LCP Proudreed PLC - Irish Stock Exchange

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 8 June 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 £68,535,000
The investment properties are stated at acquisition cost.
3. Liabilities – amounts falling due after more than one year
Commercial Mortgage Loan £47,955,000
Subordinated Group Loan £20,580,000
£68,535,000
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 8 June 2005.
On incorporation, the authorised share capital of the Company was divided into 100 ordinary shares. On
incorporation K Dungate subscribed for 1 fully paid share which was subsequently transferred to
Proudreed Limited on 20 June 2005. Proudreed Limited subscribed for the remaining 99 shares on 20 June
2005 which were allocated and paid in full.
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