Property Experts (Nationwide) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03917428 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

FOR

PROPERTY EXPERTS (NATIONWIDE) LIMITED

PREVIOUSLY KNOWN AS

LONDON HOMEBUYERS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

B.H. Burkitt

REGISTERED OFFICE:

Langley House

Park Road

London

N2 8EY

REGISTERED NUMBER:

03917428 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House

Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

6,275

5,343

Investment property

6

8,157,704

6,594,647

8,163,980

6,599,991

CURRENT ASSETS

Stocks

7

1,697,962

-

Debtors

8

1,161,279

1,845,261

Cash at bank

230,078

16,636

3,089,319

1,861,897

CREDITORS

Amounts falling due within one year

9

1,819,703

464,202

NET CURRENT ASSETS

1,269,616

1,397,695

TOTAL ASSETS LESS CURRENT LIABILITIES

9,433,596

7,997,686

CREDITORS

Amounts falling due after more than one year

10

(4,791,190

)

(2,972,827

)

PROVISIONS FOR LIABILITIES

(429,757

)

(438,354

)

NET ASSETS

4,212,649

4,586,505

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Undistributable reserves

13

2,762,310

2,753,406

Retained earnings

13

1,449,339

1,832,099

SHAREHOLDERS' FUNDS

4,212,649

4,586,505

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 11 February 2019 and were signed by:

B.H. Burkitt - Director

1.	STATUTORY INFORMATION

Property Experts (Nationwide) 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 as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents invoiced commission fees and the total sales value of legally completed properties net of

VAT, recognised in the period to which it relates. Revenue and profit on sales of properties are recognised upon

legal completion.

Other income represents rental income receivable recorded on an accruals basis.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, has been fully

amortised evenly over its estimated useful life of five years

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on reducing balance and 25% on reducing balance

Investment property

Stocks

Stock of property is valued at the lower of cost and net realisable value

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other

accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently

amortised cost using the effective interest method. Debt instruments that are payable or receivable within one

year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount

of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in the Statement of Comprehensive Income.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the

statement of financial position 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.

Impairment

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2017

and 31 August 2018

6,000

AMORTISATION

At 1 September 2017

and 31 August 2018

5,999

NET BOOK VALUE

At 31 August 2018

1

At 31 August 2017

1

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2017

32,794

Additions

3,510

At 31 August 2018

36,304

DEPRECIATION

At 1 September 2017

27,451

Charge for year

2,578

At 31 August 2018

30,029

NET BOOK VALUE

At 31 August 2018

6,275

At 31 August 2017

5,343

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2017

6,594,647

Additions

1,563,057

At 31 August 2018

8,157,704

NET BOOK VALUE

At 31 August 2018

8,157,704

At 31 August 2017

6,594,647

Investment property was valued on a fair value basis on 31 August 2018 by the director.

Fair value at 31 August 2018 is represented by:

£

Valuation in 2006

72,160

Valuation in 2013

1,122,779

Valuation in 2014

732,641

Valuation in 2015

783,485

Valuation in 2016

295,417

Valuation in 2017

184,307

Cost

4,966,915

8,157,704

If investment properties had not been revalued they would have been included at the following historical cost:

31.8.18

31.8.17

£

£

Cost

4,966,915

3,403,858

7.

STOCKS

31.8.18

31.8.17

£

£

Stocks

1,697,962

-

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Amounts owed by group undertakings

-

646,145

Other debtors

1,161,279

1,199,116

1,161,279

1,845,261

Within other debtors are prepayments of £Nil (2017: £13,808).

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Bank loans and overdrafts

-

1,264

Trade creditors

3,234

2,413

Amounts owed to group undertakings

499,366

-

Taxation and social security

1,239

1,239

Other creditors

1,315,864

459,286

1,819,703

464,202

Within other creditors are accruals of £17,000 (2017: £17,000) and deferred income of £Nil (2017: £13,562).

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.18

31.8.17

£

£

Bank loans

4,791,190

2,972,827

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,791,190

2,972,827

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.18

31.8.17

£

£

Bank loans

4,791,190

2,972,827

Bank loans are secured by way of debenture and legal charges held over properties belonging to the company

and T2M Nationwide Limited has given an unlimited guarantee.

The company's director, B.H. Burkitt, has provided personal guarantees to the company's bankers.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.18

31.8.17

value:

£

£

1,000

Ordinary voting

£1

1,000

1,000

13.

RESERVES

Retained

Undistributable

earnings

reserves

Totals

£

£

£

At 1 September 2017

1,832,099

2,753,406

4,585,505

Deficit for the year

(373,856

)

(373,856

)

Investment property

(8,904

)

8,904

-

At 31 August 2018

1,449,339

2,762,310

4,211,649

Within the reserves is an amount of £2,762,310. This represents the fair value adjustment of the investment

properties and the deferred tax. FRS 102 requires that the changes in fair value be recognised in the profit and

loss, but that the fair value gains cannot be distributed to the shareholders as a dividend.

Deferred tax of £429,757 (2017: £438,354) has been provided on the investment property in accordance with the

requirements of FRS 102 section 1A based on the potential capital gains tax payable if the properties were to be

disposed of at a fair value.

14.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year amounts advanced to the director totalled £845,481 (2017: £2,562,503) which include company

rental income of £10,425 (2017: £72,201). During the year the director introduced £881,805 (2017: £2,459,847)

into the company, and company bank loans were repaid by the director on behalf of the company amounting to

£41,202 (2017: £45,861). £120,985 (2017: £91,081) owing to the director is disclosed within creditors due

within one year.

15.	RELATED PARTY DISCLOSURES

16.	ULTIMATE CONTROLLING PARTY

This company is a wholly owned subsidiary of T2M Nationwide Limited, a company incorporated in England

and Wales. T2M Nationwide Limited is under the control of its shareholder, B.H. Burkitt.