listing the latest file

if i am having files as below in a directory----

-rwxrwxrwx 1 dsadm dstage 43 Nov 21 2005 CheckfreeFtpSeq.err
-rwxrwxrwx 1 dsadm dstage 37 Jun 22 2007 EDIRemitVendorAdviceSeq.log
-rwxrwxrwx 1 dsadm dstage 43 Jun 22 2007 EDIRemitVendorAdviceSeq.err
-rw-rw-r-- 1 10155 staff 37 May 16 2008 PSIActiveDirMasterSeq.log
-rw-rw-r-- 1 10155 staff 43 May 16 2008 PSIActiveDirMasterSeq.err

can anybody tell me if i want to list the latest file i mean if i want the latest modified file.....how can i list alone that file in script,...

ls -lrt | tail -1

latest_file=$( ls -t | head -1 )