CC Data Limited
Annual Report and Financial Statements
For the year ended 31 December 2021
Company Registration No. 10966788 (England and Wales)
CC Data Limited
Contents
Page
Director's report
1 - 2
Director's responsibilities statement
3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 12
CC Data Limited
Director's Report
For the year ended 31 December 2021
Page 1
The director presents his annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be data provision services.
Results and dividends
The company reported revenues for the year totalling £1,833,503 (2020: £791,809) and profit after tax of £218,657 (2020: £123,720) from subscriptions to data services. There were no dividends declared or paid (2020: £nil).
COVID-19
During Covid-19 the company’s products and services remain unaffected, with minimal disruption to operations. The company has not taken out government small business loans and does not plan on doing so.
The company's subscription-based revenues give the business a resilient operational and financial position. At signing of the financial statements, the restrictions have been fully removed and employees spend on average two days a week in the office. However, the directors continue to closely monitor developments. The pandemic may have been a factor in the increase in interest in digital assets and as a result the company has seen strong adoption by new customers in its products and services during this time.
Going concern
The director is confident of building on the great progress made in 2021 and expects to further improve financial performance in 2022. However, despite a successful 2021, growing recurring revenue streams and having a higher than expected cash and digital asset levels in the business at July 2022, the director has considered his response to the likely effects of the COVID-19 pandemic and the crypto market dip.
Due to the nature of the company’s operations we have been largely unaffected by the COVID-19 pandemic. However, in order to mitigate potential risks we have enforced measures to ensure our operations continue as normal using relevant technology and secure digital platforms. We place importance on maintaining strong communications and relationships with our current clients and continue to invest in building new paths with potential clients. We will continue to monitor the impact it may have towards our business, our employees and our clients and follow the recommended provided by the government.
The director has reviewed the company’s forecast and projections in respect of the impacts of COVID-19 and the crypto market dip. The analysis confirmed the company has sufficient resources to meet obligations as they fall due for a period of at least 12 months from the date of signing these financial statements.
During 2021 the company has experienced strong growth in recurring revenue, and operations experienced only minimal disruptions. The director prepared sensitivity forecasts to consider the company’s cash flow to assess the company’s going concern.
Under these scenarios the company possess a reasonable level of liquidity to meet commitments for at least 12 months from approval of these financial statements without borrowings.
In making the assessments above, the director has considered the following steps in anticipation of possible downturn of events: securing further investment in the group, drew up a plan to reduce costs in stages rapidly if required, The group has not sought borrowings due to level of available liquidity, however the bank has expressed willingness to provide assistance if required.
The company therefore continues to adopt the going concern basis in preparing its financial statements.
CC Data Limited
Director's Report (Continued)
For the year ended 31 December 2021
Page 2
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
C E Hayter
Auditor
In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
C E Hayter
Director
9 September 2022
CC Data Limited
Director's Responsibilities Statement
For the year ended 31 December 2021
Page 3
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CC Data Limited
Independent Auditor's Report
To the Member of CC Data Limited
Page 4
Opinion
We have audited the financial statements of CC Data Limited (the 'company') for the year ended 31 December 2021 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
CC Data Limited
Independent Auditor's Report (Continued)
To the Member of CC Data Limited
Page 5
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Director's Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.
Responsibilities of director
As explained more fully in the Director's Responsibilities Statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
CC Data Limited
Independent Auditor's Report (Continued)
To the Member of CC Data Limited
Page 6
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
CC Data Limited
Independent Auditor's Report (Continued)
To the Member of CC Data Limited
Page 7
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's 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 member for our audit work, for this report, or for the opinions we have formed.
Ryan Day (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
13 September 2022
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
CC Data Limited
Statement of Income and Retained Earnings
For the year ended 31 December 2021
Page 8
2021
2020
£
£
Turnover
1,833,503
791,809
Cost of sales
(1,489,038)
(653,247)
Gross profit
344,465
138,562
Administrative expenses
(125,808)
(14,842)
Profit before taxation
218,657
123,720
Tax on profit
Profit for the financial year
218,657
123,720
Retained earnings brought forward
304,869
Retained earnings carried forward
523,526
123,720
CC Data Limited
Balance Sheet
As at 31 December 2021
Page 9
2021
2020
Notes
£
£
£
£
Current assets
Debtors
3
361,038
612,118
Cash at bank and in hand
1,269,925
362,499
1,630,963
974,617
Creditors: amounts falling due within one year
4
(680,768)
(186,961)
Net current assets
950,195
787,656
Creditors: amounts falling due after more than one year
5
(426,668)
(482,786)
Net assets
523,527
304,870
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
523,526
304,869
Total equity
523,527
304,870
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 9 September 2022
C E Hayter
Director
Company Registration No. 10966788
CC Data Limited
Notes to the Financial Statements
For the year ended 31 December 2021
Page 10
1
Accounting policies
Company information
CC Data Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below.
1.2
Going concern
The director is confident of building on the great progress made in 2021 and expects to further improve financial performance in 2022. However, despite a successful 2021, growing recurring revenue streams and having a higher than expected cash and digital asset levels in the business at July 2022, the director has considered his response to the likely effects of the COVID-19 pandemic and the crypto market dip.true
Due to the nature of the company’s operations we have been largely unaffected by the COVID-19 pandemic. However, in order to mitigate potential risks we have enforced measures to ensure our operations continue as normal using relevant technology and secure digital platforms. We place importance on maintaining strong communications and relationships with our current clients and continue to invest in building new paths with potential clients. We will continue to monitor the impact it may have towards our business, our employees and our clients and follow the recommended provided by the government.
The director has reviewed the company’s forecast and projections in respect of the impacts of COVID-19 and the crypto market dip. The analysis confirmed the company has sufficient resources to meet obligations as they fall due for a period of at least 12 months from the date of signing these financial statements.
During 2021 the company has experienced strong growth in recurring revenue, and operations experienced only minimal disruptions. The director prepared sensitivity forecasts to consider the company’s cash flow to assess the company’s going concern.
Under these scenarios the company possess a reasonable level of liquidity to meet commitments for at least 12 months from approval of these financial statements without borrowings.
In making the assessments above, the director has considered the following steps in anticipation of possible downturn of events: securing further investment in the group, drew up a plan to reduce costs in stages rapidly if required, The group has not sought borrowings due to level of available liquidity, however the bank has expressed willingness to provide assistance if required.
The company therefore continues to adopt the going concern basis in preparing its financial statements.
CC Data Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
Page 11
1.3
Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of VAT, rebates and discounts.
Revenue from data subscriptions provided over a period greater than one month are recognised either over the period that the services are provided or at completion of a project, depending on the facts and circumstances of each project.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2020 - 1).
CC Data Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2021
Page 12
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
161,451
40,847
Amounts owed by group undertakings
548,447
Other debtors
199,587
22,824
361,038
612,118
4
Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings
184,214
Taxation and social security
2,867
163
Other creditors
493,687
186,798
680,768
186,961
5
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
426,668
482,786
6
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1
1
1
1
1