Company No:
Contents
| DIRECTORS | Carl Royston Bicknell |
| Stephen Barrie Bicknell | |
| John Edward Castell |
| REGISTERED OFFICE | Bicknell House |
| Merstham Road | |
| Bristol | |
| BS2 9TQ | |
| United Kingdom |
| COMPANY NUMBER | 01017681 (England and Wales) |
| AUDITOR | Gravita Audit Western Limited |
| Statutory Auditor | |
| 2nd Floor | |
| South, One Castle Park | |
| Tower Hill | |
| Bristol | |
| BS2 0JA | |
| United Kingdom |
The directors present their Strategic Report for the financial year ended 31 December 2025.
REVIEW OF THE BUSINESS
The principal activities of the company continued to be property development, investment and management.
Rental income receivable was £1,304,975 compared to £961,987 for 2024. Property service charges receivable for 2025 decreased to £181,167, down from £202,955 in 2024. Total operating income for the year to 31 December 2025 was £1.82 million compared to £2.41 million for 2024.
Operating and administrative costs decreased during the year to £597,921 down from £2,221,254 in 2024. The prior year administrative costs include a provision for £442,000 in pension scheme costs and actual costs of £104,000 relating to the closure of the Bicknell Holdings plc Retirements Benefit Scheme. Part of this cost was borne by the pension scheme itself and not the company, but accounting rules require the company to show the full cost in its own accounts. This was the worst case scenario based upon indications of costs from the pension scheme administrators.
The company's operating profit margin increased from 7.8% in 2024 to 67.2% in 2025, resulting in an operating profit of £1,223,692 (2024 - £188,060).
After accounting for interest, the profit for the year before taxation amounted to £9,250,781 (2024 - £427,428).
On 10 May 2021, the company and the trustees of the company's defined benefit pension scheme transacted a bulk annuity contract with an insurance company. The insurance company provides an insurance policy that matched all future pension liabilities in respect of members of the scheme. The cost of the purchase of the bulk annuity contract was £4,453,000 against a revised pension scheme liability of pensions calculated as due to members of £1,930,000 (2024: £1,937,000). This has resulted, together with other scheme movements in values, in a net expense of £135,000 (2024: £21,000) which has been shown as an expense under Other Comprehensive Income on page 12 of these financial statements. The directors and trustees of the pension scheme believe that this has been the correct action to take as it protects pension members in their future pension rights and protects the company from the volatility of the stock market, the value of the pension scheme and the company's obligation to future fund the scheme.
After accounting for the above, the company's pension scheme has reported a net deficit as at 31 December 2025 of £75,000 (2024 surplus- £166,000) before estimated closure costs of £442,000.
After the above pension scheme costs, the company reported a Total Comprehensive Income profit of £8,694,459 for 2025 (£302,178 for 2024).
As at 31 December 2025, cash and cash equivalents held by the company amounted to £5,939,263 (2024 - £5,713,194). Net cash generated during the year amounted to £226,069 (2024 - £535,056).
Given the economic uncertainty over the past four years, the directors consider these results to be satisfactory.
The company remains mindful of the effect that the increased level of interest rates and higher cost of living requirements could have on its tenants, and there remains a risk that the company may experience a fall in its rental stream over the next two to three years. The executive directors therefore believe that the company should remain conservative and maintain a strong level of cash reserves.
The directors believe that the company's current level of working capital is sufficient to meet its normal operating requirements and the potential financial risks associated with its tenants and loss of income streams.
RESULTS AND PERFORMANCE
The profit before taxation for the year was £9,250,781 (2024 - £427,428).
Pension scheme actuarial losses for the year amounted to £135,000 (2024 - £21,000), resulting in a Total Comprehensive Income of £8,694,459 (2024 - £302,178).
Dividends of £833,433 were paid in the year (2024 - £Nil).
Retained earnings increased to £20,599,278 as at 31 December 2025 from £12,738,252 as at 31 December 2024.
BUSINESS ENVIRONMENT
The property market within the United Kingdom remains highly competitive even as the needs of customers evolve to meet the requirements of modern working and living. The company endeavours to remain at the forefront of such market requirements.
KEY PERFORMANCE INDICATORS ('KPIS')
The company's key performance indicators have been detailed above and specifically relate to the company's rental income stream and net cash generated during the year.
The directors consider that the company has performed satisfactorily during the year and in line with their expectations for these key performance indicators.
PRINCIPAL RISKS AND UNCERTAINTIES
The company and its associated undertakings operate in the property sector and are involved in development and investment within the United Kingdom property market.
The company's principal risks and uncertainties are considered to be as follows:
- adverse changes in the general economic environment and more specifically those affecting the property and rental sectors;
- the long-term effects of current uncertainty of the future performance of the UK economy on the property sector, in particular on commercial property;
- the very competitive environment in which the company's trading activities are conducted;
- increases in the regulatory burden imposed on the industry; and
- inflationary impacts on the operating base of the company.
The directors have considered the above risks and have developed strategies to mitigate, as far as possible, any potential impact.
MARKET VALUE OF PROPERTIES
The directors consider that the market value of properties held as fixed assets is in excess of the carrying value as shown in the accounts.
EMPLOYEE INVOLVEMENT AND EMPLOYMENT OF DISABLED PERSONS
The company is aware of the benefit of regular consultation with staff at all levels in matters of company interest. To this end, meetings take place at regular intervals where employees are kept abreast of current events within the company and where they have the opportunity of expressing their views if they so desire. In addition, employees are provided with a regular source of information on the progress of the company.
It is company policy to recruit disabled workers for those vacancies that they are able to fill. Training and promotion prospects are commensurate to those positions.
PAYMENT POLICY AND PRACTICE
The company endeavours to settle payments to its suppliers in accordance with mutually agreed terms and conditions of business. The estimated average time taken to pay suppliers within the company is 30 days.
HOLDINGS IN ASSOCIATED UNDERTAKINGS
The company is a 50% shareholder in Canynge Bicknell Limited and a 100% Canynge Bicknell (Street) Limited, following increasing its shareholding from 30%. The company is no longer a shareholder of Canynge Bicknell (Lenfestey) Limited, after selling its 30% holding.
Note 12 to these financial statements provides a summary of the results of these associated undertakings.
The company's share of retained reserves in these companies amounted to £79,915 as at 31 December 2025 and its share of profit for the year amounted to £7,290,124. These amounts are not included within the company's statement of comprehensive income or balance sheet.
During the current year, the investment in associated companies was subject to a reorganisation, such that Canynge Bicknell (Street) Limited became a wholly owned subsidiary and the investment in Canynge Bicknell (Lenfestey) Limited was disposed of.
Approved by the Board of Directors and signed on its behalf by:
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John Edward Castell
Director |
The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2025.
PRINCIPAL ACTIVITIES
GOING CONCERN
REVIEW OF THE BUSINESS
Refer to the Strategic Report for details on turnover and net current assets for the company during the year.
DIVIDENDS
The directors paid a dividend of £833,433 in the current financial year (2024: £Nil).
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Gravita Audit Western Limited have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Approved by the Board of Directors and signed on its behalf by:
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John Edward Castell
Director |
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that financial period.
In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Bicknell Holdings Ltd for the financial year ended 31 December 2025, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows, the accounting policies, and the related notes 1 to 22, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion except for the effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements of Bicknell Holdings Ltd (the ‘Company’):
* Give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)). 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 1 to the financial statements, the company has recognised investment property under the heading of tangible fixed assets and freehold property, rather than as investment property measured at fair value. Investment properties have been recognised as tangible fixed assets at either historical cost or at a valuation at the point in time when property previously held in stock for development was transferred to freehold property upon completion.
Depreciation has not been provided for freehold property disclosed under tangible fixed assets.
In accordance with FRS 102 and the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008, investment property should be measured at fair value at the balance sheet date and assets included under tangible fixed assets should be depreciated in each accounting period.
These financial statements are not in accordance with these provisions and our opinion is qualified in this respect.
We are unable to quantify the effects of the departures from the requirements of the accounting standards as above. Further detail relating to the treatment of investment property is included in notes 1, 11 and 18 to the financial statements.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our opinion does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
* The information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Directors' Report has been prepared in accordance with applicable legal requirements.
Except for the matter described in the Basis for qualified audit opinion section of our report, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* The financial statements are not in agreement with the accounting records and returns; or
* Certain disclosures of directors’ remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
i) We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which it operates. We determined the following laws and regulations of most significance were: General Data Protection Regulation (GDPR), Health and Safety at Work Act 1974, Companies Act 2006, Employment Rights Act 1996, Landlord and Tenant Act and UK corporate taxation laws.
(ii) We obtained an understanding of how the company complies with those legal and regulatory frameworks by making inquiries of management.
(iii) We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- evaluating the design and implementation of key controls established by management to prevent and detect fraud, including performing walkthrough procedures over significant transaction cycles
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgements made by management in its significant accounting estimates;
- testing the recognition of rental income, including assessing whether revenue had been recorded in the appropriate accounting period and in accordance with the company's accounting policies and lease arrangements;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
- assessing the extent of compliance with the relevant laws and regulations.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulation are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Statutory Auditor
South, One Castle Park
Tower Hill
Bristol
BS2 0JA
United Kingdom
| Note | 31.12.2025 | 31.12.2024 | ||
| £ | £ | |||
| Administrative expenses | (
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| Other operating income | 3 |
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| Operating profit |
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| Income from shares in a Group undertaking |
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| Profit before interest and taxation | 8,913,692 | 188,060 | ||
| Interest receivable and similar income | 4 |
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| Other finance income | 4 |
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| Profit before taxation | 5 |
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| Tax on profit | 9 | (
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| Note | 31.12.2025 | 31.12.2024 | ||
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| Profit for the financial year |
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| Remeasurement of net defined benefit liability | 19 | (
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| Other comprehensive loss | (135,000) | (21,000) | ||
| Total comprehensive income |
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| Note | 31.12.2025 | 31.12.2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 11 |
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| Investments | 12 |
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| 15,048,066 | 7,545,989 | |||
| Current assets | ||||
| Stocks | 13 |
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| Debtors | 14 |
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| Cash at bank and in hand |
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| 7,594,300 | 7,114,507 | |||
| Creditors: amounts falling due within one year | 15 | (
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| Net current assets | 6,082,628 | 5,472,902 | ||
| Total assets less current liabilities | 21,130,694 | 13,018,891 | ||
| Provision for liabilities | 16 | (
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| Net assets before pension (liability)/asset | 21,120,917 | 13,018,891 | ||
| Defined benefit pension (liability)/asset | 19 | (
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| Net assets | 21,045,917 | 13,184,891 | ||
| Capital and reserves | 18 | |||
| Called-up share capital |
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| Capital redemption reserve |
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| Profit and loss account |
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| Total shareholders' funds | 21,045,917 | 13,184,891 |
The financial statements of Bicknell Holdings Ltd (registered number:
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John Edward Castell
Director |
| Called-up share capital | Capital redemption reserve | Profit and loss account | Total | ||||
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| At 01 January 2024 |
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| Dividends paid on equity shares (note 10) |
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| At 31 December 2025 |
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| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Net cash flows from operating activities (note 20) |
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| Cash flows from investing activities | |||
| Proceeds from sale of fixed assets | 390,506 | 0 | |
| Purchase of fixed assets | (7,218,786) | (1,351) | |
| Interest received | 291,981 | 229,368 | |
| Purchases of investments | (268,040) | 0 | |
| Tax paid | (175,616) | (23,307) | |
| Income from shares in a Group undertaking | 7,690,000 | 0 | |
| Net cash flows from investing activities |
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| Cash flows from financing activities | |||
| Dividends paid | (833,433) | 0 | |
| Net cash flows from financing activities | (
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| Cash and cash equivalents at beginning of year |
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| Cash and cash equivalents at end of year |
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| Reconciliation to cash at bank and in hand: | |||
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
The company was re-registered from an unlisted public limited company (PLC) to a private limited company (Ltd) on 7th October 2025. The company's registered number and registered office address can be found on the Company Information page.
The principal activities of the company in the year under review were those of property development, investment and management.
Except for the treatment of investment properties held within freehold property, 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" ("FRS 102") and the requirements of the Companies Act 2006.
In accordance with FRS 102, investment properties must be measured at fair value at each reporting date with any changes in the fair value of investment property being recognised in the company's profit and loss account.
Investment properties should further be separately disclosed within the financial statements.
Investment properties are not stated at fair value within the accounts but are included as tangible fixed assets under the classification of freehold property. Furthermore, these properties have not been depreciated in accordance with the requirements of FRS 102.
The directors are aware that the fair value of investment properties held by the company is in excess of the value included within tangible fixed assets, and as such no depreciation is provided on the properties.
It is the directors' opinion that there is no benefit to the company or its shareholders of recognising investment properties at fair value in the accounts.
Further detail relating to the accounting policy treatment of investment property is provided below.
Excluding the accounting treatment in respect of the valuation of investment properties held within freehold property, 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.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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.
Taxation for the year comprises the current tax charge. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
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.
The cost/valuation of freehold properties has not been separated between land and buildings and therefore buildings have not been depreciated. This treatment is not in accordance with FRS 102 and the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008.
Whilst no depreciation is provided against freehold buildings, the costs of maintenance and ensuring that all buildings are kept in good order and repair are charged directly against profits in the current year.
The company has not adopted a policy of revaluation of fixed assets under the provisions of FRS 102. For properties held at 31 December 2000, it has been decided to retain the book values of freehold properties that include revalued amounts in accordance with the transitional provisions of the standard. The revaluations took place in 1981 and have not been updated.
| Land and buildings | not depreciated |
| depreciated over the life of the lease | |
| Plant and machinery | 5 -
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| Fixtures and fittings |
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Investment properties are included within tangible fixed assets. 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. This treatment is not in accordance with the requirements of FRS 102 which requires property held as an investment to be stated at fair value at the end of each reporting period and to be separately disclosed in the financial statements, 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 in note 16.
The directors are of the opinion that the open market value of investment properties is in excess of the carrying value of such properties in the accounts.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Cost incurred in bringing each item to its present location and condition:
Development land - purchase cost
Work in progress - cost of materials, labour and attributable overheads, less interim payments received and receivable.
Net realisable value is based on the following:
Development land - open market value in existing condition and use.
Work in progress - the value of work carried out to the balance sheet date, taking into account the margin of profitability earned at that stage of completion.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Investments in subsidiaries and associated undertakings are stated at cost less any provision for diminution in value. The results of subsidiaries and associated undertakings are included in the notes to the accounts.
The company operates a defined benefits scheme, the Bicknell Holdings plc Retirement Benefits Scheme, and has implemented the provisions of FRS 102 in full. The company also operates a defined contribution scheme. Contributions payable are charged to the profit and loss account in the period to which they relate and are invested separately from the company's assets.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
The directors have exercised judgement in determining the appropriate accounting treatment of properties held by the company. As disclosed in note 1, certain properties have been classified within tangible fixed assets rather than investment property.
The directors have also exercised judgment in the valuation of the Company's defined benefit pension scheme. The valuation of the scheme assets and liabilities is performed by an independent qualified actuary and requires the use of assumptions regarding discount rates, inflation, pension increases and life expectancy. Small changes in these assumptions will have an impact on the value attributed to the scheme assets and liabilities and the resulting pension surplus or deficit recognised in the financial statements.
Other than the matters referred to above, the directors do not consider there to be any further critical judgements or key sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Rent receivable | 1,304,975 | 961,987 | |
| Property service charges | 181,167 | 202,955 | |
| Management fees | 323,250 | 1,231,955 | |
| Service charge fees | 12,221 | 12,417 | |
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| 31.12.2025 | 31.12.2024 | ||
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| Interest receivable and similar income |
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| Other finance income |
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| 337,089 | 239,368 |
Profit before taxation is stated after charging/(crediting):
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 11) |
|
|
An analysis of the auditor's remuneration is as follows:
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: | 11,750 | 11,900 | |
| Auditors' remuneration for non audit work | 10,215 | 9,948 | |
| Total audit fees |
|
|
|
| 31.12.2025 | 31.12.2024 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Office and management |
|
|
Their aggregate remuneration comprised:
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other retirement benefit costs (note 19) |
|
|
|
| 479,309 | 473,220 |
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Directors' emoluments |
|
|
| 31.12.2025 | 31.12.2024 | ||
| Number | Number | ||
| Members of a defined benefit pension scheme |
|
|
Remuneration of the highest paid director
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Director's emoluments | 138,521 | 131,718 |
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Current tax on profit | |||
| UK corporation tax |
|
|
|
| Adjustments in respect of prior years |
|
(
|
|
|
|
|
||
| Total current tax |
|
|
|
| Deferred tax | |||
| Origination and reversal of timing differences |
|
|
|
| Total deferred tax |
|
|
|
| Total tax on profit |
|
|
The tax assessed for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK:
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Profit before taxation | 9,250,781 | 427,428 | |
| Tax on profit at standard UK corporation tax rate of 25% (2024: 25%) |
|
|
|
| Effects of: | |||
| Expenses not deductible for tax purposes |
|
|
|
| Income not taxable in determining taxable profit | (
|
|
|
| Adjustments in respect of prior years |
|
(
|
|
| Consortium relief | (5,508) | (12,750) | |
| Impact of accounting for pension scheme | 26,500 | 23,500 | |
| Depreciation in excess of capital allowances | 0 | 398 | |
| Capital allowances in excess of depreciation | (3,465) | 0 | |
| Adjustment in respect of prior years | 6,994 | 0 | |
| Pension contributions timing differences | (16,487) | 0 | |
| Total tax charge for year | 421,322 | 104,250 |
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Amounts recognised as distributions to equity holders in the financial year: | |||
| Interim dividend for the financial year ended 31 December 2025 of £0.5 (31.12.2024: £Nil) per ordinary share | 833,433 | 0 | |
| Land and buildings |
Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
| £ | £ | £ | £ | £ | |||||
| Cost | |||||||||
| At 01 January 2025 |
|
|
|
|
|
||||
| Additions |
|
|
|
|
|
||||
| Disposals |
|
|
(
|
|
(
|
||||
| At 31 December 2025 |
|
|
|
|
|
||||
| Accumulated depreciation | |||||||||
| At 01 January 2025 |
|
|
|
|
|
||||
| Charge for the financial year |
|
|
|
|
|
||||
| Disposals |
|
|
(
|
|
(
|
||||
| At 31 December 2025 |
|
|
|
|
|
||||
| Net book value | |||||||||
| At 31 December 2025 | 14,627,588 | 25,350 | 63,946 | 23,924 | 14,740,808 | ||||
| At 31 December 2024 | 7,516,800 | 3,190 | 0 | 25,889 | 7,545,879 |
Split between freehold and leasehold
The net book value of land and buildings may be further analysed as follows:
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Freehold | 14,547,889 | 7,435,914 | |
| Long leasehold | 79,699 | 80,886 | |
| 14,627,588 | 7,516,800 |
Included within land and buildings are investment properties with a carrying value of £14,398,219 (2024 - £7,286,245).
Freehold land and buildings held in 1981 were valued at that date.
On the historical basis, freehold land and buildings and freehold investment properties would have been included at a value of £13,431,542 (2024 - £6,319,567).
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Subsidiary undertakings |
|
|
|
| Participating interests |
|
|
|
| Other investments and loans |
|
|
|
| 307,258 | 110 |
Investments in subsidiaries
| 31.12.2025 | |
| £ | |
| Cost | |
| At 01 January 2025 |
|
| Additions |
|
| At 31 December 2025 |
|
| Carrying value at 31 December 2025 |
|
| Carrying value at 31 December 2024 |
|
| Listed investments | Investments in associates | Total | |||
| £ | £ | £ | |||
| Cost or valuation before impairment | |||||
| At 01 January 2025 |
|
|
|
||
| Additions |
|
|
|
||
| Disposals |
|
(
|
(
|
||
| Revaluations |
|
|
|
||
| At 31 December 2025 |
|
|
|
||
| Carrying value at 31 December 2025 |
|
|
|
||
| Carrying value at 31 December 2024 |
|
|
|
Investments in shares
The following were subsidiaries of the company:
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2025 |
Ownership 31.12.2024 |
Held |
|
|
Bicknell House, Merstham Road, Bristol, BS2 9TQ | Property development and management |
|
|
|
Direct |
|
|
Bicknell House, Merstham Road, Bristol, BS2 9TQ | Property development and management |
|
|
|
Indirect |
Investments in associates
The following were associates of the Company:
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2025 |
Ownership 31.12.2024 |
Held |
| Canynge Bicknell (Lenfestey) Limited | Bicknell House, Merstham Road, Bristol, BS2 9TQ | Property development and management | ordinary | 0.00% | 30.00% | Direct |
|
|
Bicknell House, Merstham Road, Bristol, BS2 9TQ | Property development and management |
|
|
|
Direct |
|
|
Bicknell House, Merstham Road, Bristol, BS2 9TQ | Property development and management |
|
|
|
Indirect |
|
|
Bicknell House, Merstham Road, Bristol, BS2 9TQ | Property development and management |
|
|
|
Indirect |
|
|
Bicknell House, Merstham Road, Bristol, BS2 9TQ | Property development and management |
|
|
|
Indirect |
|
|
Bicknell House, Merstham Road, Bristol, BS2 9TQ | Property development and management |
|
|
|
Indirect |
|
|
Bicknell House, Merstham Road, Bristol, BS2 9TQ | Property development and management |
|
|
|
Indirect |
|
|
Bicknell House, Merstham Road, Bristol, BS2 9TQ | Property development and management |
|
|
|
Indirect |
|
|
Bicknell House, Merstham Road, Bristol, BS2 9TQ | Property development and management |
|
|
|
Indirect |
|
|
Bicknell House, Merstham Road, Bristol, BS2 9TQ | Property development and management |
|
|
|
Indirect |
The capital and reserves and the profit of the subsidiary undertakings was as follows:
| Capital and reserves at 31.12.2025 |
Profit for the year ended 31.12.2025 |
|
| £ | £ | |
| Canynge Bicknell (Street) Limited | (98,087) | 525,686 |
| Street Business Park Management Company Limited | 1 | 0 |
| Canynge Bicknell Limited | 148,526 | 12,444,796 |
| Canynge Bicknell (Investments) Limited | 206,058 | 1,065,446 |
| Canynge Bicknell (Retail) Limited | 1,418 | 18,634 |
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Work in progress |
|
|
|
| Development land |
|
|
|
|
|
|
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Amounts owed by own subsidiaries (note 21) |
|
|
|
| Amounts owed by associates (note 21) |
|
|
|
| Other debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
|
|
|
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Trade creditors |
|
|
|
| Taxation and social security |
|
|
|
| VAT |
|
|
|
| Accruals and deferred income |
|
|
|
| Other creditors |
|
|
|
|
|
|
| Deferred taxation | Total | ||
| £ | £ | ||
| At 01 January 2025 |
|
0 | |
| Charged to the Profit and Loss Account |
|
9,777 | |
| At 31 December 2025 |
|
9,777 | |
Deferred tax
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Other timing differences |
|
|
|
| Provision for deferred tax |
|
|
The carrying values of the Company’s financial assets and liabilities are summarised by category below:
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Financial assets | |||
| Measured at fair value through profit or loss | |||
| Investments in listed equity instruments (note 12) |
|
|
|
| Measured at undiscounted amount receivable | |||
| Trade debtors (note 14) |
|
|
|
| Other debtors (note 14) |
|
|
|
| Amounts owed by own subsidiaries (note 14) |
|
|
|
| Amounts owed by associates (note 14) |
|
|
|
| 1,644,394 | 566,742 | ||
| Financial liabilities | |||
| Measured at undiscounted amount payable | |||
| Trade creditors (note 15) | (
|
(
|
|
| Other payables (note 15) | (
|
(
|
|
| Taxation and social security | (399,973) | (164,044) | |
| VAT | (58,080) | (13,648) | |
| Accruals | (212,195) | (826,637) | |
| (1,174,325) | (1,419,739) |
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
|
| Presented as follows: | |||
| Called-up share capital presented as equity | 416,716 | 416,716 |
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
As explained in note 1, the company accounts for unrealised development profits resulting from the capitalisation of investment properties in the year in which reclassification takes place. The accumulated development profits and losses arising from such transactions at the balance sheet date amounted to £158,948 (2024 - £158,948) and £171,771 (2024 - £171,771), respectively.
The profit and loss reserve also includes unrealised gains of £39,108 (2024 - £Nil) arising from the revaluation of listed investments. These gains have not been realised at the balance sheet date and are therefore not generally available for distribution until realised.
The capital redemption reserve represents amounts arising from the purchase of own share capital.
Defined contribution schemes
The Company operated a defined contribution retirement benefit scheme for all qualifying employees. The total expense charged to profit or loss in the year ended 31 December 2025 was £59,890 (2024: £150,485).
Defined benefit schemes
The company sponsors a funded defined benefit pension plan for qualifying UK employees, The Bicknell Holdings Ltd Retirement Benefits Scheme. The scheme is a single employer scheme and the disclosures below are in respect of the whole scheme.
The Trustees of the Scheme decided in 2021 to effectively wind up the scheme and on 10 May 2021 entered into a bulk annuity contract with Aviva to secure the ongoing benefits of members.
The trustees triggered the formal winding up of the scheme with effect from 15 March 2024. As such, the disclosures below relate to the position of the scheme as at 31 December 2025.
The level of benefits provided by the scheme depends on a member’s length of service and their salary at their date of leaving the scheme.
UK legislation requires that pension schemes are funded prudently. The last funding valuation of the scheme was carried out by a qualified actuary as at 31 December 2019 and showed a surplus of £0.9m. The next funding valuation was due no later than 31 December 2022, however the wind up of the scheme has now been triggered. The company paid contributions of £13,000 during 2025 (2024 - £nil).
The results of the latest funding valuation at 31 December 2019 have been adjusted to the new balance sheet date, taking account of experience over the period since 31 December 2019, changes in market conditions, and differences in the financial and demographic assumptions. The present value of the defined benefit obligation, was measured using the projected unit credit method.
Valuation at:
| 31.12.2025 | 31.12.2024 | ||
| Key assumptions used: | |||
| Pension increases (CLPI 3) | 1.90% | 2.00% | |
| Pension increases (LPI 2.5) | 1.90% | 2.00% | |
| Pension increases (LPI 5) | 2.60% | 2.80% | |
| Discount rate for scheme liabilities | 5.50% | 5.50% | |
| Inflation (RPI) | 2.70% | 3.00% | |
| Inflation (CPI) | 2.20% | 2.50% |
Mortality assumptions
Investigations have been carried out within the past three years into the mortality experience of the Company's defined benefit schemes. These investigations concluded that the current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement at age 65 are:
Valuation at:
| 31.12.2025 | 31.12.2024 | ||
| Years | Years | ||
| Retiring today: | |||
| Males | 22 | 21 | |
| Females | 24 | 24 | |
| Retiring in 20 years: | |||
| Males | 23 | 23 | |
| Females | 25 | 25 |
Profit and loss recognition:
Amounts recognised in the profit and loss account in respect of these defined benefit schemes are as follows:
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Current service cost |
|
|
|
| Net interest cost | (
|
(
|
|
| Total | 18,000 | 93,000 | |
| Recognised in other comprehensive income |
|
(
|
|
| Total cost relating to defined benefit scheme | 18,000 | (357,000) |
Balance Sheet recognition:
The amount included in the Balance Sheet arising from the Group’s obligations in respect of its defined benefit retirement benefit schemes is as follows:
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Present value of defined benefit obligations | (
|
(
|
|
| Fair value of scheme assets |
|
|
|
| Net (liability)/asset recognised in the balance sheet | (
|
|
Present value movements:
Movements in the present value of defined benefit obligations were as follows:
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| At the beginning of financial year | (
|
(
|
|
| Service cost | (
|
|
|
| Interest cost | (
|
(
|
|
| Actuarial gains and losses | (
|
|
|
| Benefits paid |
|
|
|
| At the end of financial year | (
|
(
|
Scheme assets fair value movement:
Movements in the fair value of scheme assets were as follows:
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| At the beginning of financial year |
|
|
|
| Interest income |
|
|
|
| Actuarial gains and losses |
|
(
|
|
| Contributions from the employer |
|
|
|
| Benefits paid | (
|
(
|
|
| Administration costs incurred | (
|
(
|
|
| At the end of financial year |
|
|
The analysis of the scheme assets at the balance sheet date was as follows:
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Fair value of assets |
|
|
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Operating profit |
|
|
|
| Adjustment for: | |||
| Depreciation and amortisation |
|
|
|
| Pension scheme service costs |
|
|
|
| Profit on sale of fixed assets | (
|
|
|
| Operating cash flows before movement in working capital |
|
|
|
| (Increase)/decrease in stocks | (
|
|
|
| Increase in debtors | (
|
(
|
|
| (Decrease)/increase in creditors | (
|
|
|
| Cash generated by operations |
|
|
|
| Net cash flows from operating activities |
|
|
The directors of the Company are deemed to be the key personnel of the Company as defined in Section 33 of FRS 102. Directors' remuneration paid during the current financial year was £231,854 (2024: £262, 982).
Transactions with group companies
Amounts owed by own subsidiaries
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Canynge Bicknell (Street) Ltd |
|
|
Transactions with companies in which the entity itself has a participating interest
Amounts owed by associates
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| Canynge Bicknell (Lenfestey) Ltd | 0 | 500,000 | |
| Canynge Bicknell (Street) Ltd | 0 | 36,287 | |
|
|
|
Transactions with related parties or connected persons
Management fees recharged to subsidiary and associated companies
| 31.12.2025 | 31.12.2024 | ||
| £ | £ | ||
| IBC Manco Ltd | 1,955 | 1,955 | |
| Canynge Bicknell (Lenfestey) Ltd | 6,153 | 30,000 | |
| Canynge Bicknell (Investments) Ltd | 200,000 | 1,200,000 | |
| Canynge Bicknell Ltd | 100,000 | 0 | |
| 308,108 | 1,231,955 |
Bicknell Holdings Ltd pays for and recharges management fees to subsidiary and associated companies.
C R Bicknell is considered to be the company's controlling party. He has been identified as a person with significant control and is a director on the board of directors.