LCP Proudreed PLC - Irish Stock Exchange

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The accompanying notes are an integral part of this balance sheet Notes to the Financial Statements As at 19 October 2005 1. Accounting Policies Basis of preparation The non-statutory financial statements contained in this report have been prepared in accordance with accounting standards applicable in the United Kingdom under the historical cost convention. A summary of the principal accounting policies, which have been applied consistently for the period covered by this report, is set out below. In preparing these non-statutory financial statements, the directors have assumed that the Commercial Mortgage Loan Agreement and property acquisition transaction referred to in the offering circular dated 19 October 2005 have been executed. Cash flow statement The company is exempt from the requirement to prepare a cash flow statement on the grounds that it is a small company. Principal activity The Company was incorporated on 27 May 2005. The Company has not yet commenced business, no audited financial statements have been made up and no dividends have been declared or paid since the date of incorporation. 2. Fixed Assets Investment Properties Additions, and as at 19 October 2005 £391,520,000 The investment properties are stated at acquisition cost. 3. Liabilities – amounts falling due after more than one year Commercial Mortgage Loan £274,045,000 Subordinated Group Loan £117,475,000 £391,520,000 The commercial mortgage loan is secured on the investment properties. 4. Share Capital Authorised Ordinary shares of £1 each £100 Allotted, called up and paid No. Ordinary shares of £1 fully paid 100 £100 The Company was incorporated and registered as a limited company on 27 May 2005, with the name of L & C Europe Limited. On incorporation, the authorised share capital of the Company was divided into 100 ordinary shares. On incorporation L & A Formations Limited subscribed for 1 fully paid share which was subsequently transferred to <strong>LCP</strong> Commercial Limited on 2 June 2005. <strong>LCP</strong> Commercial Limited subscribed for 1 further share on 2 June 2005 and the remaining 98 shares on 11 July 2005 which were all allocated and paidinfull. 127
5. Reconciliation of Shareholders’ Funds and Movement in Reserves Total Shareholders’ Funds At incorporation — Proceeds from issue of shares £100 At 19 October 2005 £100 128
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LCP Proudreed PLC incorporated with
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The Issuer accepts responsibility f
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CONTENTS SECTION PAGE PRINCIPAL CHA
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PRINCIPAL CHARACTERISTICS OF THE CO
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Security: Insurance: Valuation: 70
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TRANSACTION OVERVIEW The informatio
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TRANSACTION PARTIES The Issuer LCP
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SPV Management Limited’s appointm
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Statistical Analysis Unless stated
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Property Name Property Address Type
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Property Number 2 Property Name Arc
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Property Number 6 Property Name Adw
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Property Number 10 Property Name Sh
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7. Property Size The figures cited
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Property Number 2 Property Name Alp
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3. Tenant Concentration (Top 10 Ten
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8. Sectoral Weightings: (Industrial
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Interest Payment Date falling in Fe
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RISK FACTORS The following is a sum
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available to be applied by the Issu
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maturity of the Notes, enforcement
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emoval, rebuilding, reinstating and
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assurance that a Borrower will exer
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which is intended to ensure that th
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egulations will not occur in the fu
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landlord to forfeit the Headlease i
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3. Legal and regulatory considerati
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A company is eligible for a morator
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displayed and (c) applicable provis
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Withholding tax in respect of the C
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SUMMARY OF PRINCIPAL DOCUMENTS Belo
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on the two Loan Calculation Dates i
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substantially as it has been conduc
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A breach of a Financial Covenant ma
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• not to carry out and/or agree t
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(f) (g) (h) (i) (j) (k) (l) (m) (n)
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(vi) in the case of Same-Day Substi
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of the Approved Valuer) structural
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(a) a certificate is provided by th
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Floating charges held by the Borrow
Page 82 and 83: Each Accountholder will pay to each
Page 84 and 85: (D) details of any steps being take
Page 86 and 87: (iii) to provide collateral to secu
Page 88 and 89: in the prepayment of the Commercial
Page 90 and 91: a view to achieving a reasonable re
Page 92 and 93: Where amounts are to be provided fo
Page 94 and 95: (a) first, in or towards satisfacti
Page 96 and 97: (d) fourth, in or towards satisfact
Page 98 and 99: 5. The Hedging Agreements For a fur
Page 100 and 101: VALUATION REPORTS London & Cambridg
Page 102 and 103: 4.0 VALUATION ASSUMPTIONS 4.1 SOURC
Page 104 and 105: APPENDIX 1 Ref No Property Descript
Page 106 and 107: Ref No Property Description & Tenur
Page 114 and 115: APPENDIX 2 Properties Requiring Mea
Page 116 and 117: 295 SWINTON, Swinton Hall Industria
Page 118 and 119: issued by the Royal Institution of
Page 120 and 121: previously seen environmental repor
Page 122 and 123: APPENDIX 2 Properties Requiring Mea
Page 124 and 125: Directors and Secretary The directo
Page 126 and 127: Accountants Report to the Members o
Page 128 and 129: THE BORROWERS L.C.P. Real Estate Li
Page 130 and 131: Name Business Address Other Princip
Page 134 and 135: Proudreed Real Estate Limited Intro
Page 136 and 137: Independent Auditors’ Report to t
Page 138 and 139: 5. Reconciliation of Shareholders
Page 140 and 141: THE HEDGING PROVIDERS AND THE LIQUI
Page 142 and 143: 1. DEFINITIONS AND PRINCIPLES OF CO
Page 144 and 145: ‘‘Definitive Note’’ means i
Page 146 and 147: (ii) the making of an administratio
Page 148 and 149: the Issuer Account Bank and Cash Ma
Page 150 and 151: (ii) in relation to any Definitive
Page 152 and 153: ‘‘Principal Paying Agent’’
Page 154 and 155: General Interpretation (b) In these
Page 156 and 157: Form of Definitive Notes (f) Defini
Page 158 and 159: Default), the Cash Manager shall on
Page 160 and 161: (ii) (iii) (iv) (v) that such amoun
Page 162 and 163: Separateness (k) permit or consent
Page 164 and 165: (i) determine the Rate of Interest
Page 166 and 167: (iii) (iv) Agreement or such other
Page 168 and 169: insufficient after payment of all o
Page 170 and 171: Change in Currency (k) (i) If at an
Page 172 and 173: 11. ENFORCEMENT (a) (b) At any time
Page 174 and 175: Separate meetings of different Clas
Page 176 and 177: Removal and Replacement of Note Tru
Page 178 and 179: Although a Meeting of Noteholders c
Page 180 and 181: FORM OF THE NOTES General The Notes
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purposes as realising profits, gain
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In addition, until 40 days after th
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(b) the Valuation Reports; (c) the
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(c) in the case of shares, such for
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Class A Notes means the Original Cl
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Environment means all or any of the
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Further Class C Notes has the meani
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(ii) any fees and expenses payable
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Investor Presentation Materials mea
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to prime banks in the London inter-
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provided that, in determining wheth
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Obligor Transaction Documents means
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provided that for each of the follo
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Preliminary Offering Circular means
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Period, the Reference Amount will b
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Tax Deeds of Covenant means the two
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Capital Printing Systems (UK) Limit
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LCP Proudreed PLC - Irish Stock Exchange

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