CC Data Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
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 - 13
CC Data Limited
Director's Report
For the year ended 31 December 2023
Page 1
The director presents his annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activities of the company continued to be digital asset market data provision and index calculation and administration services.
Results and dividends
The company reported revenues for the year totalling £3,143,269 (2022 - £2,727,221) and profit after tax of £205,166 (2022 - loss of £444,493) from subscriptions to data services. There were no dividends declared or paid (2022 - £nil).
Going concern
The director is confident of building on the great progress made in 2023 and expects to further improve financial performance in 2024. The underlying data business continues to grow (up 15% in 2023), even though the industry is experiencing a number of headwinds as signalled by the bitcoin price being subdued throughout 2023 which impact the groups AUM revenue (down 50%).
The director has considered their response to the likely effects of the crypto market dip and the going concern of the business.
The company recorded a profit of £205,166 in 2023 and has net assets of £284,200 at the balance sheet date, however it is owed £904,274 from Crypto Coin Comparison Ltd, its parent company. Therefore the going concern status of the company is directly linked to that of the group. As such the director has reviewed the group’s forecast and projections in respect to the impacts of crypto market dip. The analysis confirmed the group 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 2023 the group has experienced strong growth in recurring revenue and before the crypto markets fell the parent company had converted to fiat currencies and reduced exposure to market volatility. The group’s directors prepared sensitivity forecasts to consider the group’s cash flow to assess the group’s going concern.
The group’s directors intend to take in funding from existing shareholders and new strategic investors in 2024. However, making the assumptions that the group did not receiving further funding, the current liquid digital assets held reduce in value by 25% and the group took no proactive steps to mitigate a negative cashflow the group’s directors considered a sensitised forecast which considered the group’s ongoing cash outflows and determined the group needed 4% month on month growth in revenues to reach profitability within 18 months, without running out of cash. Growth less than 4% would require headcount and operational costs savings effected late 2024 to continue as a going concern.
On 27 December 2023, the company signed a £2,000,000 convertible loan note with MarketVector GmbH. On the same date the company also signed a £2,000,000 warrant permitting MarketVector GmbH to invest more in the company at a time before 27 June 2025. On 11 March 2024, the loan note converted to equity at £112.47 per share.
In making the assessments above, the directors have considered the following steps in anticipation of possible downturn of events: securing further investment in the group, and drawing up a plan to reduce costs in stages rapidly if required.
Under these scenarios the group possesses a reasonable level of liquidity to meet commitments for at least 12 months from approval of these financial statements without borrowings.
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 2023
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
The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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
22 August 2024
CC Data Limited
Director's Responsibilities Statement
For the year ended 31 December 2023
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 2023 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 2023 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.
Material uncertainty relating to going concern
We draw attention to note 1.2 to the financial statements, which shows that the company recorded a profit for the year of £205,166 (2022 - loss of £444,493) and at the year-end had net current assets of £600,917 (2022 - £463,817) and net assets of £284,200 (2022 - £79,034).
As described in note 1.2, the company's going concern status is directly linked to that of the group. Group forecasts suggest that unless the group significantly reduces expenditure, additional capital will be required group to continue in operational existence for the foreseeable future. However, the availability of this capital cannot be guaranteed. This indicates the existence of a material uncertainty, which may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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 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 in relation to which 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 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
2 September 2024
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 2023
Page 8
2023
2022
£
£
Turnover
3,143,269
2,727,221
Cost of sales
(1,604,370)
(1,833,283)
Gross profit
1,538,899
893,938
Administrative expenses
(1,333,733)
(1,338,431)
Profit/(loss) before taxation
205,166
(444,493)
Tax on profit/(loss)
Profit/(loss) for the financial year
205,166
(444,493)
Retained earnings brought forward
79,033
523,526
Retained earnings carried forward
284,199
79,033
The notes on pages 10 to 13 form part of these financial statements.
CC Data Limited
Balance Sheet
As at 31 December 2023
Page 9
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
1,174,586
379,093
Cash at bank and in hand
240,674
950,984
1,415,260
1,330,077
Creditors: amounts falling due within one year
4
(814,343)
(866,260)
Net current assets
600,917
463,817
Creditors: amounts falling due after more than one year
5
(316,717)
(384,783)
Net assets
284,200
79,034
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
284,199
79,033
Total equity
284,200
79,034
The notes on pages 10 to 13 form part of these financial statements.
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 22 August 2024
C E Hayter
Director
Company Registration No. 10966788
CC Data Limited
Notes to the Financial Statements
For the year ended 31 December 2023
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.
CC Data Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 11
1.2
Going concern
The company recorded a trueprofit for the year of £205,166 (2022 - loss of £444,493) and at the year-end had net current assets of £600,917 (2022 - £463,817) and net assets of £284,200 (2022 - £79,034).
The director is confident of building on the great progress made in 2023 and expects to further improve financial performance in 2024. The underlying data business continues to grow (up 15% in 2023), even though the industry is experiencing a number of headwinds as signalled by the bitcoin price being subdued throughout 2023 which impact the groups AUM revenue (down 50%).
The director has considered their response to the likely effects of the crypto market dip and the going concern of the business.
The company recorded a profit of £205,166 in 2023 and has net assets of £284,200 at the balance sheet date, however it is owed £904,274 from Crypto Coin Comparison Ltd, its parent company. Therefore the going concern status of the company is directly linked to that of the group. As such the director has reviewed the group’s forecast and projections in respect to the impacts of crypto market dip. The analysis confirmed the group 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 2023 the group has experienced strong growth in recurring revenue and before the crypto markets fell the parent company had converted to fiat currencies and reduced exposure to market volatility. The group’s directors prepared sensitivity forecasts to consider the group’s cash flow to assess the group’s going concern.
The group’s directors intend to take in funding from existing shareholders and new strategic investors in 2024. However, making the assumptions that the group did not receiving further funding, the current liquid digital assets held reduce in value by 25% and the group took no proactive steps to mitigate a negative cashflow the group’s directors considered a sensitised forecast which considered the group’s ongoing cash outflows and determined the group needed 4% month on month growth in revenues to reach profitability within 18 months, without running out of cash. Growth less than 4% would require headcount and operational costs savings effected late 2024 to continue as a going concern.
On 27 December 2023, the company signed a £2,000,000 convertible loan note with MarketVector GmbH. On the same date the company also signed a £2,000,000 warrant permitting MarketVector GmbH to invest more in the company at a time before 27 June 2025. On 11 March 2024, the loan note converted to equity at £112.47 per share.
In making the assessments above, the directors have considered the following steps in anticipation of possible downturn of events: securing further investment in the group, and drawing up a plan to reduce costs in stages rapidly if required.
Under these scenarios the group possesses a reasonable level of liquidity to meet commitments for at least 12 months from approval of these financial statements without borrowings.
The company therefore continues to adopt the going concern basis in preparing its financial statements.
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.
CC Data Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 12
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 12 (2022 - 13).
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
124,419
192,191
Amounts owed by group undertakings
904,274
42,823
Other debtors
112,393
102,890
Prepayments and accrued income
33,500
41,189
1,174,586
379,093
CC Data Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
3
Debtors
(Continued)
Page 13
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,927
381
Taxation and social security
35,328
54,373
Other creditors
749,508
788,762
Accruals and deferred income
25,580
22,744
814,343
866,260
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
316,717
384,783
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1
1
1
1
1
7
Related party transactions
During the year the company loaned the director £30,000 (2022 - £nil). This amount is included in other debtors at 31 December 2023.
8
Parent company
The company is a subsidiary undertaking of Crypto Coin Comparison Ltd, which is also the ultimate controlling party.
The smallest group in which these financial statements are consolidated is that headed by Crypto Coin Comparison Ltd whose registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP. The consolidated financial statements of this group are available to the public on the Companies House website.