Galifray Properties Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03163952 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2014

FOR

GALIFRAY PROPERTIES LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

Mr M F Kerry

Mr A G Wilson

SECRETARY:

Mr A G Wilson

REGISTERED OFFICE:

761 Whalley New Road

Blackburn

Lancashire

BB1 9BE

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, from which the unaudited abbreviated accounts (set out on pages three to six)

have been prepared.

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 2014 which comprise the Profit and

Loss Account, the Balance Sheet, the Cash Flow Statement, the Statement of Total Recognised Gains and Losses 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 at icaew.com/membershandbook.

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 15 November 2010. 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 AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company 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 loss 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

2 October 2014

FIXED ASSETS

Tangible assets

2

2,074

2,440

Investment property

3

1,232,155

1,029,000

1,234,229

1,031,440

CURRENT ASSETS

Debtors

29,995

17,316

Cash at bank and in hand

120

720

30,115

18,036

CREDITORS

Amounts falling due within one year

254,695

33,693

NET CURRENT LIABILITIES

(224,580

)

(15,657

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,009,649

1,015,783

CREDITORS

Amounts falling due after more than one year

4

(400,000

)

(376,806

)

PROVISIONS FOR LIABILITIES

-

(117

)

NET ASSETS

609,649

638,860

CAPITAL AND RESERVES

Called up share capital

5

1,000

1,000

Revaluation reserve

639,888

639,888

Profit and loss account

(31,239

)

(2,028

)

SHAREHOLDERS' FUNDS

609,649

638,860

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 2 October 2014 and were signed on its behalf by:

Mr M F Kerry - Director

Mr A G Wilson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

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

market value is transferred to a revaluation reserve.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2013

and 31 August 2014

5,899

DEPRECIATION

At 1 September 2013

3,459

Charge for year

366

At 31 August 2014

3,825

NET BOOK VALUE

At 31 August 2014

2,074

At 31 August 2013

2,440

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 September 2013

1,029,000

Additions

203,155

At 31 August 2014

1,232,155

NET BOOK VALUE

At 31 August 2014

1,232,155

At 31 August 2013

1,029,000

4.

CREDITORS

Creditors include an amount of £ 400,000 (2013 - £ 376,806 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1,000

Ordinary

£1

1,000

1,000

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2014 and

31 August 2013:

2014

2013

£

£

Mr M F Kerry

Balance outstanding at start of year

776

3,426

Amounts repaid

(65,700

)

(2,650

)

Balance outstanding at end of year

(64,924

)

776

Mr A G Wilson

Balance outstanding at start of year

(27,016

)

(16,376

)

Amounts advanced

-

2,717

Amounts repaid

(65,700

)

(13,357

)

Balance outstanding at end of year

(92,716

)

(27,016

)

There is no formal agreement between the company and the directors for directors' loan accounts. No interest is

payable regardless of the balance. Overdrawn directors' loan accounts are repayable upon demand.