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

REGISTERED NUMBER: 03163952 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019

FOR

GALIFRAY PROPERTIES LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr M F Kerry

Mr A G Wilson

SECRETARY:

Mr A G Wilson

REGISTERED OFFICE:

53 Parsonage Road

Blackburn

Lancashire

BB1 9PG

REGISTERED NUMBER:

03163952 (England and Wales)

ACCOUNTANTS:

Bishops

Chartered Accountants

Phoenix Park

Blakewater Road

Blackburn

Lancashire

BB1 5BG

BANKERS:

Handelsbanken

1st Floor Wallander House

Capricorn Business Park

Blakewater Road

Blackburn

Lancashire

BB1 5QR

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 Income

Statement 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 Galifray Properties Limited for the year ended 31 August 2019 which comprise the

Income Statement, Statement of Financial Position 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 Galifray Properties Limited, as a body, in accordance with the terms of our engagement letter dated 17 October 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Galifray Properties Limited and state those matters that we have agreed to state to the Board of Directors of Galifray 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 Galifray Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Galifray 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 Galifray Properties Limited. You consider that Galifray 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 Galifray 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.

Bishops

Chartered Accountants

Phoenix Park

Blakewater Road

Blackburn

Lancashire

BB1 5BG

13 November 2019

FIXED ASSETS

Property, plant and equipment

3

3,980

1,082

Investment property

4

1,295,000

1,295,000

1,298,980

1,296,082

CURRENT ASSETS

Debtors

5

22,796

17,307

Cash at bank

24,519

17,306

47,315

34,613

CREDITORS

Amounts falling due within one year

6

197,154

202,265

NET CURRENT LIABILITIES

(149,839

)

(167,652

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,149,141

1,128,430

CREDITORS

Amounts falling due after more than one year

7

(414,625

)

(414,660

)

PROVISIONS FOR LIABILITIES

(650

)

(75

)

NET ASSETS

733,866

713,695

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Fair value reserve

10

632,914

632,914

Retained earnings

10

99,952

79,781

SHAREHOLDERS' FUNDS

733,866

713,695

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 13 November 2019 and were signed on its behalf by:

Mr M F Kerry - Director

Mr A G Wilson - Director

1.	STATUTORY INFORMATION

Galifray 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.

Turnover

Turnover represents the rents receivable and management fees as they become due throughout the

period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Contrary to the Companies Act, the investment properties are not depreciated. This treatment is

considered necessary in order for the financial statements to give a true and fair view.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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.

3.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 September 2018

2,122

3,777

5,899

Additions

3,600

-

3,600

At 31 August 2019

5,722

3,777

9,499

DEPRECIATION

At 1 September 2018

1,720

3,097

4,817

Charge for year

600

102

702

At 31 August 2019

2,320

3,199

5,519

NET BOOK VALUE

At 31 August 2019

3,402

578

3,980

At 31 August 2018

402

680

1,082

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2018

and 31 August 2019

1,295,000

NET BOOK VALUE

At 31 August 2019

1,295,000

At 31 August 2018

1,295,000

Fair value at 31 August 2019 is represented by:

£

Valuation in 2004

451,189

Valuation in 2005

95,000

Valuation in 2006

42,000

Valuation in 2007

(50,000

)

Valuation in 2008

(15,750

)

Valuation in 2009

10,000

Valuation in 2010

(40,000

)

Valuation in 2013

60,330

Valuation in 2015

31,845

Valuation in 2018

48,300

Cost

662,086

1,295,000

If investment properties had not been revalued they would have been included at the following

historical cost:

2019

2018

£

£

Cost

662,086

662,086

Investment properties were valued on an open market basis on 31 August 2019 by Mr. M Kerry, a director of the company

.

Should the investment properties be sold at their carrying amount then there is a potential tax charge

of £85,673.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

22,796

17,307

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Taxation and social security

4,157

1,398

Other creditors

192,997

200,867

197,154

202,265

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

414,625

414,660

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

414,625

414,660

The bank loan is secured by way of a first legal charge over six Investment properties.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 September 2018

79,781

632,914

712,695

Profit for the year

20,171

20,171

At 31 August 2019

99,952

632,914

732,866