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Registration number: 11397633

Bricks Silverstone Capital Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Bricks Silverstone Capital Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 9

 

Bricks Silverstone Capital 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

 

Bricks Silverstone Capital Limited

(Registration number: 11397633)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

100

100

Current assets

 

Debtors

5

4,816

9,905,735

Cash at bank and in hand

 

17

936

 

4,833

9,906,671

Creditors: Amounts falling due within one year

6

(10,677,048)

(10,012,609)

Net current liabilities

 

(10,672,215)

(105,938)

Net liabilities

 

(10,672,115)

(105,838)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(10,672,215)

(105,938)

Shareholders' deficit

 

(10,672,115)

(105,838)


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 19 June 2025
 

P G Prickett
Director

   
     
 

Bricks Silverstone Capital 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 Capital 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.

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)

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 19 June 2025 was Mr Sheetal Shah FCCA, who signed for and on behalf of Innovi Advisors Ltd.

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

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)

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
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

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

 

Bricks Silverstone Capital Limited

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

4

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 January 2023

100

At 31 December 2023

100

Provision

At 1 January 2023

-

At 31 December 2023

-

Carrying amount

At 31 December 2023

100

At 31 December 2022

100

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by group undertakings

8

-

9,895,677

Other debtors

 

4,816

10,058

   

4,816

9,905,735

 

Bricks Silverstone Capital 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

 

Loans and borrowings

7

70,853

62,000

Trade creditors

 

8,784

2,640

Amounts owed to group undertakings

8

10,398,621

9,811,788

Taxation and social security

 

196,229

136,181

Accruals and deferred income

 

2,561

-

 

10,677,048

10,012,609

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

70,853

62,000

8

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.

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 Capital 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.

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.

11

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.