Lgy Properties Limited - Accounts to registrar (filleted) - small 18.2

Lgy Properties Limited - Accounts to registrar (filleted) - small 18.2

LGY PROPERTIES LIMITED - Company Information

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LGY PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2018





LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2018




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Accountants' Report 7

LGY PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2018







DIRECTORS: J M Soar
S C Lousada





SECRETARY: Mrs S A Hunt





REGISTERED OFFICE: Estate Office
Oakley House
Oakley
Bedford
Bedfordshire
MK43 7ST





REGISTERED NUMBER: 09703848 (England and Wales)





ACCOUNTANTS: Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN
Page 1
LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2018

31/12/18 31/12/17
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 2,597,000 2,597,000

CURRENT ASSETS
Debtors 4 145,133 211,083
Cash at bank 35,182 11,756
180,315 222,839
CREDITORS
Amounts falling due within one year 5 80,641 141,861
NET CURRENT ASSETS 99,674 80,978
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,696,674
2,677,978

CREDITORS
Amounts falling due after more than one
year
6
(2,299,379
)
(2,303,283
)

PROVISIONS FOR LIABILITIES (2,686 ) (2,686 )
NET ASSETS 394,609 372,009

CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 259,314 259,314
Non-distributable retained
earnings 7 47,314 47,314
Retained earnings 87,781 65,181
SHAREHOLDERS' FUNDS 394,609 372,009

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The notes form part of these financial statements

Page 2 continued...
LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848)

STATEMENT OF FINANCIAL POSITION - continued
31ST DECEMBER 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 30th April 2019 and were signed on its behalf by:





S C Lousada - Director


The notes form part of these financial statements

Page 3
LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2018

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

The significant accounting policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents rents and service recharges received from tenants of properties, stated net of value added
tax.

Income received that relates to a period after the year end is treated as deferred income.

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at
fair value at each reporting date with changes in fair value recognised in profit or loss. No formal valuation has
taken place during the year by a professional independent valuer. The current fair value is based on a recognised
valuation model.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Page 4 continued...
LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2018

3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2018
and 31st December 2018 2,597,000
NET BOOK VALUE
At 31st December 2018 2,597,000
At 31st December 2017 2,597,000

Fair value at 31st December 2018 is represented by:

£   
Valuation in 2017 50,000
Cost 2,547,000
2,597,000

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/18 31/12/17
£    £   
Trade debtors 52,290 114,649
VAT 2,291 -
Prepayments 90,552 96,434
145,133 211,083

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/18 31/12/17
£    £   
Trade creditors 48,936 81,048
Corporation tax 3,733 5,375
VAT - 299
Other creditors 2,874 3,666
Deferred income 3,900 49,973
Accrued expenses 21,198 1,500
80,641 141,861

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/18 31/12/17
£    £   
Amounts owed to related companies 2,299,379 2,303,283

Page 5 continued...
LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2018

7. RESERVES
Non-distributable
retained
earnings
£   
At 1st January 2018
and 31st December 2018 47,314

8. CONTINGENT LIABILITIES

The company has granted legal mortgages over its freehold investment properties to the banker's of Lousada
(Developments) Limited, a company under common control.

At the balance sheet date the maximum liability under this commitment would be £740,000 (2017 £820,000).

9. ULTIMATE CONTROLLING PARTY

The directors believe there is no overall controlling party.

Page 6
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
LGY PROPERTIES LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file
a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and
certain other primary statements and the Report of the Directors are not required to be filed with the Registrar
of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements of Lgy Properties Limited for the year ended 31st December 2018 which comprise the Statement of
Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the
company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lgy Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lgy Properties Limited and state those matters that we have agreed to state to the Board of Directors of Lgy Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lgy Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lgy Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lgy Properties Limited. You consider that Lgy Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lgy Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


3rd May 2019

This page does not form part of the statutory financial statements

Page 7