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COMPANY REGISTRATION NUMBER: SC455542
Redwood Pubs Limited
Filleted Unaudited Financial Statements
30 November 2024
Redwood Pubs Limited
Statement of Financial Position
30 November 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
600,892
664,304
Current assets
Stocks
16,500
15,000
Debtors
7
32,828
58,551
Cash at bank and in hand
39,429
20,577
--------
--------
88,757
94,128
Creditors: amounts falling due within one year
8
145,323
333,184
---------
---------
Net current liabilities
56,566
239,056
---------
---------
Total assets less current liabilities
544,326
425,248
Creditors: amounts falling due after more than one year
9
96,724
---------
---------
Net assets
447,602
425,248
---------
---------
Redwood Pubs Limited
Statement of Financial Position (continued)
30 November 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
10
1,684
1,684
Profit and loss account
445,918
423,564
---------
---------
Shareholders funds
447,602
425,248
---------
---------
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 year ending 30 November 2024 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 year 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 May 2025 , 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
Year ended 30 November 2024
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 previous 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.
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.
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 year amounted to 10 (2023: 15 ).
5. Tax on profit/(loss)
Major components of tax expense/(income)
Period from
Year to
1 Sep 22 to
30 Nov 24
30 Nov 23
£
£
Current tax:
UK current tax expense/(income)
6,440
( 9,175)
Adjustments in respect of prior periods
( 207)
-------
-------
Total current tax
6,440
( 9,382)
-------
-------
Deferred tax:
Origination and reversal of timing differences
( 50,663)
-------
--------
Tax on profit/(loss)
6,440
( 60,045)
-------
--------
6. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 December 2023
1,042,472
30,950
1,073,422
Disposals
( 50,000)
( 50,000)
Other movements
( 255,676)
( 255,676)
------------
--------
------------
At 30 November 2024
736,796
30,950
767,746
------------
--------
------------
Depreciation
At 1 December 2023
380,209
28,909
409,118
Charge for the year
12,245
1,167
13,412
Other movements
( 255,676)
( 255,676)
------------
--------
------------
At 30 November 2024
136,778
30,076
166,854
------------
--------
------------
Carrying amount
At 30 November 2024
600,018
874
600,892
------------
--------
------------
At 30 November 2023
662,263
2,041
664,304
------------
--------
------------
7. Debtors
2024
2023
£
£
Trade debtors
7,725
25,652
Other debtors
25,103
32,899
--------
--------
32,828
58,551
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
24,686
Trade creditors
37,312
99,112
Amounts owed to associated companies
51,122
85,855
Corporation tax
6,440
12,886
Social security and other taxes
15,546
66,769
Other creditors
34,903
43,876
---------
---------
145,323
333,184
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
96,724
--------
----
Included within creditors: amounts falling due after more than one year is an amount of £8,846 (2023: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The loan from other creditors is secured over certain assets of the company.
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
168,361
1,684
168,361
1,684
---------
-------
---------
-------
11. 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 £51,122 (2023 - £85,855).
12. 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.