REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
KIDSTART LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
KIDSTART LIMITED |
KIDSTART LIMITED (REGISTERED NUMBER: 05439349) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Accountants' Report | 10 |
KIDSTART LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Avebury House |
St Peter Street |
Winchester |
Hampshire |
SO23 8BN |
KIDSTART LIMITED (REGISTERED NUMBER: 05439349) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
521,563 | 186,645 |
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. |
KIDSTART LIMITED (REGISTERED NUMBER: 05439349) |
BALANCE SHEET - continued |
31 MARCH 2023 |
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 and authorised for issue on |
KIDSTART LIMITED (REGISTERED NUMBER: 05439349) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
KidStart Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
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. It also includes fees charged to holders of ISA and Junior ISA accounts managed by the Company. |
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 / delivered. |
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 |
Plant and machinery etc | - |
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. |
KIDSTART LIMITED (REGISTERED NUMBER: 05439349) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
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 |
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. |
Going concern |
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. |
Share capital |
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 company's Ordinary 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 Preferred shares |
Share Options |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
KIDSTART LIMITED (REGISTERED NUMBER: 05439349) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
KIDSTART LIMITED (REGISTERED NUMBER: 05439349) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | DEBTORS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Preference "A" shares of £1.00 each (allotted, issued and fully paid) | - | 2,912,999 |
Preference "B" shares of £1.00 each (allotted, issued and fully paid) | - | 35,307 |
Preferred shares of £1.00 each (allotted, issued and fully paid) | 2,948,306 | - |
Preferred ordinary shares of £0.01(allotted, issued and fully paid) | 871 | - |
Accrued preference share dividends | 146,440 | 140,006 |
3,095,617 | 3,0788,312 |
On 3 August 2022 all Preference "A" and Preference "B" shares were converted to Preferred Shares. |
On 26 August 2022 87,134 Preferred £0.01 Ordinary Shares were issued and £7.67 was paid per share. |
The Preferred £1.00 shares have no voting rights (except where a class vote 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, compounding annually, until 3 August 2022. |
The Preferred Ordinary £0.01 shares have the right to vote at general meetings and have one vote per share. Each share is entitled to dividends if and when declared, and ranks pari passu to M ordinary / ordinary shares as regards dividends. Each share is entitled to a preferred ordinary dividend of £7.67 on sale, listing or return of capital. Any remaining proceeds are to be shared equally between the Preferred ordinary, M ordinary and ordinary shareholders. |
KIDSTART LIMITED (REGISTERED NUMBER: 05439349) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | CALLED UP SHARE CAPITAL |
2023 | 2022 |
£ | £ |
Allotted, issued and fully paid |
753,182 (2022: 350,080) Ordinary shares of £0.01each | 7,532 | 3,501 |
Nil (2022: 403,102) Ordinary "A" shares of £0.01 each | - | 4,031 |
47,000 Ordinary "M" shares of £0.01 each | 470 | 470 |
8,002 | 8,022 |
On 3 August 2022 all Ordinary "A" Shares were converted to Ordinary Shares. |
Each Ordinary £0.01 share and Ordinary "M" £0.01 share is entitled to one vote in any circumstances and each share is entitled to receive dividends. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
This loan is interest free and is repayable on one month's notice from the company. |
12. | ULTIMATE CONTROLLING PARTY |
In the directors' opinion there is no ultimate controlling party. |
KIDSTART LIMITED (REGISTERED NUMBER: 05439349) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
13. | 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 issued a further 1,800 share options in January 2018 and 151,000 in March 2023 which were still outstanding as at 31 March 2023. 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. |
Employee EMI Scheme |
Number of share options outstanding as at 31 March 2023 | 175,600 |
Number of employees involved in scheme | 8 |
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 |
4,100 | £0.2000 |
20,500 | £0.5800 |
151,000 | £0.3000 |
175,600 |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
KIDSTART 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 Statement of Comprehensive Income 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 KidStart Limited for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of KidStart 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 KidStart Limited and state those matters that we have agreed to state to the Board of Directors of KidStart Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KidStart Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that KidStart 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 loss of KidStart Limited. You consider that KidStart 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 KidStart 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. |
Avebury House |
St Peter Street |
Winchester |
Hampshire |
SO23 8BN |