REGISTERED NUMBER: 03420430 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

LATHAM SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

O E Horwitch-Smith

G T R Horwitch-Smith

SECRETARY:

D R R Prentis

REGISTERED OFFICE:

21 Selly Wick Road

Selly Park

Birmingham

B29 7JJ

REGISTERED NUMBER:

03420430 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

16 Davy Court

Castle Mound Way

Rugby, CV23 0UZ

Magma Audit LLP is part

Of the Dains Group

FIXED ASSETS

Investments

4

2,614,990

2,614,990

CURRENT ASSETS

Debtors

5

5,131

4,596

Cash at bank

6,819

34,953

11,950

39,549

CREDITORS

Amounts falling due within one year

6

(14,986

)

(14,077

)

NET CURRENT (LIABILITIES)/ASSETS

(3,036

)

25,472

TOTAL ASSETS LESS CURRENT LIABILITIES

2,611,954

2,640,462

CREDITORS

Amounts falling due after more than one year

7

(1,190,517

)

(1,239,117

)

NET ASSETS

1,421,437

1,401,345

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

8

1,089,469

1,089,469

Retained earnings

331,966

311,874

SHAREHOLDERS' FUNDS

1,421,437

1,401,345

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

O E Horwitch-Smith - Director

1.	STATUTORY INFORMATION

Latham Services Limited is a limited company, registered in England and Wales. Its registered office address is 21 Selly Wick Road, Selly Park, Birmingham, England, B29 7JJ and the registered number is 03420430.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentational currency of the financial statements is pound sterling (£) and all figures are rounded to the nearest £1.

Preparation of consolidated financial statements

The financial statements contain information about Latham Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover 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.

Rendering of goods

- Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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.

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

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.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Investment

in

subsidiary

companies

£

COST

At 1 April 2024

and 31 March 2025

2,614,990

NET BOOK VALUE

At 31 March 2025

2,614,990

At 31 March 2024

2,614,990

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

5,131

4,596

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

117

140

Amounts owed to group undertakings

5,371

5,397

Taxation and social security

4,759

4,827

Other creditors

4,739

3,713

14,986

14,077

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

1,190,517

1,239,117

The company's bankers hold a first legal charge over the shareholdings held in Leasemethod Limited, who have guaranteed the bank loans.

The company's bankers, by way of an unlimited debenture, hold fixed and floating charges over the

undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery. The bank loans are also secured by way of guarantee from Leasemethod Limited.

All amounts fall due for repayment within five years.

8.

RESERVES

Revaluation

reserve

£

At 1 April 2024

and 31 March 2025

1,089,469

The revaluation reserve was generated from revaluation of the fixed asset investment. This is non-distributable.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

G T R Horwitch-Smith

Balance outstanding at start of year

-

10,944

Amounts repaid

-

(10,944

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

O E Horwitch-Smith

Balance outstanding at start of year

(32

)

(32

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(32

)

(32

)

10.	RELATED PARTY DISCLOSURES

T Horwitch-Smith was a director and shareholder of the company and died November 2013.

The beneficiaries of the estate of the late T Horwitch-Smith are G Horwitch-Smith, O Horwitch-Smith and their related families.

At the balance sheet date the estate owed the company £914 (2024: £914) which is included in debtors due within one year.

This loan is unsecured, interest free and repayable on demand.

At the balance sheet date £nil (2024: £26) was due to a company with common directorship.