Galifray Properties Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03163952 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017

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 2017 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 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

27 October 2017

FIXED ASSETS

Property, plant and equipment

3

1,273

1,498

Investment property

4

1,246,700

1,356,700

1,247,973

1,358,198

CURRENT ASSETS

Debtors

5

23,210

21,661

Cash at bank

29,634

8,144

52,844

29,805

CREDITORS

Amounts falling due within one year

6

206,267

197,471

NET CURRENT LIABILITIES

(153,423

)

(167,666

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,094,550

1,190,532

CREDITORS

Amounts falling due after more than one year

7

(435,000

)

(525,000

)

PROVISIONS FOR LIABILITIES

(86

)

-

NET ASSETS

659,464

665,532

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

9

584,614

671,733

Retained earnings

73,850

(7,201

)

SHAREHOLDERS' FUNDS

659,464

665,532

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 27 October 2017 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 2016

and 31 August 2017

2,122

3,777

5,899

DEPRECIATION

At 1 September 2016

1,565

2,836

4,401

Charge for year

84

141

225

At 31 August 2017

1,649

2,977

4,626

NET BOOK VALUE

At 31 August 2017

473

800

1,273

At 31 August 2016

557

941

1,498

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2016

1,356,700

Impairments

(110,000

)

At 31 August 2017

1,246,700

NET BOOK VALUE

At 31 August 2017

1,246,700

At 31 August 2016

1,356,700

Fair value at 31 August 2017 is represented by:

£

Valuation in 2003

185,689

Valuation in 2004

265,500

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

Cost

662,086

1,246,700

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

historical cost:

2017

2016

£

£

Cost

662,086

684,967

Investment properties were valued on an open market basis on 31 August 2017 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 £79,558.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

23,210

21,661

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

14,169

-

Other creditors

192,098

197,471

206,267

197,471

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

435,000

525,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

435,000

525,000

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

9.

RESERVES

Fair

value

reserve

£

At 1 September 2016

671,733

Transfer

(87,119

)

At 31 August 2017

584,614