Company registration number 09653342 (England and Wales)
BRICKWORKSPACE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
BRICKWORKSPACE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
BRICKWORKSPACE LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
4
1,500,000
1,790,000
Current assets
Debtors
5
67,532
81,580
Cash at bank and in hand
73,809
3,381
141,341
84,961
Creditors: amounts falling due within one year
6
(112,046)
(162,880)
Net current assets/(liabilities)
29,295
(77,919)
Total assets less current liabilities
1,529,295
1,712,081
Creditors: amounts falling due after more than one year
7
(1,840,334)
(1,950,440)
Net liabilities
(311,039)
(238,359)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
10
(311,139)
(238,459)
Total equity
(311,039)
(238,359)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
D Hillman
Director
Company registration number 09653342 (England and Wales)
BRICKWORKSPACE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2023
100
(594,122)
(594,022)
Year ended 31 January 2024:
Profit and total comprehensive income
-
355,663
355,663
Balance at 31 January 2024
100
(238,459)
(238,359)
Year ended 31 January 2025:
Loss and total comprehensive income
-
(72,680)
(72,680)
Balance at 31 January 2025
100
(311,139)
(311,039)
BRICKWORKSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information
Brickworkspace Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Courtenay Group, 73 Cornhill, London, United Kingdom, EC3V 3QQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directortrues have prepared these financial statements on a going concern basis, notwithstanding that at the balance sheet date the company's total liabilities exceeded its total assets by £311,039 (2024: £238,359). The validity of the going concern basis is dependent on the continued support of the company's parent undertaking, who has confirmed that it will continue to provide the company with financial support for the foreseeable future and for not less than 12 months from the date of approval of these financial statements. Accordingly, the financial statements do not include any adjustments that would result from discontinuance of their financial support. On this basis, the directors consider that it is appropriate for the financial statements to be prepared on the going concern basis.
1.3
Turnover
Rent receivable represents amounts receivable from third parties, arising from the principal activity carried out in the United Kingdom.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
BRICKWORKSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BRICKWORKSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Classification of properties
The company’s commercial and residential freehold and leasehold interests are primarily held to earn rentals and for capital appreciation over the longer term. Consequently, the directors have determined that it is most appropriate to classify them as investment properties, which are required to be carried at fair value on an ongoing basis.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment property valuation
The nature of the company’s investment property interests is such that their fair value is determined by using valuation techniques that involve the use of significant inputs. These include assumptions about rental income and rent yields. The nature of these inputs is that there is a range of reasonably plausible alternatives that may be used. When determining the choice of assumptions, the directors have to exercise judgment about those assumptions that are most likely to be appropriate, having regard to each property’s future income-earning potential and yields.
3
Employees
There were no employees apart from the directors.
BRICKWORKSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
4
Investment property
2025
£
Fair value
At 1 February 2024
1,790,000
Revaluations
(290,000)
At 31 January 2025
1,500,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 January 2025 by the directors with reference to advice taken from Strettons, a firm of Chartered Surveyors, who are not connected with the company.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2025
2024
£
£
Cost
2,651,874
2,651,874
Accumulated depreciation
-
-
Carrying amount
2,651,874
2,651,874
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
7,361
Other debtors
60,171
81,580
67,532
81,580
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
3,983
Corporation tax
36,395
72,090
Other creditors
71,668
90,790
112,046
162,880
BRICKWORKSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Amounts owed to group undertakings
1,840,334
1,950,440
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Hiten Patel FCCA
Statutory Auditor:
Gerald Edelman LLP
Date of audit report:
24 July 2025
10
Profit and loss reserves
Included within profit and loss account reserves are distributable reserves amounting to £455,779 (2024: £238,459).
11
Related party transactions
Transactions with related parties
The disclosure requirement of Section 1A of FRS102 allows a company not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transactions is wholly owned by such a member.
The property of the company is subject to a legal charge granted in favor of borrowings by a fellow group undertaking.
BRICKWORKSPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 8 -
12
Parent company
The ultimate parent company is Banbury Estates Limited, a company registered in England and Wales whose registered address is The Courtenay Group, 73 Cornhill, London, England, EC3V 3QQ