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Registration number: 10593957

Sixty Bricks Limited

Filleted Financial Statements

for the Period from 1 July 2024 to 12 December 2024

 

Sixty Bricks Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Sixty Bricks Limited

Company Information

Director

M C Egglestone

Company secretary

U Gamble

Registered office

Waltham Forest Town Hall Fellowship Square,
Forest Road
London
E17 4JF

Auditors

Williamson & Croft Audit Ltd
Statutory Auditor
York House
20 York Street
Manchester
M2 3BB

 

Sixty Bricks Limited

(Registration number: 10593957)
Balance Sheet as at 12 December 2024

Note

12 December
2024
£

(As restated)

30 June
2024
£

Current assets

 

Debtors

4

100

825,660

Cash at bank and in hand

 

-

491,202

 

100

1,316,862

Creditors: Amounts falling due within one year

5

-

(99,438)

Net assets

 

100

1,217,424

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

-

1,217,324

Shareholders' funds

 

100

1,217,424

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 12 February 2025
 

.........................................
M C Egglestone
Director

 

Sixty Bricks Limited

Notes to the Financial Statements for the Period from 1 July 2024 to 12 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Waltham Forest Town Hall Fellowship Square,
Forest Road
London
E17 4JF

These financial statements were authorised for issue by the director on 12 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

During the prior period, the decision was made to transfer all activities and assets of the Company to the parent entity, London Borough of Waltham Forest, such that the Company ceased trading on 30 June 2024 and will thereafter become dormant for the foreseeable future.

Accordingly, the Company is not a going concern and these accounts have not been prepared on a going concern basis but rather on the basis that the Company is ceasing trade. All assets and liabilities of the Company are, therefore, classified as due within one year and are included in the balance sheet at their expected recoverable amount.

 

Sixty Bricks Limited

Notes to the Financial Statements for the Period from 1 July 2024 to 12 December 2024

Audit report

The Independent Auditor's Report was unqualified. We draw attention to Note 2 to the financial statements which explains that the Company ceased trading on 30 June 2024 and transferred its assets and trade to the parent entity and therefore the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter.. The name of the Senior Statutory Auditor who signed the audit report on 12 February 2025 was Tor Stringfellow FCA, who signed for and on behalf of Williamson & Croft Audit Ltd.

Prior period errors

On review of costs incurred in the current period it was noted that there were costs of £5,119 which should have been correctly recognised in the prior period and so the comparatives have been adjusted to reflect the accrual of these costs.

In addition, it was noted there was a misposting of VAT within expenses in the prior period totalling £6,845, which should have been recognised within other debtors and so the comparatives have been adjusted to reflect this reallocation.

The total impact of these adjustments on the comparative period is to increase profit reported in the period by £1,726 and to increase net assets as at 30 June 2024 by the same amount.

Judgements

Capitalisation of certain costs included within stock and work in progress: the Company uses their judgement in capitalising certain costs within work in progress, specifically Agency Staff and Service Level Agreement costs. The Company capitalizes these on an agreed apportioned basis, with a certain agreed percentage of the cost capitalized, and the balance expensed to the profit and loss account. The apportionment is based on the judgement of the project management team.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Sixty Bricks Limited

Notes to the Financial Statements for the Period from 1 July 2024 to 12 December 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock comprises of property held for short-term development and resale. The cost included in stock includes all purchases and developments made on the property during the period. All purchases have been included at their original cost price.

At the 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. Any impairment loss is recognised immediately in the profit or loss.

 

Sixty Bricks Limited

Notes to the Financial Statements for the Period from 1 July 2024 to 12 December 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 0 (2024 - 0).

 

Sixty Bricks Limited

Notes to the Financial Statements for the Period from 1 July 2024 to 12 December 2024

4

Debtors

Current

Note

12 December
2024
£

(As restated)

30 June
2024
£

Trade debtors

 

-

17,912

Amounts owed by related parties

7

-

707,583

Other debtors

 

100

100,165

   

100

825,660

5

Creditors

Creditors: amounts falling due within one year

12 December
2024
£

(As restated)

30 June
2024
£

Due within one year

Trade creditors

-

18,227

Taxation and social security

-

18,134

Accruals and deferred income

-

63,077

-

99,438

6

Share capital

Allotted, called up and fully paid shares

12 December
2024

30 June
2024

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

7

Related party transactions

The company has taken advantage of the exemption conferred by FRS 102 (Section 1A) not to disclose transactions with wholly owned members of the group headed by The London Borough of Waltham Forest.

 

Sixty Bricks Limited

Notes to the Financial Statements for the Period from 1 July 2024 to 12 December 2024

8

Parent and ultimate parent undertaking

The company's immediate parent is The London Borough of Waltham Forest.

 The most senior parent entity producing publicly available financial statements is The London Borough of Waltham Forest. These financial statements are available upon request from https://www.walthamforest.gov.uk/council-and-elections/about-us/council-budgets-and-spending/council-finances