Have you tried to read the manual about retrieving data? It is clearly explained there.
If AssociatedModel is somehow associated with one of the four association types with ParentModel, you'll have to use this syntax:
$Latest = $this->ParentModel->find('first',array(
'contain' => array('AssociatedModel'),
'conditions' => array('ParentModel.id' => $id),
'order' => array('AssociatedModel.id' => 'DESC')
));
Make sure the other model is included by using recursive or contain(). See this page about Containable.
If your field name in the DB is really containing a dot CakePHP2 will have a problem with that because it uses the dot notation as separator. At least I've never used a dot in a database field, it's doable but doesn't make much sense and obviously breaks Cake, no idea if you can work around that.