Company registration number 04459002 (England and Wales)
NOYCE INSURANCE SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NOYCE INSURANCE SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
NOYCE INSURANCE SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
4
3,684
12,684
Tangible assets
5
16,364
22,397
20,048
35,081
Current assets
Debtors
6
1,329,961
374,781
Cash at bank and in hand
1,443,394
815,021
2,773,355
1,189,802
Creditors: amounts falling due within one year
7
(2,388,140)
(733,022)
Net current assets
385,215
456,780
Total assets less current liabilities
405,263
491,861
Provisions for liabilities
(1,295)
(1,845)
Net assets
403,968
490,016
Capital and reserves
Called up share capital
1,333
1,333
Share premium account
16,317
16,317
Profit and loss reserves
386,318
472,366
Total equity
403,968
490,016
NOYCE INSURANCE SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 February 2024 and are signed on its behalf by:
Mr S L Biles
Director
Company Registration No. 04459002
NOYCE INSURANCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Noyce Insurance Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tagus House, 9 Ocean Way, Southampton, Hampshire, United Kingdom, SO14 3TJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
The parent company of Noyce Insurance Solutions Limited is Noyce Holdings Limited and its registered office is Basset House, 36 Leigh Road, Eastleigh, SO50 9DT.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover shown in the profit and loss account represents commissions and fees.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2003 and 2013, has been fully amortised.
Goodwill, being the amount paid in connection with the acquisition of two business's in 2014, has been fully amortised.
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
NOYCE INSURANCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings Freehold
20% on a straight line basis
Fixtures and fittings
25% on reducing balance
Computer equipment
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.
1.6
Cash at bank and in hand
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.
1.7
Financial instruments
The company only enters into Basic financial instrument transactions.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
NOYCE INSURANCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised of all timing differences that have originated but not reversed at the balance sheet date.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
NOYCE INSURANCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases including any lease incentives received, are charged to income on a straight line basis over the term of relevant lease except where another systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
13
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
384,387
Amortisation and impairment
At 1 January 2023
371,703
Amortisation charged for the year
9,000
At 31 December 2023
380,703
Carrying amount
At 31 December 2023
3,684
At 31 December 2022
12,684
NOYCE INSURANCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Tangible fixed assets
Land and buildings Freehold
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
19,172
61,861
82,857
163,890
Additions
200
1,199
1,399
Disposals
(57,369)
(73,790)
(131,159)
At 31 December 2023
19,172
4,692
10,266
34,130
Depreciation and impairment
At 1 January 2023
4,154
57,348
79,991
141,493
Depreciation charged in the year
3,834
1,132
941
5,907
Eliminated in respect of disposals
(56,511)
(73,123)
(129,634)
At 31 December 2023
7,988
1,969
7,809
17,766
Carrying amount
At 31 December 2023
11,184
2,723
2,457
16,364
At 31 December 2022
15,018
4,513
2,866
22,397
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,191,646
258,075
Amounts owed by group undertakings
99,766
98,266
Other debtors
2,014
2,014
Prepayments and accrued income
36,535
16,426
1,329,961
374,781
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,255,704
602,069
Corporation tax
83,753
82,217
Other taxation and social security
(8,001)
Other creditors
15,945
17,145
Accruals and deferred income
32,738
39,592
2,388,140
733,022
NOYCE INSURANCE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
9
Parent company
The parent company of Noyce Insurance Solutions Limited is Noyce Holdings Limited and its registered office is Tagus House, 9 Ocean Way, Southampton, Hampshire, United Kingdom, SO14 3TJ
NOYCE INSURANCE SOLUTIONS LIMITED
SCHEDULES TO THE PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Administrative expenses
Wages and salaries
271,477
221,424
Social security costs
29,812
20,526
Staff recruitment costs
7,200
7,560
Staff welfare
1,983
1,153
Staff pension costs defined contribution
34,725
34,451
Directors' remuneration
72,275
67,313
Rent re licences and other
30,790
21,640
Rates
-
6,322
Cleaning
-
1,302
Power, light and heat
-
2,848
Property repairs and maintenance
167
2,029
Insurance
28,209
26,626
Computer running costs
42,561
41,852
Fines and penalties
-
100
Motor running expenses
9,316
9,685
Travelling expenses
2,004
1,975
Professional subscriptions
6,507
5,391
Legal and professional fees
14,902
27,097
Management charges
18,000
18,000
Accountancy
3,944
3,060
Audit fees
1,380
1,380
Charitable donations
1,171
30
Bank charges
978
1,024
Credit card charges
45
48
Bad and doubtful debts
9
15
Printing and stationery
1,858
4,818
Advertising
6,272
5,740
Telecommunications
1,313
1,608
Entertaining
3,043
2,845
Sundry expenses
4,090
2,744
Amortisation
9,000
9,000
Depreciation
5,907
6,293
Profit or loss on sale of tangible assets (non exceptional)
1,525
-
610,463
555,899