Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
COMPANY INFORMATION
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BRICKS CAPITAL HOLDINGS LIMITED
CONTENTS
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BRICKS CAPITAL HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The director presents his strategic report for the year ended 31 December 2019.
The principal activity of the company is that of parent undertaking to a group of subsidiaries (together the “group”) developing, owning and operating hotels and purpose built student accommodation.
The director was satisfied with the trading performance of 2019. During 2019 the group has focused on securing favourable senior development financing and has continued to grow the development pipeline. The director believes that the group will benefit from the ongoing development of 2 hotels and 4 student accommodation sites which have opened for occupation in 2020 creating a significant increase in net operating income for the group.
At the beginning of 2020 the group had a total of 4 purpose built student accomodation (PBSA) developments and 2 Hotel Developments under way with a scheduled completion for August 2020, due to the global Covid 19 pandemic each project delivery was affected in some form. We are pleased to report that despite the challenges faced the company delivered 2 PBSA developments in Birmingham & Salford (Manchester) and the Courtyard By Marriott Hotel at London City Airport. The other sites remained under development by the business with Glasgow PBSA site being delivered in August 2021 and Swansea site being delivered in August 2022. The second hotel site at Silverstone Race Circuit will be delivered in May 2022. During 2020 the business also entered into agreements to purchase 3 sites for PBSA developments, these projects will be delivered for August 2023. The purpose built student accommodation operates under the “True Student” brand. True Student Limited, a subsidiary of the group, manages the student accommodation under a management contract at the year end. True Student Limited will continue to develop the brand and grow value by increasing its operating business through the development pipeline of the group and expand to management of third party sites. Two hotels in the group operated under a franchise agreement with Hilton Worldwide Holdings, Inc. Interstate Hotels UK Limited managed the group’s hotels under a management contract during the year. On 16 December 2019, despite attempts to find a viable solution with lenders following adverse trading in the Aberdeen hotel market, the two hotels were placed into pre-pack administration. The director continues to monitor the potential impact to the business as a result of the exit of Britain from the European Union and mitigate any risks as they arise.
The director has the overall responsibility for the establishment and oversight of the risk management framework. Senior management is responsible for developing and monitoring the risk management policies and reports regularly to the director.
The risk management policies are established to identify and analyse the risks faced by the group, to set appropriate risk limits and controls, and to monitor risk and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in the market conditions and group's activities. The Director notes the existence of material uncertainties with respect to going concern which are disclosed in note 2.3 of the financial statements.
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BRICKS CAPITAL HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
The director believes the financial key performance indicator of the business is the valuation of tangible fixed assets, which increase by £1.211m to a value at the year end of £155.8m. The GDV of 5 developments, some of which is not included within the balance sheet, dependent upon whether the sites are opened (assets are held at cost until such time that they are open) is in excess of £260M.
The director is satisfied that they were able to continue their investments in the student accommodation markets and hotel development markets, along with exploring new opportunities within residential and co-living sectors and the director is optimistic this investment will produce greater profitability from trading and future asset sales going forward.
This report was approved by the board on 8 December 2021
and signed on its behalf.
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BRICKS CAPITAL HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The director presents his report and the financial statements for the year ended 31 December 2019.
The director is responsible for preparing the Group Strategic Report, the Director's Report and the
consolidated
financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year
. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation and minority interests, amounted to £
3,025,860
(2018 - loss
£
30,934,429
)
.
The directors who served during the year were
The Group intends to continue to develop their portfolio of assets.
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BRICKS CAPITAL HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
The worldwide outbreak of the COVID-19 virus represents a significant event since the end of the financial period. In light of the impact of the virus upon economic activity, the Group has reviews its cash flow forecasts and considered the impact on going concern, concluding that the going concern basis remains an appropriate basis of preparation for these financial statements given the likely impact on activity for the 12 months following the date of signing this report.
COVID-19 is considered to be a non-adjusting post balance sheet event and therefore has not been taken into account in preparing the Statement of Financial Position as at 31 December 2019. The Group is unable to quantify any impact on the Statement of Financial Position at the date of signing the financial statements. The Director notes the existence of material uncertainties with respect to going concern which are disclosed in note 2.3 of the financial statements. There were various other post-balance sheet events, summarised below: - In May 2020, the Group extended the loan facility available from £75m to £100m. - On 25 February 2020, the Bricks Silverstone sub-group completed on a bridge financing arrangement with Hambros Secured Lending Limited for £5.45m. - On 26 February 2020, the Bricks Silverstone sub-group completed on the long-term lease of part of the land at Silverstone Racing Circuit, Northamptonshire for £1.377m. - On 26 October 2020, the Bricks Swansea sub-group completed on a financing arrangement with Harbour Lending Limited for £34.107m. - On 13 September 2021, Bricks Capital Holdings disposed of their investment in Bricks Birmingham Capital Limited, Bricks Birmingham Propco Limited and Bricks Birmingham Opco Limited for £56m.
This report was approved by the board on
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BRICKS CAPITAL HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRICKS CAPITAL HOLDINGS LIMITED
We have audited the financial statements of Bricks Capital Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2019, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity
and the related notes, including a summary of 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 opinion.
We draw attention to note 2.3 in the financial statements which details various events and conditions that the Director has taken into account in his going concern assessment. As stated in note 2.3, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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BRICKS CAPITAL HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRICKS CAPITAL HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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 Auditors' 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 Group financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
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BRICKS CAPITAL HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRICKS CAPITAL HOLDINGS LIMITED (CONTINUED)
In the previous accounting period, the directors of the Group took advantage of audit exemption under section 477 of the Companies Act 2006. Therefore, the prior period financial statements were not subject to audit.
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 Auditors' 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 Auditors
10 Queen Street Place
EC4R 1AG
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BRICKS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
REGISTERED NUMBER:
09451783
CONSOLIDATED BALANCE SHEET
AS AT
31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
REGISTERED NUMBER:
09451783
CONSOLIDATED BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 December 2021
.
The notes on pages 17 to 41 form part of these financial statements.
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BRICKS CAPITAL HOLDINGS LIMITED
REGISTERED NUMBER:
09451783
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 41 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2018
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BRICKS CAPITAL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Bricks Capital Holdings Limited is a private company limited by shares, company number 09451783, incorporated in England and Wales. The registered office is Ground Floor, 8-9 Bulstrode Place, London, W1U 2HY. The principal activity of the group is the development and operation of properties.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
The financial statements have been prepared on a going concern basis as the Director is satisfied that the Group has the resources to continue in business for the foreseeable future which has been taken as being at least twelve months from the date of approval of the financial statements. In forming this assessment, the Director has considered cash flow projections covering a period of at least twelve months from the date of approval of the financial statements considering the impact of COVID-19.
Notwithstanding this assessment, the Director recognises that there is an issue which indicates that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. The Group generated losses of £2,658,278, has net liabilities of £4,468,159 at the year-end and had a cash outflow of £3,598,115. The Group is funded by several loans, some of which are due for repayment within the 12 months following the signing of the financial statements. At the date of approving the financial statements, a definitive solution has yet to be agreed with the lender and the Director is considering various options. The Group is currently in negotiations with lenders and advisors, considering various options such as refinancing or sales of assets. The Director is confident that these negotiations will be successful and will result either in successful sales or that refinancing will be secured either with existing or new lenders. Furthermore, the group is reliant upon a lender to fund its overheads and amounts are agreed upon at the start of each financial year. At the time of signing the financial statements, budgets have not been formally approved for twelve months although the agreement does not terminate until 2023. Until these have been agreed, the Director recognises that a material uncertainty with respect to going concern exists. Although the Director is strongly of the view that the Group will be able to operate as a going concern, he recognises that the above may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.
Functional and presentation currency
Transactions and balances
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is charged once ready for intended use.
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under the course of construction are held as tangible fixed assets at historical cost less any accumulated impairment losses. Historical costs include expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is not provided until such a time that the asset is capable of operating in the manner intended by management. Upon completion of the asset, the asset will be carried at fair value determined annually by the directors.
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The following are the critical judgments and estimations that the Director has made in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Valuation of land and buildings The valuation of land and buildings is estimated by the Director, having obtained an annual valuation of the assets by external valuers. The primary source of evidence of land and buildings valuations is recent, comparable market transactions on an arms-length basis. An adjustment to any of these assumptions could lead to a material change in the valuation. There is significant judgment as to the indicators of the valuation of land and buildings as they are based upon valuer assumptions which may prove to be inaccurate. Valuation of investment property The valution of investment property is estimated by the Director, based upon market evidence and yields. An adjustment to any assumptions made could lead to a material change in the valuation. There is significant judgment as to the indications of the valuation of investment property. Depreciation The useful economic lives of tangible fixed assets are based on management's judgment and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is added retrospectively. Due to the significance of tangible fixed assets to the Group, variances between actual and estimated useful economic lives could impact on the operating results both positively and negatively. Tax The current tax charge has been based upon the Director's most probable view of the appropriate interpretation of existing tax legislation and case law effective as at theh year-end after having considered relevant professional advice. In the event that HMRC interpretation differs or new case law is announced, the outcome might diverge from that expected.
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Analysis of turnover by country of destination:
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
On 1 August 2019 the Group acquired 5% of the non controlling interest by purchasing 5% of the shares of the following companies and their subsidiaries:
• Bricks Birmingham Capital Limited • Bricks D2 Capital Limited • Bricks Glasgow Capital Limited • Bricks K Capital Limited • Bricks Salford Quay Capital Limited • Bricks Silverstone Capital Limited • Bricks Westhill Capital Limited • LCA Capital Limited The shares were purchased for consideration of £500,000 from Jason Taylor, a director of the company until 14 February 2019. The Group now holds 95% of these subsidiaries. At the date of acquisition, the Group derecognised the carrying amount of the non-controlling interest of £276,595 and recorded a decrease in equity attributable to owners of the parent of £776,595.
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
On 16 December 2019, the following subsidiaries went into administration leading to the loss of control by the Group and, in accordance with the Group's accounting policy, ceased to be included in the consolidated accounts from this date. The subsidiaries profit/(loss) before tax at the date of the Group losing control are detailed below respectively:
• Bricks D2 Propco Limited - (£22,538) (2018: loss £10,766,749) • Bricks D2 Feuhold Limited - (£17,615) (2018: profit £84) • Bricks D2 Opco Limited - £227,710 (2018: profit £206,256) • Bricks Westhill Propco Limited - £220 (2018: loss £11,649,908) • Bricks Westhill Feuhold Limited - £nil (2018: loss £244,465) • Bricks Westhill Opco Limited - (£557,609) (2018: loss: £557,610) As a result of these subsidiaries having incurred losses and impairing the carrying value of tangible fixed assets in 2018, the companies were in a net liability position at the date of the administration. As a result of the net liabilities being no longer payable, the Group has realised a profit of £16,315,746 in the Statement of Comprehensive Income, the variation to the numbers totalled above being intercompany balances with no impact on the Group Statement of Comprehensive Income, as detailed below:
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
In the Budget anouncement on 3 March 2021, the Chancellor announced the intention to increase the main rate of UK corporation tax to 25% for the financial year beginning 1 April 2023. This was not substantively enacted at the balance sheet date.
Deferred tax at the balance sheet date has been measured using the enacted rate of 17% (2018: 17%) in these financial statements.
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
.
Subsidiary undertakings (continued)
Direct subsidiary undertakings (continued)
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
.
Subsidiary undertakings (continued)
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
.
Subsidiary undertakings (continued)
Indirect subsidiary undertakings (continued)
The 2019 valuations were made by the director, on an open market value for existing use basis.
The 2019 valuations were made by the director, on an open market value for existing use basis.
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Revaluation reserve
Profit and loss account
The company has restated the prior year financial statements to capitalise £1,851,855 of finance fees in accordance with FRS 102, with an amortisation charge of £154,322 in 2018. The impact of the adjustment is a reduction of bank loans (included within creditors) by £1,697,533, a reduction in the loss in 2018 and an increase in equity at 31 December 2018 by the same amount.
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £29,034 (2018 - £20,917) . Contributions totalling £8,355 (2018 - £12,689) were payable to the fund at the balance sheet date and are included in creditors.
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BRICKS CAPITAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
COVID-19 is considered to be a non-adjusting post balance sheet event and therefore has not been taken into account in preparing the Statement of Financial Position as at 31 December 2019. The Group is unable to quantify any impact on the Statement of Financial Position at the date of signing the financial statements. There were various other post-balance sheet events, summarised below: - In May 2020, the Group extended the loan facility available from Roundshield from £75m to £100m. - On 25 February 2020, the Bricks Silverstone sub-group completed on a bridge financing arrangement with Hambros Secured Lending Limited for £5.45m. - On 26 February 2020, the Bricks Silverstone sub-group completed on the long-term lease of part of the land at Silverstone Racing Circuit, Northamptonshire for £1.377m. - On 26 October 2020, the Bricks Swansea sub-group completed on a financing arrangement with Harbour Lending Limited for £34.107m. - On 13 September 2021, Bricks Birmingham Capital Limited, Bricks Birmingham Propco Limited and Bricks Brimingham Opco were sold for a total of £56m.
The ultimate controlling party is Peter Prickett.
The financial information for the year ended 31 December 2018 has not been subject to audit.
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