Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-12-310The principal activity of the company is that of a holding company.false2021-01-0100falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11473956 2021-01-01 2021-12-31 11473956 2020-01-01 2020-12-31 11473956 2021-12-31 11473956 2020-12-31 11473956 2020-01-01 11473956 c:Director1 2021-01-01 2021-12-31 11473956 d:PlantMachinery 2021-01-01 2021-12-31 11473956 d:FurnitureFittings 2021-01-01 2021-12-31 11473956 d:CurrentFinancialInstruments 2021-12-31 11473956 d:CurrentFinancialInstruments 2020-12-31 11473956 d:ShareCapital 2021-12-31 11473956 d:ShareCapital 2020-12-31 11473956 d:ShareCapital 2020-01-01 11473956 d:OtherMiscellaneousReserve 2021-01-01 2021-12-31 11473956 d:MergerReserve 2021-01-01 2021-12-31 11473956 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 11473956 c:FRS102 2021-01-01 2021-12-31 11473956 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 11473956 c:FullAccounts 2021-01-01 2021-12-31 11473956 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 11473956 d:Subsidiary1 2021-01-01 2021-12-31 11473956 d:Subsidiary1 1 2021-01-01 2021-12-31 11473956 d:Subsidiary2 2021-01-01 2021-12-31 11473956 d:Subsidiary2 1 2021-01-01 2021-12-31 11473956 d:Subsidiary3 2021-01-01 2021-12-31 11473956 d:Subsidiary3 1 2021-01-01 2021-12-31 11473956 d:Subsidiary4 2021-01-01 2021-12-31 11473956 d:Subsidiary4 1 2021-01-01 2021-12-31 11473956 d:Subsidiary5 2021-01-01 2021-12-31 11473956 d:Subsidiary5 1 2021-01-01 2021-12-31 11473956 c:Consolidated 2021-12-31 11473956 c:ConsolidatedGroupCompanyAccounts 2021-01-01 2021-12-31 11473956 2 2021-01-01 2021-12-31 11473956 6 2021-01-01 2021-12-31 11473956 d:JointVenture1 2021-01-01 2021-12-31 11473956 d:JointVenture1 1 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 11473956










LATHAM LAND LIMITED








UNAUDITED

CONSOLIDATED DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
LATHAM LAND LIMITED
REGISTERED NUMBER: 11473956

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 5 
39,875
47,425

Investments
 6 
535,378
2,321,513

Investment property
 7 
10,165,831
8,445,448

  
10,741,084
10,814,386

Current assets
  

Debtors: amounts falling due within one year
 8 
285,417
98,677

Cash at bank and in hand
  
3,492,257
173,156

  
3,777,674
271,833

Creditors: amounts falling due within one year
 9 
(180,612)
(2,132,824)

Net current assets/(liabilities)
  
 
 
3,597,062
 
 
(1,860,991)

Provisions for liabilities
  

Deferred taxation
 10 
(449,965)
(422,041)

  
 
 
(449,965)
 
 
(422,041)

Net assets
  
13,888,181
8,531,354


Capital and reserves
  

Called up share capital 
  
105
105

Other reserves
 11 
4,530,410
4,446,639

Merger reserve
 11 
51
51

Profit and loss account
 11 
9,357,615
4,084,559

Equity attributable to owners of the parent Company
  
13,888,181
8,531,354


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.
 
Page 1

 
LATHAM LAND LIMITED
REGISTERED NUMBER: 11473956
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021


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

The Company has opted not to file the consolidated statement of comprehensive income 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 6 to 15 form part of these financial statements.

Page 2

 
LATHAM LAND LIMITED
REGISTERED NUMBER: 11473956

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Investments
 6 
20
20

  
20
20

Debtors: amounts falling due within one year
 8 
46
46

Bank and cash balances
  
39
39

  
85
85

Total assets less current liabilities
  
 
 
105
 
 
105

  

  

Net assets
  
105
105


Capital and reserves
  

Called up share capital 
  
105
105

  
105
105


The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the consolidated statement of comprehensive income 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 6 to 15 form part of these financial statements.

Page 3

 

 
LATHAM LAND LIMITED


 

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



Called up share capital
Other reserves
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£
£



At 1 January 2020
105
4,547,929
51
3,634,859
8,182,944
8,182,944



Comprehensive income for the year


Profit for the year
-
-
-
348,410
348,410
348,410


Change in deferred tax rate
-
(101,290)
-
101,290
-
-





At 1 January 2021
105
4,446,639
51
4,084,559
8,531,354
8,531,354



Comprehensive income for the year


Profit for the year
-
-
-
5,356,827
5,356,827
5,356,827


Fair value movement on investment property
-
111,695
-
(111,695)
-
-


Deferred tax on fair value movement
-
(27,924)
-
27,924
-
-



At 31 December 2021
105
4,530,410
51
9,357,615
13,888,181
13,888,181



The notes on pages 6 to 15 form part of these financial statements.

Page 4

 
LATHAM LAND LIMITED
 

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


Called up share capital
Total equity

£
£


At 1 January 2020
105
105



At 1 January 2021
105
105


At 31 December 2021
105
105


The notes on pages 6 to 15 form part of these financial statements.

Page 5

 
LATHAM LAND 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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

Revenue 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 Group 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.

Page 6

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

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.6

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 and the Group operate and generate 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.

 
2.7

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 7

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

2.Accounting policies (continued)


2.7
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%
Fixtures and fittings
-
33%

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.

 
2.8

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

Page 8

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

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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. 

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group 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 Group 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 9

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

2.Accounting policies (continued)

 
2.15

Financial instruments

The Group 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 Consolidated statement of comprehensive income.

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.

  
2.16

Tenant deposits

The Group hold 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).


4.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £NIL (2020 - £NIL).

Page 10

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

5.


Tangible fixed assets

Group






Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost


At 1 January 2021
41,213
13,125
54,338


Additions
-
2,585
2,585



At 31 December 2021

41,213
15,710
56,923



Depreciation


At 1 January 2021
2,186
4,727
6,913


Charge for the year on owned assets
5,076
5,059
10,135



At 31 December 2021

7,262
9,786
17,048



Net book value



At 31 December 2021
33,951
5,924
39,875



At 31 December 2020
39,027
8,398
47,425


6.


Fixed asset investments

Group





Other fixed asset investments
Investment in joint ventures
Total

£
£
£



Cost


At 1 January 2021
1,009
2,320,504
2,321,513


Disposals
(1,009)
-
(1,009)


Dividends received
-
(7,000,000)
(7,000,000)


Share of profit/(loss)
-
5,214,874
5,214,874



At 31 December 2021
-
535,378
535,378




Page 11

 
LATHAM LAND LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Company





Investments in subsidiary companies

£



Cost


At 1 January 2021
20



At 31 December 2021
20





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Kingston Industrial Estate Limited
Ordinary
100%
The Savoy Latham Partnership Limited
Ordinary
100%
Latham Management Limited (i)
Ordinary
100%
Latham Property Trust Limited (i)
Ordinary
100%
Mill Court Property Services Limited (ii)
Ordinary
100%

(i) Shares held via Kingston Industrial Estate Limited
(ii) Shares held via The Savoy Latham Partnership Limited
The registered office of all subsidiaries is the same as the parent company.
All subsidiaries have been included in the consolidation.


Joint venture


The following was a joint venture of the Company:


Name

Registered office

Holding

Medmerry Park Limited *
  2nd Floor 
168 Shoreditch High Street, London, United Kingdom, E1 6RA
50%

The accounting reference date for the above company is 31 December.
*Shares held via Latham Management Limited

Page 12

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

7.


Investment property

Group


Freehold investment property

£



Valuation


At 1 January 2021
8,445,448


Additions at cost
1,608,688


Surplus on revaluation
111,695



At 31 December 2021
10,165,831

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
5,116,023
3,507,335

5,116,023
3,507,335




Page 13

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

8.


Debtors

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£


Trade debtors
94,643
77,807
-
-

Amounts owed by group undertakings
-
-
46
46

Other debtors
190,774
20,870
-
-

285,417
98,677
46
46



9.


Creditors: Amounts falling due within one year

Group
Group
2021
2020
£
£

Trade creditors
22,174
53,797

Corporation tax
17,425
18,217

Other taxation and social security
14,647
10,676

Other creditors
9,521
1,940,183

Accruals and deferred income
116,845
109,951

180,612
2,132,824


Page 14

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

10.


Deferred taxation


Group



2021


£






At beginning of year
422,041


Charged to profit or loss
(27,924)



At end of year
449,965

The provision for deferred taxation is made up as follows:

Group
Group
2021
2020
£
£

Fair value adjustments in Investment property
449,965
422,041


11.


Reserves

Other reserves

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

Merger Reserve

This was established upon the creation of the group by share for share exchange and comprises the difference between the nominal value of shares issued and shares received.

Profit and loss account

This comprises accumulated profits available for distribution.


12.


Related party transactions

Group
Included in other creditors at the balance sheet date is an amount of £Nil (2020: £370,783) owed to a director. This amount is repayable on demand, interest free and unsecured.
Included in other creditors at the balance sheet date is an amount of £Nil (2020: £1,550,000) owed to a Trust in which the directors are trustees. This amount is repayable on demand, interest free from July 2019 and unsecured.

Page 15