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COMPANY REGISTRATION NUMBER: 03456621
Latitude Agency Limited
Filleted Unaudited Financial Statements
31 December 2022
Latitude Agency Limited
Financial Statements
Year ended 31 December 2022
Contents
Page
Officers and professional advisers
1
Report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Latitude Agency Limited
Officers and Professional Advisers
Director
Mr M R Jory
Registered office
17-19 Station Road West
Oxted
Surrey
RH8 9EE
Accountant
Baulf-James
Chartered accountants
17-19 Station Road West
Oxted
Surrey
RH8 9EE
Latitude Agency Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Latitude Agency Limited
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Latitude Agency Limited for the year ended 31 December 2022, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given me. As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of Latitude Agency Limited in accordance with the terms of my engagement letter dated 30 June 2010. My work has been undertaken solely to prepare for your approval the financial statements of Latitude Agency Limited and state those matters that I have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Latitude Agency Limited and its director for my work or for this report.
It is your duty to ensure that Latitude Agency Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Latitude Agency Limited. You consider that Latitude Agency Limited is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the financial statements of Latitude Agency Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Baulf-James Chartered accountants
17-19 Station Road West Oxted Surrey RH8 9EE
31 October 2023
Latitude Agency Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
5
5,692
22,761
Tangible assets
6
7,973
10,631
--------
--------
13,665
33,392
Current assets
Debtors
7
827,044
967,331
Cash at bank and in hand
15,954
83,957
---------
------------
842,998
1,051,288
Creditors: amounts falling due within one year
8
446,674
576,912
---------
------------
Net current assets
396,324
474,376
---------
---------
Total assets less current liabilities
409,989
507,768
Creditors: amounts falling due after more than one year
9
79,333
107,333
---------
---------
Net assets
330,656
400,435
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
330,556
400,335
---------
---------
Shareholders funds
330,656
400,435
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Latitude Agency Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 31 October 2023 , and are signed on behalf of the board by:
Mr M R Jory
Director
Company registration number: 03456621
Latitude Agency Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17-19 Station Road West, Oxted, Surrey, RH8 9EE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, Fittings & Equipment
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2021: 7 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
341,388
---------
Amortisation
At 1 January 2022
318,627
Charge for the year
17,069
---------
At 31 December 2022
335,696
---------
Carrying amount
At 31 December 2022
5,692
---------
At 31 December 2021
22,761
---------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 January 2022 and 31 December 2022
339,882
339,882
---------
---------
Depreciation
At 1 January 2022
329,251
329,251
Charge for the year
2,658
2,658
---------
---------
At 31 December 2022
331,909
331,909
---------
---------
Carrying amount
At 31 December 2022
7,973
7,973
---------
---------
At 31 December 2021
10,631
10,631
---------
---------
7. Debtors
2022
2021
£
£
Trade debtors
533,613
338,402
Other debtors
293,431
628,929
---------
---------
827,044
967,331
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
28,000
28,000
Trade creditors
198,344
151,458
Corporation tax
9,842
21,160
Social security and other taxes
9,976
9,707
Other creditors
200,512
366,587
---------
---------
446,674
576,912
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
79,333
107,333
--------
---------
On 23 May 2014 a charge, dated 21 May 2014, was registered at Companies House in respect of Latitude Agency Limited , for securing all monies due or to become due from the company to HSBC Bank Plc.
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.