Caseware UK (AP4) 2021.0.152 2021.0.152 falsePropert investment2021-01-0199truetrue 00963475 2021-01-01 2021-12-31 00963475 2020-01-01 2020-12-31 00963475 2021-12-31 00963475 2020-12-31 00963475 c:Director12 2021-01-01 2021-12-31 00963475 d:CurrentFinancialInstruments 2021-12-31 00963475 d:CurrentFinancialInstruments 2020-12-31 00963475 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 00963475 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 00963475 d:ShareCapital 2021-12-31 00963475 d:ShareCapital 2020-12-31 00963475 d:SharePremium 2021-01-01 2021-12-31 00963475 d:SharePremium 2021-12-31 00963475 d:SharePremium 2020-12-31 00963475 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 00963475 d:RetainedEarningsAccumulatedLosses 2021-12-31 00963475 d:RetainedEarningsAccumulatedLosses 2020-12-31 00963475 c:OrdinaryShareClass1 2021-01-01 2021-12-31 00963475 c:OrdinaryShareClass1 2021-12-31 00963475 c:OrdinaryShareClass1 2020-12-31 00963475 c:FRS102 2021-01-01 2021-12-31 00963475 c:Audited 2021-01-01 2021-12-31 00963475 c:FullAccounts 2021-01-01 2021-12-31 00963475 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 00963475 c:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 00963475 2 2021-01-01 2021-12-31 00963475 6 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00963475










Latham Trust Limited










Financial statements

Information for filing with the registrar

For the year ended 31 December 2021

 
Latham Trust Limited
Registered number: 00963475

Balance sheet
As at 31 December 2021

2021
2020
Note
£
£

Fixed assets
  

Investments
 5 
2,070,384
2,070,384

Current assets
  

Debtors: amounts falling due within one year
 6 
7,627,372
6,979,000

Cash at bank and in hand
  
3,602,414
3,428,291

  
11,229,786
10,407,291

Creditors: amounts falling due within one year
 7 
(9,797,387)
(10,666,183)

Net current assets/(liabilities)
  
 
 
1,432,399
 
 
(258,892)

  

Net assets
  
3,502,783
1,811,492


Capital and reserves
  

Called up share capital 
 8 
17,502
17,502

Share premium account
 9 
1,337,058
1,337,058

Profit and loss account
 9 
2,148,223
456,932

  
3,502,783
1,811,492


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.

The company has opted not to file the 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 by: 




J E Martin BSc (Hons) ACA
Finance Director

Date: 16 August 2022

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
Latham Trust Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

1.


General information

Latham Trust Limited is a private company limited by shares and is incorporated in England with the registration number 00963475. The address of the registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The company's functional and presentational currency is pounds sterling. The financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

These financial statements are therefore the company's separate financial statements, and present information about the company as an individual undertaking and not about its group.

 
2.3

Revenue

Revenue 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. 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 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 comprises management fees receivable.

Page 2

 
Latham Trust Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
2.6

Taxation

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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

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.

 
2.9

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

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.

Page 3

 
Latham Trust Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.11

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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Audit report

The auditor's report on the financial statements for the year ended 31 December 2021 was unqualified.

The audit report was signed on 17 August 2022 by Peter Manser FCA DChA (senior statutory auditor) on behalf of Kreston Reeves LLP.


4.


Employees

The average monthly number of employees, including directors, during the year was 9 (2020 - 9).

Page 4

 
Latham Trust Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2021
2,070,384



At 31 December 2021
2,070,384





6.


Debtors

2021
2020
£
£


Amounts owed by group undertakings
7,624,372
6,976,000

Prepayments and accrued income
3,000
3,000

7,627,372
6,979,000



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Amounts owed to group undertakings
9,546,771
10,643,000

Corporation tax
16
683

Accruals and deferred income
250,600
22,500

9,797,387
10,666,183



8.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



70,008 (2020 - 70,008) Ordinary shares of £0.25 each
17,502
17,502


Page 5

 
Latham Trust Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

9.


Reserves

Share premium account

This reserve represents the excess of the fair value of the consideration receivable on the issue of ordinary share capital, net of the direct costs incurred in their issue, over the nominal value of those shares (which is recognised as called up share capital). Share premium may only be utilised to write-off any expenses incurred or commissions paid on the issue of those shares, or to pay up new shares to be allotted to members as fully paid bonus shares.

Profit and loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.


10.


Related party transactions

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group.
All other related party transactions during the current and prior periods were made under normal market conditions.


11.


Controlling party

The company's immediate and ultimate parent undertaking is The Chandler Corporation Limited, a company registered in England. The Chandler Corporation Limited prepares consolidated financial statements which include the results of the company. Those financial statements may be obtained from its registered office at 2nd Floor, 168 Shoreditch High Street, London, E1 6RA.


Page 6