Company registration number 02291707 (England and Wales)
Latham International Limited
Unaudited financial statements
For the year ended 31 March 2023
Latham International Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Latham International Limited
Statement of financial position
As at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
126,211
119,542
Investment property
4
157,732
157,732
283,943
277,274
Current assets
Stocks
226,037
370,773
Debtors
5
1,052,963
1,028,524
Cash at bank and in hand
1,131,016
2,232,818
2,410,016
3,632,115
Creditors: amounts falling due within one year
6
(1,139,113)
(2,416,984)
Net current assets
1,270,903
1,215,131
Total assets less current liabilities
1,554,846
1,492,405
Creditors: amounts falling due after more than one year
7
(27,908)
(18,142)
Net assets
1,526,938
1,474,263
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
1,516,938
1,464,263
Total equity
1,526,938
1,474,263

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Latham International Limited
Statement of financial position (continued)
As at 31 March 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 October 2023 and are signed on its behalf by:
Mrs K C Latham
Director
Company Registration No. 02291707
Latham International Limited
Notes to the financial statements
For the year ended 31 March 2023
- 3 -
1
Accounting policies
Company information

Latham International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rowhurst Close Industrial Estate, Newcastle under Lyme, Staffordshire, England, ST5 6BD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Latham International Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
2% on cost
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33.3% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Latham International Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Latham International Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Latham International Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
14
14
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
28,733
65,008
60,248
20,204
219,444
393,637
Additions
-
0
-
0
-
0
-
0
55,234
55,234
Disposals
-
0
-
0
-
0
-
0
(50,520)
(50,520)
At 31 March 2023
28,733
65,008
60,248
20,204
224,158
398,351
Depreciation and impairment
At 1 April 2022
4,885
56,152
58,549
9,959
144,550
274,095
Depreciation charged in the year
575
1,328
255
3,381
29,034
34,573
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(36,528)
(36,528)
At 31 March 2023
5,460
57,480
58,804
13,340
137,056
272,140
Carrying amount
At 31 March 2023
23,273
7,528
1,444
6,864
87,102
126,211
At 31 March 2022
23,848
8,856
1,699
10,245
74,894
119,542
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
157,732

The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the director.  The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

 

Latham International Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 8 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,034,490
905,399
Other debtors
18,473
123,125
1,052,963
1,028,524
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
0
79,460
Trade creditors
583,062
687,671
Amounts owed to group undertakings
222,307
1,280,602
Taxation and social security
269,228
243,522
Other creditors
64,516
125,729
1,139,113
2,416,984
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
27,908
18,142
8
Secured Debts

The bank overdraft is secured by a floating charge over the assets of the company.

 

Amounts due under finance leases and hire purchase contracts are secured against the assets which they relate to £56,038, (2022 £49,662).

 

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
231,643
34,368
2023-03-312022-04-01false16 October 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMrs Kay Colville LathamMr Peter LathamMrs K C Lathamfalse022917072022-04-012023-03-31022917072023-03-31022917072022-03-3102291707core:LeaseholdImprovements2023-03-3102291707core:PlantMachinery2023-03-3102291707core:FurnitureFittings2023-03-3102291707core:ComputerEquipment2023-03-3102291707core:MotorVehicles2023-03-3102291707core:LeaseholdImprovements2022-03-3102291707core:PlantMachinery2022-03-3102291707core:FurnitureFittings2022-03-3102291707core:ComputerEquipment2022-03-3102291707core:MotorVehicles2022-03-3102291707core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102291707core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3102291707core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3102291707core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3102291707core:CurrentFinancialInstruments2023-03-3102291707core:CurrentFinancialInstruments2022-03-3102291707core:ShareCapital2023-03-3102291707core:ShareCapital2022-03-3102291707core:RetainedEarningsAccumulatedLosses2023-03-3102291707core:RetainedEarningsAccumulatedLosses2022-03-3102291707bus:CompanySecretaryDirector12022-04-012023-03-3102291707core:LeaseholdImprovements2022-04-012023-03-3102291707core:PlantMachinery2022-04-012023-03-3102291707core:FurnitureFittings2022-04-012023-03-3102291707core:ComputerEquipment2022-04-012023-03-3102291707core:MotorVehicles2022-04-012023-03-31022917072021-04-012022-03-3102291707core:LeaseholdImprovements2022-03-3102291707core:PlantMachinery2022-03-3102291707core:FurnitureFittings2022-03-3102291707core:ComputerEquipment2022-03-3102291707core:MotorVehicles2022-03-31022917072022-03-3102291707core:WithinOneYear2023-03-3102291707core:WithinOneYear2022-03-3102291707core:Non-currentFinancialInstruments2023-03-3102291707core:Non-currentFinancialInstruments2022-03-3102291707bus:PrivateLimitedCompanyLtd2022-04-012023-03-3102291707bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3102291707bus:FRS1022022-04-012023-03-3102291707bus:AuditExemptWithAccountantsReport2022-04-012023-03-3102291707bus:Director12022-04-012023-03-3102291707bus:Director22022-04-012023-03-3102291707bus:CompanySecretary12022-04-012023-03-3102291707bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP