Kinsta Limited Company accounts

Kinsta Limited Company accounts

KINSTA LTD - Company Information

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5 false false false false false false false false false true false false false false false false 2019-10-01 Sage Accounts Production Advanced 2020 - FRS102_2019 28,662 562,158 69,542 2,231 13,995 16,226 53,316 67,311 698,506 16,936 715,442 715,442 698,506 xbrli:pure xbrli:shares iso4217:GBP 09030972 2019-10-01 2020-09-30 09030972 2020-09-30 09030972 2019-09-30 09030972 2018-10-01 2019-09-30 09030972 2019-09-30 09030972 core:MotorVehicles 2019-10-01 2020-09-30 09030972 bus:Director1 2019-10-01 2020-09-30 09030972 bus:Director2 2019-10-01 2020-09-30 09030972 bus:Director3 2019-10-01 2020-09-30 09030972 bus:Director4 2019-10-01 2020-09-30 09030972 bus:Director5 2019-10-01 2020-09-30 09030972 core:MotorVehicles 2019-09-30 09030972 core:MotorVehicles 2020-09-30 09030972 core:WithinOneYear 2019-09-30 09030972 core:RetainedEarningsAccumulatedLosses 2019-09-30 09030972 core:RetainedEarningsAccumulatedLosses 2018-09-30 09030972 core:RetainedEarningsAccumulatedLosses 2020-09-30 09030972 core:RetainedEarningsAccumulatedLosses 2019-09-30 09030972 core:ShareCapital 2020-09-30 09030972 core:ShareCapital 2019-09-30 09030972 core:CostValuation core:Non-currentFinancialInstruments 2019-09-30 09030972 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2020-09-30 09030972 core:CostValuation core:Non-currentFinancialInstruments 2020-09-30 09030972 core:Non-currentFinancialInstruments 2020-09-30 09030972 core:Non-currentFinancialInstruments 2019-09-30 09030972 core:MotorVehicles 2019-09-30 09030972 bus:SmallEntities 2019-10-01 2020-09-30 09030972 bus:AuditExempt-NoAccountantsReport 2019-10-01 2020-09-30 09030972 bus:FullAccounts 2019-10-01 2020-09-30 09030972 bus:SmallCompaniesRegimeForAccounts 2019-10-01 2020-09-30 09030972 bus:PrivateLimitedCompanyLtd 2019-10-01 2020-09-30 09030972 1 2019-10-01 2020-09-30 09030972 core:Subsidiary1 2020-09-30 09030972 core:Subsidiary1 2019-10-01 2020-09-30
COMPANY REGISTRATION NUMBER: 09030972
KINSTA LIMITED
UNAUDITED FINANCIAL STATEMENTS
30 September 2020
KINSTA LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2020
CONTENTS
PAGE
Directors' report
1
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
5
KINSTA LIMITED
DIRECTORS' REPORT
YEAR ENDED 30 SEPTEMBER 2020
The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2020 .
PRINCIPAL ACTIVITIES
The principal activity of the company during the year was the provision of web hosting.
DIRECTORS
The directors who served the company during the year were as follows:
Miss A Dunai
Mr T Zsomborgi
Mr J Penland
Mr D Pataki
Mr M Gavalda
EVENTS AFTER THE END OF THE REPORTING PERIOD
Particulars of events after the reporting date are detailed in note 10 to the financial statements.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 June 2021 and signed on behalf of the board by:
Mr J Penland
Director
KINSTA LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 30 SEPTEMBER 2020
2020
2019
Note
£
£
TURNOVER
308,646
4,078,397
Cost of sales
( 1,447)
( 3,813,413)
----------
-------------
GROSS PROFIT
307,199
264,984
Administrative expenses
( 335,861)
( 635,223)
----------
----------
OPERATING LOSS
( 28,662)
( 370,239)
Gain on disposal of operations
–
884,737
----------
----------
(LOSS)/PROFIT BEFORE TAXATION
5
( 28,662)
514,498
Tax on (loss)/profit
–
47,660
---------
----------
(LOSS)/PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
( 28,662)
562,158
---------
----------
RETAINED EARNINGS AT THE START OF THE YEAR
887,018
324,860
----------
----------
RETAINED EARNINGS AT THE END OF THE YEAR
858,356
887,018
----------
----------
All the activities of the company are from continuing operations.
KINSTA LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2020
2020
2019
Note
£
£
£
FIXED ASSETS
Tangible assets
6
53,316
67,311
Investment in subsidiary
7
715,442
698,506
----------
----------
768,758
765,817
CURRENT ASSETS
Debtors
8
71,631
55,826
Cash at bank and in hand
18,067
110,015
---------
----------
89,698
165,841
CREDITORS: amounts falling due within one year
9
–
( 44,540)
---------
----------
NET CURRENT ASSETS
89,698
121,301
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
858,456
887,118
----------
----------
NET ASSETS
858,456
887,118
----------
----------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
858,356
887,018
----------
----------
SHAREHOLDER FUNDS
858,456
887,118
----------
----------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 June 2021 , and are signed on behalf of the board by:
Mr J Penland
Director
Company registration number: 09030972
KINSTA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2020
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is International House, 142 Cromwell Road, London, SW7 4EF, United Kingdom.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 13. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of services is recognised when the economic benefit of the service has transferred to the buyer; the amount of revenue can be measured reliably; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% straight line
Investment in subsidiary
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial instruments Trade and other debtors Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition, trade and other debtors that are classified as receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment. Trade and other creditors Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition trade and other creditors that are classified as payable within one year are measured at the discounted amount of the cash or other consideration expected to be paid. Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprise cash at bank
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 5 (2019: 5 ).
5. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
2020
2019
£
£
Depreciation of tangible assets
13,995
2,231
---------
-------
6. TANGIBLE ASSETS
Motor vehicles
Total
£
£
Cost
At 1 October 2019 and 30 September 2020
69,542
69,542
---------
---------
Depreciation
At 1 October 2019
2,231
2,231
Charge for the year
13,995
13,995
---------
---------
At 30 September 2020
16,226
16,226
---------
---------
Carrying amount
At 30 September 2020
53,316
53,316
---------
---------
At 30 September 2019
67,311
67,311
---------
---------
7. INVESTMENT IN SUBSIDIARY
Shares in group undertakings
£
Cost
At 1 October 2019
698,506
Additions
16,936
----------
At 30 September 2020
715,442
----------
Impairment
At 1 October 2019 and 30 September 2020
–
----------
Carrying amount
At 30 September 2020
715,442
----------
At 30 September 2019
698,506
----------
The Company owns 100% of the issued share capital of Kinsta Inc., a company incorporated in the United States of America.
During the year the company acquired 100% of the issued share capital of Kinsta GmbH, a company incorporated in Switzerland.
8. DEBTORS
2020
2019
£
£
Amounts owed by group undertakings
23,507
–
Other debtors
48,124
55,826
---------
---------
71,631
55,826
---------
---------
9. CREDITORS: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings
–
21,999
Other creditors
–
22,541
----
---------
–
44,540
----
---------
10. EVENTS AFTER THE END OF THE REPORTING PERIOD
On 25 November 2020 the company acquired 100% of the issued share capital of Blue Cloud Hosting Kft., a company incorporated in Hungary.
11. RELATED PARTY TRANSACTIONS
As at the balance sheet date the company was owed £ 23,507 (2019: £Nil) from Kinsta Inc ., the company's subsidiary undertaking (note 8).
12. CONTROLLING PARTY
The company was under the control of the board of directors throughout the current year. The directors own 71% of the issued share capital. No one director has a controlling interest in the company.
13. ACCOUNTING ESTIMATES AND JUDGEMENTS
Trade debtors
Management uses details of the age of trade debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying values.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of the assets.