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Registered number: 07793587









RED OAK TAVERNS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
RED OAK TAVERNS LIMITED
 
 
COMPANY INFORMATION


Directors
Mark Grunnell 
Richard Beenstock 




Registered number
07793587



Registered office
Gamma 5a
1-5 West Road

Ipswich

Suffolk

IP3 9FF





 
RED OAK TAVERNS LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12 - 13
Statement of changes in equity
14 - 16
Statement of cash flows
17 - 18
Analysis of net debt
19
Notes to the financial statements
20 - 37


 
RED OAK TAVERNS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The accounts of Red Oak Taverns Ltd for the year ended 31 December 2024 reflect another year of strong performance for the Company, delivered against a backdrop of ongoing economic uncertainty and persistent cost-of-living pressures. Despite these external challenges, the business has continued to perform well, underpinned by careful financial management, operational resilience, and a continued focus on delivering value.
We have maintained our commitment to investing in our existing portfolio, supporting our tenants, and growing the business through targeted acquisitions. These efforts reinforce our long-term strategy to build a robust and sustainable pub estate while adapting to changing market conditions. 

Business review
 
Sales of the Company reached a record level of £23.5 million, representing an increase of £4 million, 21% compared to 2023. This growth contributed to the operating margin (adjusted for disposals of assets) of 34%, up from 33% in the prior year.
A key factor driving the increase in sales was the continued investment in our estate, with £2.9 million spent on maintenance and capital expenditure. In addition, we strengthened our partnerships with tenants to support and enhance operational performance. During the year, the Company acquired 19 high-quality sites for £12.6 million and disposed of 9 underperforming assets as part of an ongoing strategy to optimise the portfolio.
Additionally, the Euro Championships during the summer of 2024 provided a significant boost to trade across our estate. Many pubs experienced increased customer visits and higher sales volumes on match days, which positively impacted overall revenues for the year. The Company actively supported this through targeted marketing and event programming in partnership with tenants.
Cost control remained a priority, with ongoing efforts to improve operational efficiencies and manage supplier relationships closely. These initiatives helped mitigate inflationary pressures and support profitability.
Loss for the year before taxation was £45k. After a deferred tax movement of £119k, the net profit for the year was £75k.

Page 1

 
RED OAK TAVERNS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
The principal risks and uncertainties facing the Company are set out below and are monitored on an ongoing basis by management, who meet regularly to assess and respond to changes in the external and internal risk environment.
 
Although inflationary pressures have eased compared to the previous year, costs across food, drink, energy, and wages remain elevated relative to historical norms. Labour costs in particular have risen due to increases in the National Minimum Wage and National Insurance contributions. The Company continues to support its tenants and invest in the business to maintain long-term resilience and quality of service.
The primary risk continues to be the broader global economic uncertainty and its effect on consumer confidence and spending patterns. While socialising and hospitality remain core aspects of UK culture, changes in consumer behaviour — particularly in response to cost-of-living pressures — may impact trading performance. These trends are closely monitored through the production of monthly management accounts and regular board oversight.
 
The ongoing conflicts in Ukraine and the Middle East (including Gaza) present continued geopolitical risk, with potential macroeconomic consequences such as commodity price volatility, supply chain disruption, and impacts on energy and inflation levels. Interest rates also remain a concern, with elevated borrowing costs affecting both business investment and consumer spending power.
Despite these uncertainties, the Company remains well positioned to manage potential economic challenges, underpinned by its strong reserves, prudent financial management, and a continued focus on cost control and operational efficiency.

Financial key performance indicators
 
Volume data in relation to barrelage is closely monitored with all sites reviewed on a regular basis and comparison to prior months and prior years discussed. Where required, any large variances are investigated and rectified by discussion with the tenant partner.
Capital expenditure is an important part of the company’s outlook and strategy with the aim of supporting tenants and investing in the portfolio. This in turn will lead to higher rents, stronger covenant and better tenants. This is reported monthly to the Board with an analysis of historic capital expenditure analysed and future pipelines discussed. 
House EBITDA - we closely monitor our House EBITDA performance. This is reviewed in monthly meetings with the operational and the senior management team and we regularly compare to previous years and our Budget to ensure the required growth is being achieved from each site and the estate as a whole.

Page 2

 
RED OAK TAVERNS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Other key performance indicators
 
Closed sites are regularly reviewed with both the financial impact of the site considered, the length of time it has been closed and the option to dispose of the site. Closed sites represent both a loss of income and an extra cost to the company with security costs and empty business rates and therefore the Company policy is to keep these to an absolute minimum.
Agreement types with tenants are also reviewed on a regular basis.  The aim of the company is to reduce the number of short term ‘tenancies at will’ that are in place at any one time with more substantive lease and tenancy agreements considered to be a better long term income stream for the Company. 
As at the end of 2024, the Company’s net assets stood at £37.3 million, representing a slight decrease compared to December 2023. This was partly driven by the disposal of certain assets at values below their net book value. These lower-performing assets were sold to help fund the acquisition of 19 higher-quality pubs during the year.
The Company's net current liabilities increased from £149k in 2023 to £3.1 million in 2024. This movement is partly attributable to a £2.9 million loan facility that falls due in 2025, which has been reclassified as a current liability. Despite this increase, the Group maintains a strong financial position, supported by cash reserves of £1.8 million and total bank borrowings amounting to £76.8 million. 
Finally, I have the pleasurable task yet again to thank all the executives and employees of the Red Oak Taverns Group for their hard work and achievements during the year and I am delighted to be able to express my appreciation for their efforts.


This report was approved by the board on 27 June 2025 and signed on its behalf.



................................................
Mark Grunnell
Director

Page 3

 
RED OAK TAVERNS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £74,618 (2023 - £4,695,540).

There was a dividend of £200,000 (2023: £200,000) declared in the company and paid to the ultimate parent company. 

Directors

The directors who served during the year were:

Mark Grunnell 
Richard Beenstock 

Future developments

The company will continue to invest in its portfolio and look to make strategic acquisitions that will enable the company to grow over the coming years.

Page 4

 
RED OAK TAVERNS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsBKL Audit LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 June 2025 and signed on its behalf.
 





................................................
Mark Grunnell
Director

Page 5

 
RED OAK TAVERNS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED OAK TAVERNS LIMITED
 

Opinion


We have audited the financial statements of RED OAK TAVERNS LIMITED (the 'Company') for the year ended 31 December 2024, which comprise the Profit and loss account, the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
RED OAK TAVERNS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED OAK TAVERNS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
RED OAK TAVERNS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED OAK TAVERNS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
enquiring of management as to the Company’s policies and procedures to prevent and detect fraud as       well as enquiring whether management have knowledge of any actual, suspected or alleged fraud;
• reading minutes of meetings of those charged with governance; and
• using analytical procedures to identify any unusual or unexpected relationships.
As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because the Company’s revenue streams are simple in nature with respect to accounting policy choice, and are easily verifiable to external data sources or agreements with little or no requirement for estimation from management. We did not identify any additional fraud risks.
We performed procedures including
• Identifying journal entries and other adjustments to test based on risk criteria and comparing any identified  entries to supporting documentation; and
• incorporating an element of unpredictability in our audit procedures.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience and through discussion with management (as required by auditing standards), and discussed with management the policies and procedures regarding compliance with laws and regulations.
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
The Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of litigation or impacts on the Company’s ability to operate. We identified company law as being the area most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
Page 8

 
RED OAK TAVERNS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED OAK TAVERNS LIMITED (CONTINUED)


material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. 
In addition, as with any audit, there remains a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Jake Lew (Senior statutory auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
35 Ballards Lane
London
N3 1XW

27 June 2025
Page 9

 
RED OAK TAVERNS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
23,494,927
19,471,495

Cost of sales
  
(8,534,996)
(6,579,479)

Gross profit
  
14,959,931
12,892,016

  

Administrative expenses
  
(7,075,457)
(6,527,756)

Other operating income
 5 
(821,267)
536,677

Fair value movements
  
-
7,869,380

Exceptional items
  
-
(1,747,214)

Operating profit
  
7,063,207
13,023,103

  

  

Other interest receivable and similar income
 8 
-
20,768

Interest payable and similar charges
 9 
(7,108,017)
(6,325,897)

(Loss)/profit before taxation
  
(44,810)
6,717,974

Tax on (loss)/profit
 10 
119,428
(2,022,434)

Profit for the financial year
  
74,618
4,695,540

The notes on pages 20 to 37 form part of these financial statements.

Page 10

 
RED OAK TAVERNS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£


(Loss)/profit for the financial year

  

74,618
4,695,540

Other comprehensive income
  


Unrealised surplus/(deficit) on revaluation of tangible fixed assets
  
-
(50,000)

Removal of deferred tax relating to the disposal of land and buildings
  
88,392
-

Other comprehensive income for the year
  
88,392
(50,000)

Total comprehensive income for the year
  
163,010
4,645,540

The notes on pages 20 to 37 form part of these financial statements.

Page 11

 
RED OAK TAVERNS LIMITED
REGISTERED NUMBER: 07793587

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
8,254,096
6,348,070

Investments
 14 
869,471
869,471

Investment property
 15 
111,013,576
101,809,011

  
120,137,143
109,026,552

Current assets
  

Stocks
 16 
72,294
54,241

Debtors: amounts falling due within one year
 17 
4,069,667
5,834,807

Cash at bank and in hand
 18 
1,765,935
1,547,252

  
5,907,896
7,436,300

Creditors: amounts falling due within one year
 19 
(9,016,746)
(7,585,520)

Net current liabilities
  
 
 
(3,108,850)
 
 
(149,220)

Total assets less current liabilities
  
117,028,293
108,877,332

Creditors: amounts falling due after more than one year
 20 
(73,818,072)
(65,422,301)

Provisions for liabilities
  

Deferred tax
 23 
(5,870,710)
(6,078,530)

  
 
 
(5,870,710)
 
 
(6,078,530)

Net assets
  
37,339,511
37,376,501


Capital and reserves
  

Called up share capital 
 24 
12,287,086
12,287,086

Share premium account
  
594,000
594,000

Revaluation reserve
  
1,529,990
1,439,033

Capital redemption reserve
  
25,000
25,000

Investment property reserve
  
20,217,102
20,931,517

Profit and loss account
  
2,686,333
2,099,865

  
37,339,511
37,376,501


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 June 2025.




................................................
Mark Grunnell
Page 12

 
RED OAK TAVERNS LIMITED
REGISTERED NUMBER: 07793587
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

Director

The notes on pages 20 to 37 form part of these financial statements.

Page 13
 

 
RED OAK TAVERNS LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£
£


At 1 January 2024
12,287,086
594,000
25,000
1,439,033
20,931,517
2,099,865
37,376,501



Comprehensive income for the year


Profit for the year

-
-
-
-
-
74,618
74,618


Realised gain on disposal of land and buildings
-
-
-
(353,566)
-
353,566
-


Deferred tax transfer from retained earnings
-
-
-
88,392
119,428
(119,428)
88,392



Other comprehensive income for the year
-
-
-
(265,174)
119,428
234,138
88,392



Total comprehensive income for the year
-
-
-
(265,174)
119,428
308,756
163,010



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
-
(200,000)
(200,000)


Revaluation gain adjustment on internal  properties transferred  between classes
-
-
-
356,131
(356,131)
-
-


Realised gain on disposal of investment properties
-
-
-
-
(477,712)
477,712
-



Total transactions with owners
-
-
-
356,131
(833,843)
277,712
(200,000)



At 31 December 2024
12,287,086
594,000
25,000
1,529,990
20,217,102
2,686,333
37,339,511



The notes on pages 20 to 37 form part of these financial statements.

Page 14

 

 
RED OAK TAVERNS LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£
£


At 1 January 2023
12,312,086
594,000
-
1,226,598
15,800,670
3,008,336
32,941,690



Comprehensive income for the year


Profit for the year

-
-
-
-
-
4,695,540
4,695,540


Deferred tax on revaluation of freehold property
-
-
-
-
-
2,067,345
2,067,345


Fair value adjustments
-
-
-
-
-
(7,869,380)
(7,869,380)


Realised gain on disposal of investment properties
-
-
-
(50,000)
7,869,380
-
7,819,380


Deferred tax on revaluation of freehold property
-
-
-
-
(2,067,345)
-
(2,067,345)



Other comprehensive income for the year
-
-
-
(50,000)
5,802,035
(5,802,035)
(50,000)



Total comprehensive income for the year
-
-
-
(50,000)
5,802,035
(1,106,495)
4,645,540



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
-
(200,000)
(200,000)


Purchase of own shares
-
-
25,000
-
-
(10,729)
14,271


Shares redeemed during the year
(25,000)
-
-
-
-
-
(25,000)


Revaluation gain adjustment on internal 
properties transferred between classes
-
-
-
262,435
(262,435)
-
-


Realised gain on disposal of investment properies
-
-
-
-
(408,753)
408,753
-



Total transactions with owners
(25,000)
-
25,000
262,435
(671,188)
198,024
(210,729)



At 31 December 2023
12,287,086
594,000
25,000
1,439,033
20,931,517
2,099,865
37,376,501
Page 15

 

 
RED OAK TAVERNS LIMITED


 


STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023




The notes on pages 20 to 37 form part of these financial statements.

Page 16
 
RED OAK TAVERNS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
74,618
4,695,540

Adjustments for:

Depreciation of tangible assets
521,871
405,732

Loss/(profit) on disposal of tangible assets
821,267
(536,677)

Interest paid
7,108,017
6,325,897

Interest received
-
(20,768)

Taxation charge
(89,428)
2,022,434

(Increase) in stocks
(18,053)
(18,589)

Decrease/(increase) in debtors
790,142
(1,809,450)

Decrease in amounts owed by groups
436,560
400,360

(Decrease)/increase in creditors
(1,657,828)
3,091,514

Increase in amounts owed to groups
200,000
200,000

Net fair value losses/(gains) recognised in P&L
-
(7,869,380)

Corporation tax received
538,438
14,911

Net cash generated from operating activities

8,725,604
6,901,524


Cash flows from investing activities

Purchase of tangible fixed assets
(1,487,571)
(1,254,964)

Sale of land and building
290,000
-

Purchase of investment properties
(13,637,762)
(13,594,521)

Sale of investment properties
1,566,401
2,881,390

Interest received
-
20,768

Sales of furniture/fittings
465,854
308,691

Net cash from investing activities

(12,803,078)
(11,638,636)

Cash flows from financing activities

Purchase of ordinary shares
-
(10,729)

New secured loans
13,077,698
12,010,217

Repayment of loans
(1,563,000)
(1,528,798)

Dividends paid
(200,000)
(200,000)

Interest paid
(7,018,541)
(6,325,897)

Net cash used in financing activities
4,296,157
3,944,793

Net increase/(decrease) in cash and cash equivalents
218,683
(792,319)

Cash and cash equivalents at beginning of year
1,547,252
2,339,571

Cash and cash equivalents at the end of year
1,765,935
1,547,252


Cash and cash equivalents at the end of year comprise:
Page 17

 
RED OAK TAVERNS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£


Cash at bank and in hand
1,765,935
1,547,252

1,765,935
1,547,252


The notes on pages 20 to 37 form part of these financial statements.

Page 18

 
RED OAK TAVERNS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,547,252

218,683

1,765,935

Debt due after 1 year

(65,422,301)

(8,395,771)

(73,818,072)

Debt due within 1 year

-

(2,937,000)

(2,937,000)


(63,875,049)
(11,114,088)
(74,989,137)

The notes on pages 20 to 37 form part of these financial statements.

Page 19

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Red Oak Taverns Limited is a company limited by shares incorporated in England and Wales. The company's registered office is Gamma 5a, 1-5 West Road, Ipswich, Suffolk, England, IP3 9FF. The company's main activity is that of a property investment company and a pub operator.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover consists of rental income, income generated from machines within the pubs and income generated from the pub operations including beverage sales. 

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 20

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 21

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line
Plant and machinery
-
10 years straight line
Fixtures and fittings
-
10 years straight line
Other fixed assets
-
10 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 22

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Page 23

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the
Page 24

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 25

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. 
Impairment of trade debtors
An impairment loss is recognised when there is objective evidence that a financial assets is impaired. Management specifically reviews its trade debtor assets and analyses historical bad debts, customer creditworthiness and current economic trends when making a judgement to evaluate the adequacy of the allowance for impairment losses. Where there is objective evidence of impairment, the carrying amount is adjusted accordingly.
Valuation of investment properties
Properties held as investment property are measured at fair value reflecting market conditions at the balance sheet date. Gains and losses arising from changes in the fair value of investment property are recognised in the income statement in the period in which they arise. Fair values are determined based on an annual revaluation by external valuers.
Impairment of property, plant, equipment
Property, plant and equipment is reviewed for impairment if there are any indicators to suggest that the carrying amount may not be recoverable. Recoverable amounts are determined based on value-in-use calculations and fair values. Where fair values have been used these are derived from known sales proceeds or an external valuation. 


4.


Turnover

All turnover arose within the United Kingdom.

The company generates turnover from rental income, income from the management of its own sites, wet income and machine income. A segmental analysis of turnover, operating profit and net assets has not been disclosed, as in the opinion of the directors, such disclosure would be seriously prejudicial to the company's interests.

Page 26

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Other operating income

2024
2023
£
£

Profit / (Loss) on disposal of fixed assets
(821,267)
536,677

(821,267)
536,677



6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
53,800
60,000


7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,821,610
1,393,763

Other retirement benefit costs
-
-

1,821,610
1,393,763


All directors are paid a salary from Red Oak Taverns Group Holdings and Red Oak Group Taverns Topco Limited.

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Operations
29
28



Management
3
4



Administration
1
1

33
33

Page 27

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Interest receivable

2024
2023
£
£


Other interest receivable
-
20,768

-
20,768


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
7,108,017
6,325,897

7,108,017
6,325,897


10.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(44,911)


-
(44,911)


Total current tax
-
(44,911)

Deferred tax


Origination and reversal of timing differences
(119,428)
2,067,345

Total deferred tax
(119,428)
2,067,345


Tax on (loss)/profit
(119,428)
2,022,434
Page 28

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(44,810)
6,717,974


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(11,203)
1,276,415

Effects of:


Non-tax deductible amortisation of goodwill and impairment and depreciation
-
77,089

Capital allowances for year in excess of depreciation
-
715,809

Adjustment to profit/loss on disposal of fixed assets
13,806
(101,968)

Adjustments to tax charge in respect of prior periods
-
(44,911)

Deferred tax provision
(119,428)
2,067,345

Other differences leading to an increase (decrease) in the tax charge
(10,310)
-

Tax on unrealiased gain on revaluation
7,707
(1,967,345)

Total tax charge for the year
(119,428)
2,022,434


Factors that may affect future tax charges

From 1 April 2023, the main rate of corporation tax increased from 19% to 25% for companies in excess of £250,000 and a new 19% small profits rate of corporation tax was introduced for companies whose profits do not exceed 50,000 pounds sterling (GBP).


11.


Dividends

2024
2023
£
£


Dividends paid
200,000
200,000

200,000
200,000

Page 29

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Exceptional items

2024
2023
£
£


Exceptional items - Loan fees written off due to refinance of the business in December 2023
-
1,747,214

-
1,747,214


13.


Tangible fixed assets





Freehold property
Furniture, Fixtures and fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
3,430,000
4,786,657
154,703
40,000
8,411,360


Additions
-
1,476,166
11,405
-
1,487,571


Disposals
(720,000)
(502,871)
-
-
(1,222,871)


Transfers between classes
2,148,197
-
-
-
2,148,197



At 31 December 2024

4,858,197
5,759,952
166,108
40,000
10,824,257



Depreciation


At 1 January 2024
233,800
1,758,556
42,934
28,000
2,063,290


Charge for the year on owned assets
55,613
435,588
12,150
4,000
507,351


Disposals
(480)
-
-
-
(480)



At 31 December 2024

288,933
2,194,144
55,084
32,000
2,570,161



Net book value



At 31 December 2024
4,569,264
3,565,808
111,024
8,000
8,254,096



At 31 December 2023
3,196,200
3,028,101
111,769
12,000
6,348,070

Page 30

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           13.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold property
4,569,264
3,196,200

4,569,264
3,196,200



14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
869,471



At 31 December 2024
869,471





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Holding

Red Oak Taverns Acquisitions Limited
Gamma 5a, 1-5 West Road, Ipswich, Suffolk, England, IP3 9FF
100%
Bath & Stratford Homes Limited
Gamma 5a, 1-5 West Road, Ipswich, Suffolk, England, IP3 9FF
100%
Bath & Stratford Homes (TC) Limited
Gamma 5a, 1-5 West Road, Ipswich, Suffolk, England, IP3 9FF
100%

Page 31

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Red Oak Taverns Acquisitions Limited
5,178,749
569,966

Bath & Stratford Homes Limited
(26,673)
-

Bath & Stratford Homes (TC) Limited
(600,332)
-

Page 32

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
101,809,011


Additions at cost
13,637,762


Disposals
(2,360,000)


Surplus on revaluation
75,000


Transfers intra group
(2,148,197)



At 31 December 2024
111,013,576

The 2024 valuations were made by Fleurets, a firm of Chartered Surveyors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 January 2024
20,931,517
15,800,670

Net surplus (deficit) in movement of properties
(714,415)
5,130,847

At 31 December 2024
20,217,102
20,931,517



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
85,000,984
74,367,705

85,000,984
74,367,705


16.


Stocks

2024
2023
£
£

Finished goods and goods for resale
72,294
54,241

72,294
54,241


Page 33

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Debtors

2024
2023
£
£


Trade debtors
752,780
616,281

Amounts owed by group undertakings
2,648,082
3,084,642

Other debtors
39,051
1,645,020

Prepayments and accrued income
629,754
488,864

4,069,667
5,834,807



18.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,765,935
1,547,252

1,765,935
1,547,252



19.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank Loans
2,937,000
-

Trade creditors
1,506,642
1,764,949

Amounts owed to group undertakings
850,000
650,000

Taxation and social security
547,767
268,452

Other creditors
1,435,959
3,495,683

Accruals
1,486,393
1,166,149

Deferred income
252,985
240,287

9,016,746
7,585,520


Page 34

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
73,818,072
65,422,301


The following liabilities were secured:

2024
2023
£
£



1-2 years
1,000,000
500,000

2-5 years
72,818,072
64,922,301

73,818,072
65,422,301

Details of security provided:

The Bank loan is secured by way of fixed and floating charges over the land and buildings and the investment properties held in all Red Oak Group companies.


21.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
2,937,000
-


2,937,000
-

Amounts falling due 1-2 years

Bank loans
1,000,000
500,000


1,000,000
500,000

Amounts falling due 2-5 years

Bank loans
72,818,072
64,922,301


At 31 December 2024
76,755,072
65,422,301


Page 35

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,765,935
1,547,252




Financial assets measured at fair value through profit or loss comprise cash at bank.


23.


Deferred taxation




2024


£






At beginning of year
6,078,530


Charged to profit or loss and revaluation reserve
207,820



At end of year
5,870,710

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Gain on revaluation of properties
5,870,710
6,078,530

5,870,710
6,078,530

The decrease in the deferred tax was due to the release of the unrealised gains recognised in previous years on land and buildings and investment property sold in the current year at a rate of  25%.


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



12,206,086 (2023 - 12,206,086) Ordinary shares of £1.00 each
12,206,086
12,206,086
600,000 (2023 - 600,000) Preference shares of £0.01 each
6,000
6,000
75,000 (2023 - 75,000) Preference shares of £1.00 each
75,000
75,000

12,287,086

12,287,086


Page 36

 
RED OAK TAVERNS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Capital commitments

At 31 December 2024, the company had no capital commitments.


26.


Transactions with directors

The Directors neither made nor received advances, credits or guarantees during the period ended 31 December 2024 (2023 - £Nil).


27.


Related party transactions

During the year, the company incurred consultancy fees of £467,356 (2023: £440,120) from Red Oak Capital Partners LLP (ROCP), an entity in which Mark Grunnell is a member. There is a fee owed by Red Oak Taverns Limited to ROCP totalling £310,000 (2023: £310,000) owing at year end relating to the financing of the group.  
At 31 December 2024, the company had the following intra group balances:
Owing from:
- Red Oak Taverns Group Topco Limited £198,585 (2023: £198,585) 
- Red Oak Taverns Acquisitions Limited £1,184,214 (2023: £1,770,566) 
- Red Oak Taverns Group Holdings Limited £639,564 (2023: £489,772)
- Red Oak Taverns Holdings Limited £4,000 (2023: £4,000)
- Red Oak Taverns Intermediary Limited £8,953 (2023: £8,953)
- Bath & Stratford Homes Limited £26,673 (2023: £26,673)
- Bath & Stratford Homes (TC) Limited £586,093 (2023: £586,093)
Owed to:
- Red Oak Taverns Finance Limited £850,000 (2023: £650,000)
All the above balances relate to payments made by Red Oak Taverns Limited on behalf of its group companies or dividends declared over the previous years. There are no other intra group transactions that require disclosure.


28.


Controlling party

The ultimate parent company is Red Oak Taverns Group Topco Limited.

 
Page 37