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Registration number: 13849319

BC Nottingham Devco Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

BC Nottingham Devco Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 8

 

BC Nottingham Devco Limited

Company Information

Director

P G Prickett

Registered office

167/169 Great Portland Street
London
Greater London
W1W5PF

Auditors

Innovi Advisors Ltd
Chartered Certified Accountants & Statutory Auditors163 Herne Hill
London
SE24 9LR

 

BC Nottingham Devco Limited

(Registration number: 13849319)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,019,733

14,575,007

Current assets

 

Debtors

5

2,317,315

4,077,708

Cash at bank and in hand

 

47,006

51,952

 

2,364,321

4,129,660

Creditors: Amounts falling due within one year

6

(536,324)

(472,737)

Net current assets

 

1,827,997

3,656,923

Total assets less current liabilities

 

19,847,730

18,231,930

Creditors: Amounts falling due after more than one year

6

(39,453,359)

(28,978,778)

Net liabilities

 

(19,605,629)

(10,746,848)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(19,605,729)

(10,746,948)

Shareholders' deficit

 

(19,605,629)

(10,746,848)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 20 May 2025
 

P G Prickett
Director

   
     
 

BC Nottingham Devco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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:
167/169 Great Portland Street
London
Greater London
W1W5PF
England

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 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)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 20 May 2025 was Mr Sheetal Shah FCCA, who signed for and on behalf of Innovi Advisors Ltd.

.........................................

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)

2

Accounting policies (continued)

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Assets under the course of construction
 £

Total
£

Cost or valuation

At 1 January 2023

14,575,007

14,575,007

Impairment

(8,800,702)

(8,800,702)

Additions

12,245,428

12,245,428

At 31 December 2023

18,019,733

18,019,733

Depreciation

At 1 January 2023

-

-

At 31 December 2023

-

-

Carrying amount

At 31 December 2023

18,019,733

18,019,733

At 31 December 2022

14,575,007

14,575,007

 

BC Nottingham Devco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4

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.
 

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by group undertakings

9

468,871

100

Prepayments

 

361,430

1,734

Other debtors

 

1,487,014

4,075,874

   

2,317,315

4,077,708

 

BC Nottingham Devco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

487,238

380,671

Amounts owed to group undertakings

9

-

92,066

Accruals and deferred income

 

49,086

-

 

536,324

472,737

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

39,453,359

28,978,778

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

39,453,359

28,978,778

8

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).

9

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.

10

Relationship between entity and parents

The parent of the largest group in which these financial statements are consolidated is Bricks Group Holdings Limited, incorporated in United Kingdom.

The address of Bricks Group Holdings Limited is:
Ground Floor, 8-9 Bulstrode Place, London, W1U 2HY.

 

BC Nottingham Devco Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

10

Relationship between entity and parents (continued)

The ultimate controlling party is Peter Prickett.

11

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.