Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31truetrue32024-01-01falseThe principal activity of the company is that of property investment.4false 01403755 2024-01-01 2024-12-31 01403755 2023-01-01 2023-12-31 01403755 2024-12-31 01403755 2023-12-31 01403755 2023-01-01 01403755 2 2024-01-01 2024-12-31 01403755 2 2023-01-01 2023-12-31 01403755 3 2024-01-01 2024-12-31 01403755 3 2023-01-01 2023-12-31 01403755 d:Director1 2024-01-01 2024-12-31 01403755 e:PlantMachinery 2024-01-01 2024-12-31 01403755 e:PlantMachinery 2024-12-31 01403755 e:PlantMachinery 2023-12-31 01403755 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01403755 e:FreeholdInvestmentProperty 2024-01-01 2024-12-31 01403755 e:FreeholdInvestmentProperty 2024-12-31 01403755 e:FreeholdInvestmentProperty 2023-12-31 01403755 e:FreeholdInvestmentProperty 2 2024-01-01 2024-12-31 01403755 e:CurrentFinancialInstruments 2024-12-31 01403755 e:CurrentFinancialInstruments 2023-12-31 01403755 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 01403755 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 01403755 e:ShareCapital 2024-12-31 01403755 e:ShareCapital 2023-12-31 01403755 e:ShareCapital 2023-01-01 01403755 e:OtherMiscellaneousReserve 2024-01-01 2024-12-31 01403755 e:OtherMiscellaneousReserve 2024-12-31 01403755 e:OtherMiscellaneousReserve 2 2024-01-01 2024-12-31 01403755 e:OtherMiscellaneousReserve 3 2024-01-01 2024-12-31 01403755 e:OtherMiscellaneousReserve 2023-12-31 01403755 e:OtherMiscellaneousReserve 2023-01-01 01403755 e:OtherMiscellaneousReserve 2 2023-01-01 2023-12-31 01403755 e:OtherMiscellaneousReserve 3 2023-01-01 2023-12-31 01403755 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01403755 e:RetainedEarningsAccumulatedLosses 2024-12-31 01403755 e:RetainedEarningsAccumulatedLosses 2 2024-01-01 2024-12-31 01403755 e:RetainedEarningsAccumulatedLosses 3 2024-01-01 2024-12-31 01403755 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01403755 e:RetainedEarningsAccumulatedLosses 2023-12-31 01403755 e:RetainedEarningsAccumulatedLosses 2023-01-01 01403755 e:RetainedEarningsAccumulatedLosses 2 2023-01-01 2023-12-31 01403755 e:RetainedEarningsAccumulatedLosses 3 2023-01-01 2023-12-31 01403755 e:OtherDeferredTax 2024-12-31 01403755 e:OtherDeferredTax 2023-12-31 01403755 d:FRS102 2024-01-01 2024-12-31 01403755 d:Audited 2024-01-01 2024-12-31 01403755 d:FullAccounts 2024-01-01 2024-12-31 01403755 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01403755 d:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 01403755 2 2024-01-01 2024-12-31 01403755 e:ShareCapital 2 2024-01-01 2024-12-31 01403755 e:ShareCapital 3 2024-01-01 2024-12-31 01403755 e:ShareCapital 2 2023-01-01 2023-12-31 01403755 e:ShareCapital 3 2023-01-01 2023-12-31 01403755 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 01403755










LATHAM PROPERTY TRUST LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
LATHAM PROPERTY TRUST LIMITED
REGISTERED NUMBER: 01403755

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1
940

Investment property
 5 
4,950,000
5,350,000

  
4,950,001
5,350,940

Current assets
  

Debtors: amounts falling due within one year
 6 
62,009
356,525

Bank and cash balances
  
209,307
75,643

  
271,316
432,168

Creditors: amounts falling due within one year
 7 
(444,504)
(113,530)

Net current (liabilities)/assets
  
 
 
(173,188)
 
 
318,638

Total assets less current liabilities
  
4,776,813
5,669,578

Provisions for liabilities
  

Deferred tax
 8 
(334,300)
(428,291)

  
 
 
(334,300)
 
 
(428,291)

Net assets
  
4,442,513
5,241,287


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
 9 
4,266,314
4,534,822

Profit and loss account
 9 
176,099
706,365

  
4,442,513
5,241,287


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 profit and loss account 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 on 31 July 2025.

T W Brown FCCA CTA FCG FAIA
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 
LATHAM PROPERTY TRUST LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
100
4,497,322
661,580
5,159,002


Comprehensive income for the year

Profit for the year
-
-
82,285
82,285

Fair value movement on investment property
-
50,000
(50,000)
-

Deferred tax on fair value movement
-
(12,500)
12,500
-



At 1 January 2024
100
4,534,822
706,365
5,241,287


Comprehensive income for the year

Profit for the year
-
-
201,226
201,226


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,000,000)
(1,000,000)

Transfer net realised gain and associated deferred tax to profit and loss account
-
(337,078)
337,078
-

Fair value movement on investment property
-
91,426
(91,426)
-

Deferred tax on fair value movement
-
(22,856)
22,856
-


At 31 December 2024
100
4,266,314
176,099
4,442,513


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The company is private company limited by shares, incorporated in England and Wales. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW. 

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 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 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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers 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. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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. 

 
2.8

Creditors

Short-term creditors are measured at the transaction price. 

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 
Page 4

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 5

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

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 balance sheet 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 balance sheet 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 balance sheet date.


  
2.11

Tenant deposits

The company holds tenant deposits in designated bank accounts. The monies held in these bank accounts and the balances due to tenants are netted off and excluded from these financial statements. The total amounts of tenant deposits held by the company as at 31 December 2024 was £139,389 (2023 - £145,089).

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 3).

Page 6

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Plant and machinery

£



Cost 


At 1 January 2024
4,696



At 31 December 2024

4,696



Depreciation


At 1 January 2024
3,756


Charge for the year on owned assets
939



At 31 December 2024

4,695



Net book value



At 31 December 2024
1



At 31 December 2023
940

Page 7

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
5,350,000


Disposals
(491,426)


Surplus on revaluation
91,426



At 31 December 2024
4,950,000

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



At 31 December 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
349,386
386,887

349,386
386,887


6.


Debtors

2024
2023
£
£


Trade debtors
51,455
73,868

Amounts owed by group undertakings
-
282,657

Prepayments and accrued income
10,554
-

62,009
356,525


Page 8

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,686
3,274

Amounts owed to group undertakings
331,159
-

Corporation tax
16,631
15,060

Other taxation and social security
14,240
14,908

Accruals and deferred income
76,788
80,288

444,504
113,530



8.


Deferred taxation




2024


£






At beginning of year
428,291


Charged to profit or loss
(93,991)



At end of year
334,300

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fair Value adjustments in Investment property
334,300
428,291


9.


Reserves

Other reserves

This comprises the accumulated movements in the fair value of investment property and the associated deferred tax provision.

Profit and loss account

This comprises of accumulated profits available for distribution.

Page 9

 
LATHAM PROPERTY TRUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Controlling party

The smallest group for which consolidated financial statements are prepared which include the results of
this company is that headed by Latham Land Limited, and its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 31 July 2025 by David Pumfrey (FCA) (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.

 
Page 10