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Registration number: 11397913

Bricks Silverstone OpCo Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Bricks Silverstone OpCo Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 10

 

Bricks Silverstone OpCo Limited

Company Information

Directors

P G Prickett

B Riordan

Company secretary

M Shah

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

 

Bricks Silverstone OpCo Limited

(Registration number: 11397913)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

12,754

18,894

Current assets

 

Stocks

5

19,359

10,690

Debtors

6

2,363,194

268,313

Cash at bank and in hand

 

402,480

605,768

 

2,785,033

884,771

Creditors: Amounts falling due within one year

7

(2,379,375)

(1,972,865)

Net current assets/(liabilities)

 

405,658

(1,088,094)

Net assets/(liabilities)

 

418,412

(1,069,200)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

418,312

(1,069,300)

Shareholders' funds/(deficit)

 

418,412

(1,069,200)


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 Board on 2 June 2025 and signed on its behalf by:
 

P G Prickett
Director

   
     
 

Bricks Silverstone OpCo 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.

Disclosure of long or short period

The financial year end date has been changed to 31 December 2023 from 30 December 2023.

 

Bricks Silverstone OpCo Limited

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

2

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 Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 2 June 2025 was Mr Sheetal Shah FCCA, who signed for and on behalf of Innovi Advisors Ltd.

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

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.

 

Bricks Silverstone OpCo Limited

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

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

 

Bricks Silverstone OpCo Limited

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

2

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.

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.

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.

 

Bricks Silverstone OpCo Limited

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

2

Accounting policies (continued)

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

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 directors) during the year, was 31 (2022 - 31).

 

Bricks Silverstone OpCo Limited

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

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

20,561

20,561

At 31 December 2023

20,561

20,561

Depreciation

At 1 January 2023

1,667

1,667

Charge for the year

6,140

6,140

At 31 December 2023

7,807

7,807

Carrying amount

At 31 December 2023

12,754

12,754

At 31 December 2022

18,894

18,894

5

Stocks

2023
£

2022
£

Other inventories

19,359

10,690

 

Bricks Silverstone OpCo Limited

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

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

156,183

150,753

Amounts owed by Group Undertakings

1,826,848

2,000

Prepayments

 

64,616

78,344

Other debtors

 

315,547

37,216

   

2,363,194

268,313

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

424,017

189,168

Amounts owed to group undertakings

-

1,081,941

Taxation and social security

 

615,963

56,528

Accruals and deferred income

 

775,216

492,817

Other creditors

 

564,179

152,411

 

2,379,375

1,972,865

8

Contingent liabilities

The company has cross-guaranteed group borrowings, meeting the definition of a contingent liability as set out in FRS 102, with year end liability totalling £57.033m (2022: £46.771m).

9

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, W1W 5PF.

The ultimate controlling party is Peter Prickett.

10

Subsequent events after the reporting period

 

Bricks Silverstone OpCo Limited

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

10

Subsequent events after the reporting period (continued)

- The immediate parent undertaking, Redbookinternational Limited (formerly named Bricks Capital Holdings Limited) is in administration started on 21st January 2025.

- Bricks Silverstone Holdco 1 limited and True student Limited has gone into receivership on 4th October 2024 and Bricks Silverstone Opco is the cross guarantor of the loan in both companies.

11

Off-balance sheet arrangements

Charges
There exists charges over the company’s assets in favour of Thunder Capital S.À.R.L. as follows:

- Fixed and floating charge with negative pledge over all of its estates or interests in the freehold and leasehold properties as per security agreement dated 1st June 2023.

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

- Fixed and floating charge with negative pledge for lease over Hilton garden Inn hotel at Silverstone circuit, Towcester as per security agreement dated 31st January 2023.

There exists charges over the company’s assets in favour of Banor Alternative Assets Sicav as follows:

- Fixed charge with negative pledge over all property or undertaking of the company as per supplemental legal mortgage dated 14th December 2022.
- Fixed and floating charge with negative pledge for lease over Hilton garden Inn hotel at Silverstone circuit, Towcester as per security agreement dated 9th March 2021.