Company registration number 07262279 (England and Wales)
S LATHAM PROPERTY SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
S LATHAM PROPERTY SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
S LATHAM PROPERTY SERVICES LIMITED
BALANCE SHEET
AS AT
24 MARCH 2023
24 March 2023
- 1 -
24 March 2023
25 March 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
176,292
185,460
Current assets
Debtors
5
51,991
377,996
Cash at bank and in hand
3,312
2,911
55,303
380,907
Creditors: amounts falling due within one year
6
(608,320)
(217,901)
Net current (liabilities)/assets
(553,017)
163,006
Total assets less current liabilities
(376,725)
348,466
Creditors: amounts falling due after more than one year
7
(149,429)
(764,562)
Net liabilities
(526,154)
(416,096)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(526,155)
(416,097)
Total equity
(526,154)
(416,096)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 24 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 period 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.
The financial statements were approved and signed by the director and authorised for issue on 19 March 2024
S Latham
Director
Company registration number 07262279 (England and Wales)
S LATHAM PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 MARCH 2023
- 2 -
1
Accounting policies
Company information
S Latham Property Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Mount Pleasant, Waterloo, Liverpool, L22 5PL.
1.1
Reporting period
These financial statements are for the period ended 24 March 2023. The previous financial statements were for the period ended 25 March 2022, to align the company's accounting reference date with that of its parent company and fellow subsidiary undertakings. As such, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
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.
1.3
Going concern
The company meets its day to day working capital requirements through secured bank borrowings, other unsecured loans and an advance from its parent company. The director, who is also a director of the parent company, has confirmed that the parent company will continue to provide financial support until the company reaches a solvent position. The financial statements have therefore been prepared on the going concern basis.true
1.4
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.
1.5
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:
Land and buildings freehold
5% reducing balance
Plant and machinery
20% 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.
S LATHAM PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and are included within current assets.
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. 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.
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.
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
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.
Where appropriate the cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Where appropriate termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
S LATHAM PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
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.
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
3
4
S LATHAM PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 26 March 2022
269,852
31,909
301,761
Additions
2,479
2,479
Disposals
(404)
(404)
At 24 March 2023
269,852
33,984
303,836
Depreciation and impairment
At 26 March 2022
96,007
20,294
116,301
Depreciation charged in the period
8,692
2,790
11,482
Eliminated in respect of disposals
(239)
(239)
At 24 March 2023
104,699
22,845
127,544
Carrying amount
At 24 March 2023
165,153
11,139
176,292
At 25 March 2022
173,845
11,615
185,460
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
40,973
60,724
Amounts owed by group undertakings
220,875
Other debtors
11,018
96,397
51,991
377,996
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
13,074
14,300
Trade creditors
25,984
31,251
Amounts owed to group undertakings
557,682
153,451
Taxation and social security
1,041
1,785
Other creditors
10,539
17,114
608,320
217,901
S LATHAM PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 MARCH 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
109,429
121,756
Other creditors
40,000
642,806
149,429
764,562
One of the long-term loans is secured by a fixed charge over the company's freehold property and a floating charge over its other assets and undertakings. The amount that remains outstanding in respect of this loan is £80,406 (2022 - £88,086).
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
44,970
49,043
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
9
Parent company
The company is a wholly owned subsidiary of Elite Estate Developments Limited, a company registered in England and Wales.