06206210 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 2023-09-29 06206210 core:LeaseholdImprovements 2022-03-31 2023-09-29 06206210 core:OfficeEquipment 2022-03-31 2023-09-29 06206210 core:PlantMachinery 2022-03-31 2023-09-29 06206210 1 2022-03-31 2023-09-29 06206210 countries:EnglandWales 2022-03-31 2023-09-29 06206210 2022-03-30 06206210 core:FurnitureFittings 2022-03-30 06206210 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-30 06206210 2021-03-31 2022-03-30 06206210 2022-03-30 06206210 core:CurrentFinancialInstruments 2022-03-30 06206210 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-30 06206210 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-30 06206210 core:FurnitureFittings 2022-03-30 06206210 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06206210

River Cottage Stores Limited

Unaudited Filleted Financial Statements

for the Period from 31 March 2022 to 29 September 2023

 

River Cottage Stores Limited

Contents

Statement of Financial Position

1 to 2

 

River Cottage Stores Limited

(Registration number: 06206210)
Statement of Financial Position as at 29 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

142

11,423

Current assets

 

Debtors

5

6,011

8,133

Cash at bank and in hand

 

6,566

447

 

12,577

8,580

Creditors: Amounts falling due within one year

6

(4,041,682)

(3,859,249)

Net current liabilities

 

(4,029,105)

(3,850,669)

Total assets less current liabilities

 

(4,028,963)

(3,839,246)

Creditors: Amounts falling due after more than one year

6

(16,667)

(31,667)

Net liabilities

 

(4,045,630)

(3,870,913)

Capital and reserves

 

Called up share capital

7

1,477

1,477

Share premium reserve

1,779,810

1,779,810

Profit and loss account

(5,826,917)

(5,652,200)

Shareholders' deficit

 

(4,045,630)

(3,870,913)

For the financial period ending 29 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

 

River Cottage Stores Limited

(Registration number: 06206210)
Statement of Financial Position as at 29 September 2023 (continued)


Mr S Dodd
Director

 

River Cottage Stores Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Park Farm
Trinity Hill Road
Axminster
Devon
EX13 8TB

Principal activity

The principal activity of the company is that of restaurateurs.

2

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

River Cottage Stores Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 September 2023 (continued)

2

Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis.

The principal factors considered by the directors in preparing the accounts on a going concern basis
were as follows:

Following the closure of the River Cottage Canteen in Axminster town centre in early 2022, RCSL has since reduced its trading responsibility and as of September 2022 has no further revenue source with all operations now centred in RCL at the company HQ at Park Farm. It is continuing as a going concern with the support of the group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

River Cottage Stores Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 September 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Leasehold property

10 years

Furniture, fixtures and fittings

20-25% straight line

Plant and machinery

10-33% straight line

Office equipment

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

River Cottage Stores Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 September 2023 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

River Cottage Stores Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 September 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 22 (2022 - 25).

4

Tangible assets

Leasehold land and buildings
£

Furniture, fixtures and fittings
£

Total
£

Cost or valuation

At 31 March 2022

479,984

315,512

795,496

At 29 September 2023

479,984

315,512

795,496

Depreciation

At 31 March 2022

478,684

305,389

784,073

Charge for the period

1,300

9,981

11,281

At 29 September 2023

479,984

315,370

795,354

Carrying amount

At 29 September 2023

-

142

142

At 30 March 2022

1,300

10,123

11,423

 

River Cottage Stores Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 September 2023 (continued)

5

Debtors

2023
£

2022
£

Amounts owed from group undertakings

5,000

5,000

Other debtors

1,011

3,133

6,011

8,133

 

River Cottage Stores Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 September 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

10,000

56,915

Trade creditors

10,900

21,227

Amounts owed to group undertakings

3,987,084

3,708,428

Taxation and social security

30,197

1,233

Accrued expenses

3,501

53,908

Other creditors

-

17,538

4,041,682

3,859,249

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

16,667

31,667

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.01 each

122,650

1,227

122,650

1,227

Ordinary A shares of £0.01 each

25,000

250

25,000

250

147,650

1,477

147,650

1,477

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

River Cottage Stores Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 September 2023 (continued)

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £Nil (2022 - £15,847), which represents amounts due under property operating leases and kitchen equipment leased.

10

Parent and ultimate parent undertaking

The company's immediate parent is River Cottage Holdings Limited, incorporated in England and Wales.