Company registration number: 13000263
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For the Year Ended
31 December 2023
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HOLD MY BRICKS LTD (FORMERLY KNOWN AS HOLD PROPCO 1 LTD)
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HOLD MY BRICKS LTD (FORMERLY KNOWN AS HOLD PROPCO 1 LTD)
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COMPANY INFORMATION
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Mr F De Ryckman De Betz (appointed 23 January 2024)
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Mr C Forsyth (appointed 25 January 2024)
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S Kempe (resigned 23 January 2024)
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T Kempe (resigned 23 January 2024)
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Chartered Accountants & Statutory Auditor
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HOLD MY BRICKS LTD (FORMERLY KNOWN AS HOLD PROPCO 1 LTD)
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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HOLD MY BRICKS LTD (FORMERLY KNOWN AS HOLD PROPCO 1 LTD)
Registered number:13000263
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STATEMENT OF FINANCIAL POSITION
As at 31 December 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2024.
The notes on pages 2 to 8 form part of these financial statements.
Page 1
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HOLD MY BRICKS LTD (FORMERLY KNOWN AS HOLD PROPCO 1 LTD)
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NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023
Hold My Bricks Limited is a private company, limited by shares, and incorporated in England and Wales. The company registration number is 13000263. The registered office and principal place of business are disclosed on the company information page.
The company name changed from Hold Propco 1 Limited to Hold My Bricks Limited with effect from 12 January 2024.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
At the year end the company had net current liabilities of £36,448,506 (2022 - £11,352,095). The directors have confirmed that financial support will be provided by related parties so that the Company can meet its liabilities as they fall due. It is therefore of the directors opinion that the going concern basis is appropriate.
Revenue represents rent receivable from property rental agreements, net of VAT.
Rental income is recognised in line with rental agreements, with income received in advance of its related rental period being deferred where necessary.
Revenue from the sale of property is recognised in the period in which the sale is legally completed.
Interest income is recognised in profit or loss using the effective interest method.
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 2
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HOLD MY BRICKS LTD (FORMERLY KNOWN AS HOLD PROPCO 1 LTD)
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NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023
2.Accounting policies (continued)
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Current and deferred taxation
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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 reporting 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 reporting 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 reporting date.
Investment property is carried at fair value determined annually by the directors 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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 3
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HOLD MY BRICKS LTD (FORMERLY KNOWN AS HOLD PROPCO 1 LTD)
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NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.
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The average monthly number of employees, including directors, during the year was 0 (2022 -0).
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Page 4
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HOLD MY BRICKS LTD (FORMERLY KNOWN AS HOLD PROPCO 1 LTD)
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NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023
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Investments in subsidiary companies
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Freehold investment property
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The 2023 valuations were made by the directors of Hold My Bricks Limited, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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Page 5
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HOLD MY BRICKS LTD (FORMERLY KNOWN AS HOLD PROPCO 1 LTD)
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NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Page 6
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HOLD MY BRICKS LTD (FORMERLY KNOWN AS HOLD PROPCO 1 LTD)
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NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Tax losses carried forward
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Fair value movement on investment property revaluation
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Three of the Company's investment properties are held within a collateral pool on behalf of City & Provincial Properties Finance Ltd, a company under common control. The maximum liability is £20,150,000 and this is secured over the three investment properties. The directors do no expect the Company to be called upon in respect of the securities provided.
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Commitments under operating leases
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At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Hold My Bricks Limited is 100% owned by Hold Midco Limited. The ultimate controlling party is Hold Topco Limited.
Page 7
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HOLD MY BRICKS LTD (FORMERLY KNOWN AS HOLD PROPCO 1 LTD)
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NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 30 September 2024 by Robin Hopkins FCA (Senior statutory auditor) on behalf of Menzies LLP.
Page 8
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