REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Latchmere Securities Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Latchmere Securities Limited |
Latchmere Securities Limited (Registered number: 02880414) |
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 Securities 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 Securities Limited (Registered number: 02880414) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
Latchmere Securities Limited (Registered number: 02880414) |
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 Securities Limited (Registered number: 02880414) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Latchmere Securities 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. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stock is development property and is valued at the lower of cost and estimated selling price less costs to complete and sell. |
Work-in-progress and completed properties including show homes comprise land under development, undeveloped land, land option payments, direct materials, sub-contract work, site overheads, associated professional fees, interest costs arise from specific development loans and other attributable overheads. |
Options purchased in respect of land are recognised initially at cost within stock. Regular reviews are completed for impairment of the value of these options, and provisions made accordingly to reflect loss of value. The impairment reviews consider the period elapsed since the date of the purchases of the option, given that the option contract has not been exercised at the review date. Furthermore, the impairment reviews consider the remaining life of the option, taking into account any concerns over whether the remaining time available will allow successful exercise of the option. |
Provisions are established to write down stock where the estimated sales proceeds less costs to complete exceed the current carrying value. Adjustments to the provisions will be required where selling prices or costs to complete change. Net realisable value for stock was assessed by estimating selling prices and costs, taking into account current market conditions. The impairment loss is recognised immediately in profit of loss. |
Latchmere Securities Limited (Registered number: 02880414) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Going concern |
The directors are satisfied that the company has adequate resources to continue to operate for the foreseeable future. They have therefore prepared the financial statements on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Latchmere Securities Limited (Registered number: 02880414) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 July 2023 |
Disposals | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Other creditors |
Latchmere Securities Limited (Registered number: 02880414) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.24 | 30.6.23 |
£ | £ |
Other loans | 3,523,341 | 1,003,489 |
Other loans are secured by fixed and floating charges over the assets of the company |
9. | RELATED PARTY DISCLOSURES |
Loans to related parties |
Group undertakings |
Total |
2024 | £ | £ |
At start of period | - | - |
Advanced | - | - |
Repaid | - | - |
At end of period | - | - |
Group undertakings |
Total |
2023 | £ | £ |
At start of period | 301,959 | 301,959 |
Advanced | 260,532 | 260,532 |
Repaid | (562,491 | ) | (562,491 | ) |
At end of period | - | - |
Loans to group undertakings are interest free and repayable on demand. |
Latchmere Securities Limited (Registered number: 02880414) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | RELATED PARTY DISCLOSURES - continued |
Loans from related parties |
Group undertakings |
Key management |
Total |
2024 | £ | £ | £ |
At start of period | 666,861 | 6,859 | 673,720 |
Advanced | 312,994 | - | 312,994 |
Repaid | (338,243 | ) | - | (338,243 | ) |
At end of period | 641,612 | 6,859 | 648,471 |
Group undertakings |
Key management |
Total |
2023 | £ | £ | £ |
At start of the period | - | 6,859 | 6,859 |
Advanced | 666,861 | - | 666,861 |
Repaid | - | - | - |
At end of period | 666,861 | 6,859 | 673,720 |
Loans from group undertakings are interest free and repayable on demand. |
Loans from key management are interest free and repayable on demand. |