REGISTERED NUMBER: 02290245 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

CANYNGE BICKNELL (INVESTMENTS) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J E Castell

A Whicheloe

M L Fitzgerald

C R Bicknell

REGISTERED OFFICE:

Bicknell House

Merstham Road

Bristol

BS2 9TQ

REGISTERED NUMBER:

02290245 (England and Wales)

AUDITORS:

Gravita Audit Western Limited

Chartered Accountants and Statutory Auditors

Bath House

6 - 8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Investments

5

2

2

Investment property

6

2,770,216

5,737,531

2,770,218

5,737,533

CURRENT ASSETS

Debtors

7

11,015,929

751,058

Cash at bank

237,559

565,339

11,253,488

1,316,397

CREDITORS

Amounts falling due within one year

8

(2,463,095

)

(725,241

)

NET CURRENT ASSETS

8,790,393

591,156

TOTAL ASSETS LESS CURRENT LIABILITIES

11,560,611

6,328,689

PROVISIONS FOR LIABILITIES

-

(143,970

)

NET ASSETS

11,560,611

6,184,719

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

9

11,560,608

6,184,716

SHAREHOLDERS' FUNDS

11,560,611

6,184,719

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

J E Castell - Director

1.	COMPANY INFORMATION

Canynge Bicknell (Investments) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company in the year under review was that of property investment management.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Except for the treatment of investment properties, these financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

Investment properties have not been measured at their fair value as at the year end date which is contrary to the provisions of FRS 102. FRS 102 requires that investment properties must be measured at fair value at each reporting date with any changes in their fair value being recognised in the company's profit and loss account. FRS 102 further requires that any investment properties not meeting the annual requirement for remeasurement at fair value should be reclassified and presented within land and buildings (tangible fixed assets) and depreciated. The financial statements of the company continue to recognise the properties as investment property which is contrary to the provisions of FRS 102.

It is the opinion of the directors that there would be no benefit to the company or its shareholders of recognising investment properties at fair value in the accounts. The directors are further of the opinion that no depreciation would arise on a reclassification of the properties to land and buildings as the net realisable value of the properties is believed to be in excess of their carrying value. As a result, the directors have chosen to continue to present the properties within investment property.

Excluding the accounting treatment in respect of investment properties, the directors are of the opinion that the financial statements give a true and fair view in all other respects.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Rental income

Rental income is accounted for on an accruals basis.

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.

Investment property

Investment properties are capitalised at market value when the decision is taken to retain the property concerned for its investment potential, the valuations concerned being undertaken by independent Chartered Surveyors, or at cost if acquired or constructed for investment purposes. Where capitalisation takes place after development of a property, any profit or loss arising is recognised at that stage. The above treatment is not in accordance with the requirements of FRS 102, but the directors are of the opinion that this treatment is required in order that the development activities of the company are fairly stated. The effect of this treatment is dealt with elsewhere within these notes.

The investment properties have not been revalued to current market value in accordance with the provisions of FRS 102. It is the opinion of the directors that there would be no benefit to the company or its shareholders of recognising investment properties at fair value in the accounts. The directors also consider that investment properties are maintained in a high state of repair by the company such that any depreciation charged on a reclassification to land and buildings (tangible fixed assets) would not be appropriate, as the net realisable value of the properties would exceed their carrying value.

Cash and cash equivalents

Cash and cash equivalents 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.

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 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.

Financial assets

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and associates and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings and associates 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	AUDITORS' REMUNERATION

2024

2023

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

3,688

2,300

5.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

undertakings

associate

Totals

£

£

£

COST

At 1 January 2024

2

-

2

Reclassification/transfer

(2

)

2

-

At 31 December 2024

-

2

2

NET BOOK VALUE

At 31 December 2024

-

2

2

At 31 December 2023

2

-

2

The company has no control of IBC Manco Limited resulting from the variation of share rights in the company during the year. During the year, there was a reclassification of the investment to reflect the share rights variation.

6.	INVESTMENT PROPERTY

Total

£

COST

At 1 January 2024

5,737,531

Disposals

(2,967,315

)

At 31 December 2024

2,770,216

NET BOOK VALUE

At 31 December 2024

2,770,216

At 31 December 2023

5,737,531

An investment property acquired on 1 January 1990 had been valued on 20 December 1989 by J P Sturge, Chartered Surveyors, on the basis of open market value in existing use on that date.

All other investment properties are included at cost or market value at the date of capitalisation.

7.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

1,710

1,872

Amounts owed by group undertakings

169,732

350,217

Amounts owed by associates

204,707

204,514

Other debtors

10,618,074

27,388

VAT

21,616

-

Prepayments and accrued income

90

27,067

11,015,929

611,058

Amounts falling due after more than one year:

Other debtors

-

140,000

Aggregate amounts

11,015,929

751,058

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

401,698

65,063

Amounts owed to group undertakings

-

629

Amounts owed to associates

-

100,000

Tax

600,625

251,415

VAT

-

37,209

Other creditors

139,104

251,286

Accrued expenses

1,321,668

19,639

2,463,095

725,241

Included within amounts owed to associated undertakings are loans totalling £nil (2023 - £100,000) with fixed charges over the borrower's property.

9.

RESERVES

Retained earnings

Retained earnings represent cumulative profits and losses stated net of dividends and other adjustments.

As explained in note 2, the company accounts for unrealised development profits resulting from the capitalisation of investment properties in the year in which reclassification takes place. At the balance sheet date, accumulated net losses arising from such transactions amounted to £nil (2023 - £450,165).

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 'Auditor's responsibilities for the audit of the financial statements' section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

As explained in note 2 to the financial statements, the company has recognised its investment properties under the heading of investment property at either historical cost or at a valuation at the point in time when property previously held in stock for development was transferred to investment property upon completion.

In accordance with FRS 102, investment properties must be measured at fair value at each reporting date with any changes in their fair value being recognised in the company's profit and loss account. Furthermore, any investment properties not meeting the annual requirement for remeasurement at fair value should be reclassified and presented within land and buildings (tangible fixed assets) and depreciated.

Investment properties recognised in these financial statements have not been measured at their fair value as at the year end date, nor have they been reclassified under land and buildings and depreciated. The properties continue to be recognised within investment property in the financial statements of the company. This is not in accordance with the provisions of FRS 102 and our opinion is qualified in this respect.

We are unable to quantify the effects of the departures from the requirements of FRS 102 referred to above other than already described in the notes to the financial statements.

Matthew Bracher BSc FCA (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption under Financial Reporting Standard 102 from disclosing transactions with wholly owned subsidiaries and parent company.

Bicknell Holdings plc

J E Castell and C R Bicknell are the directors of Bicknell Holdings plc. During the year the following transactions between Bicknell Holdings plc and the company took place: project management fees of £1,200,000 and loan interest payable of £1,984 (2023 - £nil project management fees and loan interest payable of £1,858).

Canynge Securities Limited

A Whicheloe is a director of Canynge Securities Limited. During the year the following transactions between Canynge Securities Limited and the company took place: project management fees of £150,000 (2023 - £nil project management fees and loan interest payable of £4,016).

Canynge Securities Limited hold fixed charges over the company's property as security against loans made to the company. The loan was fully repaid during the year and security discharged.

Canynge Properties Limited

A Whicheloe is also a director of Canynge Properties Limited. During the year the following transactions between Canynge Properties Limited and the company took place: project management fees payable of £1,015,000 (2023 - £nil project management fees).

Canynge Bicknell (Street) Limited

J E Castell is a director of Canynge Bicknell (Street) Limited. During the year the following transactions between Canynge Bicknell (Street) Limited and the company took place: loan interest receivable of £nil (2023 - loan interest receivable of £12,840). The loan was fully repaid subsequent to the year end.

Lenfestey Estates (Holdings) Limited

M L Fitzgerald is also a director of Lenfestey Estates (Holdings) Limited. During the year the following transactions between Lenfestey Estates (Holdings) Limited and the company took place: project management fees payable of £153,000 (2023 - £nil project management fees).

12.	POST BALANCE SHEET EVENTS

Subsequent to the year end, Canynge Bicknell (Investments) Limited completed the disposal of all their investment properties held in the company.

13.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned and controlled subsidiary of Canynge Bicknell Limited, a company registered in England and Wales, which company is the largest company of the group into which the results of the company are consolidated. Canynge Bicknell Limited does not have a controlling party.