T2M Nationwide Limited - Accounts to registrar (filleted) - small 18.2
T2M Nationwide Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2018 |
| FOR |
| T2M NATIONWIDE LIMITED |
| T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2018 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| T2M NATIONWIDE LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 August 2018 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Langley House |
| Park Road |
| East Finchley |
| London |
| N2 8EY |
| T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868) |
| STATEMENT OF FINANCIAL POSITION |
| 31 August 2018 |
| 31.8.18 | 31.8.17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Undistributable reserves | 12 |
| Retained earnings | 12 |
| SHAREHOLDERS' FUNDS |
| 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. |
| T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 August 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
| The financial statements were approved by the director on |
| T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2018 |
| 1. | STATUTORY INFORMATION |
| T2M Nationwide Limited is a |
| 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 |
| Preparation of consolidated financial statements |
| The financial statements contain information about T2M Nationwide Limited as an individual company and do |
| not contain consolidated financial information as the parent of a group. The company is exempt under Section |
| 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| 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 rental income receivable, 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. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 1993, has been fully written |
| off over its estimated useful life of eight 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 |
| Plant and machinery etc | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficits arising from changes in |
| fair value are recognised in profit or loss. |
| This is a departure from the Companies Act which requires assets to be depreciated. However, in the opinion of |
| the directors, property is held primarily for their investment potential and so fair value is of more significance as |
| a measure of consumption. They therefore have applied a true and fair override with respect to investment |
| properties. |
| T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 Profit and loss account, 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 |
| A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being |
| estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is |
| impaired accordingly. Prior impairments are also reviewed for possible reversals at each reporting date. |
| When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the |
| recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the |
| smallest identifiable group of assets that includes the assets and generates cash inflows that are largely |
| independent of the cash inflows from other assets or group of assets. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2018 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 September 2017 |
| and 31 August 2018 |
| AMORTISATION |
| At 1 September 2017 |
| and 31 August 2018 |
| NET BOOK VALUE |
| At 31 August 2018 |
| At 31 August 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 September 2017 |
| Disposals | ( |
) |
| At 31 August 2018 |
| DEPRECIATION |
| At 1 September 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 August 2018 |
| NET BOOK VALUE |
| At 31 August 2018 |
| At 31 August 2017 |
| 6. | FIXED ASSET INVESTMENTS |
| Investments (neither listed nor unlisted) were as follows: |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Cost b/f | 1,000 | 1,000 |
| The fixed assets investments relates to shares held in the subsidiary company, Property Experts (Nationwide) |
| Limited. |
| T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2018 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 September 2017 |
| Disposals | ( |
) |
| At 31 August 2018 |
| NET BOOK VALUE |
| At 31 August 2018 |
| At 31 August 2017 |
| 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 2012 | (205,000 | ) |
| Valuation in 2013 | 775,269 |
| Valuation in 2015 | 255,000 |
| Valuation in 2017 | 585,368 |
| Cost | 234,363 |
| 1,645,000 |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Cost | 1,645,000 | 1,364,363 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Amounts owed by group undertakings |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| Within other creditors are accruals of £3,840 (2017: £6,091) and deferred income of £3,333 (2017: £3,333). |
| T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2018 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31.8.18 | 31.8.17 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.8.18 | 31.8.17 |
| value: | £ | £ |
| Ordinary | 1 | 1,000 | 2 |
| (31.8.17 - 2 ) |
| Non Voting | 1 | 100 | - |
| 1,100 | 2 |
| During the year 998 ordinary shares of £1 each and 100 A non voting shares of £1 each were issued, allotted and |
| fully paid at par for cash consideration. |
| 12. | RESERVES |
| Retained | Undistributable |
| earnings | reserves | Totals |
| £ | £ | £ |
| At 1 September 2017 | 2,029,554 |
| Profit for the year |
| Investment property | (1,499 | ) | (8,868 | ) | (10,367 | ) |
| At 31 August 2018 | 2,073,328 |
| Within the reserves is an amount of £1,208,152. 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 £194,384 (2017: £196,272) 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. |
| 13. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| During the year the director's drawings amounted to £29,938 (2017: £56,500). The director introduced £29,938 |
| There was no balance outstanding at the year end. |