Lgy Properties Limited - Accounts to registrar (filleted) - small 18.1

LGY PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

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

FIXED ASSETS

Investment property

3

2,597,000

2,547,000

CURRENT ASSETS

Debtors

4

211,083

132,987

Cash at bank and in hand

11,756

50,825

222,839

183,812

CREDITORS

Amounts falling due within one year

5

141,861

117,163

NET CURRENT ASSETS

80,978

66,649

TOTAL ASSETS LESS CURRENT LIABILITIES

2,677,978

2,613,649

CREDITORS

Amounts falling due after more than one year

6

(2,303,283

)

(2,319,605

)

PROVISIONS FOR LIABILITIES

(2,686

)

-

NET ASSETS

372,009

294,044

CAPITAL AND RESERVES

Called up share capital

200

200

Share premium

259,314

259,314

Non-distributable retained

earnings

7

47,314

-

Retained earnings

65,181

34,530

SHAREHOLDERS' FUNDS

372,009

294,044

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors on 14th May 2018 and were signed on its behalf by:

S C Lousada - Director

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 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.

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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2017

2,547,000

Revaluations

50,000

At 31st December 2017

2,597,000

NET BOOK VALUE

At 31st December 2017

2,597,000

At 31st December 2016

2,547,000

Fair value at 31st December 2017 is represented by:

£

Valuation in 2017

50,000

Cost

2,547,000

2,597,000

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

114,649

77,224

Doubtful debt provision

-

(11,755

)

Prepayments

96,434

67,518

211,083

132,987

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

81,048

21,445

Corporation tax

5,375

8,915

VAT

299

5,055

Other creditors

3,666

-

Deferred income

49,973

44,640

Accrued expenses

1,500

37,108

141,861

117,163

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Amounts owed to related companies

2,303,283

2,319,605

7.

RESERVES

Non-distributable

retained

earnings

£

Surplus on revaluation

47,314

At 31st December 2017

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 £820,000 (2016 £900,000).

9.	ULTIMATE CONTROLLING PARTY

The directors believe there is no overall controlling party.

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 2017 which comprise the Statement of

Comprehensive Income, 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 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

18th May 2018