Company registration number 00833173 (England and Wales)
NIMMOS OF CLACTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
NIMMOS OF CLACTON LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
NIMMOS OF CLACTON LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr K S Knott
Mr D L Knott
Company number
00833173
Registered office
82 Station Road
Clacton on Sea
Essex
CO15 1SP
Accountants
TC Group
92 Station Road
Clacton on Sea
Essex
CO15 1SG
NIMMOS OF CLACTON LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
14,354
36,332
Tangible assets
5
1,954
2,168
16,308
38,500
Current assets
Debtors
6
36,649
12,742
Investments
8
3,712
3,712
Cash at bank and in hand
387,335
406,549
427,696
423,003
Creditors: amounts falling due within one year
9
(191,952)
(217,336)
Net current assets
235,744
205,667
Total assets less current liabilities
252,052
244,167
Provisions for liabilities
(489)
(295)
Net assets
251,563
243,872
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss reserves
231,563
223,872
Total equity
251,563
243,872
NIMMOS OF CLACTON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -

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 October 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 December 2023 and are signed on its behalf by:
Mr K S Knott
Director
Company Registration No. 00833173
The notes on pages 4 to 8 form part of these financial statements
NIMMOS OF CLACTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information

Nimmos of Clacton Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 Station Road, Clacton on Sea, Essex, CO15 1SP.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for insurance agent and broker services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance
Equipment
50% reducing balance
NIMMOS OF CLACTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -

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
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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Defined contribution pension plans

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

NIMMOS OF CLACTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
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.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
9
4
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
108,992
Amortisation and impairment
At 1 November 2022
72,660
Amortisation charged for the year
21,978
At 31 October 2023
94,638
Carrying amount
At 31 October 2023
14,354
At 31 October 2022
36,332
NIMMOS OF CLACTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
5
Tangible fixed assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 November 2022
5,662
24,326
29,988
Additions
-
0
1,273
1,273
Disposals
-
0
(10,469)
(10,469)
At 31 October 2023
5,662
15,130
20,792
Depreciation and impairment
At 1 November 2022
4,977
22,843
27,820
Depreciation charged in the year
104
1,383
1,487
Eliminated in respect of disposals
-
0
(10,469)
(10,469)
At 31 October 2023
5,081
13,757
18,838
Carrying amount
At 31 October 2023
581
1,373
1,954
At 31 October 2022
685
1,483
2,168
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
36,649
12,742
7
Cash and cash equivalents

Included in cash at bank and in hand of £387,335 (2022 £406,549) is £154,238 (2022 £170,358) held in a client Statutory Trust bank account. This balance relates to amounts owed to insurance companies and does not belong to the company.

8
Investments
2023
2022
£
£
Shares - Boker Direct
3,712
3,712

Share investments are recorded at initial cost.

NIMMOS OF CLACTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
595
2,434
Taxation and social security
17,608
13,367
Other creditors
173,749
201,535
191,952
217,336

Other creditors includes £154,238 (2022 £170,358) owed to insurance companies on behalf of clients. The monies are held in a separate Statutory Trust bank account and are paid to the insurance companies within 30 days upon demand.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
26,475
44,278
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