Registration number:
Bricks Norwich Land Limited
for the Year Ended 31 December 2023
Bricks Norwich Land 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 Norwich Land 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 Norwich Land Limited
(Registration number: 11714262)
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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Tangible assets |
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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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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Revaluation reserve |
4,084,631 |
4,084,631 |
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Retained earnings |
(6,158,445) |
(3,088,729) |
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Shareholders' (deficit)/funds |
(2,073,714) |
996,002 |
Approved and authorised by the
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Bricks Norwich Land 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.
Bricks Norwich Land 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 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.
On 18th March 2025 receiver action was initiated over asset of Bricks Norwich Land Limited. The appointed receivers are Gary Hargreaves, Jessica Leeming and Steven John Williams of FRP Advisory trading Ltd. The Receiver Action is ongoing and they are working to realize the assets of the company and settle its liabilities.
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of business.
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 £3,069,716 in the year ended 31 December 2023 and has net liabilities of £2,073,714 at 31 December 2023. The company holds a loan which at balance sheet date had a value of GBP 14,993,561. The loan was due for repayment in June 2022 and until the time of approval of these financial statements, no payment has been made. As a result company is reliant on the financial support of its subsidiaries and ultimate parent company not recalling the intercompany debt due to it and provide support
to
meet
the
company’s
obligations
on
its
behalf. 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 subsidiaries are cross-guarantor of loans
totaling £142.404m at 31 December 2023, which are either
overdue
or due
for
repayment
within
12
months
of signing
the
financial statements.
The repayment of the loans are dependent on the ability of the group obtaining additional finance or refinancing the loans, which at the date of signing these financial statements is not guaranteed. Should the group be unable to either repay or refinance these loans to relieve the charge over the land, planned development of Purpose build student accommodation (PBSA) can not be undertaken. Accordingly, the Director recognises that the issues above may cast significant doubt on the ability of Ultimate parent undertaking 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 Norwich Land 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
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Tax
The tax expense for the period comprises 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
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 the fair value at the Balance Sheet Date.
Fair values are determined by the directors following guidance from professionally qualified valuers.
Depreciation
Land is not depreciated.
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.
Bricks Norwich Land Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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2 |
Accounting policies (continued) |
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.
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.
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
Bricks Norwich Land Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Tangible assets |
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Land |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Disposals |
( |
( |
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At 31 December 2023 |
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Depreciation |
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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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Bricks Norwich Land Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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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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Prepayments |
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Other debtors |
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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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Accruals and deferred income |
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- |
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Other creditors |
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At 31 December 2023, there was a technical breach in the V Fund Ltd SAC facility covenants of the loan. The loan was due to be repaid in August 2023.
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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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Bank overdrafts |
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Deferred taxation |
The provision for deferred taxation is made up of deferred capital gains.
Bricks Norwich Land Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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8 |
Deferred taxation (continued) |
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2023 |
2022 |
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Capital gains |
(1,486,193) |
(1,486,193) |
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(1,486,193) |
(1,486,193) |
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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:
Bricks Norwich Land Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Subsequent events after the reporting period |
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Off-balance sheet arrangements |
Charges
There exists charges over the company's assets in favour of The V Fund LTD Sac. as follows:
Fixed and floating charge with negative pledge over the freehold land and buildings on the west side of Duke street, Norwich and the freehold land known as the ground floor switch room on the west side of Duke street, Norwich as per debenture dated 22nd June 2021.