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REGISTERED NUMBER: 06861769 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 March 2023

for

LATYMER MANAGEMENT LIMITED

LATYMER MANAGEMENT LIMITED (REGISTERED NUMBER: 06861769)

Contents of the Financial Statements
for the year ended 30 March 2023










Page

Company Information 1

Income Statement 2

Statement of Financial Position 3

Notes to the Financial Statements 4


LATYMER MANAGEMENT LIMITED

Company Information
for the year ended 30 March 2023







DIRECTOR: J R Hall





REGISTERED OFFICE: 5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA





REGISTERED NUMBER: 06861769 (England and Wales)

LATYMER MANAGEMENT LIMITED (REGISTERED NUMBER: 06861769)

Income Statement
for the year ended 30 March 2023

2023 2022
Notes £    £   

REVENUE 343,257 1,260,876

Administrative expenses 997,464 1,941,973
(654,207 ) (681,097 )

Other operating income 6,433 -
OPERATING LOSS (647,774 ) (681,097 )

Interest receivable and similar income 42 -
LOSS BEFORE TAXATION (647,732 ) (681,097 )

Tax on loss 5 - 2,750
LOSS FOR THE FINANCIAL YEAR (647,732 ) (683,847 )

LATYMER MANAGEMENT LIMITED (REGISTERED NUMBER: 06861769)

Statement of Financial Position
30 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 6 - -
Investments 7 1 1
1 1

CURRENT ASSETS
Debtors 8 130,674 11,904
Cash at bank and in hand 187,020 182,779
317,694 194,683
CREDITORS
Amounts falling due within one year 9 1,242,004 471,261
NET CURRENT LIABILITIES (924,310 ) (276,578 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(924,309

)

(276,577

)

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 11 (924,310 ) (276,578 )
SHAREHOLDERS' FUNDS (924,309 ) (276,577 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The 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 by the director and authorised for issue on 31 July 2024 and were signed by:





J R Hall - Director


LATYMER MANAGEMENT LIMITED (REGISTERED NUMBER: 06861769)

Notes to the Financial Statements
for the year ended 30 March 2023


1. STATUTORY INFORMATION

Latymer Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Latymer Management Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Going Concern
The Company has been indirectly affected by the UK sanctions imposed in relation to the war in Ukraine. This has resulted in a material uncertainty arising and has cast significant doubt over the Company's ability to continue as a going concern.

Revenue recognition
Revenue is recognised at the fair value of consideration received or receivable for services provided to the external customers in the ordinary course of the business. The fair value of the consideration takes into account trade discounts and settlement discounts.

Revenue under service contracts is recognised when the company obtains the right to consideration.

Revenue is shown net of value added tax.

Property, plant and equipment
Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings over 4 years
Improvements to propertyover term of the lease

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


LATYMER MANAGEMENT LIMITED (REGISTERED NUMBER: 06861769)

Notes to the Financial Statements - continued
for the year ended 30 March 2023


3. ACCOUNTING POLICIES - continued
Taxation
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.

Taxation
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
The financial statements are presented in sterling which is also the the functional currency of the company.

Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the standard exchange rate ruling for the period..

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date.

Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The company operates a defined contribution pension scheme, where the amounts are charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and the contributions actually paid are shown as either accruals or prepayments.

LATYMER MANAGEMENT LIMITED (REGISTERED NUMBER: 06861769)

Notes to the Financial Statements - continued
for the year ended 30 March 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

a) Basic financial assets

Trade and other debtors, loans to fellow group companies, loans to related companies, other debtors and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

At the end of each reporting period basic 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 profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to seel the asset in its entirety to an unrelated third party.

b) Basic financial liabilities and equity

Financial liabilities are classified as liabilities and equity instruments 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.

Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

c) Equity instruments

The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received pr receivable, net of direct costs of issuing the equity instruments.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Investment in subsidiary undertakings
Investments in a subsidiary company is held at cost less accumulated impairment losses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

LATYMER MANAGEMENT LIMITED (REGISTERED NUMBER: 06861769)

Notes to the Financial Statements - continued
for the year ended 30 March 2023


5. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2023 2022
£    £   
Deferred tax - 2,750
Tax on loss - 2,750

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (647,732 ) (681,097 )
Loss multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

(123,069

)

(129,408

)

Effects of:
Expenses not deductible for tax purposes 430 77,628
Depreciation in excess of capital allowances - 2,719
companies
Deferred tax - 2,750
Un-utilised tax losses 122,639 49,061
Total tax charge - 2,750

6. PROPERTY, PLANT AND EQUIPMENT
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 31 March 2022 96,754 51,333 148,087
Disposals (96,754 ) (51,333 ) (148,087 )
At 30 March 2023 - - -
DEPRECIATION
At 31 March 2022 96,754 51,333 148,087
Eliminated on disposal (96,754 ) (51,333 ) (148,087 )
At 30 March 2023 - - -
NET BOOK VALUE
At 30 March 2023 - - -
At 30 March 2022 - - -

LATYMER MANAGEMENT LIMITED (REGISTERED NUMBER: 06861769)

Notes to the Financial Statements - continued
for the year ended 30 March 2023


7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 31 March 2022
and 30 March 2023 1
NET BOOK VALUE
At 30 March 2023 1
At 30 March 2022 1

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Novus Finitor (UK) Limited
Registered office:
Nature of business: Management of property development projects
%
Class of shares: holding
Ordinary of £1 100.00

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 39,888 11,904
Prepayments and accrued income 90,786 -
130,674 11,904

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 102,666 31,320
Amounts owed to related undertakings 402 -
Amounts owed to group undertakings 306,284 320,000
Social security and other taxes 259,705 55,081
Other creditors 416,883 50,360
Accruals and deferred income 20,000 14,500
Accrued expenses 136,064 -
1,242,004 471,261

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

LATYMER MANAGEMENT LIMITED (REGISTERED NUMBER: 06861769)

Notes to the Financial Statements - continued
for the year ended 30 March 2023


11. RESERVES

The company's retained earnings details are shown in the Statement of Changes in Equity.

12. RELATED PARTY DISCLOSURES

Novus Finitor (UK) Limited
Subsidiary undertaking

At the balance sheet date the company owed Novus Finitor (UK) Limited £306,284 (2022: £320,000). The amount is unsecured, interest free and there is no fixed date for repayment.

Witanhurst Construction Management Limited
A company under common control

At the balance sheet date the company owed Witanhurst Construction Management Limited £402 (2022: £Nil). The amount is unsecured, interest free and there is no fixed date for repayment.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director, J R Hall.

14. REMUNERATION TO KEY MANAGEMENT PERSONNEL

The directors of the company are considered to be the key management personnel. During the year the company paid £423,000 in remuneration to the directors.