Latitude House Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04428591 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

LATITUDE HOUSE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R S Beecham

Ms C Beecham

SECRETARY:

Ms C Beecham

REGISTERED OFFICE:

Clearwater House

21 Nottingham Place

London

W1U 5LH

REGISTERED NUMBER:

04428591 (England and Wales)

ACCOUNTANTS:

David Simon Limited

Chartered Certified Accountants

5 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

CURRENT ASSETS

Stocks

3

5,943,051

6,155,765

Debtors

4

39,670

171,192

Cash at bank

222,541

56,150

6,205,262

6,383,107

CREDITORS

Amounts falling due within one year

5

2,624,547

2,825,477

NET CURRENT ASSETS

3,580,715

3,557,630

TOTAL ASSETS LESS CURRENT LIABILITIES

3,580,715

3,557,630

CREDITORS

Amounts falling due after more than one year

6

3,477,750

3,538,250

NET ASSETS

102,965

19,380

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

102,865

19,280

SHAREHOLDERS' FUNDS

102,965

19,380

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 December 2017 and were signed on its behalf by:

R S Beecham - Director

1.	STATUTORY INFORMATION

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

Stocks

Stock is stated at the lower of cost and net realisable value. Cost includes all direct costs incurred in bringing the

stocks to their present location and condition.

Net realisable value is based on estimated selling price less further costs expected to be incurred to completion

and disposal.

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.

STOCKS

2017

2016

£

£

Stocks

5,943,051

6,155,765

Included in stock is a cumulative amount of £399,063 (2016 - £399,063) relating to interest on loans taken to

finance the construction of the properties up to the point that they were ready for sale. The interest so treated in

the period amounted to £Nil (2016 - £Nil).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

37,966

86,507

Other debtors

-

6,045

Directors' current accounts

-

77,090

Prepayments and accrued income

1,704

1,550

39,670

171,192

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

12,129

14,570

Amounts owed to group undertakings

915,756

909,658

Amounts owed to participating interests

324,969

344,947

Tax

20,896

9,137

VAT

-

254,937

Other creditors

1,283,556

1,257,864

Directors' current accounts

15,102

-

Accruals and deferred income

52,139

34,364

2,624,547

2,825,477

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans (see note 7)

3,477,750

3,538,250

The bank loan is secured by way of a fixed charge on the stock of properties of the company and a debenture

over the other assets of the company. The bank loan is repayable on the sale of the company's stock of

properties.

Amount owed to the parent company of £915,756 (2016 - £909,658), which are also secured on the company's

properties, are subordinated to the bank loan.

7.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due between two and five years:

Bank loans - 2-5 years

3,477,750

3,538,250

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary.

1

100

100

9.

RESERVES

Retained

earnings

£

At 1 April 2016

19,280

Profit for the year

83,585

At 31 March 2017

102,865

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

R S Beecham

Balance outstanding at start of year

77,090

44,067

Amounts advanced

2,334

44,066

Amounts repaid

(94,526

)

(11,043

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(15,102

)

77,090

11.	RELATED PARTY DISCLOSURES

During the year, the company was provided with funding by its parent company, Latitude Properties Limited. As

at 31 March 2017 the company owed £915,756 (2016 - £909,658) to that company.

During the year, the company was charged management charges of £11,120 (2016 - £44,657) and £95,975

(2016 - £117,813) by Latitude Investments Limited and Latitude Trading Limited respectively. At the year end

the company owed £68,423 (2016 - £110,232) to Latitude Investments Limited, and owed £256,546 (2016 -

£234,715) to Latitude Trading Limited. Both companies are controlled by the director, R S Beecham.

12.	CONTROLLING PARTIES

13.	FIRST YEAR ADOPTION

Transitional relief

The policies applied under the entity's previous accounting framework are not materially different to FRS102,

Section 1A and have not impacted on equity or profit and loss for the year.