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Registration number: 12047994

Bricks Salford 2 OpCo Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Bricks Salford 2 OpCo Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 7

 

Bricks Salford 2 OpCo 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 Salford 2 OpCo Limited

(Registration number: 12047994)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

278,236

100

Cash at bank and in hand

 

14,345

13,300

 

292,581

13,400

Creditors: Amounts falling due within one year

5

(1,692,526)

(13,350)

Net (liabilities)/assets

 

(1,399,945)

50

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(1,400,045)

(50)

Shareholders' (deficit)/funds

 

(1,399,945)

50


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 28 July 2025
 

P G Prickett
Director

   
     
 

Bricks Salford 2 OpCo 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 Salford 2 OpCo Limited

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

2

Accounting policies (continued)

Basis of preparation other than going concern

On 1st September, 2023, Bricks Salford 2 Propco entered in to agreement with Wizard Salford Quay Propco II Limited for sale of its purpose built student accommodation for the consideration of £68m. The proceeds were used for paying secured creditors. The director intended to wind down the operations of the company, and in the prior year, it was anticipated that the company would be struck off within 12 months of the audit report date. As of the date of approval of these financial statements, the strike-off action has not yet occurred, as the director is awaiting to review status of various conditions upon which Bricks Salford 2 Propco Limited is entitled to receive a Top-Up Payment of up to £4 million, contingent upon the Net Operating Income (NOI) of the property for the 2024/2025 academic year. The condition is based on the actual financial performance of the property during the academic year ending 31 August 2025. As at 31 December 2023, the condition had not been met and the outcome remained uncertain. However, director confirm that there are no plans to resume trading and hence, The financial statements have been prepared on a non-going concern basis.

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 directors continue to assess the status of parameters upon which the Top-up payment will be based. The director intends to apply to strike off the company within 12 months of date of approval of these financial statements by the time of which, the contingent conditions is expected to materialize. Hence, the financial statements have not been prepared on a going concern basis. Assets have been recognised at the lower of their depreciated cost or recoverable amount and liabilities have been treated as short term.

 

Bricks Salford 2 OpCo 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 Basis of preparation other than going concern Note of the financial statements, which describes the basis of preparation, Administration of Holding company, subsequent sale of subsidiaries. Although the company was expected to be struck off within 12 months of the prior year’s audit report, this has not yet occurred. The financial statements have been prepared on a non-going concern basis. Our opinion is not modified in respect of this matter..

The name of the Senior Statutory Auditor who signed the audit report on 28 July 2025 was Mr Sheetal Shah FCCA, who signed for and on behalf of Innovi Advisors Ltd.

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

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.

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.

 

Bricks Salford 2 OpCo Limited

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

2

Accounting policies (continued)

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

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

6

255,174

100

Other debtors

 

23,062

-

   

278,236

100

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings

6

1,689,965

46

Accruals and deferred income

 

2,561

-

Other creditors

 

-

13,304

 

1,692,526

13,350

6

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.

7

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.

 

Bricks Salford 2 OpCo Limited

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

7

Relationship between entity and parents (continued)

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.

8

Subsequent events after the reporting period

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.

9

Off-balance sheet arrangements

Charges
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 charge relating to land at Phase 2, King William Street, Salford as per supplemental debenture dated 11th February 2022.
- Fixed and floating charge with negative charge relating to land at Phase 2, King William Street, Salford as per supplemental debenture dated 12th November 2021.