KOSI Corporation Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: NI602553 (Northern Ireland)

KOSI CORPORATION LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

S P Sweeney

Mrs A Sweeney

R Troope

C Crilly

SECRETARY:

M C Mallon

REGISTERED OFFICE:

Unit 3 Kilmorey Street

The Old Gasworks

Newry

Co. Down

BT34 2DH

REGISTERED NUMBER:

NI602553 (Northern Ireland)

ACCOUNTANTS:

McAleer Jackson Ltd

Chartered Accountants & Chartered Tax Advisers

Church House

24 Dublin Road

OMAGH

Co. Tyrone

BT78 1HE

BANKERS:

Bank of Ireland

1 Donegall Square

Belfast

Co. Antrim

BT1 5LR

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 accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 March 2022 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.

McAleer Jackson Ltd

Chartered Accountants & Chartered Tax Advisers

Church House

24 Dublin Road

OMAGH

Co. Tyrone

BT78 1HE

14 February 2023

FIXED ASSETS

Tangible assets

4

12,608

15,785

CURRENT ASSETS

Debtors

5

346,362

432,496

Cash at bank and in hand

533,892

254,670

880,254

687,166

CREDITORS

Amounts falling due within one year

6

451,007

388,725

NET CURRENT ASSETS

429,247

298,441

TOTAL ASSETS LESS CURRENT LIABILITIES

441,855

314,226

PROVISIONS FOR LIABILITIES

2,135

2,681

NET ASSETS

439,720

311,545

CAPITAL AND RESERVES

Called up share capital

60,000

60,000

Retained earnings

379,720

251,545

SHAREHOLDERS' FUNDS

439,720

311,545

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 14 February 2023 and were signed on its behalf by:

S P Sweeney - Director

1.	STATUTORY INFORMATION

KOSI Corporation Limited is a private company, limited by shares , registered in Northern Ireland. 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% straight line

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Office

and

Computer

equipment

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2021

1,115

29,835

39,099

70,049

Additions

-

-

2,940

2,940

Disposals

(1,115

)

(3,914

)

-

(5,029

)

At 31 March 2022

-

25,921

42,039

67,960

DEPRECIATION

At 1 April 2021

956

20,805

32,503

54,264

Charge for year

-

1,238

3,941

5,179

Eliminated on disposal

(956

)

(3,135

)

-

(4,091

)

At 31 March 2022

-

18,908

36,444

55,352

NET BOOK VALUE

At 31 March 2022

-

7,013

5,595

12,608

At 31 March 2021

159

9,030

6,596

15,785

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

271,941

329,363

Amounts owed by related undertakings

54,808

89,500

Other debtors

19,613

13,633

346,362

432,496

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

55,777

93,891

Amounts owed to related undertakings

209,226

85,896

Taxation and social security

79,117

40,798

Other creditors

106,887

168,140

451,007

388,725

7.	RELATED PARTY DISCLOSURES

The company maintains loan balances with a number of related parties and key employees. No interest is charged on the loan balances, which are recoverable on demand.

At the balance sheet date, the aggregate balances due to / (by) the company amounted to (£154,418) (2021: £3,604) and £19,613 (2021: (£51)) respectively. The individual loan balances are reported in debtors and creditors falling due within one year.