Registration number:
Bricks Swansea Land Limited
for the Year Ended 31 December 2023
Bricks Swansea Land Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Financial Statements |
Bricks Swansea Land Limited
Company Information
Director |
P G Prickett |
Registered office |
|
Auditors |
|
Bricks Swansea Land Limited
(Registration number: 11489864)
Statement of Financial Position as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
(12,210,763) |
(10,229,851) |
|
Shareholders' deficit |
(12,210,663) |
(10,229,751) |
Approved and authorised by the
|
Bricks Swansea Land Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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
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 Swansea Land 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 companies. 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 Management has assessed the implications of the sale on the Company’s ability to continue as a going concern and concluded that the going concern basis of preparation remains appropriate as at the date of approval of these financial statements.
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 £1,980,911 in the year ended 31 December 2023 and has net liabilities of £12,210,663 at 31 December 2023. The company doesn't generate sufficient income to be self-sufficient. As a result company is reliant on the 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 on demand. The company holds a loan which at the balance sheet date had value of £41,366,782 and is overdue as at the date of approval of the financial statements and therefore its repayments calls into question the ability of the company to continue as a going concern.
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 Swansea Land Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
Audit report
The name of the Senior Statutory Auditor who signed the audit report on
.........................................
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.
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.
Revaluation of tangible fixed assets
Land is carried at fair value at the balance sheet date. Revaluations are undertaken with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date.
Fair values are determined by the director following guidance from professionally qualified valuers. No depreciation is charged on land.
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 Swansea Land 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
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Bricks Swansea Land Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Tangible assets |
Freehold Land |
Total |
|
Cost or valuation |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Depreciation |
||
Carrying amount |
||
At 31 December 2023 |
|
|
At 31 December 2022 |
|
|
The cost of the freehold land was £7,640,043 (2022: £7,640,043).
Debtors |
Current |
Note |
2023 |
2022 |
Amounts owed by group undertaking |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
- |
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
- |
|
Amounts owed to group undertakings |
- |
|
|
Taxation and social security |
|
- |
|
|
|
At 31 December 2023, there was a technical breach in the roundshield facility covenant. Roundshield have not recalled the loan balance. The loan was due for repayment in August 2023.
Bricks Swansea Land Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
|
Bank borrowings |
|
|
Bank overdrafts |
|
|
|
|
Contingent Liabilities |
The company has cross‑guaranteed group borrowings, meeting the definition of a contingent liability as set out in FRS 102, totalling £160.810m. (2022: £152.854m).
Related party transactions |
As permitted by FRS102, the company has taken advantage of the exemptions from disclosing the transactions entered into between wholly owned group companies and those group company transactions that have been done on an arm's length basis.
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:
Subsequent events after the reporting period |
|
|
Bricks Swansea Land Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Off-balance sheet arrangements |
Charges
There exists charges over the company’s assets in favour of Mount Street Mortgage Servicing Limited as follows:
- Fixed and floating charge with negative pledge over freehold premises known as land to the Rear of the Former Unigate Site, Morfa Road, Swansea, being all that land transferred to bricks swansea land limited by the council of the city and county of swansea pursuant to a transfer dated 28 April 2022 as per supplemental security agreement dated 31st January 2023.
- Fixed and floating charge with negative pledge over the freehold land known as 46-54 Morfa road, Swansea, SA1 2EN as per security agreement dated 25th March 2022.
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 freehold premises known as land to the Rear of the Former Unigate Site, Morfa road, Swansea, being all that land transferred to bricks swansea land limited by the council of the city and county of swansea pursuant to a transfer dated 28 April 2022 as per supplemental mortgage document dated 31st January 2023.
- Fixed and floating charge with negative pledge relating to land and buildings at Morfa Road, Swansea as per supplemental debenture dated 25th March 2022.
- Fixed and floating charge with negative pledge relating to land and buildings at Morfar Road, Swansea as per supplemental debenture dated 31st October 2018.