Registration number:
LCA OpCo Limited
for the Year Ended 31 December 2023
LCA OpCo 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 |
LCA OpCo 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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LCA OpCo Limited
(Registration number: 10274772)
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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Stocks |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
1,722,526 |
1,530,875 |
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Shareholders' funds |
1,722,626 |
1,530,975 |
Approved and authorised by the
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LCA OpCo 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.
Disclosure of long or short period
LCA OpCo Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Accounting policies (continued) |
Going concern
Administration of Holding Company:
On 28th January, 2025 the holding company, Redbookinternational Limited, entered into administration due to financial pressure and to streamline the group structure. The appointed administrators are Paul Davies and Sandra Mundy of James Cowper Kreston. The administration process is ongoing, and the administrators are working to realize the assets of the Group and settle its liabilities.
Sale of Subsidiaries:
Subsequent to the year-end date, on 29th April, 2025, the administrators completed the sale of the company's subsidiaries, Bricks Leicester Capital Limited, Bricks Salford 2 Capital Limited, Bricks Swansea Capital Limited and LCA Capital Limited, including subsidiaries of these companies to Uniquarters Limited. The sale was part of the strategy to maximize returns to creditors. The financial impact of this transaction will be reflected in the next financial period.
Impact of Sale on Financial Position:
On April 2025, Subsidiaries were sold to the Uniquarters Limited, as part of the Group's restructuring efforts. The management believes that new owners have sufficient financial resources to support the ongoing operations of the subsidiaries and fulfil financial obligations. The subsidiaries of the sold companies are trading, which are expected to continue generating revenue under the new ownership. In forming this assessment, the management has considered cashflow projections available to them prior to the sale of subsidiaries, covering a period of at least twelve months from the date of approval of the financial statements.
Audit report
The name of the Senior Statutory Auditor who signed the audit report on
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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.
LCA OpCo Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Accounting policies (continued) |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
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.
LCA OpCo Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
LCA OpCo Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Tangible assets |
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Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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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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Charge for the year |
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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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Stocks |
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2023 |
2022 |
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Other inventories |
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LCA OpCo Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Debtors |
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Current |
Note |
2023 |
2022 |
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Trade debtors |
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Amounts owed by Group Undertakings |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 £142.404m (2022: £130.957m).
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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:
LCA OpCo Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Subsequent events after the reporting period |
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Off-balance sheet arrangements |
Charges
There exists charges over the company's assets in favour of Rs Lender Iii, S.a R.L. as follows:
- Fixed charge with negative pledge over all property or undertaking of the company as per supplemental mortgage document dated 17th May 2023.
- Fixed and floating charge with negative pledge relating to the development of property at 73-75 Pershore Road, Birmingham and land on north east side of Connaught Road, London as per supplemental debenture dated 23rd December 2019.