Latesail Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03783328

Latesail Limited

Filleted Financial Statements

31 December 2024

Latesail Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Latesail Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	6		2,911	10,343

Current assets

Debtors	7	245,210	326,483
Cash at bank and in hand		12,113	37,529
		---------	---------
		257,323	364,012

Creditors: amounts falling due within one year	8	71,277		159,534
		---------		---------
Net current assets			186,046	204,478
			---------	---------
Total assets less current liabilities			188,957	214,821

Creditors: amounts falling due after more than one year	9		9,598	24,415

Provisions

Taxation including deferred tax	484	4,500
	---------	---------
Net assets	178,875	185,906
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	178,775	185,806
	---------	---------
Shareholders funds	178,875	185,906
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr D FIŠER
Director

Company registration number: 03783328

Latesail Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The Director has considered the basis of the preparation of the accounts and is satisfied that the accounts should be prepared on a going concern basis. The company has the ongoing support of the group and the parent company will continue to provide financial support for at least 12 months from the date of approval of these financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents the commissions payable to the company on bookings made and group recharges.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Website development costs	-	33% straight line
Computer equipment	-	33% straight line
Fixtures and fittings	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 January 2024 and 31 December 2024	29,454
	--------
Amortisation
At 1 January 2024 and 31 December 2024	29,454
	--------
Carrying amount
At 31 December 2024	–
	--------
At 31 December 2023	–
	--------

6. Tangible assets

	Plant and machinery	Website development costs	Computer Equipment	Fixtures and fittings	Total
	£	£	£	£	£
Cost
At 1 January 2024 and 31 December 2024	277	156,344	10,657	580	167,858
	----	---------	--------	----	---------
Depreciation
At 1 January 2024	277	146,001	10,657	580	157,515
Charge for the year	–	7,432	–	–	7,432
	----	---------	--------	----	---------
At 31 December 2024	277	153,433	10,657	580	164,947
	----	---------	--------	----	---------
Carrying amount
At 31 December 2024	–	2,911	–	–	2,911
	----	---------	--------	----	---------
At 31 December 2023	–	10,343	–	–	10,343
	----	---------	--------	----	---------

7. Debtors

	2024	2023
	£	£
Trade debtors	–	32,755
Amounts owed by group undertakings and undertakings in which the company has a participating interest	244,491	290,629
Other debtors	719	3,099
	---------	---------
	245,210	326,483
	---------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,325	9,936
Trade creditors	385	45,058
Amounts owed to group undertakings and undertakings in which the company has a participating interest	46,487	99,129
Other creditors	14,080	5,411
	--------	---------
	71,277	159,534
	--------	---------

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	9,598	24,415
	-------	--------

10. Summary audit opinion

The auditor's report dated 30 September 2025 was unqualified .

The senior statutory auditor was Robert Field FCA CTA , for and on behalf of Burgess Hodgson Audit Limited .

11. Related party transactions

At the year end the company was owed £244,491 (2023: £290,629) by group companies. At the year end the company owed £46,487 (2023: £99,129) to group companies

12. Controlling party

The company is a wholly owned subsidiary of Lacani SAS whose registered office is situated at 223 Avenue Émile Counord, 33300 Bordeaux, France. The Ultimate Parent Company is PPF GROUP NV whose registered office is situated at Zuidplein 168, 1077 XV Amsterdam, The Netherlands .