Registration number:
River Cottage Limited
for the Year Ended 29 September 2024
River Cottage Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
River Cottage Limited
(Registration number: 04821666)
Statement of Financial Position as at 29 September 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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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 |
434,480 |
434,480 |
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Share premium reserve |
352,000 |
352,000 |
|
Profit and loss account |
(2,831,093) |
(2,743,736) |
|
Shareholders' deficit |
(2,044,613) |
(1,957,256) |
For the financial year ending 29 September 2024 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. |
Approved and authorised by the
River Cottage Limited
(Registration number: 04821666)
Statement of Financial Position as at 29 September 2024 (continued)
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River Cottage Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024
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 holding of events, country living and food production.
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 Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024 (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.
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 |
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.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website costs |
3 years straight line |
River Cottage Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024 (continued)
2 |
Accounting policies (continued) |
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
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 year, was
River Cottage Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024 (continued)
Intangible assets |
Website cost |
Total |
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Cost or valuation |
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Additions internally developed |
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At 29 September 2024 |
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Amortisation |
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Amortisation charge |
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At 29 September 2024 |
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Carrying amount |
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At 29 September 2024 |
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Tangible assets |
Freehold land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 30 September 2023 |
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Additions |
- |
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At 29 September 2024 |
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Depreciation |
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At 30 September 2023 |
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Charge for the year |
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At 29 September 2024 |
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Carrying amount |
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At 29 September 2024 |
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At 29 September 2023 |
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River Cottage Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024 (continued)
Stocks |
2024 |
2023 |
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Goods for resale |
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Debtors |
2024 |
2023 |
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Trade debtors |
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- |
Amounts due from group undertakings |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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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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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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River Cottage Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £0.01 each |
43,448,033 |
434,480 |
43,448,033 |
434,480 |
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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Bank borrowings
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 Year Ended 29 September 2024 (continued)
11 |
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 year end is £506,428 (2023 - £540,747). 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. |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2023 - £Nil).
Related party transactions |
Transactions with directors |
2024 |
At 30 September 2023 |
Advances to director |
At 29 September 2024 |
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( |
( |
( |
2023 |
At 31 March 2022 |
Advances to director |
At 29 September 2023 |
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( |
( |
( |
River Cottage Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 September 2024 (continued)
Parent and ultimate parent undertaking |
The company's immediate parent is
16 Earnings before interest, taxes, depreciation and amortisation
The company's EBITDA is £148,587 (2024: (£149,874)).