Registration number:
Bricks Leicester Land Limited
for the Year Ended 31 December 2023
Bricks Leicester Land Limited
Contents
Company Information |
|
Statement of Financial Position |
|
Notes to the Financial Statements |
Bricks Leicester Land Limited
Company Information
Director |
P G Prickett |
Registered office |
|
Auditors |
|
Bricks Leicester Land Limited
(Registration number: 12012340)
Statement of Financial Position as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Revaluation reserve |
1,357,180 |
1,357,180 |
|
Retained earnings |
(10,387,994) |
(7,178,014) |
|
Shareholders' deficit |
(9,030,714) |
(5,820,734) |
Approved and authorised by the
|
Bricks Leicester 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 company was formerly known as United Kingdom.
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.
Bricks Leicester 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 £3,209,980 in the year ended 31 December 2023 and has net liabilities of £9,030,714 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.
Also, the company is a cross-guarantor of loans
totaling £140.785m at 31 December 2023. In addition to these, the company holds a loan which at the balance sheet date had value of £24,704,582 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 Leicester 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
.........................................
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.
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.
Bricks Leicester Land Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
2 |
Accounting policies (continued) |
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 Leicester 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 |
||
At 1 January 2023 |
- |
- |
At 31 December 2023 |
- |
- |
Carrying amount |
||
At 31 December 2023 |
|
|
At 31 December 2022 |
|
|
The land was acquired in October 2019 for £7,500,000.
Debtors |
Current |
Note |
2023 |
2022 |
Amounts owed by Group undertakings |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
- |
|
|
|
Bricks Leicester Land Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Amounts owed to group undertakings |
- |
|
|
Accruals and deferred income |
|
- |
|
|
|
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.
Reserves |
Revaluation reserve |
Total |
|
Net investment property revaluation reserve |
|
|
As at 31 December 2023 |
|
|
|
|
Bricks Leicester 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 |
|
|
Financial commitments, guarantees and contingencies |
The Company has cross‑guaranteed group borrowings, meeting the definition of a contingent liability as set out in FRS 102, totalling £140.785m (2022: £119.930m).
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.
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 Leicester 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 Fern Trading Group Limited as follows:
Fixed and floating charge with negative pledge over the freehold property known as Leicester International Complex, 57 Rutland Street, Leicester, LE1 1SF as per debenture dated 6th August 2021.
There exists charges over the company’s assets in favour of Rs Lender Iii, S.a R.L. as follows:
Fixed and floating charge with negative pledge relating to the purchase of property at Leicester International Complex, 57 Rutland Street, Leicester LE1 1SF as per supplemental debenture dated 3rd October 2019.