Kounnis Insuforce Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04334060 (England and Wales)

KOUNNIS INSUFORCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D K Kounnis

Mr S Andrea

Mr C A Joannou

Mrs M Andrea

Mr A C Stylianou

Mr A M Kounnis

Mr A Y Kounnis BA, FCCA

SECRETARY:

Mr A Y Kounnis BA, FCCA

REGISTERED OFFICE:

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

REGISTERED NUMBER:

04334060 (England and Wales)

ACCOUNTANTS:

Kounnis And Partners Ltd

Chartered Certified Accountants

Sterling House

Fulbourne Road

Walthamstow

London

E17 4EE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

3,548

4,174

Investments

6

200

200

3,748

4,374

CURRENT ASSETS

Debtors

7

1,014,412

1,107,605

Cash at bank and in hand

1,099,868

1,060,621

2,114,280

2,168,226

CREDITORS

Amounts falling due within one year

8

677,004

781,854

NET CURRENT ASSETS

1,437,276

1,386,372

TOTAL ASSETS LESS CURRENT LIABILITIES

1,441,024

1,390,746

CAPITAL AND RESERVES

Called up share capital

9

50,000

50,000

Retained earnings

10

1,391,024

1,340,746

SHAREHOLDERS' FUNDS

1,441,024

1,390,746

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 31 July 2018 and were signed on its behalf by:

Mr D K Kounnis - Director

1.	STATUTORY INFORMATION

Kounnis Insuforce 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Kounnis Insuforce Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company has taken the option under

Section 402 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents gross commissions receivable.

Goodwill

Goodwill, being the amount payable in connection with the acquisition of a business in 2007, is being amortised

evenly over its estimated useful life of five years. This has now been fully amortised.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

100% on cost

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.

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 NIL (2017 - 9 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

2,750,000

AMORTISATION

At 1 April 2017

and 31 March 2018

2,750,000

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2017

and 31 March 2018

24,065

9,757

33,822

DEPRECIATION

At 1 April 2017

19,891

9,757

29,648

Charge for year

626

-

626

At 31 March 2018

20,517

9,757

30,274

NET BOOK VALUE

At 31 March 2018

3,548

-

3,548

At 31 March 2017

4,174

-

4,174

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2017

and 31 March 2018

200

NET BOOK VALUE

At 31 March 2018

200

At 31 March 2017

200

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

699,337

792,138

Related company

281,250

281,250

Prepayments and accrued income

33,825

34,217

1,014,412

1,107,605

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

2,385

5,851

Trade creditors

509,063

590,863

Taxation and social security

149,044

168,628

Other creditors

16,512

16,512

677,004

781,854

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

500,000

Ordinary

£0.10

50,000

50,000

10.

RESERVES

Retained

earnings

£

At 1 April 2017

1,340,746

Profit for the year

550,278

Dividends

(500,000

)

At 31 March 2018

1,391,024

11.	ULTIMATE CONTROLLING PARTY

Due to the current share structure of the company, there is no one individual that controls the company.