ACCOUNTS - Final Accounts preparation

33 LATITUDE HOUSE LIMITED - Company Information

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Registered number: 12153170

33 LATITUDE HOUSE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 AUGUST 2020

33 LATITUDE HOUSE LIMITED

REGISTERED NUMBER: 12153170

BALANCE SHEET

AS AT 31 AUGUST 2020

		2020
Note		£

Fixed assets
Investment property	4		840,000
			840,000
Current assets
Debtors: amounts falling due within one year	5	3,491
Cash at bank and in hand	6	44,976
		48,467
Creditors: amounts falling due within one year	7	(242,097)
Net current (liabilities)/assets			(193,630)
Total assets less current liabilities			646,370
Creditors: amounts falling due after more than one year	8		(642,600)

Net assets			3,770

Capital and reserves
Called up share capital	10	100
Profit and loss account		3,670
		3,770

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33 LATITUDE HOUSE LIMITED

REGISTERED NUMBER: 12153170

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2020

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S E Klein

Director

Date: 19 July 2021

The notes on pages 3 to 6 form part of these financial statements.

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33 LATITUDE HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2020

1.	General information

33 Latitude House Limited ("the Company") is a private company limited by shares and incorporated in England and Wales (12153170). The Company was incorporated on 13 August 2019 and began trading soon after. The registered address of the Company is 10 Devonshire House, Marlborough Drive, Bushey, WD23 2RL. The principal activity of the Company is that of property investment. The functional and presentational currency of the Company is pound sterling (GBP).

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

Potential sources of uncertainty noted by the directors include the COVID-19 pandemic. However, at the date of this report it is not possible to reliably determine the effects that this will have on the company.

Accordingly the directors have continued to prepare the financial statements on the going concern basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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33 LATITUDE HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2020

2.Accounting policies (continued)

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.6

Taxation

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the period was 3.

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33 LATITUDE HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2020

4.	Investment property

		Long term leasehold investment property
		£
	Valuation
	Additions at cost	840,000
	At 31 August 2020	840,000

The 2020 valuations were made by the directors, on an open market value for existing use basis.

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

Debtors

					2020
					£


	Trade debtors	3,491
		3,491

6.	Cash and cash equivalents
		2020
		£

	Cash at bank and in hand	44,976
		44,976

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33 LATITUDE HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2020

7.	Creditors: Amounts falling due within one year
		2020
		£

	Corporation tax	1,900
	Other creditors	235,487
	Accruals and deferred income	4,710
		242,097

8.	Creditors: Amounts falling due after more than one year
		2020
		£

	Bank loans	642,600
		642,600

9.	Loans
	Analysis of the maturity of loans is given below:
		2020
		£




	Amounts falling due after more than 5 years
	Bank loans	642,600
		642,600
		642,600

10.	Share capital
		2020
		£

		Allotted, called up and fully paid

		100 Ordinary shares of £1.00 each	100

During the period, 100 ordinary shares with an aggregate nominal value of £100 were issued.

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