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

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

Latymer Court Freehold Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Freehold Office, Latymer Court, Hammersmith Road, London, W6 7JB.

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 fair value. The principal accounting policies adopted are set out below.

Associated rental expenses have been reclassified from administrative expenses to cost of sales, and other gains and losses have been disclosed separately for clearer presentation and improved comparability for the reader. The comparatives have been restated accordingly. This reclassification does not have any impact on equity.

Turnover represents amounts receivable for the rental from car parking bays, garages and storage, ground rent, sublet licences and miscellaneous income.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue from contracts for the provision of services is recognised by reference to the period covered by the service.

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:

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 surplus or deficit.

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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities, including creditors that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

The tax expense represents the sum of the tax currently payable and deferred 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 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.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Repairs and renewals

Costs in respect of repairs, renewals and maintenance are written off in the profit and loss account in the year in which the cost is incurred.

In the application of the company’s accounting policies, the directors are 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.

Property valuation is a key accounting estimate, as it involves the determination of the fair value or carrying value of a property for financial reporting purposes. Property value represents a significant portion of a company's assets and has a significant impact on the financial statements. The value assigned to a property can affect key financial metrics such as the company's net worth, equity, and ratios. Property valuation is a complex process that involves numerous factors, such as location, condition, rental income, market trends, and legal considerations. These factors require professional expertise and judgment to arrive at a reasonable estimate of the property's value. Furthermore, the property value can change over time due to various factors such as market fluctuations, economic conditions, and property-specific factors, which introduce additional estimation uncertainties and require the use of professional judgment.

The investment property has been stated at a Savills' valuation of £5,148,000 (2023: £5,948,290) as at 30 September 2024.

The average monthly number of persons (including directors) employed by the company during the year was:

Investment property comprises the company's title in the Latymer Court estate. The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 30 September 2024 by Savills (UK), adjusted for subsequent purchases and disposals. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Other creditors include payments on account of £89,481 (2023: £37,287) relating to the next financial year, and £149,100 (2023: £149,100) in respect of members’ loans, which are payable on demand.

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £100. On 30 September 2024 there were 316 members (2023: 315).

Other reserves, mainly comprising of funds of £3,562,715, were introduced by members on incorporation, enabling the company to purchase the freehold of Latymer Court. Additionally an upward revaluation of the freehold property of £427,432 in 2013, in accordance with the Financial Reporting Standard for Smaller Entities, increased the total other reserves to £3.990,147. Subsequent revaluations of the freehold have been recognised in the income and expenditure account in accordance with FRS102 1A.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

The company held £138,919 in client bank accounts as at 30 September 2024 (2023: £163,672) in respect of the Latymer Court service charge. The balances are held on behalf of contributors to the service charge and do not form part of the company's own assets and are therefore not included on the company's balance sheet.

Related party: Latymer Court Freehold Company Limited Service Charge Account.

The Landlord's contribution to the service charge included in cost of sales was £48,554 (2023: £33,858) and the garages share of landlord's contribution was £2,060 (2023 £1,186).

Included in other creditors, a balance of £12,812 (2023: £1,798) owed to Latymer Court Service Charge.

Included in other debtors, an amount of £6,864 (2023: £5,627) was due from Latymer Court Service Charge.

Additionally, all directors and their associates are related parties. The board after enquiry, is not aware of any material related party transactions with any of the directors, indirectly or directly, other than those normally associated with the individuals' leaseholdings within the Latymer Court estate.