Registration number:
River Cottage Stores Limited
for the Period from 31 March 2022 to 29 September 2023
River Cottage Stores Limited
(Registration number: 06206210)
Statement of Financial Position as at 29 September 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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 |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
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Called up share capital |
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:
• |
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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 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
River Cottage Stores Limited
(Registration number: 06206210)
Statement of Financial Position as at 29 September 2023 (continued)
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River Cottage Stores Limited
Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of restaurateurs.
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Tangible assets |
Leasehold land and buildings |
Furniture, fixtures and fittings |
Total |
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Cost or valuation |
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At 31 March 2022 |
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At 29 September 2023 |
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Depreciation |
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At 31 March 2022 |
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Charge for the period |
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At 29 September 2023 |
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Carrying amount |
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At 29 September 2023 |
- |
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At 30 March 2022 |
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River Cottage Stores Limited
Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 September 2023 (continued)
Debtors |
2023 |
2022 |
|
Amounts owed from group undertakings |
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Other debtors |
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|
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River Cottage Stores Limited
Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 September 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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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 owed to group undertakings |
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Taxation and social security |
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Accrued expenses |
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Other creditors |
- |
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Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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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 |
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|
|
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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)
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 - £
Parent and ultimate parent undertaking |
The company's immediate parent is