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COMPANY REGISTRATION NUMBER: 03456621
Latitude Agency Limited
Filleted Unaudited Financial Statements
31 December 2023
Latitude Agency Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Latitude Agency Limited
Officers and Professional Advisers
Director
Mr M R Jory
Registered office
17-19 Station Road West
Oxted
Surrey
RH8 9EE
Accountant
Baulf-James
Chartered accountants
17-19 Station Road West
Oxted
Surrey
RH8 9EE
Latitude Agency Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Latitude Agency Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Latitude Agency Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given me. As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of Latitude Agency Limited in accordance with the terms of my engagement letter dated 30 June 2010. My work has been undertaken solely to prepare for your approval the financial statements of Latitude Agency Limited and state those matters that I have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Latitude Agency Limited and its director for my work or for this report.
It is your duty to ensure that Latitude Agency Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Latitude Agency Limited. You consider that Latitude Agency Limited is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the financial statements of Latitude Agency Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements. Baulf-James Chartered accountants
17-19 Station Road West Oxted Surrey RH8 9EE
30 June 2024
Latitude Agency Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
5,692
Tangible assets
6
6,460
7,973
-------
--------
6,460
13,665
Current assets
Stocks
15,000
Debtors
7
747,131
827,044
Cash at bank and in hand
6,805
15,954
---------
---------
768,936
842,998
Creditors: amounts falling due within one year
8
391,034
446,674
---------
---------
Net current assets
377,902
396,324
---------
---------
Total assets less current liabilities
384,362
409,989
Creditors: amounts falling due after more than one year
9
51,333
79,333
---------
---------
Net assets
333,029
330,656
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
332,929
330,556
---------
---------
Shareholders funds
333,029
330,656
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Latitude Agency Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 30 June 2024 , and are signed on behalf of the board by:
Mr M R Jory
Director
Company registration number: 03456621
Latitude Agency Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17-19 Station Road West, Oxted, Surrey, RH8 9EE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, Fittings & Equipment
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
341,388
---------
Amortisation
At 1 January 2023
335,696
Charge for the year
5,692
---------
At 31 December 2023
341,388
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
5,692
---------
6. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 January 2023
339,882
339,882
Additions
4,922
4,922
Disposals
( 322,260)
( 322,260)
---------
---------
At 31 December 2023
22,544
22,544
---------
---------
Depreciation
At 1 January 2023
331,909
331,909
Charge for the year
6,435
6,435
Disposals
( 322,260)
( 322,260)
---------
---------
At 31 December 2023
16,084
16,084
---------
---------
Carrying amount
At 31 December 2023
6,460
6,460
---------
---------
At 31 December 2022
7,973
7,973
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
575,003
533,613
Other debtors
172,128
293,431
---------
---------
747,131
827,044
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
70,600
28,000
Trade creditors
197,008
198,344
Corporation tax
1,706
9,842
Social security and other taxes
24,714
9,976
Other creditors
97,006
200,512
---------
---------
391,034
446,674
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
51,333
79,333
--------
--------
On 23 May 2014 a charge, dated 21 May 2014, was registered at Companies House in respect of Latitude Agency Limited , for securing all monies due or to become due from the company to HSBC Bank Plc.
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.