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LGY PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2023






LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Accountants' Report 8

LGY PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: J M Soar
S C Lousada





SECRETARY: Mrs S A Hunt





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





REGISTERED NUMBER: 09703848 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,337 1,783
Investment property 5 2,575,000 2,498,000
2,576,337 2,499,783

CURRENT ASSETS
Debtors 6 141,433 158,067
Cash at bank 75,931 23,399
217,364 181,466
CREDITORS
Amounts falling due within one year 7 199,636 112,165
NET CURRENT ASSETS 17,728 69,301
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,594,065

2,569,084

CREDITORS
Amounts falling due after more than one
year

8

(1,938,172

)

(2,002,599

)

PROVISIONS FOR LIABILITIES (34,175 ) (15,310 )
NET ASSETS 621,718 551,175

CAPITAL AND RESERVES
Called up share capital 9 200 200
Share premium 259,314 259,314
Non-distributable retained
earnings 10 140,825 82,690
Retained earnings 221,379 208,971
SHAREHOLDERS' FUNDS 621,718 551,175

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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.

LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848)

STATEMENT OF FINANCIAL POSITION - continued
31ST DECEMBER 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th April 2024 and were signed on its behalf by:





S C Lousada - Director


LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

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.

In response to the COVID-19 pandemic, the Directors have taken into account the impact on their business of possible scenarios brought on by the pandemic, alongside the measures that they can take to mitigate the impact. Based on these assessments, the Directors have concluded that they can continue to adopt the going concern basis in preparing the accounts.

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.

Income yet to be invoiced but relates to a period during the financial year is accounted for as accrued income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment property
Investment properties for which fair value can be measured reliably 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.


LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1st January 2023
and 31st December 2023 2,655
DEPRECIATION
At 1st January 2023 872
Charge for year 446
At 31st December 2023 1,318
NET BOOK VALUE
At 31st December 2023 1,337
At 31st December 2022 1,783

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2023 2,498,000
Revaluations 77,000
At 31st December 2023 2,575,000
NET BOOK VALUE
At 31st December 2023 2,575,000
At 31st December 2022 2,498,000

LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31st December 2023 is represented by:
£   
Valuation in 2017 50,000
Valuation in 2020 48,000
Valuation in 2023 77,000
Cost 2,400,000
2,575,000

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

2023 2022
£    £   
Cost 2,400,000 2,400,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 12,937 42,714
Doubtful debt provision (890 ) (890 )
VAT 3,843 1,604
Prepayments 125,543 114,639
141,433 158,067

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 90,547 53,353
Corporation tax 2,424 5,787
Other creditors 35,583 33,083
Accrued expenses 71,082 19,942
199,636 112,165

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to related companies 1,938,172 2,002,599

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 ORDINARY £1 200 200

LGY PROPERTIES LIMITED (REGISTERED NUMBER: 09703848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

10. RESERVES
Non-distributable
retained
earnings
£   
At 1st January 2023 82,690
Transfer from revaluation 58,135

At 31st December 2023 140,825

11. 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 £259,000 (2022 £372,000).

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 2023 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.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


17th April 2024