Company registration number 04502229 (England and Wales)
MIKE LATHAM & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MIKE LATHAM & CO LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MIKE LATHAM & CO LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MIKE LATHAM & CO LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mike Latham & Co Limited for the year ended 30 September 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Mike Latham & Co Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mike Latham & Co Limited and state those matters that we have agreed to state to the board of directors of Mike Latham & Co Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mike Latham & Co Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Mike Latham & Co Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mike Latham & Co Limited. You consider that Mike Latham & Co Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Mike Latham & Co Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
12 May 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MIKE LATHAM & CO LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
67,967
16,438
Investments
5
448,100
439,500
516,068
455,939
Current assets
Debtors
6
5,298,223
4,483,034
Cash at bank and in hand
206,348
233,192
5,504,571
4,716,226
Creditors: amounts falling due within one year
7
(899,007)
(704,331)
Net current assets
4,605,564
4,011,895
Total assets less current liabilities
5,121,632
4,467,834
Creditors: amounts falling due after more than one year
8
(371,935)
(75,017)
Net assets
4,749,697
4,392,817
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
4,749,597
4,392,717
Total equity
4,749,697
4,392,817
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 30 September 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.
MIKE LATHAM & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 12 May 2025
Mr M P Latham
Director
Company registration number 04502229 (England and Wales)
MIKE LATHAM & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Mike Latham & Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is Castle Fields Farm, Harvington Lane, Evesham, Worcestershire, United Kingdom, WR11 4TN.
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 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 services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
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.
1.4
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.
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:
Plant and machinery
20% on reducing balance
Motor vehicles
20% on 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.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
MIKE LATHAM & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
MIKE LATHAM & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
15,000
Amortisation and impairment
At 1 October 2023 and 30 September 2024
14,999
Carrying amount
At 30 September 2024
1
At 30 September 2023
1
4
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023
92,785
16,104
108,889
Additions
1,248
59,495
60,743
Disposals
(16,104)
(16,104)
At 30 September 2024
94,033
59,495
153,528
Depreciation and impairment
At 1 October 2023
79,725
12,726
92,451
Depreciation charged in the year
2,861
2,975
5,836
Eliminated in respect of disposals
(12,726)
(12,726)
At 30 September 2024
82,586
2,975
85,561
Carrying amount
At 30 September 2024
11,447
56,520
67,967
At 30 September 2023
13,060
3,378
16,438
MIKE LATHAM & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
448,100
439,500
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 October 2023
439,500
Additions
8,600
At 30 September 2024
448,100
Carrying amount
At 30 September 2024
448,100
At 30 September 2023
439,500
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,581,839
2,598,327
Amounts owed by group undertakings
2,703,840
1,878,250
Other debtors
12,544
6,457
5,298,223
4,483,034
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
417,127
424,895
Taxation and social security
128,359
122,716
Other creditors
353,521
156,720
899,007
704,331
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
371,935
75,017
MIKE LATHAM & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
10
Control
Ultimate parent company
The ultimate parent company is Sparkplug Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr M P Latham, by virtue of his controlling interest in the ultimate parent company.