T2M Nationwide Limited - Accounts to registrar (filleted) - small 23.2.5

T2M Nationwide Limited - Accounts to registrar (filleted) - small 23.2.5

T2M NATIONWIDE LIMITED - Company Information

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REGISTERED NUMBER: 02699868 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

T2M NATIONWIDE LIMITED
T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2022




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 October 2022







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
Page 1
T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

STATEMENT OF FINANCIAL POSITION
31 October 2022

31.10.22 31.10.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 135,456 140,803
Investments 6 1,000 1,000
Investment property 7 1,740,000 1,740,000
1,876,456 1,881,803

CURRENT ASSETS
Debtors 8 2,125,101 2,282,453
Cash at bank 1,327 447
2,126,428 2,282,900
CREDITORS
Amounts falling due within one year 9 1,140,618 1,300,865
NET CURRENT ASSETS 985,810 982,035
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,862,266
2,863,838

PROVISIONS FOR LIABILITIES 203,492 203,536
NET ASSETS 2,658,774 2,660,302

CAPITAL AND RESERVES
Called up share capital 11 1,100 1,100
Undistributable reserves 12 1,255,309 1,255,309
Retained earnings 12 1,402,365 1,403,893
SHAREHOLDERS' FUNDS 2,658,774 2,660,302

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 notes form part of these financial statements

Page 2 continued...
T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

STATEMENT OF FINANCIAL POSITION - continued
31 October 2022


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 21 December 2023 and were signed by:





B.H. Burkitt - Director


The notes form part of these financial statements

Page 3
T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2022

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

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

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.

Page 4 continued...
T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2022

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 NIL (2021 - NIL).

Page 5 continued...
T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2022

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2021
and 31 October 2022 22,614
AMORTISATION
At 1 November 2021
and 31 October 2022 22,614
NET BOOK VALUE
At 31 October 2022 -
At 31 October 2021 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2021
and 31 October 2022 259,591
DEPRECIATION
At 1 November 2021 118,788
Charge for year 5,347
At 31 October 2022 124,135
NET BOOK VALUE
At 31 October 2022 135,456
At 31 October 2021 140,803

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2021
and 31 October 2022 1,000
NET BOOK VALUE
At 31 October 2022 1,000
At 31 October 2021 1,000

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

Page 6 continued...
T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2022

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2021
and 31 October 2022 1,740,000
NET BOOK VALUE
At 31 October 2022 1,740,000
At 31 October 2021 1,740,000

Investment property was valued on a fair value basis on 31 Oct 2022 by the director.

Fair value at 31 October 2022 is represented by:
£   
Valuation in 2013 700,270
Valuation in 2014 255,000
Valuation in 2017 445,000
Valuation in 2021 58,218
Cost 281,512
1,740,000

Investment property was valued on on a fair value basis on 31 October 2022 by the director .

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.10.21
£    £   
Amounts owed by group undertakings 2,125,101 2,279,120
Other debtors - 3,333
2,125,101 2,282,453

Included within other debtors is accrued income of £nil (2021: £3,333).

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.10.21
£    £   
Bank loans and overdrafts 951,000 951,000
Trade creditors - 1,285
Taxation and social security 703 148,792
Other creditors 188,915 199,788
1,140,618 1,300,865

Within other creditors are accruals of £4,001 (2021: £14,784).

Page 7 continued...
T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2022

10. SECURED DEBTS

The following secured debts are included within creditors:

31.10.22 31.10.21
£    £   
Bank loans 951,000 951,000

Bank loans are secured by way of debenture and legal charges held over properties belonging to the company. This company has also given an unlimited guarantee over the bank loans in its fully owned subsidiary Property Expert (Nationwide) Limited.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.22 31.10.21
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 November 2021 1,403,893 1,255,309 2,659,202
Deficit for the year (1,528 ) (1,528 )
At 31 October 2022 1,402,365 1,255,309 2,657,674

Within the reserves is an amount of £1,255,309. 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 £203,179 (2021: £203,179) 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.

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