Company registration number 04567558 (England and Wales)
NORRIS & FISHER (INSURANCE BROKERS) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
NORRIS & FISHER (INSURANCE BROKERS) LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
NORRIS & FISHER (INSURANCE BROKERS) LTD
COMPANY INFORMATION
- 1 -
Directors
Mr T I Ingram
Mrs J Winter
Company number
04567558
Registered office
Threefield House
Threefield Lane
Southampton
Hampshire
SO14 3LP
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
NORRIS & FISHER (INSURANCE BROKERS) LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
27,547
Tangible assets
4
7,318
9,547
7,318
37,094
Current assets
Debtors
5
160,790
144,199
Cash at bank and in hand
393,527
418,137
554,317
562,336
Creditors: amounts falling due within one year
6
(259,579)
(283,548)
Net current assets
294,738
278,788
Total assets less current liabilities
302,056
315,882
Provisions for liabilities
(1,583)
(2,076)
Net assets
300,473
313,806
Capital and reserves
Called up share capital
2,500
2,500
Profit and loss reserves
297,973
311,306
Total equity
300,473
313,806
NORRIS & FISHER (INSURANCE BROKERS) LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 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 December 2024 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 13 February 2025 and are signed on its behalf by:
Mr T I Ingram
Director
Company Registration No. 04567558
The notes on pages 4 to 7 form part of these financial statements
NORRIS & FISHER (INSURANCE BROKERS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Norris & Fisher (Insurance Brokers) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Threefield House, Threefield Lane, Southampton, Hampshire, SO14 3LP.
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 pound.
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 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.
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:
Leasehold improvements
20% Straight line
Computer software
25% Reducing balance
Fixtures and fittings
25% Reducing balance
Computers
25% 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.
NORRIS & FISHER (INSURANCE BROKERS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments
1.7
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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
NORRIS & FISHER (INSURANCE BROKERS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
272,196
Amortisation and impairment
At 1 January 2024
244,649
Amortisation charged for the year
27,547
At 31 December 2024
272,196
Carrying amount
At 31 December 2024
At 31 December 2023
27,547
4
Tangible fixed assets
Leasehold improvements
Computer software
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2024
13,551
15,895
36,179
47,881
113,506
Additions
209
209
At 31 December 2024
13,551
15,895
36,388
47,881
113,715
Depreciation and impairment
At 1 January 2024
13,551
15,391
33,795
41,222
103,959
Depreciation charged in the year
126
648
1,664
2,438
At 31 December 2024
13,551
15,517
34,443
42,886
106,397
Carrying amount
At 31 December 2024
378
1,945
4,995
7,318
At 31 December 2023
504
2,384
6,659
9,547
NORRIS & FISHER (INSURANCE BROKERS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,758
6,563
Other debtors
129,186
117,995
Prepayments and accrued income
20,846
19,641
160,790
144,199
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
164,318
159,377
Taxation and social security
48,973
75,884
Other creditors
43,290
43,524
Accruals and deferred income
2,998
4,763
259,579
283,548