Company registration number 11614656 (England and Wales)
BRICKS SWANSEA OPCO LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BRICKS SWANSEA OPCO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
BRICKS SWANSEA OPCO LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2024
30 December 2024
- 1 -
30 December 2024
31 December 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,236
3,702
Tangible assets
5
7,800
105,251
10,036
108,953
Current assets
Debtors
6
7,695,485
396,256
Cash at bank and in hand
10,302
4,107
7,705,787
400,363
Creditors: amounts falling due within one year
7
(4,547,231)
(601,954)
Net current assets/(liabilities)
3,158,556
(201,591)
Net assets/(liabilities)
3,168,592
(92,638)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,168,492
(92,738)
Total equity
3,168,592
(92,638)
BRICKS SWANSEA OPCO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2024
30 December 2024
- 2 -

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 2 April 2026 and are signed on its behalf by:
Mr J R Gray
Director
Company registration number 11614656 (England and Wales)
BRICKS SWANSEA OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Bricks Swansea Opco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 167/169 Great Portland Street, 5th Floor, London, Greater London, England, W1W 5PF.

1.1
Reporting period

The financial statements have been prepared for a reporting period ending on 30th December 2024. This shortened accounting period arises due to issues encountered in the filing of accounts for prior financial years.

As a result, the reporting period has been adjusted to facilitate the timely preparation and submission of the Company’s financial statements and to align future accounting periods.

1.2
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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future.true

The company is going through a refinance with the ultimate parent company that will provide funding and so continues to operate on a going concern basis.

1.4
Turnover

Revenue comprises rental income from student accommodation plus incidentals. The revenue is recognised on a straight line basis across the term of the rental period.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% Straight Line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BRICKS SWANSEA OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

1.8
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.

1.9
Financial instruments

The company only enters into Basic financial instrument transactions.

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.

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.

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 paymen ts discounted at a market rate of interest.

1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

BRICKS SWANSEA OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

Unrelieved tax losses and other 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.

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

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.

BRICKS SWANSEA OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
2
1
4
Intangible fixed assets
Other
£
Cost
At 1 January 2024 and 30 December 2024
4,442
Amortisation and impairment
At 1 January 2024
740
Amortisation charged for the period
1,466
At 30 December 2024
2,206
Carrying amount
At 30 December 2024
2,236
At 31 December 2023
3,702
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
166,728
Disposals
(140,837)
At 30 December 2024
25,891
Depreciation and impairment
At 1 January 2024
61,477
Depreciation charged in the period
55,020
Eliminated in respect of disposals
(98,406)
At 30 December 2024
18,091
Carrying amount
At 30 December 2024
7,800
At 31 December 2023
105,251
BRICKS SWANSEA OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,590
1,775
Amounts owed by group undertakings
4,425,106
317,500
Other debtors
3,266,789
76,981
7,695,485
396,256
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
306,877
260,042
Amounts owed to group undertakings
608,102
-
0
Corporation tax
204,124
-
0
Other taxation and social security
28,106
224,136
Other creditors
3,400,022
117,776
4,547,231
601,954
8
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 30 December 2024 and of its profit for the period 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.

Other matters

We would like to draw your attention t o note 9, the financial statements do not include any tax balances as it has not been possible to calculate those balances at the time of reporting.

Senior Statutory Auditor:
Angela Trainor
Statutory Auditor:
HJS Chartered Accountants
Date of audit report:
2 April 2026
9
Financial commitments, guarantees and contingent liabilities

The company has cross‑guaranteed group borrowings, meeting the definition of a contingent liability as set out in FRS 102, totalling £190.642m (202 3: £190.642m).

BRICKS SWANSEA OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 8 -
10
Subsequent events

After the reporting date the group as a whole has undergone several restructures which has resulted in a number on companies going into administration or liquidation. At the time of signing the accounts for the statutory deadline it was not possible to confirm the tax balances for this entity. It is believed by directors that there will be no liability or losses arising on these results for the year.

11
Events after the reporting date

The immediate parent undertaking, Redbookinternational Limited (formerly named Bricks Capital Holdings Limited) is in administration started on 21st January 2025.

12
Related party transactions

As permitted by FRS102, the company has taken advantage of the exemptions from disclosing the transactions entered into between wholly owned group companies and those group company transactions that have been done on an arm's length basis.

BRICKS SWANSEA OPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2024
- 9 -
13
Parent company

The immediate parent company of Bricks Swansea Opco Limited is Uniquarters Limited.

The ultimate parent company is RS Fund Manager Ltd. The registered office of the ultimate parent is Airport Center 6B, rue Heienhaff, L 1736 Senningerberg.

14
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 charge with negative pledge over land and buildings at morfa road, swansea as per supplemental mortgage document dated 22nd January 2024.

- - Fixed charge with negative pledge over land at morfa road, swansea as per supplemental mortgage document dated 31st January 2023.

- - Fixed and floating charge with negative pledge relating to land and buildings at morfa road, swansea as per supplemental debenture dated 25th March 2022.

- - Fixed and floating charge with negative pledge relating to the development of property at 73 - 75 Pershore Road, Birmingham and land on north east side of Connaught Road, London as per supplemental debenture dated 23rd December 2019.

There exists charges over the company’s assets in favour of Mount Street Mortgage Servicing Limited as follows:

- - Fixed charge with negative pledge over land and buildings at morfa road, swansea as per supplemental security agreement dated 22nd January 2024.

- - Fixed and floating charge with negative pledge over land at morfa road, swansea as per supplemental security agreement dated 31st January 2023.

- - Fixed and floating charge with negative pledge relating to the freehold land known as 46-54 morfa road, Swansea, SA1 2EN as per supplemental debenture dated 25th March 2022.

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