T2M Nationwide Limited - Accounts to registrar (filleted) - small 17.3

T2M Nationwide Limited - Accounts to registrar (filleted) - small 17.3


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REGISTERED NUMBER: 02699868 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JUNE 2016 TO 31 AUGUST 2017

FOR

T2M NATIONWIDE LIMITED

T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Period 1 June 2016 to 31 August 2017




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


T2M NATIONWIDE LIMITED

COMPANY INFORMATION
for the Period 1 June 2016 to 31 August 2017







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

T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

STATEMENT OF FINANCIAL POSITION
31 August 2017

31.8.17 31.5.16
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 175,448 185,888
Investments 6 1,000 1,000
Investment property 7 2,775,000 2,189,632
2,951,448 2,376,520

CURRENT ASSETS
Cash at bank 1,359 601

CREDITORS
Amounts falling due within one year 8 726,979 322,256
NET CURRENT LIABILITIES (725,620 ) (321,655 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,225,828

2,054,865

CREDITORS
Amounts falling due after more than one
year

9

-

(463,761

)

PROVISIONS FOR LIABILITIES (196,272 ) (97,977 )
NET ASSETS 2,029,556 1,493,127

CAPITAL AND RESERVES
Called up share capital 11 2 2
Undistributable reserves 12 1,217,020 730,733
Retained earnings 12 812,534 762,392
SHAREHOLDERS' FUNDS 2,029,556 1,493,127

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2017 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.

T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

STATEMENT OF FINANCIAL POSITION - continued
31 August 2017


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 16 March 2018 and were signed by:





B.H. Burkitt - Director


T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

NOTES TO THE FINANCIAL STATEMENTS
for the Period 1 June 2016 to 31 August 2017

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 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.

The reporting period for these financial statements is for a longer 15 month period. Comparative amounts
presented in the financial statements (including the related notes) are not entirely comparable.

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 £725,620 (2016: £321,655). 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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A
T2M Nationwide Ltd prepared its first financial statements that comply with FRS 102 Section 1A for the year
ended 31 August 2017. T2M Nationwide Ltd's date of transition to FRS 102 is 1 June 2015. For the entity, the
transition and first time adoption to FRS 102 Section 1A from UK GAAP has resulted in a number of
retrospective changes in accounting policies compared to those used previously, regarding deferred tax and fair
value adjustments to investment properties.

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 has taken the option under
Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

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.
Plant and machinery etc - 33% on reducing balance, 15% on reducing balance and 2% on cost

T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 June 2016 to 31 August 2017

2. ACCOUNTING POLICIES - continued

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.

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 period 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 period 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.

T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 June 2016 to 31 August 2017

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks,
other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank
overdrafts are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2016 - NIL).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2016
and 31 August 2017 22,614
AMORTISATION
At 1 June 2016
and 31 August 2017 22,614
NET BOOK VALUE
At 31 August 2017 -
At 31 May 2016 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2016
and 31 August 2017 517,758
DEPRECIATION
At 1 June 2016 331,870
Charge for period 10,440
At 31 August 2017 342,310
NET BOOK VALUE
At 31 August 2017 175,448
At 31 May 2016 185,888

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.8.17 31.5.16
£    £   
Cost b/f 1,000 1,000

The fixed assets investments relates to shares held in the subsidiary company, London Homebuyers Ltd.

T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 June 2016 to 31 August 2017

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2016 2,189,632
Revaluations 585,368
At 31 August 2017 2,775,000
NET BOOK VALUE
At 31 August 2017 2,775,000
At 31 May 2016 2,189,632

Investment property was valued on a fair value basis on 31 August 2017 by the director.

Fair value at 31 August 2017 is represented by:

£   
Valuation in 2012 (205,000 )
Valuation in 2013 775,269
Valuation in 2015 255,000
Valuation in 2017 585,368
Cost 1,364,363
2,775,000

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

31.8.17 31.5.16
£    £   
Cost 1,364,363 1,330,802

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.17 31.5.16
£    £   
Bank loans and overdrafts - 26,465
Trade creditors 493 1,466
Amounts owed to group undertakings 646,145 233,126
Taxation and social security 20,348 31,366
Other creditors 59,993 29,833
726,979 322,256

Within other creditors are accruals of £6,091 (2016: £4,513) and deferred income of £3,333 (2016: £Nil).

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.17 31.5.16
£    £   
Bank loans - 463,761

T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 June 2016 to 31 August 2017

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.8.17 31.5.16
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loan over 5 years - 351,606

10. SECURED DEBTS

The following secured debts are included within creditors:

31.8.17 31.5.16
£    £   
Bank loans - 490,226

During the year the company had a fixed legal charge over the company's properties as security for a short term
loan taken out in the director's personal name.

11. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.8.17 31.5.16
value: £    £   
2 Ordinary £1 2 2

12. RESERVES
Retained Undistributable
earnings reserves Totals
£    £    £   

At 1 June 2016 762,392 730,733 1,493,125
Profit for the period 536,430 536,430
Investment property (486,288 ) 486,287 (1 )
At 31 August 2017 812,534 1,217,020 2,029,554

Within the reserves is an amount of £1,217,020. 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 £193,617 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. CAPITAL COMMITMENTS
31.8.17 31.5.16
£    £   
Contracted but not provided for in the
financial statements - 826

T2M NATIONWIDE LIMITED (REGISTERED NUMBER: 02699868)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Period 1 June 2016 to 31 August 2017

14. RELATED PARTY DISCLOSURES

During the year the director's drawings amounted to £56,500 (2016: £47,320). The director paid for expense on
the company's behalf of £882 and repaid the outstanding drawings of £55,618. There was no balance outstanding
at the year end.