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Company No: 03892553 (England and Wales)

LATCHBROOK PROPERTY & ESTATE MAINTENANCE SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

LATCHBROOK PROPERTY & ESTATE MAINTENANCE SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

LATCHBROOK PROPERTY & ESTATE MAINTENANCE SERVICES LIMITED

BALANCE SHEET

As at 31 January 2024
LATCHBROOK PROPERTY & ESTATE MAINTENANCE SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,703 588
1,703 588
Current assets
Stocks 4 105 105
Debtors 5 36,899 63,924
Cash at bank and in hand 292,563 205,826
329,567 269,855
Creditors: amounts falling due within one year 6 ( 61,362) ( 36,788)
Net current assets 268,205 233,067
Total assets less current liabilities 269,908 233,655
Provision for liabilities 136 0
Net assets 270,044 233,655
Capital and reserves
Called-up share capital 2 2
Profit and loss account 270,042 233,653
Total shareholders' funds 270,044 233,655

For the financial year ending 31 January 2024 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 Latchbrook Property & Estate Maintenance Services Limited (registered number: 03892553) were approved and authorised for issue by the Board of Directors on 16 August 2024. They were signed on its behalf by:

A Blunt
Director
LATCHBROOK PROPERTY & ESTATE MAINTENANCE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
LATCHBROOK PROPERTY & ESTATE MAINTENANCE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
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

Latchbrook Property & Estate Maintenance Services 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 C/O Mcbrides Accountants Llp Nexus House, 2 Cray Road, Sidcup, DA14 5DA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 Balance Sheet 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 43,280 43,280
Additions 1,289 1,289
At 31 January 2024 44,569 44,569
Accumulated depreciation
At 01 February 2023 42,692 42,692
Charge for the financial year 174 174
At 31 January 2024 42,866 42,866
Net book value
At 31 January 2024 1,703 1,703
At 31 January 2023 588 588

4. Stocks

2024 2023
£ £
Stocks 105 105

5. Debtors

2024 2023
£ £
Trade debtors 24,639 63,346
Other debtors 12,260 578
36,899 63,924

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 58,883 33,188
Other creditors 2,479 3,600
61,362 36,788

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors loan account 12,260 578

During the year the company made advances of £12,260 and repayments of £578. The loan to the director from the company is unsecured, interest free and repayable on demand.