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REGISTERED NUMBER: SC469235 (Scotland)















Financial Statements For The Year Ended 31 July 2023

for

Latta Property Limited

Latta Property Limited (Registered number: SC469235)






Contents of the Financial Statements
For The Year Ended 31 July 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Latta Property Limited

Company Information
For The Year Ended 31 July 2023







DIRECTORS: Mrs M C Latta
F Latta





REGISTERED OFFICE: Regent Court
70 West Regent Street
Glasgow
G2 2QZ





REGISTERED NUMBER: SC469235 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Latta Property Limited (Registered number: SC469235)

Abridged Statement of Financial Position
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 699
Investments 5 7,000 7,000
Investment property 6 572,568 572,568
579,568 580,267

CURRENT ASSETS
Debtors 56,548 80,376
Cash at bank 52 1,402
56,600 81,778
CREDITORS
Amounts falling due within one year 98,424 150,126
NET CURRENT LIABILITIES (41,824 ) (68,348 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

537,744

511,919

CREDITORS
Amounts falling due after more than one
year

7

(353,851

)

(380,685

)

PROVISIONS FOR LIABILITIES - (147 )
NET ASSETS 183,893 131,087

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 183,793 130,987
SHAREHOLDERS' FUNDS 183,893 131,087

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Latta Property Limited (Registered number: SC469235)

Abridged Statement of Financial Position - continued
31 July 2023


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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





F Latta - Director


Latta Property Limited (Registered number: SC469235)

Notes to the Financial Statements
For The Year Ended 31 July 2023

1. STATUTORY INFORMATION

Latta Property Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably;
- and the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33.33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the statement of comprehensive income. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the statement of comprehensive income..


Latta Property Limited (Registered number: SC469235)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued
Taxation and deferred tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the statement of financial position date are reported at the rates of exchange prevailing at that date. All exchange differences are included in the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2022
and 31 July 2023 2,707
DEPRECIATION
At 1 August 2022 2,008
Charge for year 699
At 31 July 2023 2,707
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 699

Latta Property Limited (Registered number: SC469235)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2023

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 August 2022
and 31 July 2023 7,000
NET BOOK VALUE
At 31 July 2023 7,000
At 31 July 2022 7,000

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022
and 31 July 2023 572,568
NET BOOK VALUE
At 31 July 2023 572,568
At 31 July 2022 572,568

The directors confirm that the above valuation is a reasonable representation of current fair value of the investment property.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2023 2022
£    £   
Repayable by instalments
Bank loans more than 5 years 94,322 87,339
Other loans more 5yrs instal 71,250 71,250
165,572 158,589

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 71,250 71,250
Bank loans 298,110 323,309
369,360 394,559

Standard security is held over the property and a floating charge over all assets owned by the company.

Latta Property Limited (Registered number: SC469235)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1.00 100 100
20 Ordinary 0.01 - -
100 100

10. RELATED PARTY DISCLOSURES

Latta Law Limited

The above company has common directors. The amount owed to Latta Law from Latta Property at the year
ending 31st July 2023 is £39,867 (2022 - £9,445).

Mackluci Limited

The above company has common directors. The amount owed to Latta Property from Mackluci at the year ending 31st July 2023 is £53,756 (2022 - £53,472).

Wood 8 Limited

The above company has common directors. The amount owed to Latta Property from Wood 8 at the year ending 31st July 2023 is £444 (2022 - £282).