Directors Report 1

Directors' report for the period ended 31 December 2017

The directors present their report together with the audited financial statements for the period ended 31 December 2017.
The directors report has been prepared in accordance with the provisions applicable to small companies entitled to the small companies' exemption.

Results
The statement of comprehensive income is set out on page 6 and shows the profit for the period.

Principal activities
The principal activity of the company is that of property investment.
During the period, the company made charitable donations of ?500,000 (2016 - ?Nil).

Directors
The directors of the company during the period were:
S G McClure J Newland

Directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year.
In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently;
?make judgements and accounting estimates that are reasonable and prudent;
?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

1.0

Petchey Industrial Properties (No 5) Ltd Limited
Report of the directors for the period ended 31 December 2017 (continued)

Auditors
All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any Information needed by the company's auditors for the purposes of their audit and to establish that the auditors are aware of that information. The directors are not aware of any relevant audit information of which the auditors are unaware.
BOO LLP have expressed their willingness to continue in office and a resolution to re-appoint them will be proposed at the annual general meeting.
In preparing this directors report advantage has been taken of the small companies' exemption. On behalf of the Boar S G McClure Director Date

2.0

Petchey Industrial Properties (No 5) Ltd Limited
Independent auditor's report
To the members of Petchey Industrial Properties (No 5) Ltd Limited Opinion
We have audited the financial statements of Petchey Industrial Properties (No 5) Ltd Limited ("the Company") for the year ended 31 December 2017 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
?give a true and fair view of the state of the Company's affairs as at 31 December 2017 and of its profit for the year then ended;
?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require .us to report to you where:
?the Directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
?the Directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

3.0
Petchey Industrial Properties (No 5) Ltd Limited
Independent auditor's report (continued)

Other information
The Directors are responsible for the other information. The other information comprises the information, included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
?the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ?the directors' report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion;
?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
?the financial statements are not in agreement with the accounting records and returns; or
?certain disclosures of Directors' remuneration specified by law are not made; or
?we have not received all the information and explanations we require for our audit; or
?the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

4.0
Petchey Industrial Properties (No 5) Ltd Limited
Independent auditor's report (continued)

Responsibilities of Directors
As explained more fully in the directors' report, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council's website at: https://www.frc.org.uldauditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
60o u_P
Christopher Young (senior statutory auditor) For and on behalf of BDO LLP, statutory auditor London United Kingdom Date 22 Icti Ig
BOO LLP is a limited liability partnership registered in England and Wales (with registered number 0C305127).

5.0
Petchey Industrial Properties (No 5) Ltd Limited

-