T2M Nationwide Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 02699868 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MAY 2016

FOR

T2M NATIONWIDE LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

B.H. Burkitt

SECRETARY:

Ms Y C 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

2

-

Tangible assets

3

185,888

194,952

Investments

4

1,000

Investment property

5

2,189,632

2,376,520

2,385,584

CURRENT ASSETS

Cash at bank

601

5,209

CREDITORS

Amounts falling due within one year

6

322,256

697,700

NET CURRENT LIABILITIES

(321,655

)

(692,491

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,054,865

1,693,093

CREDITORS

Amounts falling due after more than one
year

6

(463,761

)

(167,342

)

PROVISIONS FOR LIABILITIES

(3,441

)

(4,049

)

NET ASSETS

1,587,663

1,521,702

CAPITAL AND RESERVES

Called up share capital

7

2

Revaluation reserve

825,269

Profit and loss account

762,392

696,431

SHAREHOLDERS' FUNDS

1,587,663

1,521,702

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 23 May 2017 and were signed by:

B.H. Burkitt - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis, the applicability of which is dependent

upon the continued support of the company's creditors and financiers. At the balance sheet date the company's

current liabilities exceed its current assets by £321,655 (2015: £692,491). In the opinion of the director the

company has the support of its creditors (the majority of which is due to the subsidiary company) and financiers

for the foreseeable future, and it is therefore considered appropriate to adopt the going concern policy.

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

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.

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, 15% on reducing balance and 2% on cost

Investment property

In accordance with the FRSSE, investment properties are revalued annually and the aggregate surplus or deficit

is transfered to a revaluation reserve, and no depreciation is provided in respect of investment properties. The

requirement of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the

generally accepted accounting principles set out in the FRSSE. The director considers that to depreciate such

properties would not give a true and fair view and therefore the above approach has been adopted. If this

departure from the Act had not been made, the profit for the year would have been reduced by depreciation.

Deferred tax

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

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Investments

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

an annual basis.

Turnover

Turnover represents invoiced commission fees and rents receivable, and recognised on the accrual basis.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

and 31 May 2016

22,614

AMORTISATION

At 1 June 2015

and 31 May 2016

22,614

NET BOOK VALUE

At 31 May 2016

-

At 31 May 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

and 31 May 2016

517,758

DEPRECIATION

At 1 June 2015

322,806

Charge for year

9,064

At 31 May 2016

331,870

NET BOOK VALUE

At 31 May 2016

185,888

At 31 May 2015

194,952

4.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31.5.16

31.5.15

£

Cost b/f

1,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

London Homebuyers Limited

Nature of business: Property development

%

Class of shares:

holding

Ordinary £1 voting shares

100.00

31.5.16

31.5.15

£

Aggregate capital and reserves

5,003,544

4,797,622

(Loss)/profit for the year

(89,495

)

333,570

5.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 June 2015

and 31 May 2016

2,189,632

NET BOOK VALUE

At 31 May 2016

2,189,632

At 31 May 2015

2,189,632

6.

CREDITORS

Creditors include an amount of £ 490,226 (31.5.15 - £ 195,726 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.5.16

31.5.15

£

Repayable by instalments

351,606

49,800

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.16

31.5.15

value:

£

2

Ordinary

£1

2

8.	CONTROLLING PARTY

The company is under the control of its director and shareholder, B.H. Burkitt.

9.	SUBSIDIARIES NOT CONSOLIDATED

These financial statements present information about the company as an individual undertaking and not about its

group. Group accounts are not required as the company has taken advantage of small company exemptions under

the provisions of section 399(1) of the Companies Act 2006.