Company Registration No. 14095009 (England and Wales)
Latham Education Limited
Unaudited accounts
for the period from 9 May 2022 to 31 May 2023
Latham Education Limited
Unaudited accounts
Contents
Latham Education Limited
Company Information
for the period from 9 May 2022 to 31 May 2023
Directors
Henry John Michael Every
William Chiew Lee Wong
Edward Mark Shires
Xueying Zhang
Company Number
14095009 (England and Wales)
Registered Office
1-3 Pemberton Row, Fourth Floor
London
EC4A 3BG
Latham Education Limited
Statement of financial position
as at 31 May 2023
Investment property
5,400,000
Creditors: amounts falling due within one year
(2,400)
Net current assets
106,890
Total assets less current liabilities
5,506,890
Creditors: amounts falling due after more than one year
(4,703,297)
Provisions for liabilities
Profit and loss account
566,735
For the period ending 31 May 2023 the company was entitled to exemption from audit 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 and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 May 2024 and were signed on its behalf by
Xueying Zhang
Director
Company Registration No. 14095009
Latham Education Limited
Notes to the Accounts
for the period from 9 May 2022 to 31 May 2023
Latham Education Limited is a private company, limited by guarantee, registered in England and Wales, registration number 14095009. The registered office is 1-3 Pemberton Row, Fourth Floor, London, EC4A 3BG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents rental income from investment property leased out under operating lease, which is recognised in income statement on a straight-line basis over the term of the lease. Rent incentives granted by the company to its tenant are recognised as an integral part of the total rental income.
Incentives to enter into rental agreements are spread evenly over the rental term, even if the payments are not made on such a basis. The rental term is the non-cancellable period of the rental agreement, together with any further term for which the tenant has the option to continue the rental agreement, when, at the inception of the rental agreement it is reasonably certain that the tenant will exercise this option.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price.
Latham Education Limited
Notes to the Accounts
for the period from 9 May 2022 to 31 May 2023
Loans and borrowings are initially recorded at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method.
Where there is an unconditional right to defer settlement of the liability for at least twelve months after the reporting date, the loans or borrowings are classified as creditors: amounts falling due after more than one year.
Net gain from fair value adjustments
947,432
In the opinion of the directors, the fair value of the investment property as at 31 May 2023 is approximately £5,400,000.
Amounts falling due within one year
Accrued income and prepayments
91,858
6
Creditors: amounts falling due within one year
2023
7
Creditors: amounts falling due after more than one year
2023
Other creditors of £4,470,000 is the loan from Ultimate Preparatory Education Limited, this loan is secured on the investment property owned by the company.
8
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £10.
9
Transactions with related parties
Ultimate Preparatory Education Limited (“UPEL”) is a member of the company. During the period, UPEL loaned £4,470,000 to the company for the purpose of the purchase of an investment property, £233,297 loan interest is accrued. As at 31 May 2023, the company owes UPEL totally £4,703,297, this amount is included in creditors: amounts falling due after more than one year.
Latham Education Limited
Notes to the Accounts
for the period from 9 May 2022 to 31 May 2023
10
Average number of employees
During the period the average number of employees was 0.
