Silverfin false 31/10/2022 01/11/2021 31/10/2022 Robin Warwick Edwards Robert James Luck 02/11/2011 Krishan Kiritkant Pattni 02/11/2011 27 July 2023 no description of principal activity 07620321 2022-10-31 07620321 bus:Director2 2022-10-31 07620321 bus:Director3 2022-10-31 07620321 core:CurrentFinancialInstruments 2022-10-31 07620321 core:CurrentFinancialInstruments 2021-10-31 07620321 2021-10-31 07620321 core:Non-currentFinancialInstruments 2022-10-31 07620321 core:Non-currentFinancialInstruments 2021-10-31 07620321 core:ShareCapital 2022-10-31 07620321 core:ShareCapital 2021-10-31 07620321 core:RetainedEarningsAccumulatedLosses 2022-10-31 07620321 core:RetainedEarningsAccumulatedLosses 2021-10-31 07620321 2021-11-01 2022-10-31 07620321 bus:FullAccounts 2021-11-01 2022-10-31 07620321 bus:SmallEntities 2021-11-01 2022-10-31 07620321 bus:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 07620321 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 07620321 bus:Director1 2021-11-01 2022-10-31 07620321 bus:Director2 2021-11-01 2022-10-31 07620321 bus:Director3 2021-11-01 2022-10-31 07620321 2020-11-01 2021-10-31 iso4217:GBP xbrli:pure

Company No: 07620321 (England and Wales)

LATIS HOMES LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2022
Pages for filing with the registrar

LATIS HOMES LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2022

Contents

LATIS HOMES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2022
LATIS HOMES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2022
Note 2022 2021
£ £
Current assets
Debtors 3 1,341,541 1,338,228
Cash at bank and in hand 4 565 456
1,342,106 1,338,684
Creditors: amounts falling due within one year 5 ( 942,482) ( 918,328)
Net current assets 399,624 420,356
Total assets less current liabilities 399,624 420,356
Creditors: amounts falling due after more than one year 6 ( 10,487,685) ( 10,479,960)
Net liabilities ( 10,088,061) ( 10,059,604)
Capital and reserves
Called-up share capital 7 4 4
Profit and loss account ( 10,088,065 ) ( 10,059,608 )
Total shareholders' deficit ( 10,088,061) ( 10,059,604)

For the financial year ending 31 October 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Latis Homes Limited (registered number: 07620321) were approved and authorised for issue by the Director. They were signed on its behalf by:

Robert James Luck
Director

27 July 2023

LATIS HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2022
LATIS HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Latis Homes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 66 St. James's Street, St. James's, London, SW1A 1NE, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Debtors

2022 2021
£ £
Amounts owed by joint ventures 2,220 600
Other debtors 1,339,321 1,337,628
1,341,541 1,338,228

4. Cash and cash equivalents

2022 2021
£ £
Cash at bank and in hand 565 456

5. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 6,620 6,620
Trade creditors 2,189 14,154
Amounts owed to associates 271,612 231,568
Accruals 3,300 3,000
Other creditors 658,761 662,986
942,482 918,328

6. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 39,534 43,684
Other creditors 10,448,151 10,436,276
10,487,685 10,479,960

7. Called-up share capital and reserves

2022 2021
£ £
Presented as follows:
Called-up share capital presented as equity 4 4

The Company's other reserves are as follows:

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

8. Related party transactions

Transactions with the entity's directors

2022 2021
£ £
Included within other creditors were balances of £925,915.56 (2021 £890,097) owed to companies in which at least one director has an interest. Interest of £NIL (2021: £NIL) was charged on these balances. The balances were unsecured with no fixed repayment terms. 925,916 890,097

Other related party transactions

2022 2021
£ £
Included within other creditors due in more than one year were balances of £10,159,763 (2021: £10,159,762) owed to companies in which a director had an interest. Interest of £11,875 (2021: £11,875) was charged on these balances. The balances were unsecured with no fixed repayment terms 10,159,763 11,875