REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Latchmere Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Latchmere Properties Limited |
Latchmere Properties Limited (Registered number: 01051677) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Latchmere Properties Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 5 Corum 2 |
Corum Office Park |
Crown Way |
Warmley |
Bristol |
BS30 8FJ |
Latchmere Properties Limited (Registered number: 01051677) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank | 72,421 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
Latchmere Properties Limited (Registered number: 01051677) |
Balance Sheet - continued |
30 June 2024 |
The directors acknowledge their 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 were approved by the Board of Directors and authorised for issue on |
Latchmere Properties Limited (Registered number: 01051677) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Latchmere Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There have been no material departures from the Financial Reporting Standard 102 1A. |
Turnover |
Turnover represents consultancy and management fees and income from sale of properties, net of value added tax. |
Tangible fixed assets |
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings | - 25% on reducing balance |
Computer equipment | - 25% on reducing balance |
Latchmere Properties Limited (Registered number: 01051677) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid. |
Investments in unlisted company shares, which have been classified as fixed asset investments as the Group intends to hold them on a continuing basis, are measured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. |
Investments in listed shares, which have been classified as current asset investments, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. |
Stocks |
Where the outcome of a long term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion. This is measured by the proportion that the contract costs incurred to date bear to the estimated total contract costs. |
Where the outcome of a long term contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. |
When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. |
Stock is valued at the lower of cost and net realisable value. Cost is the purchase cost on a first-in, first-out basis. Net realisable value is the selling price less any costs expected to be incurred to disposal. |
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
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 balance sheet date. |
Latchmere Properties Limited (Registered number: 01051677) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Latchmere Properties Limited (Registered number: 01051677) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
and 30 June 2024 | 500,001 |
NET BOOK VALUE |
At 30 June 2024 | 500,001 |
At 30 June 2023 | 500,001 |
Latchmere Properties Limited (Registered number: 01051677) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Other creditors |
Included in bank loans in notes 7 and 8 is a combined balance of £0 (2023 - £10,167) which is guaranteed by the government and unsecured. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans | - | 726,250 |
The bank loans are secured by a debenture giving a fixed and floating charge over the assets and undertaking of the company, and a first legal charge over each of the properties owned by the company. |
Latchmere Properties Limited (Registered number: 01051677) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
10. | PENSION COMMITMENTS |
The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. Contributions totalling £514 (2023 - £589) were payable to the fund at the reporting date. |
11. | OFF BALANCE SHEET COMMITMENTS |
At the year end the company had future minimum lease payments due under non-cancellable operating leases totalling £182,000 (2023 - £196,000). |
12. | RELATED PARTY DISCLOSURES |
Loans to related parties |
Group undertakings |
Other related parties |
Key management |
Total |
2024 | £ | £ | £ | £ |
At start of period | 666,681 | - | 14,677 | 681,538 |
Advanced | 312,994 | 150 | 1,670 | 314,814 |
Repaid | (338,243 | - | (12,302 | ) | (350,545 | ) |
At end of period | 641,612 | 150 | 4,045 | 645,807 |
Group undertakings |
Other related parties |
Key management |
Total |
2023 | £ | £ | £ | £ |
At start of the period | - | 17,222 | 3,009 | 20,231 |
Advanced | 666,861 | - | 11,980 | 678,841 |
Repaid | - | (17,222 | ) | (312 | ) | (17,534 | ) |
At end of period | 666,861 | - | 14,677 | 681,538 |
Loans to group undertakings are interest free and repayable on demand. |
Loans to other related parties are interest free and repayable on demand. |
Loans to key management are repayable on demand and interest is charged on loan balances owing to the company that exceed £10,000. Interest is charged at the HMRC prevailing rate. |
Latchmere Properties Limited (Registered number: 01051677) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
12. | RELATED PARTY DISCLOSURES - continued |
Loans from related parties |
Group undertakings |
Key management |
Total |
2024 | £ | £ | £ |
At start of period | - | 752 | 752 |
Advanced | - | 312 | 312 |
Repaid | - | (348 | ) | (348 | ) |
At end of period | - | 716 | 716 |
Group undertakings |
Key management |
Total |
2023 | £ | £ | £ |
At start of the period | 301,959 | 624 | 302,583 |
Advanced | 260,532 | 23,704 | 284,236 |
Repaid | (562,491 | ) | (23,576 | ) | (586,067 | ) |
At end of period | - | 752 | 752 |
Loans from group undertakings are interest free and repayable on demand. |
Loans from key management are interest free and repayable on demand. |