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Registration number: 04821666

River Cottage Limited

Unaudited Filleted Financial Statements

for the Period from 31 March 2022 to 29 September 2023

 

River Cottage Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

River Cottage Limited

(Registration number: 04821666)
Statement of Financial Position as at 29 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,828,532

2,928,050

Current assets

 

Stocks

5

39,203

22,786

Debtors

6

2,843,147

2,640,339

Cash at bank and in hand

 

732

13,241

 

2,883,082

2,676,366

Creditors: Amounts falling due within one year

7

(5,884,193)

(5,767,731)

Net current liabilities

 

(3,001,111)

(3,091,365)

Total assets less current liabilities

 

(172,579)

(163,315)

Creditors: Amounts falling due after more than one year

7

(1,784,677)

(1,362,866)

Net liabilities

 

(1,957,256)

(1,526,181)

Capital and reserves

 

Called up share capital

8

434,480

434,480

Share premium reserve

352,000

352,000

Profit and loss account

(2,743,736)

(2,312,661)

Shareholders' deficit

 

(1,957,256)

(1,526,181)

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 Limited

(Registration number: 04821666)
Statement of Financial Position as at 29 September 2023 (continued)


Mr S Dodd
Director

 

River Cottage 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 holding of events, country living and food production.

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.

Going concern

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

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 continued to support the business through the 22/23 financial year and reaffirmed his intentions, and is actively working with the Board and senior management team to support future growth initiatives.

 

River Cottage Limited

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

2

Accounting policies (continued)

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.

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.

 

River Cottage Limited

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

2

Accounting policies (continued)

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

Freehold buildings

2% straight line

Furniture,fittings and equipment

10%-50% 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.

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

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.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying
amount is reduced to its selling price less costs to complete and sell; the impairment loss is
recognised immediately in profit or loss.

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.

 

River Cottage Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 41 (2022 - 39).

4

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
£

Total
£

Cost or valuation

At 31 March 2022

3,311,921

634,247

3,946,168

Additions

-

22,241

22,241

At 29 September 2023

3,311,921

656,488

3,968,409

Depreciation

At 31 March 2022

455,888

562,230

1,018,118

Charge for the period

79,820

41,939

121,759

At 29 September 2023

535,708

604,169

1,139,877

Carrying amount

At 29 September 2023

2,776,213

52,319

2,828,532

At 30 March 2022

2,856,033

72,017

2,928,050

 

River Cottage Limited

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

5

Stocks

2023
£

2022
£

Goods for resale

39,203

22,786

6

Debtors

2023
£

2022
£

Trade debtors

-

9,155

Amounts due from group undertakings

2,811,390

2,608,588

Prepayments

31,757

22,596

2,843,147

2,640,339

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

362,664

486,226

Trade creditors

 

204,623

112,255

Amounts owed to group undertakings

12

514,577

514,577

Taxation and social security

 

133,199

76,910

Accruals and deferred income

 

394,714

736,104

Other creditors

 

4,274,416

3,841,659

 

5,884,193

5,767,731

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

1,784,677

1,362,866

 

River Cottage Limited

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

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.01 each

43,448,033

434,480

43,448,033

434,480

       

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

1,784,677

1,362,866

Current loans and borrowings

2023
£

2022
£

Bank borrowings

267,283

303,332

Bank overdrafts

95,381

182,894

362,664

486,226

Bank borrowings

The bank loan is denominated in £ with a nominal interest rate of 1.25% above base%, and the final instalment is due on 27 May 2033. The carrying amount at period end is £969,150 (2022 - £1,072,359).

The bank loans are secured by a fixed charge over the Company's freehold land and buildings, by a fixed and floating charge over all assets and undertakings of the Company and by a guarantee limited to £200,000 from River Cottage Partnerships Limited.

 

River Cottage Limited

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

10

Loans and borrowings (continued)

Other borrowings

The 3.5% fixed rate bond is denominated in £ with a nominal interest rate of 3.5%, and the final instalment is due on 23 February 2033. The carrying amount at period end is £540,747(2022 - £593,839).

The 8% fixed rate bond is denominated in £ with a nominal interest rate of 8%. The carrying amount at period end is £542,063(2022 - £Nil).

The fixed rate bond is secured by a fixed charge over the Company's freehold land and buildings, by a fixed and floating charge over all assets and undertakings of the Company, by £200,000 of joint and several guarantees from Mr H Fearnley-Whittingstall and Mr G Baring and by a guarantee limited to £200,000 from River Cottage Partnerships Limited.

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

5,419

5,419

Later than one year and not later than five years

1,806

9,935

7,225

15,354

The amount of non-cancellable operating lease payments recognised as an expense during the period was £Nil (2022 - £Nil).

12

Related party transactions

Transactions with directors

2023

At 31 March 2022
£

Advances to director
£

At 29 September 2023
£

(3,838,764)

(431,817)

(4,270,581)

       
     

 

2022

At 31 March 2021
£

Advances to director
£

At 30 March 2022
£

(3,580,000)

(258,764)

(3,838,764)

 

 

River Cottage Limited

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

13

Parent and ultimate parent undertaking

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