Registered number:
09906881
LAT PROPERTIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
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LAT PROPERTIES LIMITED
REGISTERED NUMBER:
09906881
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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 year in question in accordance with section 476 of 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 on
20 December 2019
.
The notes on pages 2 to 4 form part of these financial statements.
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LAT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
LAT Properties Limited is a private company limited by shares, registered and incorporated in England and Wales (registration number 09906881). The registered office is 10 Queen Street Place, London, EC4R 1AG.
2.
Accounting policies
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Basis of preparation of financial statements
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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:
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. Revenue represents rental income due less payments received in advance.
Finance costs are charged to the Statement of Comprehensive Income 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.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
Investment property is carried at fair value determined by the directors 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 the Statement of Comprehensive Income.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
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LAT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
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The average monthly number of employees, including directors, during the year was
3
(2018 -
3
)
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Freehold investment property
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The investment properties have been included at their acquisition price, which in the directors' opinion is considered to be its current market value.
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Called up share capital not paid
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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LAT PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
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Creditors: Amounts falling due after more than one year
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Secured loans
The bank loan is secured against a property portfolio.
The bank loan is stated net of finance costs of £70,500 which have been spread over the term of the loan.
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Related party transactions
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Included within other debtors is £464,963 (2018: £474,850) due from London Continental Securities Limited, £137,429 (2018: £142,144) due from Bells Southfields Limited, £632,135 (2018: £631,135) due from Enfranchise 496 Limited, £120,132 (2018: £120,132) due from Derri Properties Limited, and £3,400 (2018: £3,400) due from Commerical Holdings 496 Limited. The above companies are all under the control of the director. No interest is payable on these balances and they are repayable on demand.
Included in other creditors is £36,365 (2018: £Nil) due to Roger Taylor, a director of the company.
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The ultimate parent undertaking is LAT Partnership LLP, a limited liability partnership incorporated in England and Wales.
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