REDS RESTAURANTS LIMITED

Company Registration Number:
12744884 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2022

Period of accounts

Start date: 01 January 2022

End date: 31 December 2022

REDS RESTAURANTS LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Balance sheet
Notes

REDS RESTAURANTS LIMITED

Balance sheet

As at 31 December 2022


Notes

2022

2021


£

£
Current assets
Stocks: 34,501 36,185
Debtors: 3 585,055 562,273
Cash at bank and in hand: 79,386 382,597
Total current assets: 698,942 981,055
Creditors: amounts falling due within one year: 4 (1,184,687) (1,058,343)
Net current assets (liabilities): (485,745) (77,288)
Total assets less current liabilities: (485,745) (77,288)
Total net assets (liabilities): (485,745) (77,288)
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (485,746) (77,289)
Shareholders funds: (485,745) (77,288)

The notes form part of these financial statements

REDS RESTAURANTS LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 04 April 2024
and signed on behalf of the board by:

Name: A Mellor
Status: Director

The notes form part of these financial statements

REDS RESTAURANTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents amounts recognised by the company in respect of goods and services supplied, exclusive of value added tax and trade discounts. Turnover principally consists of food and drink sales.

Other accounting policies

Government grants:Government grants are recognised on the accrual model and are measured at fair value of the asset receivable. Grants are classified as relating either to other income or to assets. Grants related to other income are recognised in profit or loss over the period in which the related costs are recognised. Grants relating to assets are recognised 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.Stocks:Stocks are stated at the lower of cost and estimated selling price less costs to compete and sell. Cost is based on the first-in-first-out principle and includes expenditure in acquiring the stocks, product or conversion costs and other costs in bringing them to their existing location and condition.Pension costs and other post-retirement benefits:The obligations for contributions to defined contribution scheme are recognised as an expense incurred. The assets of the scheme are held separately from those of the company in an independent administered fund.Taxation:Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.Current or deferred taxation assets and liabilities are not discounted.Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.Deferred tax:Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.Hire purchase and leasing commitments:Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.Trade and other debtors:Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.Trade and other creditors:Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.Cash and cash equivalents:Cash and cash equivalents comprises of cash at bank. Bank borrowings and overdrafts are included in creditors.

REDS RESTAURANTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

2. Employees

2022 2021
Average number of employees during the period 55 58

REDS RESTAURANTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Debtors

Debtors: Amounts falling due within one year: Trade debtors - £4,155 (2021 - £16,607) Amounts owed by group undertakings £42,779 (2021 - £25,001) Other debtors - £8,349 (2021 - £8,712) Tokyo debtors - £406,242 (2021 - £457,043) Prepayments - £123,530 (2021 - £54,910) Total - £585,055 (2021 - £562,273)

REDS RESTAURANTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Creditors: amounts falling due within one year note

Creditors: Amounts falling due within one year: Trade creditors - £275,161 (2021 - £94,487)Social security and other taxes - £65,793 (2021 - £39,796)VAT - £139,036 (2021 - £117,057)Other creditors - £106,851 (2021 - £140,133)Tokyo Creditors - £Nil (2021 - £403,876)Accruals and deferred income - £597,846 (2021 - £262,994)Total - £1,184,687 (2021 - £1,058,343)

REDS RESTAURANTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Related party transactions

Ultimate controlling party:The ultimate controlling party is Mr A Mellor, a director of the ultimate parent company by virtue of their controlling interest in the ultimate parent, True Barbecue Limited.The parent company of the largest and smallest group is True Barbecue Limited, incorporated in England and Wales whose registered office is 1 City Road East, Manchester, M15 4PN.