LATCH VENTURES LIMITED


Directors	CONNELLY, James Alexander Robert
	JONES, Matthew Douglas


Registered Address	1 Gemini Court
	42a Throwley Way
	Sutton
	SM1 4AF


Registered Number	09803443 (England and Wales)

Statement of Financial Position
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		810		1,081
Investment property	4		3,455,000		3,455,000
			3,455,810		3,456,081
Current assets
Debtors	5	2,114,632		1,302,062
Cash at bank and on hand		-		91,748
		2,114,632		1,393,810
Creditors amounts falling due within one year	6	(3,777,737)		(3,474,841)
Net current assets (liabilities)			(1,663,105)		(2,081,031)
Total assets less current liabilities			1,792,705		1,375,050
Creditors amounts falling due after one year	7		(1,659,184)		(1,212,162)
Provisions for liabilities	8		(31,308)		(66,587)
Net assets			102,213		96,301
Capital and reserves
Called up share capital			100		100
Other reserves			231,889		231,889
Profit and loss account			(129,776)		(135,688)
Shareholders' funds			102,213		96,301

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 25 September 2025, and are signed on its behalf by:

JONES, Matthew Douglas
Director
Registered Company No. 09803443

LATCH VENTURES LIMITED

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Turnover policy
	Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration date.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


		Reducing balance (%)
	Office Equipment	25

	Investment property
	The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	2		2

3.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 January 24	4,481	4,481
At 31 December 24	4,481	4,481
Depreciation and impairment
At 01 January 24	3,400	3,400
Charge for year	271	271
At 31 December 24	3,671	3,671
Net book value
At 31 December 24	810	810
At 31 December 23	1,081	1,081

4.	Investment property
	The fair values of the investment properties as 31 December 2024 have been arrived at on the basis of a valuation carried out at that date by the Director. The Director of the company is not a professionally qualified valuer.


		£
	Fair value at 01 January 24	3,455,000
	At 31 December 24	3,455,000

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	2,090,775	1,293,311
Other debtors	23,857	1
Prepayments and accrued income	-	8,750
Total	2,114,632	1,302,062

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	1,610	152
Bank borrowings and overdrafts	54,186	7,428
Other creditors	3,719,780	3,465,641
Accrued liabilities and deferred income	2,161	1,620
Total	3,777,737	3,474,841

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	1,659,184	1,212,162
Total	1,659,184	1,212,162

8.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	31,308	66,587
Total	31,308	66,587

9.	Related party transactions
	Included within other creditors is an amount of £3,719,781 (2023 : £3,460,003) owed to J Connelly. Included within other debtors are the following amounts due from associated companies :- £59,142 (2023 : £59,142) due from Flaxebay Ltd. £2,028,956 (2023 : £1,234,091) due from Greenford Road Ltd. £2,599.82 (2023 : NIL) due from Dunfield Freehold Ltd.

10.	Controlling party
	The ultimate controlling party is J Connelly.

11.	Further information regarding the company's financial position
	The company has a floating charge with Paragon Bank PLC which is expected to be fully satisfied.