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 2021

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

27 Shirwell Crescent

Furzton Lake

Milton Keynes

MK4 1GA

REGISTERED NUMBER:

03982733 (England and Wales)

ACCOUNTANTS:

Shipleys LLP

Chartered Accountants

10 Orange Street

London

WC2H 7DQ

FIXED ASSETS

Investment property

4

10,500,000

13,200,000

CURRENT ASSETS

Debtors

5

217,938

323,457

Cash at bank

234,966

101,160

452,904

424,617

CREDITORS

Amounts falling due within one year

6

1,077,373

898,193

NET CURRENT LIABILITIES

(624,469

)

(473,576

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,875,531

12,726,424

CREDITORS

Amounts falling due after more than one year

7

(1,450,000

)

(1,675,000

)

PROVISIONS FOR LIABILITIES

(853,100

)

(1,366,100

)

NET ASSETS

7,572,431

9,685,324

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Share premium

1,717,893

1,717,893

Retained earnings

5,852,538

7,965,431

SHAREHOLDERS' FUNDS

7,572,431

9,685,324

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2022 and were signed on its behalf by:

C W 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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2020

13,200,000

Revaluations

(2,700,000

)

At 31 July 2021

10,500,000

NET BOOK VALUE

At 31 July 2021

10,500,000

At 31 July 2020

13,200,000

Fair value at 31 July 2021 is represented by:

£

Valuation in 2011

3,690,000

Valuation in 2017

900,000

Valuation in 2018

2,600,000

Valuation in 2021

(2,700,000

)

Cost

6,010,000

10,500,000

If investment property had not been revalued it would have been included at the following historical cost:

31.7.21

31.7.20

£

£

Cost

6,010,000

6,010,000

Investment property was valued on an open market basis on 31 July 2021 by the directors. .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Other debtors

217,938

323,457

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans and overdrafts

300,000

300,000

Trade creditors

4,201

-

Taxation and social security

851

-

Other creditors

772,321

598,193

1,077,373

898,193

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

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans

1,450,000

1,675,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

250,000

475,000

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

8.	RELATED PARTY DISCLOSURES

9.	ULTIMATE CONTROLLING PARTY