Registration number:
BC Nottingham Devco Limited
for the Year Ended 31 December 2023
BC Nottingham Devco Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
BC Nottingham Devco Limited
Company Information
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Director |
P G Prickett |
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Registered office |
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Auditors |
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BC Nottingham Devco Limited
(Registration number: 13849319)
Statement of Financial Position as at 31 December 2023
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Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Net liabilities |
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( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(19,605,729) |
(10,746,948) |
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Shareholders' deficit |
(19,605,629) |
(10,746,848) |
Approved and authorised by the
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BC Nottingham Devco Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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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 presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.
Going concern
The financial statements have been prepared on a going concern basis as the Director is satisfied that the company has the resources to continue in business for the foreseeable future which has been taken as being at least twelve months from the date of approval of the financial statements. In forming this assessment, the Director has considered cashflow projections covering a period of at least twelve months from the date of approval of the financial statements.
BC Nottingham Devco Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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2 |
Accounting policies (continued) |
Audit report
The name of the Senior Statutory Auditor who signed the audit report on
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Assets under the course of construction
Assets under the course of construction are held as tangible fixed assets at historical cost less any accumulated impairment losses, plus any reversal of historic provision. 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.
Depreciation is not provided until such a time that the asset is capable of operating in a manner intended by management. Upon completion of the asset, the asset will be carried at fair value determined annually by the director.
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
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.
Trade 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.
Interest payable
Interest payable is charged on the company's borrowing and is treated as a capital cost in the Balance Sheet as assets under the course of construction.
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.
BC Nottingham Devco Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Accounting policies (continued) |
Financial instruments
Classification
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Tangible assets |
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Assets under the course of construction |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Impairment |
( |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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BC Nottingham Devco Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Tangible assets (continued) |
Interest capitalised as assets under the course of construction totals £6,371,088.23.
Asset under the course of construction were valued on an open market basis on 07th November 2023 by the director. The impairment loss recognised on Asset under the course of construction in the period was £8,800,702 (2022 - £10,627,145) and is included in administrative expenses in the income statement.
Revaluations are shown through the income statement and deferred tax is calculated on these as appropriate.
Any unrealized gains/losses on the revaluation of properties are shown in a non-distributable reserve on the statement of financial position.
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Debtors |
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Current |
Note |
2023 |
2022 |
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Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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BC Nottingham Devco Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Creditors |
Creditors: amounts falling due within one year
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Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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- |
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Creditors: amounts falling due after more than one year
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Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
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2023 |
2022 |
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Bank borrowings |
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Contingent liabilities |
The company has cross-guaranteed group borrowings, meeting the definition of a contingent liability as set out in FRS 102, totalling £13.871m (2022: £9.538m).
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Related party transactions |
As permitted by FRS 102, the company has taken advantage of the exemption from disclosing the transactions entered into between wholly owned group companies and those group company transactions that have been performed on an arm’s length basis.
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Relationship between entity and parents |
The parent of the largest group in which these financial statements are consolidated is
The address of Bricks Group Holdings Limited is:
BC Nottingham Devco Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Relationship between entity and parents (continued) |
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Off-balance sheet arrangements |
Charges
There exists charges over the company's assets in favour of Lw Sta 2 Limited as follows:
- Fixed and floating charge with negative pledge over the freehold land on the west side of cowan street Nottingham, the freehold land on the east side of beck street Nottingham and the freehold property described as 1 brook street Nottingham NG1 1DY as per security agreement dated 29th December 2023.
There exists charges over the company's assets in favour of Rs Lender Iv, S.A.R.L. as Security Agent for the Finance Parties as follows:
- Fixed and floating charge with negative pledge relating to "The Nottingham Property" as per security agreement dated 22nd April 2022.