2023-05-022024-05-312024-05-31false14839808LATIF HOMES 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LATIF HOMES LIMITED

Registered Number
14839808
(England and Wales)

Unaudited Financial Statements for the Period ended
31 May 2024

LATIF HOMES LIMITED
Company Information
for the period from 2 May 2023 to 31 May 2024

Directors

AHMAD, Kalsoom
LATIF, Mohammed Amar, Dr

Registered Address

The Brentano Suite Solar House
915 High Road
London
N12 8QJ

Registered Number

14839808 (England and Wales)
LATIF HOMES LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

£

£

Fixed assets
Tangible assets3424,740
424,740
Current assets
Debtors41,896
Cash at bank and on hand7,556
9,452
Creditors amounts falling due within one year5(253,718)
Net current assets (liabilities)(244,266)
Total assets less current liabilities180,474
Creditors amounts falling due after one year(178,479)
Net assets1,995
Capital and reserves
Called up share capital2
Profit and loss account1,993
Shareholders' funds1,995
The financial statements were approved and authorised for issue by the Board of Directors on 3 January 2025, and are signed on its behalf by:
LATIF, Mohammed Amar, Dr
Director
Registered Company No. 14839808
LATIF HOMES LIMITED
Notes to the Financial Statements
for the period ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the amounts received or receivable for rental income, net of discounts and value added taxes.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
Investment property Investment properties are included in the balance sheet at their open market value in accordance with the Financial Reporting Standard (FRS 102) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company. Revaluation of investment properties Revaluation surplus or deficit is transferred to profit and loss account in accordance with the Financial Reporting Standard FRS 102.
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 contractual provisions of the instruments. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic Financial instruments Basic financial instruments. which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Impairment of financial assets Financial assets, other than those held at fair value through profit and loss. are assessed tor indicators of impairments at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in the profit or loss. If there is a 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. Derecognition of financial assets Financial assets are recognised only when the contractual rights to the cashflows form the asset expire of are settled, or when the company transfers the financial assets and substantially all the risks and rewards of ownership to another entity, 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 sell the asset in its entirety to an unrelated third party.
2.Average number of employees

2024
Average number of employees during the year0
3.Tangible fixed assets

Total

£
Cost or valuation
Additions424,740
At 31 May 24424,740
Net book value
At 31 May 24424,740
At 01 May 23-
4.Debtors: amounts due within one year

2024

£
Prepayments and accrued income1,896
Total1,896
5.Creditors: amounts due within one year

2024

£
Taxation and social security467
Other creditors251,816
Accrued liabilities and deferred income1,435
Total253,718
6.Financial instruments
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, loans from fellow group companies and preference shares that are classified as debt, 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. Debt instruments are subsequently carried at amortised cost, using the effective interest method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable arc classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors arc recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities arc derecognised when the company's contractual obligations expire or are discharged or cancelled.
7.Directors advances, credits and guarantees
As at the year-end, the company owed the directors £250,316.