Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01falseThe principal activity of the company is that of property investment.22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01403755 2021-01-01 2021-12-31 01403755 2020-01-01 2020-12-31 01403755 2021-12-31 01403755 2020-12-31 01403755 2020-01-01 01403755 2 2020-01-01 2020-12-31 01403755 d:Director1 2021-01-01 2021-12-31 01403755 e:PlantMachinery 2021-01-01 2021-12-31 01403755 e:PlantMachinery 2021-12-31 01403755 e:PlantMachinery 2020-12-31 01403755 e:PlantMachinery e:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 01403755 e:FreeholdInvestmentProperty 2021-12-31 01403755 e:FreeholdInvestmentProperty 2020-12-31 01403755 e:CurrentFinancialInstruments 2021-12-31 01403755 e:CurrentFinancialInstruments 2020-12-31 01403755 e:CurrentFinancialInstruments e:WithinOneYear 2021-12-31 01403755 e:CurrentFinancialInstruments e:WithinOneYear 2020-12-31 01403755 e:ShareCapital 2021-12-31 01403755 e:ShareCapital 2020-12-31 01403755 e:ShareCapital 2020-01-01 01403755 e:OtherMiscellaneousReserve 2021-01-01 2021-12-31 01403755 e:OtherMiscellaneousReserve 2021-12-31 01403755 e:OtherMiscellaneousReserve 2020-12-31 01403755 e:OtherMiscellaneousReserve 2020-01-01 01403755 e:OtherMiscellaneousReserve 2 2020-01-01 2020-12-31 01403755 e:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 01403755 e:RetainedEarningsAccumulatedLosses 2021-12-31 01403755 e:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 01403755 e:RetainedEarningsAccumulatedLosses 2020-12-31 01403755 e:RetainedEarningsAccumulatedLosses 2020-01-01 01403755 e:RetainedEarningsAccumulatedLosses 2 2020-01-01 2020-12-31 01403755 d:FRS102 2021-01-01 2021-12-31 01403755 d:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 01403755 d:FullAccounts 2021-01-01 2021-12-31 01403755 d:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 01403755 e:OtherDeferredTax 2021-12-31 01403755 e:OtherDeferredTax 2020-12-31 iso4217:GBP xbrli:pure

Registered number: 01403755










LATHAM PROPERTY TRUST LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
LATHAM PROPERTY TRUST LIMITED
REGISTERED NUMBER: 01403755

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,818
3,757

Investment property
 5 
5,325,000
5,325,000

Current assets
  

Debtors: amounts falling due within one year
 6 
176,466
142,234

Cash at bank and in hand
  
136,211
82,183

  
312,677
224,417

Creditors: amounts falling due within one year
 7 
(89,160)
(114,517)

Net current assets
  
 
 
223,517
 
 
109,900

Total assets less current liabilities
  
5,551,335
5,438,657

Provisions for liabilities
  

Deferred tax
 8 
(422,041)
(422,041)

  
 
 
(422,041)
 
 
(422,041)

Net assets
  
5,129,294
5,016,616


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
 9 
4,516,072
4,516,072

Profit and loss account
 9 
613,122
500,444

  
5,129,294
5,016,616


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
 
Page 1

 
LATHAM PROPERTY TRUST LIMITED
REGISTERED NUMBER: 01403755
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021


The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 September 2022.



T W Brown FCCA CTA FCIS
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
LATHAM PROPERTY TRUST LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2020
100
4,617,362
395,619
5,013,081



Profit for the year
-
-
3,535
3,535

Transfer to/from profit and loss account
-
(101,290)
101,290
-



At 1 January 2021
100
4,516,072
500,444
5,016,616



Profit for the year
-
-
112,678
112,678


At 31 December 2021
100
4,516,072
613,122
5,129,294


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

The company is a private company limited by shares, incorporated in England and Wales. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover represents rents and commissions receivable during the year.

 
2.3

Tangible fixed assets

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.

Page 4

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 5

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.11

Tenant deposits

The company holds tenant deposits in designated bank accounts. The monies held in these bank accounts and the balances due to tenants are netted off and excluded from these financial statements. The total amounts of tenant deposits held by the company as at 31 December 2021 was £137,785 (2020 - £140,071)


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

Page 6

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2021
4,696



At 31 December 2021

4,696



Depreciation


At 1 January 2021
939


Charge for the year on owned assets
939



At 31 December 2021

1,878



Net book value



At 31 December 2021
2,818



At 31 December 2020
3,757

Page 7

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2021
5,325,000



At 31 December 2021
5,325,000

The 2021 valuations were made by the directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2021
2020
£
£


Historic cost
386,887
386,887

386,887
386,887


6.


Debtors

2021
2020
£
£


Trade debtors
71,307
67,260

Amounts owed by group undertakings
105,159
74,974

176,466
142,234


Page 8

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
100
26,280

Corporation tax
-
3,116

Other taxation and social security
14,647
10,676

Accruals and deferred income
74,413
74,445

89,160
114,517



8.


Deferred taxation




2021


£






At beginning of year
422,041


Charged to profit or loss
-



At end of year
422,041

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Fair value adjustments in Investment property
422,041
422,041


9.


Reserves

Other reserves

This comprises the accumulated movements in the fair value of Investment property and the associated  deferred tax provision.

Profit and loss account

This comprises accumulated profits available for distribution.

 
Page 9