IRIS Accounts Production v25.1.0.734 01633355 Board of Directors 1.1.24 31.12.24 31.12.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh016333552023-12-31016333552024-12-31016333552024-01-012024-12-31016333552022-12-31016333552023-01-012023-12-31016333552023-12-3101633355ns15:EnglandWales2024-01-012024-12-3101633355ns14:PoundSterling2024-01-012024-12-3101633355ns10:Director12024-01-012024-12-3101633355ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3101633355ns10:SmallEntities2024-01-012024-12-3101633355ns10:AuditExemptWithAccountantsReport2024-01-012024-12-3101633355ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3101633355ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3101633355ns10:FullAccounts2024-01-012024-12-310163335512024-01-012024-12-3101633355ns10:Director22024-01-012024-12-3101633355ns10:CompanySecretary12024-01-012024-12-3101633355ns10:RegisteredOffice2024-01-012024-12-3101633355ns5:CurrentFinancialInstruments2024-12-3101633355ns5:CurrentFinancialInstruments2023-12-3101633355ns5:ShareCapital2024-12-3101633355ns5:ShareCapital2023-12-3101633355ns5:FurtherSpecificReserve3ComponentTotalEquity2024-12-3101633355ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-3101633355ns5:RetainedEarningsAccumulatedLosses2024-12-3101633355ns5:RetainedEarningsAccumulatedLosses2023-12-3101633355ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3101633355ns5:FurnitureFittings2024-01-012024-12-3101633355ns5:IntangibleAssetsOtherThanGoodwill2024-12-3101633355ns5:PlantMachinery2023-12-3101633355ns5:PlantMachinery2024-01-012024-12-3101633355ns5:PlantMachinery2024-12-3101633355ns5:PlantMachinery2023-12-3101633355ns5:ListedExchangeTradedns5:CostValuation2023-12-3101633355ns5:DisposalsRepaymentsInvestmentsns5:ListedExchangeTraded2024-12-3101633355ns5:ListedExchangeTradedns5:RevaluationsIncreaseDecreaseInInvestments2024-12-3101633355ns5:ListedExchangeTradedns5:CostValuation2024-12-3101633355ns5:ListedExchangeTraded2024-12-3101633355ns5:ListedExchangeTraded2023-12-3101633355ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-12-3101633355ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101633355ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-31
REGISTERED NUMBER: 01633355 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

NEWTON CRUM INSURANCE AGENTS LIMITED

NEWTON CRUM INSURANCE AGENTS LIMITED (REGISTERED NUMBER: 01633355)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

NEWTON CRUM INSURANCE AGENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: S D Watts
L L Ransom





SECRETARY: S D Watts





REGISTERED OFFICE: Droxford House
Charles Road
St Leonards on Sea
East Sussex
TN38 0JU





REGISTERED NUMBER: 01633355 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

NEWTON CRUM INSURANCE AGENTS LIMITED (REGISTERED NUMBER: 01633355)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 40,269 -
Tangible assets 5 9,605 11,339
Investments 6 780,609 803,731
830,483 815,070

CURRENT ASSETS
Debtors 7 102,923 114,341
Cash at bank and in hand 47,694 64,988
150,617 179,329
CREDITORS
Amounts falling due within one year 8 31,711 35,468
NET CURRENT ASSETS 118,906 143,861
TOTAL ASSETS LESS CURRENT
LIABILITIES

949,389

958,931

PROVISIONS FOR LIABILITIES 5,000 5,000
NET ASSETS 944,389 953,931

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 281,231 268,288
Retained earnings 663,058 685,543
944,389 953,931

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

NEWTON CRUM INSURANCE AGENTS LIMITED (REGISTERED NUMBER: 01633355)

BALANCE SHEET - continued
31 DECEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2025 and were signed on its behalf by:





S D Watts - Director


NEWTON CRUM INSURANCE AGENTS LIMITED (REGISTERED NUMBER: 01633355)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Newton Crum Insurance Agents 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements.

After 67 years of being one the market leaders in UK boat insurance, the company has reluctantly decided to withdraw from the marine insurance market and the directors expect the company will cease to trade on 31st March 2026. Recent changes in the insurance market have made it challenging for small firms such as Newton Crum Insurance Agents Limited to deliver the products and services to their customers in the way that they would like. As a result, and with effect from 1st April 2025, the company no longer offers renewal terms nor effects any new business and therefore the business activity has decreased and will continue to significantly decline going forward. Instead, the company has sought to partner with a like-minded independent marine insurer who will look after the company's loyal customers going forward in the same way that Newton Crum have as they transition through this period. As such, these financial statements have been prepared under the breakup basis.

Turnover
Turnover represents commissions and other amounts receivable less an allowance for commissions returns based upon previous experience. All commissions are exempt from Value Added Tax.

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.

The website is being amortised over it's expected useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 33% on reducing balance

Taxation
Taxation for the year 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 balance sheet date.


NEWTON CRUM INSURANCE AGENTS LIMITED (REGISTERED NUMBER: 01633355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Profit commissions
Profit commissions are received by the company up to three years in arrears due to the timing of marine insurance settlements. These commissions are recognised in the profit and loss account once all outstanding claims have been settled, there are no known open liabilities and the amounts receivable by the company from the relevant underwriters can be accessed with reasonable certainty.

Claim handling costs
Provision is made at the balance sheet date for claims handling costs. The provision is based upon previous claims experience, knowledge of events and the terms and conditions of the relevant policies and on interpretation of circumstances. Particularly relevant is experience with similar cases and historical claims payment trends. Estimates are used in determining the provision based upon a projection of claims numbers and average cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 44,683
At 31 December 2024 44,683
AMORTISATION
Charge for year 4,414
At 31 December 2024 4,414
NET BOOK VALUE
At 31 December 2024 40,269

NEWTON CRUM INSURANCE AGENTS LIMITED (REGISTERED NUMBER: 01633355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 151,537
Additions 2,354
Disposals (1,688 )
At 31 December 2024 152,203
DEPRECIATION
At 1 January 2024 140,198
Charge for year 3,916
Eliminated on disposal (1,516 )
At 31 December 2024 142,598
NET BOOK VALUE
At 31 December 2024 9,605
At 31 December 2023 11,339

6. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 January 2024 803,731
Disposals (91,392 )
Revaluations 68,270
At 31 December 2024 780,609
NET BOOK VALUE
At 31 December 2024 780,609
At 31 December 2023 803,731


Investments are classified as financial instruments and accounted for in accordance with the accounting policy at fair value through profit or loss.

Listed investments with a market value of £780,609 (2023: £803,731) are held by the company. The cost of these investments is £433,412 (2023: £472,512).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 60,183 82,000
Other debtors 42,740 32,341
102,923 114,341

NEWTON CRUM INSURANCE AGENTS LIMITED (REGISTERED NUMBER: 01633355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 4,282 8,197
Taxation and social security 7,559 7,717
Other creditors 19,870 19,554
31,711 35,468

9. RESERVES
Fair
value
reserve
£   
At 1 January 2024 268,288
Deferred tax (3,036 )
Change in fair value 68,270
FV reversed at disposal (52,291 )

At 31 December 2024 281,231

10. RELATED PARTY DISCLOSURES

During the year the company paid rent amounting to £2,667 (2023: £2,667) to Fine Developments Limited, a company which owns 44% of Newton Crum Insurance Agents Limited.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
NEWTON CRUM INSURANCE AGENTS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Newton Crum Insurance Agents Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Newton Crum Insurance Agents Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Newton Crum Insurance Agents Limited and state those matters that we have agreed to state to the Board of Directors of Newton Crum Insurance Agents Limited, as a body, in this report in accordance with icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Newton Crum Insurance Agents Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Newton Crum Insurance Agents Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Newton Crum Insurance Agents Limited. You consider that Newton Crum Insurance Agents Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Newton Crum Insurance Agents Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP


7 May 2025