Latimer Land (Luton) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03982733 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2018

for

Latimer Land (Luton) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C W Keech

M Keech

D Keech

REGISTERED OFFICE:

1st Floor

181 Queensway

Bletchley

Milton Keynes

MK2 2DZ

REGISTERED NUMBER:

03982733 (England and Wales)

ACCOUNTANTS:

Shipleys LLP

Chartered Accountants

10 Orange Street

London

WC2H 7DQ

FIXED ASSETS

Investment property

3

13,200,000

10,600,000

CURRENT ASSETS

Debtors

4

-

8,005,973

Cash at bank

326,537

13,718

326,537

8,019,691

CREDITORS

Amounts falling due within one year

5

581,340

3,185,252

NET CURRENT (LIABILITIES)/ASSETS

(254,803

)

4,834,439

TOTAL ASSETS LESS CURRENT LIABILITIES

12,945,197

15,434,439

CREDITORS

Amounts falling due after more than one year

6

(2,200,000

)

(10,465,277

)

PROVISIONS FOR LIABILITIES

(1,366,100

)

(872,100

)

NET ASSETS

9,379,097

4,097,062

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Share premium

1,717,893

1,717,893

Retained earnings

7,659,204

2,377,169

SHAREHOLDERS' FUNDS

9,379,097

4,097,062

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 April 2019 and were signed on its behalf by:

D Keech - Director

1.	STATUTORY INFORMATION

Latimer Land (Luton) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

TURNOVER

Turnover relates to rent receivable on investment properties held and is stated net of value added tax.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2017

10,600,000

Revaluations

2,600,000

At 31 July 2018

13,200,000

NET BOOK VALUE

At 31 July 2018

13,200,000

At 31 July 2017

10,600,000

Fair value at 31 July 2018 is represented by:

£

Valuation in 2011

3,690,000

Valuation in 2017

900,000

Valuation in 2018

2,600,000

Cost

6,010,000

13,200,000

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Other debtors

-

8,005,973

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Bank loans and overdrafts

300,000

1,796,275

Trade creditors

18,449

13,387

Taxation and social security

72,890

22,085

Other creditors

190,001

1,353,505

581,340

3,185,252

The bank loan is secured on the assets of the company.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.18

31.7.17

£

£

Bank loans

2,200,000

-

Other creditors

-

10,465,277

2,200,000

10,465,277

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,000,000

-

The bank loan is secured on the assets of the company.

7.	RELATED PARTY DISCLOSURES

Latimer Associates (UK) Limited - Fellow subsidiary undertaking

A company in which M D Keech, C W Keech and D Keech were directors at the year end.

A loan from Latimer Associates (UK) Limited of £10,323,820 was repaid during the year, including an amount

of £1,086,280 waived as part of a financial re-organisation of the group.

Latimer Land Management Limited - Fellow subsidiary undertaking

A company in which M D Keech, C W Keech, and D Keech were directors at the year end.

A loan from Latimer Land Management Limited of £779,238 (2017: £779,238) was waived in full, as part of a

financial re-organisation of the group.

JFB Management Limited

A company in which D Keech is a director.

A loan to the value of £nil (2017: £8,005,973 ) was due from JFB Management Limited.

Pedralbes Limited - Fellow subsidiary undertaking

A company in which M D Keech, C W Keech, and D Keech were directors at the year end.

A loan from Pedralbes Limited of £641,457 (2017: £141,457) was waived in full, as part of a financial

re-organisation of the group.

8.	POST BALANCE SHEET EVENTS

The company has renegotiated its loan facility with Santander with effect from August 2017. The new loan is for

£2,800,000 and repays the balance on the existing facility. The loan is repayable by instalments and will be fully

repaid by August 2022.

9.	ULTIMATE CONTROLLING PARTY

Willdav Engineering AG, a company incorporated in Switzerland, is regarded by the directors as being the

company's ultimate parent company. Willdav Engineering AG is wholly owned by The Oliver Foundation, which

is a foundation incorporated in Panama.