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Registration number: 13861431

BC Hollis Croft DevCo Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

BC Hollis Croft DevCo Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 8

 

BC Hollis Croft 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 and Statutory Auditors163 Herne Hill
London
SE24 9LR

 

BC Hollis Croft DevCo Limited

(Registration number: 13861431)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,790,000

6,980,004

Current assets

 

Debtors

5

894,617

312,596

Cash at bank and in hand

 

664,524

35,501

 

1,559,141

348,097

Creditors: Amounts falling due within one year

6

(1,567,839)

(274,642)

Net current (liabilities)/assets

 

(8,698)

73,455

Total assets less current liabilities

 

8,781,302

7,053,459

Creditors: Amounts falling due after more than one year

6

(17,255,171)

(8,029,309)

Net liabilities

 

(8,473,869)

(975,850)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(8,473,969)

(975,950)

Shareholders' deficit

 

(8,473,869)

(975,850)

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 Hollis Croft 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 Hollis Croft 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.

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

Tangible assets

Tangible assets are stated in the statement of financial position 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:

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.

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.

 

BC Hollis Croft DevCo Limited

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

2

Accounting policies (continued)

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 income statement 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.

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).

 

BC Hollis Croft DevCo Limited

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

4

Tangible assets

Properties under construction
 £

Total
£

Cost or valuation

At 1 January 2023

6,980,004

6,980,004

Impairment

(7,338,579)

(7,338,579)

Additions

9,148,575

9,148,575

At 31 December 2023

8,790,000

8,790,000

Depreciation

At 1 January 2023

-

-

At 31 December 2023

-

-

Carrying amount

At 31 December 2023

8,790,000

8,790,000

At 31 December 2022

6,980,004

6,980,004

Interest capitalised as assets under the course of construction totals £2,121,594.74.

Property under construction were valued on an open market basis on 2nd August 2023 by the director.

The impairment loss recognised on Property under construction in the period was £7,338,579 (2022 - £975,906) 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.

 

BC Hollis Croft DevCo Limited

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

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by Group Undertakings

9

650,960

100

Prepayments

 

151,253

-

Other debtors

 

92,404

312,496

   

894,617

312,596

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

1,467,391

173,285

Amounts owed to group undertakings

9

-

88,952

Accruals and deferred income

 

100,448

12,405

 

1,567,839

274,642

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

17,255,171

8,029,309

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

17,255,171

8,029,309

The loan is due for repayment in April 2027. Interest is charged at 18% on the loan and it is secured over the assets of the company.

8

Contingent Liabilities

The Company has cross-guaranteed group borrowings, meeting the definition of a contingent liability as set out in FRS 102, totalling £25.796m (2022: £30.487m).

 

BC Hollis Croft DevCo Limited

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

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

The ultimate controlling party is Peter Prickett.

11

Off-balance sheet arrangements

Charges
There exists charges over the company's assets in favour of Cbre Loan Services Limited as follows:

- Fixed and floating charge with negative pledge over land and buildings on the north-west side of broad lane sheffield, land and buildings on the south side of hollis croft, 16 broad lane Sheffield, 2 broad lane sheffield and 11 hollis croft, sheffield as per security agreement dated 2nd October 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 Sheffield Property" as per supplementary debenture dated 27th June 2022.
- Fixed and floating charge with negative pledge relating to "The Nottingham Property" as per security agreement dated 22nd April 2022.