T2M Nationwide Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02699868 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

T2M NATIONWIDE 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:

02699868 (England and Wales)

ACCOUNTANTS:

Accura Accountants Ltd

Langley House

Park Road

East Finchley

London

N2 8EY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

147,141

152,729

Investments

6

633,585

1,000

Investment property

7

1,681,782

1,681,782

2,462,508

1,835,511

CURRENT ASSETS

Debtors

8

779,500

509,316

Cash at bank

292

526

779,792

509,842

CREDITORS

Amounts falling due within one year

9

914,853

51,526

NET CURRENT (LIABILITIES)/ASSETS

(135,061

)

458,316

TOTAL ASSETS LESS CURRENT LIABILITIES

2,327,447

2,293,827

PROVISIONS FOR LIABILITIES

192,500

192,550

NET ASSETS

2,134,947

2,101,277

CAPITAL AND RESERVES

Called up share capital

11

1,100

1,100

Undistributable reserves

12

1,208,152

1,208,152

Retained earnings

12

925,695

892,025

SHAREHOLDERS' FUNDS

2,134,947

2,101,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 24 March 2021 and were signed by:

B.H. Burkitt - Director

1.	STATUTORY INFORMATION

T2M 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

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

Improvements to property

-

2% on cost

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

Government grants

Government grants are recognised once there is reasonable assurance that:

a) the entity will comply with the conditions attaching to them; and

b) the grants will be received.

The entity shall recognise the grants on the accruals model. Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognizes the related costs for which the grant is intended to compensate.

Alternatively if a grant that becomes receivable as compensation for expenses or losses already incurred of for the purpose of giving immediate financial support this shall be recognised in income in the period in which it becomes receivable.

Investments in subsidiaries

Investments in subsidiaries are carried at cost less impairment. The investments are reviewed for impairments on an annual basis.

Investment property

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

22,614

AMORTISATION

At 1 September 2019

and 31 August 2020

22,614

NET BOOK VALUE

At 31 August 2020

-

At 31 August 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2019

and 31 August 2020

259,591

DEPRECIATION

At 1 September 2019

106,862

Charge for year

5,588

At 31 August 2020

112,450

NET BOOK VALUE

At 31 August 2020

147,141

At 31 August 2019

152,729

6.	FIXED ASSET INVESTMENTS

31.8.20

31.8.19

£

£

Shares in group undertakings

1,000

1,000

Other investments not loans

632,585

-

633,585

1,000

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 September 2019

and 31 August 2020

1,000

NET BOOK VALUE

At 31 August 2020

1,000

At 31 August 2019

1,000

Investments (neither listed nor unlisted) were as follows:

31.8.20

31.8.19

£

£

Investment in joint venture

632,585

-

The fixed assets investments relates to shares held in the subsidiary company, Property Experts (Nationwide) Limited.

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2019

and 31 August 2020

1,681,782

NET BOOK VALUE

At 31 August 2020

1,681,782

At 31 August 2019

1,681,782

Investment property was valued on a fair value basis on 31 August 2020 by the director.

Fair value at 31 August 2020 is represented by:

£

Valuation in 2013

700,270

Valuation in 2014

255,000

Valuation in 2017

445,000

Cost

281,512

1,681,782

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Amounts owed by group undertakings

779,500

509,316

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Bank loans and overdrafts

850,854

-

Trade creditors

6,679

6,679

Taxation and social security

31,787

16,479

Other creditors

25,533

28,368

914,853

51,526

Within other creditors are accruals of £3,000 (2019: £6,721) and deferred income of £3,333 (2019: £3,333).

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.8.20

31.8.19

£

£

Within one year

3,590

3,917

Between one and five years

-

3,590

3,590

7,507

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.20

31.8.19

value:

£

£

1,000

Ordinary

1

1,000

1,000

100

Non Voting

1

100

100

1,100

1,100

12.

RESERVES

Retained

Undistributable

earnings

reserves

Totals

£

£

£

At 1 September 2019

892,025

1,208,152

2,100,177

Profit for the year

159,170

159,170

Dividends

(125,500

)

(125,500

)

At 31 August 2020

925,695

1,208,152

2,133,847

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 (2019: £194,384) 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.