IRIS Accounts Production
v19.3.2.199
05439349
Board of Directors
1.4.18
31.3.19
31.3.19
23.12.19
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Auditors Opinion
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2018-03-31
REGISTERED NUMBER:
05439349
(England and Wales)
|
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019
|
|
Notes to the Financial Statements
|
3
|
|
|
REGISTERED OFFICE:
|
Unit 10
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|
REGISTERED NUMBER:
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05439349 (England and Wales)
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|
AUDITORS:
|
Rothmans Audit LLP
|
|
Chartered Accountants & Statutory Auditors
|
Intangible assets
|
4
|
5,550
|
|
16,650
|
|
|
Tangible assets
|
5
|
1,454
|
|
-
|
|
|
Debtors
|
6
|
710,120
|
|
489,997
|
|
|
Cash at bank
|
1,350,966
|
|
949,083
|
|
|
Amounts falling due within one year
|
7
|
1,317,506
|
|
994,517
|
|
|
NET CURRENT ASSETS
|
743,580
|
|
444,563
|
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES
|
750,584
|
|
461,213
|
|
|
Amounts falling due after more than one
year
|
8
|
3,042,447
|
|
3,027,310
|
|
|
Called up share capital
|
10
|
7,804
|
|
7,784
|
|
|
Share premium
|
86,000
|
|
85,797
|
|
|
Retained earnings
|
(2,385,667
|
) |
(2,659,678
|
) |
|
SHAREHOLDERS' FUNDS
|
(2,291,863
|
) |
(2,566,097
|
) |
|
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 Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors on
19 December 2019 and were signed on
its behalf by:
|
|
KidStart 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
|
|
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 represents commissions receivable from Affiliate Networks as a result of Kidstart Limited
|
|
member purchase transactions through, and advertising income derived through membership use of,
|
|
the Kidstart Limited website, excluding value added tax.
|
|
Turnover from these transactions is only recognised when the amounts to be recognised are fixed or
|
|
determinable and collectability is reasonably assured and when the service has been fully completed /
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|
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.
|
|
Computer software is being amortised evenly over its estimated useful life of three years. |
|
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
|
Plant and machinery etc
|
-
|
Straight line over 5 years and Straight line over 3 years |
|
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
|
|
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.
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|
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
|
|
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.
|
|
Cost of sales is the amount of commission due to scheme members, adjusted for an estimate of the
|
|
amount that would not be claimed by inactive members.
|
|
The company's ability to continue as a going concern depends to a significant extent on its ability to
|
|
generate sufficient cash flow over the next twelve months. The Directors are of the opinion that their
|
|
forecasts of revenues, expenditures, and cash flows over this period are achievable and that it is
|
|
therefore appropriate to prepare the accounts on a going concern basis.
|
|
An equity instrument is a contract that evidences a residual interest in the assets of an entity after
|
|
deducting all its liabilities. Accordingly, a financial instrument is treated as equity if there is no
|
|
contractual obligation to deliver cash or other financial assets or to exchange financial assets or
|
|
liabilities on terms that may be unfavourable and the instrument is a non-derivative that contains no
|
|
contractual obligations to deliver a variable number of shares or is a derivative that will be settled only
|
|
by the Group exchanging a fixed amount of cash or other assets for a fixed number of the Group’s own
|
|
equity instruments. Such equity instruments include the companys Ordinary Share Capital, Ordinary 'A'
|
|
Share Capital and Ordinary 'M' Share Capital.
|
|
When shares are issued, any component that creates a financial liability of the company or group is
|
|
presented as a liability in the balance sheet; measured initially at fair value net of transaction costs and
|
|
thereafter at amortised cost. The corresponding dividends relating to the liability component are
|
|
charged as interest expense in the income statement. Such liabilities include the company's 'A'
|
|
Preferred and 'B' Preferred shares
|
|
The company operates share option schemes for its employees and other associated persons. On
|
|
transition to FRS102 the company took advantage of the exemption from applying Section 26 of
|
|
FRS102 Share based payments to equity instruments granted before the start of the first report period
|
|
that complies with FRS102. Share option schemes in place prior to 1 April 2016 are therefore not
|
|
recognised in these accounts and information on such schemes is given in the notes. The company
|
|
has not granted any material share options since 1 April 2016.
|
3.
|
EMPLOYEES AND DIRECTORS
|
|
The average number of employees during the year was
12 (2018 -
13 ) .
|
4.
|
INTANGIBLE FIXED ASSETS
|
6.
|
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
Trade debtors
|
3,400
|
|
32,704
|
|
|
|
Other debtors
|
706,720
|
|
457,293
|
|
|
7.
|
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
Trade creditors
|
27,145
|
|
18,514
|
|
|
|
Taxation and social security
|
71,878
|
|
66,179
|
|
|
|
Other creditors
|
1,218,483
|
|
909,824
|
|
|
8.
|
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
|
|
|
Preference "A" shares of £1.00 each (allotted, issued and fully paid)
|
|
2,912,999
|
|
2,912,999
|
|
|
|
Preference "B" shares of £1.00 each (allotted, issued and fully paid)
|
|
35,307
|
|
35,307
|
|
|
|
Accrued preference share dividends
|
|
94,141
|
|
79,004
|
|
|
|
The Preference "A" £1.00 shares and Preference "B" £1.00 shares have no voting rights (except where
|
|
a class vote of the Preference 'A' shares or Preference 'B' shares is required). Each share is entitled to
|
|
receive a cumulative dividend at the rate of 0.5 per cent of the aggregate nominal value per annum,
|
|
Minimum lease payments under non-cancellable operating leases fall due as follows:
|
|
Within one year
|
10,140
|
|
24,337
|
|
|
|
Between one and five years
|
-
|
|
10,140
|
|
|
10.
|
CALLED UP SHARE CAPITAL
|
|
Allotted, issued and fully paid
|
|
|
|
330,320 Ordinary shares of £
0.01
each
|
|
3,303
|
|
|
,,283
|
|
|
403,102
Ordinary "A" shares
of £
0.01
each
|
|
4,031
|
|
4,031
|
|
|
47,000 Ordinary "M" shares of £0.01 each
|
|
470
|
|
470
|
|
|
On 20 November 2018 the company allotted 2000 ordinary £0.01 shares at £0.1111 per share.
|
|
Each Ordinary £0.01 share, Ordinary "A" £0.01 and Ordinary "M" £0.01 share is entitled to one vote in
|
|
any circumstances and each share is entitled to receive dividends.
|
11.
|
DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006
|
|
The Report of the Auditors was unqualified.
|
|
Susan Sullivan FCA (Senior Statutory Auditor)
|
|
for and on behalf of
Rothmans Audit LLP |
12.
|
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
|
|
The following advances and credits to a director subsisted during the years ended 31 March 2019 and
|
|
Balance outstanding at start of year
|
12,760
|
|
12,760
|
|
|
|
Balance outstanding at end of year
|
12,760
|
|
12,760
|
|
|
|
This loan is interest free and is repayable on one month's notice from the company.
|
13.
|
ULTIMATE CONTROLLING PARTY
|
|
In the directors' opinion there is no ultimate controlling party.
|
14.
|
SHARE-BASED PAYMENT TRANSACTIONS
|
|
The company operates share option schemes for its employees and other associated persons. On
|
|
transition to FRS102 the company took advantage of the exemption from applying Section 26 of
|
|
FRS102 Share based payments to equity instruments granted before the start of the first report period
|
|
that complies with FRS102.
|
|
The company granted a further 2,100 share options in January 2018. The value of these options is
|
|
immaterial to the financial statements.
|
|
Share option schemes are therefore not recognised in these accounts and information on such
|
|
schemes which remained in operation during the period is given below.
|
|
Number of share options outstanding as at 31 March 2019
|
|
40,400
|
|
|
|
Number of employees involved in scheme
|
|
7
|
|
|
|
Number of share options outstanding as at 31 March 2019
|
|
5,000
|
|
|
|
Number of employees involved in scheme
|
|
3
|
|
|
|
All share options vest over a period of 5 years subject to continued involvement with the company.
|
|
When vested, these share options are exercisable at the following prices:
|
|
Number of
shares
|
|
Option price
|
|
|