Registration number:
Bricks Silverstone Capital Limited
for the Year Ended 31 December 2023
Bricks Silverstone Capital 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 |
Bricks Silverstone Capital 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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Bricks Silverstone Capital Limited
(Registration number: 11397633)
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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Investments |
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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 liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(10,672,215) |
(105,938) |
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Shareholders' deficit |
(10,672,115) |
(105,838) |
Approved and authorised by the
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Bricks Silverstone Capital 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
Bricks Silverstone Capital Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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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.
The financial statements have been prepared on a going concern basis as director is satisfied that the company has resources to continue in business for foreseeable future which has been taken as being at least twelve months from the date of approval of the financial statements. In forming this opinion director has considered cashflow
projections
covering
a
period
of
at
least
twelve
months
from
the
date
of
approval
of
the
financial
statements and possible benefits from restructuring of group structure.
Notwithstanding this assessment, the Director recognises that there are issues which indicates that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.
The company generated losses of £10,566,277 in the year ended 31 December 2023 and has net liabilities of £10,672,115 at 31 December 2023. The company incurs minimal operational costs but does not generate any income. As a result, it is reliant on the financial support of its subsidiaries and ultimate parent company not recalling the loan due to it. The subsidiaries have material uncertainties with respect to going concern due to administration of immediate parent undertaking which has resulted in all the intercompany liabilities to ultimate parent undertaking recoverable on demand. There
is therefore a risk that such debts cannot be repaid by company on demand. Also, the cross‑guaranteed
loans
which are either
overdue
or due
for
repayment
within
12
months
of signing
the
financial statements and in respect of which there is a
material
uncertainty
as
to
whether they will
be re‑financed.
Although
the
Director is
strongly of
the view
that subsidiaries
will
be
able
to
re‑finance
these
loans,
such
that
the company will
be
able
to
operate
as
a
going
concern,
he
recognises
that
the
issues
above
may
cast
significant
doubt
on the
ability
of
the
subsidiaries
to
provide
this
company
the
financial
support
referred
to
above.
Accordingly
significant doubt
exists
about
this
company's
ability
to
continue
as
a
going
concern and,
therefore,
that
it
may
be
unable
to realise
its
assets
and
discharge
its
liabilities
in
the
normal
course
of
business.
Bricks Silverstone Capital 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
.........................................
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 Capital Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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2 |
Accounting policies (continued) |
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.
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
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Investments |
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2023 |
2022 |
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Investments in subsidiaries |
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Bricks Silverstone Capital Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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4 |
Investments (continued) |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Provision |
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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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Debtors |
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Current |
Note |
2023 |
2022 |
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Amounts owed by group undertakings |
- |
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Other debtors |
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Bricks Silverstone Capital 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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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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- |
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Loans and borrowings |
Current loans and borrowings
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2023 |
2022 |
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Bank borrowings |
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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:
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Subsequent events after the reporting period |
Bricks Silverstone Capital Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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10 |
Subsequent events after the reporting period (continued) |
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Off-balance sheet arrangements |
Charges
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 share charge document dated 1st June 2023.
- Fixed charge with negative pledge over all property or undertaking of the company as per supplemental deed dated 7th April 2022.
- Fixed charge with negative pledge over all property or undertaking of the company as per second supplemental deed dated 7th April 2022.
- Fixed charge with negative pledge over all property or undertaking of the company as per supplemental deed dated 16th July 2021.
- Fixed charge with negative pledge over all property or undertaking of the company as per subordinated creditor’s security agreement dated 9th March 2021.
- Fixed charge with negative pledge over all property or undertaking of the company as per share charge document dated 9th March 2021.