Company registration number 13543058 (England and Wales)
LATITUDE 55 PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
LATITUDE 55 PROPERTY LTD
COMPANY INFORMATION
Director
Miss M Borrego Jimenez
Company number
13543058
Registered office
9 Park Road
Longhoughton
NE66 3JH
Accountants
Property Tax People Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Payrnet Limited
Wework Waterhouse Square
138 Holborn
London
EC1N 2SW
LATITUDE 55 PROPERTY LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
LATITUDE 55 PROPERTY LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LATITUDE 55 PROPERTY LTD FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Latitude 55 Property Ltd for the year ended 31 August 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Latitude 55 Property Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Latitude 55 Property Ltd and state those matters that we have agreed to state to the board of directors of Latitude 55 Property Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Latitude 55 Property Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Latitude 55 Property Ltd 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 55 Property Ltd. You consider that Latitude 55 Property Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Latitude 55 Property Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Property Tax People Limited
19 November 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
LATITUDE 55 PROPERTY LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
194
155
Investment property
4
162,500
150,000
162,694
150,155
Current assets
Debtors
5
1,569
4,064
Cash at bank and in hand
9,423
2,208
10,992
6,272
Creditors: amounts falling due within one year
6
(80,477)
(75,493)
Net current liabilities
(69,485)
(69,221)
Total assets less current liabilities
93,209
80,934
Creditors: amounts falling due after more than one year
7
(89,471)
(89,456)
Provisions for liabilities
9
(691)
Net assets/(liabilities)
3,047
(8,522)
Capital and reserves
Called up share capital
10
100
100
Non-distributable profits reserve
11
28,125
17,768
Distributable profit and loss reserves
(25,178)
(26,390)
Total equity
3,047
(8,522)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LATITUDE 55 PROPERTY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 19 November 2024
Miss M Borrego Jimenez
Director
Company registration number 13543058 (England and Wales)
LATITUDE 55 PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information
Latitude 55 Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 9 Park Road, Longhoughton, NE66 3JH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% on cost
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
LATITUDE 55 PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 September 2023
465
Additions
200
At 31 August 2024
665
Depreciation and impairment
At 1 September 2023
310
Depreciation charged in the year
161
At 31 August 2024
471
Carrying amount
At 31 August 2024
194
At 31 August 2023
155
LATITUDE 55 PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 September 2023
150,000
Disposals
(286)
Revaluations
12,786
At 31 August 2024
162,500
The director considers the revaluation as reflective of the market value at the year end.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,569
2,042
Deferred tax asset
2,022
1,569
4,064
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
80,477
75,493
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
89,471
89,456
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
89,471
89,456
Bank loans are secured over the property to which they relate.
LATITUDE 55 PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
691
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
11
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
17,768
-
Non distributable profits in the year
10,357
17,768
At the end of the year
28,125
17,768
12
Ultimate controlling party
The ultimate controlling party is Miss M Borrego Jimenez.