Registration number:
for the Year Ended
Data Accelerator Limited
Contents
Company Information |
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Statement of Directors' Responsibilities |
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Balance Sheet |
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Notes to the Financial Statements |
Data Accelerator Limited
Company Information
Directors |
G D Chapman M P Clothier S Corbett C E S Green T Steel |
Registered office |
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Auditors |
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Data Accelerator Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are 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. They are 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.
Data Accelerator Limited
(Registration number: 07136606)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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125,856 |
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Current assets |
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Debtors |
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445,984 |
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Cash at bank and in hand |
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270,803 |
|
|
716,787 |
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Creditors: Amounts falling due within one year |
( |
(24,218,747) |
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Net current liabilities |
( |
(23,501,960) |
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Net liabilities |
( |
(23,376,104) |
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Capital and reserves |
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Called up share capital |
|
100 |
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Profit and loss account |
( |
(23,376,204) |
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Shareholders' deficit |
( |
(23,376,104) |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Data Accelerator Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the neared £.
Going concern
The Company has incurred a net loss after tax of £3,965,472 during the year ended 31 December 2023 (2022: loss of £4,014,660) and, as of that date, the company had net liabilities of £27,341,576 (2022: £23,376,104). The company's parent company, Data Cloud Limited, has therefore provided confirmation in writing that it intends to continue to provide sufficient finance for the company to meet its liabilities when they fall due for a period of at least 12 months from the date of approval of these financial statements.
Having taken into account the forecast group revenues and the company's ongoing operational expenditure together with the likely capital additions and likely capital repayments, the company's directors have concluded that it is appropriate that these financial statements are prepared and presented using the going concern principal due to the continued support of the parent company's investor base. The group has cash reserves of £1.5m at the balance sheet date.
Audit report
for and on behalf of
Data Accelerator Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Revenue recognition
Turnover represents royalties receivable in respect of the use of the company's intellectual property.
Foreign currency transactions and balances
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are
retranslated into the respective functional currency of the entity at the rates prevailing on the reporting
period date. Non-monetary items carried at fair value that are denominated in foreign currencies are
retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% on cost |
Computer equipment |
25% on cost |
Motor vehicles |
25% on reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Data Accelerator Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Deferred tax
Deferred tax is recognised on all timing differences where the transactions or events give the company an obligation to pay more tax in the future, or a right to pay less tax in the future has occurred by the balance sheet date. Deferred tax assets are recognised when it is more likely than not that they will be recovered. Deferred tax is measured using rates that have been enacted or substantively enacted by the balance sheet date.
The accumulated losses have resulted in significant tax allowable losses being built up which can be offset against future trading profits. At present the directors are uncertain as to whether sufficient profits will be realised against which to offset these losses and accordingly no deferred tax asset has been recognised in the financial statements.
Foreign currency
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases are charged to profit or loss on
a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Data Accelerator Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Computer equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Debtors |
2023 |
2022 |
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Other debtors |
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445,984 |
Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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57,463 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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23,039,309 |
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Taxation and social security |
|
377,735 |
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Other creditors |
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744,240 |
|
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24,218,747 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Data Accelerator Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Related party transactions |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.
Parent and ultimate parent undertaking |
The company's immediate parent is
Share options |
Share options scheme
The company operates a share option scheme for certain employees of group companies. The options only vest in the event of a sale of the business. At the year end, there were 4,226,178 share options in the parent company in existence (2022: 4,732,282) for employees with exercise prices ranging from £0.1825 to £0.268 per share for all but 60,000 options which have an exercise price of £0.925 per share. Based on the directors’ assessment of the valuation of the company’s shares and the probability of a vesting event occurring, the directors have concluded that the charge both in the current year and cumulatively to date is immaterial and no entries are included in these financial statements in relation to the share option schemes. The directors will reassess the assumptions at each financial year end.