Company Registration No. 01560261 (England and Wales)
LATESTARTER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
LATESTARTER LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
LATESTARTER LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LATESTARTER LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.

"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Latestarter Limited for the year ended 30 June 2023 set out on pages 3 to 14 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.

Our work has been undertaken solely to prepare for your approval the financial statements of Latestarter Limited and state those matters that we have agreed to state to the Board of Directors of Latestarter Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Latestarter Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Latestarter 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 profit of Latestarter Limited. You consider that Latestarter Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Latestarter Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

 

 

John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
9 November 2023
LATESTARTER LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,397,316
9,483,221
Investments
4
100
100
9,397,416
9,483,321
Current assets
Debtors
5
2,433,805
2,860,736
Cash at bank and in hand
1,684,432
950,798
4,118,237
3,811,534
Creditors: amounts falling due within one year
6
(767,352)
(710,105)
Net current assets
3,350,885
3,101,429
Total assets less current liabilities
12,748,301
12,584,750
Creditors: amounts falling due after more than one year
7
(2,170,713)
(2,371,813)
Provisions for liabilities
10
(1,563,312)
(1,568,996)
Net assets
9,014,276
8,643,941
Capital and reserves
Called up share capital
11
11,600
11,600
Share premium account
288,400
288,400
Revaluation reserve
12
5,181,618
5,187,927
Profit and loss reserves
13
3,532,658
3,156,014
Total equity
9,014,276
8,643,941

The directortrues of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and directors' report within the financial statements.

For the financial year ended 30 June 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 members have 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.

LATESTARTER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
Mr S P Bhayani
Director
Company Registration No. 01560261
LATESTARTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

Latestarter Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36-38 Queensborough Terrace, London, W2 3SH.

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 company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts receivable in respect of provision of hotel accommodation and services provided to customers of the hotels and is shown net of VAT.

1.4
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.

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:

Freehold buildings
150 years on a straight line basis
Plant and machinery
15% per annum on reducing balance basis.

Freehold land is not depreciated.

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.

The company has taken advantage of the transitional provision in FRS 102 to show freehold land and buildings at deemed cost.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

LATESTARTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.

1.7
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.

 

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.

Basic financial liabilities

Basic financial liabilities, including creditors, and bank loans, that are classified as debt, 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.

 

 

1.8
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 profit and loss account 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.

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.

 

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.10
Leases

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.

LATESTARTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.11
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.

 

Due to the Covid-19 pandemic and the closure of businesses under UK Government legislation, the company utilised the following Government support schemes; the Coronavirus Job Retention Scheme (CJRS) whereby the Government contributed towards the wages costs of the company and local grants awarded by local authorities, The amounts received are reported under other operating income in the financial statements.

2
Employees

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

2023
2022
Number
Number
Total
17
14
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2022 and 30 June 2023
8,736,199
1,383,336
10,119,535
Depreciation and impairment
At 1 July 2022
209,003
427,311
636,314
Depreciation charged in the year
11,648
74,257
85,905
At 30 June 2023
220,651
501,568
722,219
Carrying amount
At 30 June 2023
8,515,548
881,768
9,397,316
At 30 June 2022
8,527,196
956,025
9,483,221

Land and buildings are carried at deemed cost. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £1,774,785 (2022 - £1,777,215), being cost £1,820,817 (2022 - £1,820,817) and depreciation £46,032 (2022 - £43,602).

 

4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings
100
100

Shares in subsidiary company, PS19 Limited.

LATESTARTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,822
39,312
Other debtors
38,832
79,734
52,654
119,046
Deferred tax asset
-
0
135,539
52,654
254,585
Amounts falling due after more than one year:
£
£
Other debtors
2,381,151
2,606,151
Total debtors
2,433,805
2,860,736
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
201,100
201,100
Trade creditors
253,015
303,705
Taxation and social security
108,109
87,332
Other creditors
205,128
117,968
767,352
710,105
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,170,713
2,371,813
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
(135,875)
135,875
Payable other than by instalments
(1,467,238)
1,575,938
(1,603,113)
1,711,813
LATESTARTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
8
Loans and overdrafts
2023
2022
£
£
Bank loans
2,371,813
2,572,913
Payable within one year
201,100
201,100
Payable after one year
2,170,713
2,371,813

The long-term bank loans amounting to £2,146,613 (2022: £2,255,313) are secured by fixed charges over freehold properties at 33 Trebovir Road, London SW5 9NF.

 

CBIL loans amounting to £225,200 (2022: £317,600) is backed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.

 

9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
10
1,563,312
1,568,996
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
108,670
111,442
-
-
Tax losses
-
-
-
135,539
Revaluations
1,454,642
1,457,554
-
-
1,563,312
1,568,996
-
135,539
2023
Movements in the year:
£
Liability at 1 July 2022
1,433,457
Charge to profit or loss
129,855
Liability at 30 June 2023
1,563,312
LATESTARTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
11,600
11,600
11,600
11,600
12
Revaluation reserve
2023
2022
£
£
At the beginning of the year
5,187,927
5,249,396
Deferred tax on revaluation of tangible assets
2,912
(52,251)
Other movements
(9,221)
(9,218)
At the end of the year
5,181,618
5,187,927
13
Profit and loss reserves

The only movements in profit and loss reserve for the year ended 30 June 2023 are dividends paid, profit for the year and transfer from revaluation reserve. The only movements in reserves for the year ended 30 June 202 are dividend paid and loss for the year and transfer from revaluation reserve.

 

14
Related party transactions

Group relief for corporation tax purposes amounting to £42,742 has been claimed from PS19 Limited, a subsidiary undertaking.

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