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REGISTERED NUMBER: 02880414 (England and Wales)















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: M S Eshelby
S R Eshelby





REGISTERED OFFICE: Latchmere House
64 South Street
Dorking
Surrey
RH4 2HD





REGISTERED NUMBER: 02880414 (England and Wales)





ACCOUNTANTS: Verinder Powell Associates Ltd
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 - 1

CURRENT ASSETS
Stocks 5,073,669 2,664,945
Debtors 5 86,432 27,341
Cash at bank 12,294 85,008
5,172,395 2,777,294
CREDITORS
Amounts falling due within one year 6 4,249,905 683,060
NET CURRENT ASSETS 922,490 2,094,234
TOTAL ASSETS LESS CURRENT LIABILITIES 922,490 2,094,235

CREDITORS
Amounts falling due after more than one
year

7

-

1,003,489
NET ASSETS 922,490 1,090,746

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 499,902 499,902
Retained earnings 422,488 590,744
922,490 1,090,746

Latchmere Securities Limited (Registered number: 02880414)

Balance Sheet - continued
30 June 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2025 and were signed on its behalf by:





S R Eshelby - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 2 (2023 - 2 ) .

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 1
Disposals (1 )
At 30 June 2024 -
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 1

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Other debtors 86,432 27,341

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 988 330
Amounts owed to group undertakings 641,612 666,861
Other creditors 3,607,305 15,869
4,249,905 683,060

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Other creditors - 1,003,489

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.