For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

LFGAC Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 28 Austin Friars, London, EC2N 2QQ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

The company owns a share of the freehold of 3 flats at 74 Cadogan Square, London, SW1X 0EA. The enfranchisement of these 3 flats is managed by 74 Cadogan Square Freehold Limited a company incorporated in the United Kingdom in which the director and shareholder Mr J Prieto Galiano is also a shareholder and director.

The investment property was valued on an open market basis by reference to market evidence of transaction prices for similar properties on 31 March 2025 by the director of the company Mr J Prieto Galiana.

The historical cost of the investment property is £776,223.

Investments represents share investments and loans made to unquoted trading companies in the United

Kingdom, the European Union and the United States of America.

At 31 March 2025, the company owned 7.1083% of the issued share capital of Tipetaca Servicios Y Gestiones

SL, incorporated in Spain. Tipetaca Servicios Y Gestiones SL is the holding company of Grupo Raga, a

business that provides gardening services mainly to municipalities in Spain. The historical cost of this

investment is €213 (£180). During the year ended 31 December 2024 Tipetaca Servicios Y Gestiones SL

achieved a profit of €615,601 and had a net assets of €30,240,836.

At 31 March 2025 the company owned 25% of the issued share capital of Arocic Investments SL, a company

incorporated in Spain, in which the director Mr J Prieto Galiana is also a director. The historical cost of this

investment is €201,500 (£170,258). During the year ended 31 December 2024 Arocic Investments SL

achieved a profit of €183,993 and had net assets of €1,558,080.

At 31 March 2025 the company owns 2.18% of the issued share capital of EOLiberty SAS, a company

incorporated in France, in which the director Mr J Prieto Galiana also holds an interest. The historical cost of this investment is €50,000 (£44,115). During the year ended 31 December 2024 EOLiberty SAS achieved a loss of €388,592 and had net assets of €1,108,140.

At 31 March 2025 the company has invested £100,000 in Silvertree Equity Partners LLP, a limited liability

partnership incorporated in the United Kingdom.

At 31 March 2025 the company has invested €683,167 (£577,313) in the Blackcode Group, incorporated in

France.

At 31 March 2025 the company holds an investment of £5,000 in Chelsea Yacht Club.

At 31 March 2025 the company was owed €625,041 (£528,129) by Solepata Servicios Gestiones SLU, a

company incorporated in Spain. This amount is unsecured, repayable in 2027 and interest will be payable

upon the repayment of the loan.

At 31 March 2025 the company was owed €200,000 (£174,079) by Ricoteca Servicios y Gestiones SLU, a

company incorporated in Spain. This loan is unsecured, repayable in December 2026 and interest of 15% per

annum is due to be paid upon the repayment of the loan.

Other investments represents total loans of £816,000 (2024 - £773,237) made to unquoted trading company's in the United Kingdom, France and artwork of £40,752 (2023 - £37,173).

Included within other investments is a loan of £773,237 (2024 - £773,237) owed to the company by Iridium Assets Ltd, incorporated in the United Kingdom. During March 2023 Iridium Assets Ltd has entered into liquidation however, the director is of the opinion that the loan will be recovered in full and therefore no impairment is required.

Included within other investments is a convertible loan of £42,763 (2024 - £0) owed to the company by EOLiberty SAS, a company incorporated in France, in which the director Mr J Prieto Galiana also holds an interest..

Included within other creditors are two loans totaling £376,619 (2024: £376,619) received from unquoted businesses in the United Kingdom and Spain. The purpose of these loans was to acquire the investments undertaken by the company. The loans are unsecured, interest free and have no fixed repayment terms, the lenders are entitled to receive a share of any profits made from the investments undertaken by the company from the funds received from these loans.

Dividends totalling £11,284 (2024 - £23,947) were paid in the year in respect of shares held by the company director.

During the year interest of £276 was charged by the company to the sole director and shareholder Mr J Prieto Galiana. This interest was charged at a rate of 2.25% per annum for the period which he owed monies to the company.

The company is controlled by the sole director Mr J Prieto Galiana by virtue of his holding 100% of the issued share capital of the company.