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Registration number: 11714262

Bricks Norwich Land Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Bricks Norwich Land Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 10

 

Bricks Norwich Land 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 & Statutory Auditor163 Herne Hill
London
SE24 9LR

 

Bricks Norwich Land Limited

(Registration number: 11714262)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

16,805,524

16,875,512

Current assets

 

Debtors

5

18,060

50,208

Cash at bank and in hand

 

319

-

 

18,379

50,208

Creditors: Amounts falling due within one year

6

(17,411,424)

(14,443,525)

Net current liabilities

 

(17,393,045)

(14,393,317)

Total assets less current liabilities

 

(587,521)

2,482,195

Provisions for liabilities

(1,486,193)

(1,486,193)

Net (liabilities)/assets

 

(2,073,714)

996,002

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

4,084,631

4,084,631

Retained earnings

(6,158,445)

(3,088,729)

Shareholders' (deficit)/funds

 

(2,073,714)

996,002


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 25 July 2025
 

P G Prickett
Director

   
     
 

Bricks Norwich Land 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.

 

Bricks Norwich 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.

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)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. We draw attention to Going concern note in the financial statements, which describes the administration of the holding company, subsequent sale of its subsidiaries and receivership of Bricks Norwich Land Limited (Subsidiary of subgroup). These events indicate that material uncertainty exists that may cast doubt on the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern. Our opinion is not modified in respect of this matter..

The name of the Senior Statutory Auditor who signed the audit report on 25 July 2025 was Mr Sheetal Shah FCCA, who signed for and on behalf of Innovi Advisors Ltd.

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

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)

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
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).

 

Bricks Norwich Land Limited

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

4

Tangible assets

Land
£

Total
£

Cost or valuation

At 1 January 2023

16,875,512

16,875,512

Disposals

(69,988)

(69,988)

At 31 December 2023

16,805,524

16,805,524

Depreciation

At 1 January 2023

-

-

At 31 December 2023

-

-

Carrying amount

At 31 December 2023

16,805,524

16,805,524

At 31 December 2022

16,875,512

16,875,512

 

Bricks Norwich Land Limited

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

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by group undertakings

9

-

18,977

Prepayments

 

17,483

16,005

Other debtors

 

577

15,226

   

18,060

50,208

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

14,993,564

11,966,716

Trade creditors

 

150

89,985

Amounts owed to group undertakings

9

2,406,427

2,379,324

Accruals and deferred income

 

3,461

-

Other creditors

 

7,822

7,500

 

17,411,424

14,443,525

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.

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

14,993,561

11,966,695

Bank overdrafts

3

21

14,993,564

11,966,716

8

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)

8

Deferred taxation (continued)

2023
£

2022
£

Capital gains

(1,486,193)

(1,486,193)

(1,486,193)

(1,486,193)

9

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.

10

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.

 

Bricks Norwich Land Limited

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

11

Subsequent events after the reporting period

A receiver was appointed over certain assets of the Company on 18 March 2025 for the repayment of the overdue loan. The immediate parent undertaking, Redbookinternational Limited (formerly named Bricks Capital Holdings Limited) is in administration started on 21st January 2025.

On 18th March 2025, Bricks Norwich Land Limited, sub group company of Bricks Norwich Capital Limited
entered in to receivership.

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.

12

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.