Company Registration No. 00665439 (England and Wales)
D Latham Limited
Annual Report and Unaudited Financial Statements
For the Year Ended
31 December 2024
PAGES FOR FILING WITH REGISTRAR
D LATHAM LIMITED
D Latham Limited
COMPANY INFORMATION
Director
Mr J J Latham
Secretary
Mrs F I Latham
Company number
00665439
Registered office
Airfield Farm
Flookburgh
Grange-Over-Sands
Cumbria
United Kingdom
LA11 7LS
Accountants
Azets
Laurel House
173 Chorley New Road
Bolton
United Kingdom
BL1 4QZ
Bankers
National Westminster Bank PLC
PO Box 282
7 Market Place
Derby
United Kingdom
DE1 9DS
D LATHAM LIMITED
D Latham Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
D LATHAM LIMITED
D Latham Limited
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
269,406
303,288
Tangible assets
5
470,529
421,957
Investment properties
6
1,300,000
1,300,000
2,039,935
2,025,245
Current assets
Stocks
3,500
3,500
Debtors
7
21,680
8,049
Cash at bank and in hand
307,509
208,547
332,689
220,096
Creditors: amounts falling due within one year
8
(173,376)
(132,726)
Net current assets
159,313
87,370
Total assets less current liabilities
2,199,248
2,112,615
Provisions for liabilities
(186,209)
(176,578)
Net assets
2,013,039
1,936,037
Capital and reserves
Called up share capital
3,000
3,000
Fair value reserve
766,043
766,043
Profit and loss reserves
1,243,996
1,166,994
Total equity
2,013,039
1,936,037
D LATHAM LIMITED
D Latham Limited
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
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 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 14 May 2025
Mr J J Latham
Director
Company Registration No. 00665439
D LATHAM LIMITED
D Latham Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
D Latham Limited is a private company limited by shares incorporated in England and Wales. The registered office is Airfield Farm, Flookburgh, Grange-Over-Sands, Cumbria, United Kingdom, LA11 7LS.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Betting pitches
5% Straight Line
1.5
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.
D LATHAM LIMITED
D Latham Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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:
Land and buildings Freehold
- 2% Straight Line
Plant and machinery
- 15% Reducing Balance
Computer equipment
- 33% Straight Line
Motor vehicles
- 25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Investment properties
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. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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.
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.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
D LATHAM LIMITED
D Latham Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
D LATHAM LIMITED
D Latham Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2024
5,000
510,647
515,647
Additions
70,000
70,000
Disposals
(111,418)
(111,418)
At 31 December 2024
5,000
469,229
474,229
Amortisation and impairment
At 1 January 2024
5,000
207,359
212,359
Amortisation charged for the year
20,242
20,242
Disposals
(27,778)
(27,778)
At 31 December 2024
5,000
199,823
204,823
Carrying amount
At 31 December 2024
269,406
269,406
At 31 December 2023
303,288
303,288
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
404,429
191,039
595,468
Additions
77,534
77,534
Disposals
(49,303)
(49,303)
At 31 December 2024
404,429
219,270
623,699
Depreciation and impairment
At 1 January 2024
41,346
132,165
173,511
Depreciation charged in the year
2,239
9,853
12,092
Eliminated in respect of disposals
(32,433)
(32,433)
At 31 December 2024
43,585
109,585
153,170
Carrying amount
At 31 December 2024
360,844
109,685
470,529
At 31 December 2023
363,083
58,874
421,957
D LATHAM LIMITED
D Latham Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
1,300,000
The freehold investment properties have been valued at a current market value by the directors at the reporting date. The comparable historical cost was £351,531.
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,324
5,630
Other debtors
17,356
2,419
21,680
8,049
8
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
38,649
39,069
Other creditors
134,727
93,657
173,376
132,726