Option 1: Open Manage | Database | Relationships and find this relationship in the graph. Double click the relationship line and specify a sort order that sorts by modification date in descending order. Then, if you place fields from your related field on a layout based on the other table, you'll see data from only the most recent record.
Option 2: Same idea, but use a portal and specify this sort order in the portal. This portal can be set to display just one portal row.
Option3: the Last() function can be used in a calculation to refer to the last related record. Thus, you can define calculation fields in your parent table that display data from the last related record.