REGISTERED NUMBER: 06456189 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Needham Commercial Insurance Services

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N M Lowe

Ataraxia 9 Limited

SECRETARY:

Mrs K Lowe

REGISTERED OFFICE:

18 Arbury Road

Nuneaton

Warwickshire

CV10 7NA

REGISTERED NUMBER:

06456189 (England and Wales)

ACCOUNTANTS:

Gopsall Services Limited

First Floor

7 Marina Court

Maple Drive

Hinckley

LE10 3BF

FIXED ASSETS

Intangible assets

4

1,658,636

1,903,542

Investments

5

500

500

1,659,136

1,904,042

CURRENT ASSETS

Debtors

6

26

25,217

CREDITORS

Amounts falling due within one year

7

2,452,217

1,953,632

NET CURRENT LIABILITIES

(2,452,191

)

(1,928,415

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(793,055

)

(24,373

)

CREDITORS

Amounts falling due after more than one year

8

-

327,159

NET LIABILITIES

(793,055

)

(351,532

)

CAPITAL AND RESERVES

Called up share capital

526

526

Retained earnings

(793,581

)

(352,058

)

(793,055

)

(351,532

)

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.

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 26 August 2025 and were signed on its behalf by:

N M Lowe - Director

1.	STATUTORY INFORMATION

Needham Commercial Insurance Services 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.

Goodwill

Goodwill, being the amount paid by Ringsite Limited in connection with the acquisition of businesses in 2002, 2004 has been fully amortised.

Goodwill, being the amount paid by Needham Commercial Insurance Services Limited in connection with the acquisition of a business in 2016 in excess of the identifiable assets of the business, is being amortised over its estimated economic life of twenty years.

Goodwill, being the amount paid by Needham Commercial Insurance Services Limited in connection with the acquisition of businesses in 2020, 2022 and 2023 in excess of the identifiable assets of the business, is being amortised over its estimated economic life of ten 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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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.

Going concern

The directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of the approval of the financial statements.

The directors have concluded that there are no material uncertainties about the company's ability to continue as a going concern and they are satisfied that the company has adequate resources to continue to meet its liabilities as they fall due and, therefore, that it remains appropriate to continue to adopt going concern basis of accounting in the preparation of the financial statements.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

2,325,259

Additions

(33,960

)

At 31 December 2024

2,291,299

AMORTISATION

At 1 January 2024

421,717

Charge for year

210,946

At 31 December 2024

632,663

NET BOOK VALUE

At 31 December 2024

1,658,636

At 31 December 2023

1,903,542

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

500

NET BOOK VALUE

At 31 December 2024

500

At 31 December 2023

500

6.

DEBTORS

31.12.24

31.12.23

£

£

Amounts falling due within one year:

Other debtors

26

26

31.12.24

31.12.23

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

-

25,191

Aggregate amounts

26

25,217

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed to group undertakings

554,380

-

Other creditors

1,897,837

1,953,632

2,452,217

1,953,632

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

-

327,159