Registration number:
Bricks Norwich PropCo Limited
for the Year Ended 31 December 2023
Bricks Norwich PropCo 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 PropCo 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 PropCo Limited
(Registration number: 11714260)
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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Investments |
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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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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(50,037) |
(8,136) |
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Shareholders' deficit |
(49,937) |
(8,036) |
Approved and authorised by the
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Bricks Norwich PropCo 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 PropCo 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 receivers 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 company’s ability to continue as a going concern.
The company generated losses of £41,901 in the year ended 31 December 2023 and has net liabilities of £49,937 at 31 December 2023. The company does not generate any trade and is reliant on its subsidiaries to generate a profit through purpose build student accomodation (PBSA). Bricks Norwich Land Limited which owns the land for this PBSA project, went into receivership on 18 March 2025 and planning permission for construction of this PBSA was to be obtained in 2023 but has not been secured until the date of signing of this financial statements. In
lieu
of
this, the
company
is
dependent
on its
immediate
parent
undertaking
not recalling any intercompany debt 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. Moreover, Subsidiaries are cross-guarantor of loans
totaling £142.404m at 31 December 2023 which are either overdue or repayable within 12 months 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 this loan, 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 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 PropCo Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Accounting policies (continued) |
Audit report
The name of the Senior Statutory Auditor who signed the audit report on
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Tangible assets
Assets under the course of construction are held as tangible fixed assets at historical cost less any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to capable of operating in the manner intended by management.
Depreciation
Depreciation is not provided until such a time that the asset is capable of operating in the manner intended by management. Upon completion of the asset, the asset will be carried at fair value determined annually by the director.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Bricks Norwich PropCo Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Accounting policies (continued) |
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.
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 PropCo Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Tangible assets |
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Properties under construction |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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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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- |
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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 PropCo Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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Investments |
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2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Provision |
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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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Debtors |
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Current |
Note |
2023 |
2022 |
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Amounts owed by group undertakings |
- |
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Other debtors |
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Bricks Norwich PropCo Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
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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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- |
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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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Loans and borrowings |
Current loans and borrowings
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2023 |
2022 |
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Bank overdrafts |
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- |
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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 PropCo 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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