Redwood Pubs Limited Filleted accounts for Companies House (small and micro)

REDWOOD PUBS LIMITED - Company Information

15 false false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 158,875 158,875 158,875 158,875 xbrli:pure xbrli:shares iso4217:GBP SC455542 2022-09-01 2023-11-30 SC455542 2023-11-30 SC455542 2022-08-31 SC455542 2021-09-01 2022-08-31 SC455542 2022-08-31 SC455542 2021-08-31 SC455542 core:NetGoodwill 2022-09-01 2023-11-30 SC455542 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-01 2023-11-30 SC455542 core:FurnitureFittings 2022-09-01 2023-11-30 SC455542 bus:OrdinaryShareClass1 2022-09-01 2023-11-30 SC455542 bus:Director3 2022-09-01 2023-11-30 SC455542 core:NetGoodwill 2022-08-31 SC455542 core:LandBuildings 2022-08-31 SC455542 core:FurnitureFittings 2022-08-31 SC455542 core:LandBuildings 2023-11-30 SC455542 core:FurnitureFittings 2023-11-30 SC455542 core:LandBuildings 2022-09-01 2023-11-30 SC455542 core:WithinOneYear 2023-11-30 SC455542 core:WithinOneYear 2022-08-31 SC455542 core:AfterOneYear 2022-08-31 SC455542 core:UKTax 2022-09-01 2023-11-30 SC455542 core:UKTax 2021-09-01 2022-08-31 SC455542 core:ShareCapital 2023-11-30 SC455542 core:ShareCapital 2022-08-31 SC455542 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC455542 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC455542 1 2022-09-01 2023-11-30 SC455542 1 core:NetGoodwill 2022-09-01 2023-11-30 SC455542 core:AcceleratedTaxDepreciationDeferredTax 2022-08-31 SC455542 core:LandBuildings 2022-08-31 SC455542 core:FurnitureFittings 2022-08-31 SC455542 bus:SmallEntities 2022-09-01 2023-11-30 SC455542 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-11-30 SC455542 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-11-30 SC455542 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-11-30 SC455542 bus:FullAccounts 2022-09-01 2023-11-30 SC455542 bus:OrdinaryShareClass1 2023-11-30 SC455542 bus:OrdinaryShareClass1 2022-08-31 SC455542 core:AllAssociates 2022-09-01 2023-11-30

COMPANY REGISTRATION NUMBER: SC455542

Redwood Pubs Limited

Filleted Unaudited Financial Statements

30 November 2023

Redwood Pubs Limited

Statement of Financial Position

30 November 2023

	30 Nov 23		31 Aug 22
Note	£	£	£

Fixed assets

Tangible assets	7		664,304	2,270,397

Current assets

Stocks		15,000	25,474
Debtors	8	58,551	100,225
Cash at bank and in hand		20,577	89,564
		--------	---------
		94,128	215,263

Creditors: amounts falling due within one year	9	333,184		273,103
		---------		---------
Net current liabilities			239,056	57,840
			---------	------------
Total assets less current liabilities			425,248	2,212,557

Creditors: amounts falling due after more than one year	10		–	172,333

Provisions for liabilities

Deferred tax	–	50,663
	---------	------------
Net assets	425,248	1,989,561
	---------	------------

Redwood Pubs Limited

Statement of Financial Position (continued)

30 November 2023

	30 Nov 23		31 Aug 22
Note	£	£	£

Capital and reserves

Called up share capital	12	1,684	1,684
Profit and loss account		423,564	1,987,877
		---------	------------
Shareholders funds		425,248	1,989,561
		---------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 30 November 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 financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 29 April 2024 , and are signed on behalf of the board by:

Mr J Rollo

Director

Company registration number: SC455542

Redwood Pubs Limited

Notes to the Financial Statements

Period from 1 September 2022 to 30 November 2023

1. General information

The company is a private company limited by shares, registered in Scotland. The trading address of the company is The Boars Rock, 168 Arbroath Road, Dundee, DD4 7PY

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

During the period the company sold a number of properties in order to reduce secured debt, following which the directors have assessed that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

Consolidation

The company is a wholly owned subsidiary undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements present information about the company as an individual undertaking.

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.

Revenue recognition

The turnover represents amounts charged to customers net of returns and allowances (excluding VAT) for sales of food and beverage items and the use of pub facilities during the year. Turnover is recognised at the point of sale. The other operating income represents amounts charged in respect of rent for both commercial and residential property (excluding VAT).

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% reducing balance
Fixture and fittings	-	33% straight line

Impairment of fixed assets

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.

Stocks

Stocks are valued at the lower of cost and net realisable value.

Government grants

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. 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 15 (2022: 18 ).

5. Tax on (loss)/profit

Major components of tax (income)/expense

	Period from
	1 Sep 22 to	Year to
	30 Nov 23	31 Aug 22
	£	£

Current tax:

UK current tax (income)/expense	( 9,175)	20,481
Adjustments in respect of prior periods	( 207)	–
	-------	--------
Total current tax	( 9,382)	20,481
	-------	--------

Deferred tax:

Origination and reversal of timing differences	( 50,663)	( 541)
	--------	--------
Tax on (loss)/profit	( 60,045)	19,940
	--------	--------

6. Intangible assets

	Goodwill
	£
Cost
At 1 September 2022	158,875
Additions	–
Disposals of previously acquired businesses	( 158,875)
	---------
At 30 November 2023	–
	---------
Amortisation
At 1 September 2022	158,875
Charge for the period	–
Disposals of previously acquired businesses	( 158,875)
	---------
At 30 November 2023	–
	---------
Carrying amount
At 30 November 2023	–
	---------
At 31 August 2022	–
	---------

7. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 September 2022	2,666,655	27,450	2,694,105
Additions	–	3,500	3,500
Disposals	( 1,624,183)	–	( 1,624,183)
	------------	--------	------------
At 30 November 2023	1,042,472	30,950	1,073,422
	------------	--------	------------
Depreciation
At 1 September 2022	396,841	26,867	423,708
Charge for the period	15,699	2,042	17,741
Disposals	( 242,388)	–	( 242,388)
Impairment losses	210,057	–	210,057
	------------	--------	------------
At 30 November 2023	380,209	28,909	409,118
	------------	--------	------------
Carrying amount
At 30 November 2023	662,263	2,041	664,304
	------------	--------	------------
At 31 August 2022	2,269,814	583	2,270,397
	------------	--------	------------

8. Debtors

	30 Nov 23	31 Aug 22
	£	£
Trade debtors	25,652	67,631
Other debtors	32,899	32,594
	--------	---------
	58,551	100,225
	--------	---------

9. Creditors: amounts falling due within one year

	30 Nov 23	31 Aug 22
	£	£
Bank loans and overdrafts	24,686	47,000
Trade creditors	99,112	106,631
Amounts owed to associated companies	85,855	65,025
Corporation tax	12,886	20,481
Social security and other taxes	66,769	18,200
Other creditors	43,876	15,766
	---------	---------
	333,184	273,103
	---------	---------

10. Creditors: amounts falling due after more than one year

	30 Nov 23	31 Aug 22
	£	£
Bank loans and overdrafts	–	172,333
	----	---------

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	30 Nov 23	31 Aug 22
	£	£
Included in provisions for liabilities	–	50,663
	----	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	30 Nov 23	31 Aug 22
	£	£
Accelerated capital allowances	–	50,663
	----	--------

12. Called up share capital

Issued, called up and fully paid

	30 Nov 23		31 Aug 22
	No.	£	No.	£
Ordinary shares of £ 0.01 each	168,361	1,684	168,361	1,684
	---------	-------	---------	-------

13. Related party transactions

Throughout the period, the company transferred and received funds from related parties and at the period end, the amount due to these related parties was £85,855 (2022 - £65,025). During the period the company paid £237,500 (2022 - £145,000) in management charges to its ultimate parent company.

14. Controlling party

The company is under the control of John Rollo and Karen Rollo who are the owners of the ultimate parent company, Rollo Pub Holdings Limited. Rollo Pub Holdings Limited is registered in Scotland at Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.