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Registered number: 09906881










LAT PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
LAT PROPERTIES LIMITED
REGISTERED NUMBER: 09906881

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
6,500,000
2,350,000

  
6,500,000
2,350,000

Current assets
  

Debtors: amounts falling due within one year
 5 
1,633,532
1,693,395

Bank and cash balances
  
1,280
7,241

  
1,634,812
1,700,636

Creditors: amounts falling due within one year
 6 
(708,573)
(622,585)

Net current assets
  
 
 
926,239
 
 
1,078,051

Total assets less current liabilities
  
7,426,239
3,428,051

Creditors: amounts falling due after more than one year
 7 
(3,511,317)
(3,520,470)

Provisions for liabilities
  

Deferred tax
 9 
(1,144,672)
(103,138)

  
 
 
(1,144,672)
 
 
(103,138)

Net assets/(liabilities)
  
2,770,250
(195,557)


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
4,511,443
361,443

Profit and loss account
  
(1,741,293)
(557,100)

  
2,770,250
(195,557)


Page 1

 
LAT PROPERTIES LIMITED
REGISTERED NUMBER: 09906881
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Taylor
Director

Date: 12 May 2025

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
LAT PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
100
361,443
(442,257)
(80,714)



Loss for the year
-
-
(114,843)
(114,843)



At 1 July 2023
100
361,443
(557,100)
(195,557)


Comprehensive income for the year

Loss for the year
-
-
(1,184,193)
(1,184,193)

Revaluation of investment property
-
4,150,000
-
4,150,000
Total comprehensive income for the year
-
4,150,000
(1,184,193)
2,965,807


At 30 June 2024
100
4,511,443
(1,741,293)
2,770,250


The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
LAT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

LAT Properties Limited is a private company limited by shares, registered and incorporated in England and Wales (registration number 09906881). The registered office is 10 Queen Street Place, London, EC4R IAG.
The principal activity of the company is property development and rental.
The functional and presentational currency is GBP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue represents rental income due less payments received in advance.

  
2.3

Investment property

lnvestment property is carried at fair value determined by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided.
Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

  
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

  
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 4

 
LAT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.6

Creditors

Short term creditors are measured at the transaction price.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.



3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 5

 
LAT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
2,350,000


Revaluation
4,150,000



At 30 June 2024
6,500,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





5.


Debtors

2024
2023
£
£


Other debtors
1,631,444
1,690,419

Called up share capital not paid
100
100

Prepayments
1,988
2,876

1,633,532
1,693,395



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
292,803
296,208

Trade creditors
1,014
840

Other creditors
407,506
319,910

Accruals and deferred income
7,250
5,627

708,573
622,585


The Bank loan is guaranteed by the UK Government as part of the Bounce Back Loan Scheme (BBLS). An interest rate of 2.5% applies to the loan balance, with the government covering the first year of interest charges.

Page 6

 
LAT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,511,317
3,520,470


Secured loans
The bank loan is secured against a property portfolio.
The bank loan is stated net of finance costs of £70,500 which have been spread over the term of the loan.


8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
292,803
296,208

Amounts falling due 1-2 years

Bank loans
10,462
10,204

Amounts falling due 2-5 years

Bank loans
3,500,855
3,510,266


3,804,120
3,816,678



9.


Deferred taxation




2024
2023


£

£






At beginning of year
(103,138)
(103,138)


Charged to profit or loss
(1,041,534)
-



At end of year
(1,144,672)
(103,138)

Page 7

 
LAT PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,144,672)
(103,138)


10.


Related party transactions

Included within other debtors is £769,625 (2023: £671,125) due from London Continental Securities Limited, £620,309 (2023: £611,152) due from Enfranchise 496 Limited, £19,581 (2023: £19,581) due from Altonville Properties Limited and £102,125 (2023: £128,968) due from Derri Properties Limited. The above companies are all under the control of one of the directors. No interest is payable on these balances and they are repayable on demand.
Included in other creditors is £222,440 (2023: £307,909) due to a director of the company, £184,024 (2023: £12,000) due to Enfranchise 496 Limited and £1,040 (2023: £136,389 due from) due to Bells Southfields Limited, a company under control of one of the directors.


11.


Controlling party

The ultimate parent undertaking is LAT Partnership LLP, a limited liability partnership incorporated in England and Wales.

 
Page 8