Crypto Coin Comparison Ltd
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 08846965 (England and Wales)
Crypto Coin Comparison Ltd
Company Information
Directors
V A Cealicu
C E Hayter
A J Preston
H L Skeete
S A Schoenfeld
Secretary
C E Hayter
Company number
08846965
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Crypto Coin Comparison Ltd
Contents
Page
Directors' report
1 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Notes to the financial statements
14 - 27
Crypto Coin Comparison Ltd
Directors' Report
For the year ended 31 December 2023
Page 1

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group is the collection and display of digital asset, exchange and trade data. The group was also engaged in the writing and publishing of research comparing commercially available products connected with the digital asset sector. The group generates advertising revenue from visitors to its website, www.crytpocompare.com, and runs conferences and webinars on topics relevant to the digital asset industry.

During the year the group has committed resources and energy to grow the data revenue of the company, continuing its pivot from a predominately advertising company. The Data-as-a-service subscriptions has grown 15.3% (2022 - 50.3%) in the year to provide fast growing recurring revenue.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

V A Cealicu
C E Hayter
A J Preston
H L Skeete
S A Schoenfeld
Results and dividends

The results for the year are set out on page 9.

Crypto Coin Comparison Ltd
Directors' Report (Continued)
For the year ended 31 December 2023
Page 2

Going concern

The directors are confident of building on the great progress made in 2023 and expect 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 group's AUM revenue (down 50%).

The directors have considered their response to the likely effects of the crypto market dip and the going concern of the business.

As such the directors have reviewed the group’s forecast and projections in respect of 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 company had converted to fiat currencies and reduced exposure to market volatility. The directors prepared sensitivity forecasts to consider the group’s cash flow to assess the group’s going concern.

The 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 directors considered a sensitised forecast which considered the group’s ongoing cash outflows and determined the group needed net 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 in 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 group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

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 auditor of the company 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 auditor of the company 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.

Crypto Coin Comparison Ltd
Directors' Report (Continued)
For the year ended 31 December 2023
Page 3
On behalf of the board
C E Hayter
Director
22 August 2024
Crypto Coin Comparison Ltd
Directors' Responsibilities Statement
For the year ended 31 December 2023
Page 4

The directors are responsible 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Crypto Coin Comparison Ltd
Independent Auditor's Report
To the Members of Crypto Coin Comparison Ltd
Page 5

Qualified opinion

We have audited the financial statements of Crypto Coin Comparison Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the basis for qualified opinion paragraph, the financial statements:

Basis for qualified opinion

At 31 December 2023, the group and parent company balance sheets included software development costs of £1,852,996 within intangible assets. We were unable to satisfy ourselves that additions in the year, of capitalised staff salaries of £495,871, was an accurate reflection of the time spent by the employees on development activity. The number of projects that the development team worked on over the course of the year expanded and accurate time recordings were not maintained. Consequently we were unable to determine whether any adjustment to this amount was necessary.

 

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 group and parent 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 qualified opinion.

Material uncertainty relating to going concern

We draw attention to note 1.3 to the financial statements, which shows that the group recorded a net loss for the year of £2,611,240 (2022 - £1,893,949) and at the reporting date had net current liabilities of £883,692 (2022 - net current assets of £1,750,680) although it had net assets of £951,070 (2022 - £3,461,403).

 

As described in note 1.3, the directors’ forecasts suggest that unless the group significantly reduces expenditure, additional capital will be required for the 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 group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Crypto Coin Comparison Ltd
Independent Auditor's Report (Continued)
To the Members of Crypto Coin Comparison Ltd
Page 6

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

 

Arising solely from the limitation on the scope of our work relating to software development additions, referred to above:

 

 

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:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are 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 directors determine 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 directors are responsible for assessing the group's and parent 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 directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Crypto Coin Comparison Ltd
Independent Auditor's Report (Continued)
To the Members of Crypto Coin Comparison Ltd
Page 7
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:

 

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.

 

Crypto Coin Comparison Ltd
Independent Auditor's Report (Continued)
To the Members of Crypto Coin Comparison Ltd
Page 8

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:

Ÿ

 

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.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, 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
Crypto Coin Comparison Ltd
Group Statement of Comprehensive Income
For the year ended 31 December 2023
Page 9
2023
2022
Notes
£
£
Turnover
3,963,707
4,454,077
Cost of sales
(242,621)
(238,192)
Gross profit
3,721,086
4,215,885
Administrative expenses
(6,603,649)
(6,925,212)
Operating loss
(2,882,563)
(2,709,327)
Interest receivable and similar income
15,493
-
0
Gain on disposal of digital assets
137,048
503,719
Loss on disposal of digital assets
-
(3,488)
Loss before taxation
(2,730,022)
(2,209,096)
Tax on loss
4
118,782
315,147
Loss for the financial year
(2,611,240)
(1,893,949)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 14 to 27 form part of these financial statements.

Crypto Coin Comparison Ltd
Group Balance Sheet
As at 31 December 2023
Page 10
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
2,100,616
2,024,594
Tangible assets
6
50,863
70,912
2,151,479
2,095,506
Current assets
Debtors
8
407,375
431,201
Cash at bank and in hand
2,258,740
2,504,001
2,666,115
2,935,202
Creditors: amounts falling due within one year
9
(3,549,807)
(1,184,522)
Net current (liabilities)/assets
(883,692)
1,750,680
Total assets less current liabilities
1,267,787
3,846,186
Creditors: amounts falling due after more than one year
11
(316,717)
(384,783)
Net assets
951,070
3,461,403
Capital and reserves
Called up share capital
14
157
157
Share premium account
4,312,464
4,311,199
Other reserves
767,769
669,392
Profit and loss reserves
(4,129,320)
(1,519,345)
Total equity
951,070
3,461,403

The notes on pages 14 to 27 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
22 August 2024
C E Hayter
Director
Crypto Coin Comparison Ltd
Company Balance Sheet
As at 31 December 2023
31 December 2023
Page 11
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
2,100,616
2,024,594
Tangible assets
6
50,863
70,912
Investments
7
1
1
2,151,480
2,095,507
Current assets
Debtors
8
137,063
94,931
Cash at bank and in hand
2,018,066
1,553,017
2,155,129
1,647,948
Creditors: amounts falling due within one year
9
(3,639,738)
(361,085)
Net current (liabilities)/assets
(1,484,609)
1,286,863
Net assets
666,871
3,382,370
Capital and reserves
Called up share capital
14
157
157
Share premium account
4,312,464
4,311,199
Other reserves
767,769
669,392
Profit and loss reserves
(4,413,519)
(1,598,378)
Total equity
666,871
3,382,370

The notes on pages 14 to 27 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £2,816,406 (2022 - £1,449,456 loss).

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 by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
22 August 2024
C E Hayter
Director
Company Registration No. 08846965 (England and Wales)
Crypto Coin Comparison Ltd
Group Statement of Changes in Equity
For the year ended 31 December 2023
Page 12
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
156
4,292,477
414,491
355,857
5,062,981
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
-
(1,893,949)
(1,893,949)
Issue of share capital
14
1
18,722
-
-
18,723
Share-based payment movement
-
-
273,648
-
273,648
Exercise of share options
-
-
(18,747)
18,747
-
Balance at 31 December 2022
157
4,311,199
669,392
(1,519,345)
3,461,403
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(2,611,240)
(2,611,240)
Issue of share capital
14
-
0
1,265
-
-
1,265
Share-based payment movement
-
-
99,642
-
99,642
Exercise of share options
-
-
(1,265)
1,265
-
Balance at 31 December 2023
157
4,312,464
767,769
(4,129,320)
951,070

The notes on pages 14 to 27 form part of these financial statements.

Crypto Coin Comparison Ltd
Company Statement of Changes in Equity
For the year ended 31 December 2023
Page 13
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
156
4,292,477
414,491
(167,669)
4,539,455
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
-
(1,449,456)
(1,449,456)
Issue of share capital
14
1
18,722
-
-
18,723
Share-based payment movement
-
-
273,648
-
273,648
Exercise of share options
-
-
(18,747)
18,747
-
Balance at 31 December 2022
157
4,311,199
669,392
(1,598,378)
3,382,370
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(2,816,406)
(2,816,406)
Issue of share capital
14
-
0
1,265
-
-
1,265
Share-based payment movement
-
-
99,642
-
99,642
Exercise of share options
-
-
(1,265)
1,265
-
Balance at 31 December 2023
157
4,312,464
767,769
(4,413,519)
666,871

The notes on pages 14 to 27 form part of these financial statements.

Crypto Coin Comparison Ltd
Notes to the Group Financial Statements
For the year ended 31 December 2023
Page 14
1
Accounting policies
Company information

Crypto Coin Comparison Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

 

The group consists of Crypto Coin Comparison Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 except where disclosed in the accounting policies where certain items are shown at weighted average cost (WAC).

 

The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Crypto Coin Comparison Ltd together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Crypto Coin Comparison Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 15
1.3
Going concern

The group recorded a net loss for the year of £2,748,288 (2022 - £1,893,949) and at the year-end had net current liabilities of £883,692 (2022 - net current assets of 1,750,680) although had net assets of £814,022 (2022 - £3,461,403).

 

The directors are confident of building on the great progress made in 2023 and expect 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 group's AUM revenue (down 50%).

The directors have considered their response to the likely effects of the crypto market dip and the going concern of the business.

As such the directors have reviewed the group’s forecast and projections in respect of 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 company had converted to fiat currencies and reduced exposure to market volatility. The directors prepared sensitivity forecasts to consider the group’s cash flow to assess the group’s going concern.

The 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 directors considered a sensitised forecast which considered the group’s ongoing cash outflows and determined the group needed net 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 in 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 group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

Crypto Coin Comparison Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 16
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for advertising and data services services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from advertising and data services provided over a period greater than one month is recognised either over the period services are provided or at completion of a project, depending on the facts and circumstances of each project.

 

Revenue from conferences and events is accounted for in the period in which the activity takes place.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets comprise development costs and digital assets.

 

Digital assets are initially recorded and then held at cost. At disposal the weighted average cost (WAC) is applied to the proportion of the assets disposed. Gains or losses are recognised on disposal of the asset into cash or when exchanged for services at the GBP cost of receiving the services. The gains or losses are calculated as the difference between the WAC and the market value at disposal. The year-end balance is therefore the result of additions at cost, less disposals at WAC.

 

Given the nature of the digital assets, these are not amortised, but an impairment review is undertaken at the end of each year.

 

The company recognises development costs as intangible assets only when the following criteria are met: the technical feasibility of completing the intangible asset exists: there is an intention to complete and an ability to use or sell the intangible asset; the intangible asset will generate probable future economic benefits; there are adequate resources available to complete the development and to use or sell the intangible asset; and there is the ability to reliably measure the expenditure attributable to the intangible asset during its development.

 

Capitalised development costs are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
Straight line basis over 10 years
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Crypto Coin Comparison Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 17

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture, fittings and equipment
25% straight line basis
Computers
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Crypto Coin Comparison Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 18
1.10
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.

1.11
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.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of fixed assets.

 

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.

Crypto Coin Comparison Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 19
1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

 

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
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.

Crypto Coin Comparison Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 20
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Share based payment transactions

The group uses the Black-Scholes model to determine the fair value of options granted to employees. The calculation requires the use of estimates and assumptions. A change in these estimates or assumptions may affect charges to the profit and loss account over the vesting period of the options.

Amortisation

Intangible assets are amortised over their deemed useful economic life. This period has been determined via a review of the asset considering historic and future factors. The directors believe that the period over which the assets are amortised reflects the estimated useful economic life of the assets.

Impairment of assets

The directors determine whether there are any indicators of impairment of tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Capitalisation of development costs

The company capitalises the development costs of internal projects on the basis that they bring future economic benefits. Qualifying expenditure comprises payroll costs, and involves management estimating the percentage of time that individual staff members spend on the development phase of individual projects.

3
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Total
59
59
47
46
Crypto Coin Comparison Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 21
4
Taxation
2023
2022
£
£
Current tax
R&D tax credit for the previous period
(118,782)
(315,147)
5
Intangible fixed assets
Group
Software development
Digital assets
Total
£
£
£
Cost
At 1 January 2023
1,509,377
515,217
2,024,594
Additions
495,871
474,778
970,649
Disposals
-
0
(906,438)
(906,438)
Revaluation
-
0
164,063
164,063
At 31 December 2023
2,005,248
247,620
2,252,868
Amortisation and impairment
At 1 January 2023
-
0
-
0
-
0
Amortisation charged for the year
152,252
-
0
152,252
At 31 December 2023
152,252
-
0
152,252
Carrying amount
At 31 December 2023
1,852,996
247,620
2,100,616
At 31 December 2022
1,509,377
515,217
2,024,594
Crypto Coin Comparison Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
5
Intangible fixed assets
(Continued)
Page 22
Company
Software development
Digital assets
Total
£
£
£
Cost
At 1 January 2023
1,509,377
515,217
2,024,594
Additions
495,871
474,778
970,649
Disposals
-
0
(906,438)
(906,438)
Revaluation
-
0
164,063
164,063
At 31 December 2023
2,005,248
247,620
2,252,868
Amortisation and impairment
At 1 January 2023
-
0
-
0
-
0
Amortisation charged for the year
152,252
-
0
152,252
At 31 December 2023
152,252
-
0
152,252
Carrying amount
At 31 December 2023
1,852,996
247,620
2,100,616
At 31 December 2022
1,509,377
515,217
2,024,594

Digital assets comprise crypto assets, including Bitcoin, Ethereum and USD Tether. At 31 December 2023 the fair value of the assets was £413,893 (2022 - 679,280).

Crypto Coin Comparison Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 23
6
Tangible fixed assets
Group
IT and office equipment
£
Cost
At 1 January 2023
126,690
Additions
9,343
Disposals
(16,347)
At 31 December 2023
119,686
Depreciation and impairment
At 1 January 2023
55,778
Depreciation charged in the year
27,429
Eliminated in respect of disposals
(14,384)
At 31 December 2023
68,823
Carrying amount
At 31 December 2023
50,863
At 31 December 2022
70,912
Company
IT and office equipment
£
Cost
At 1 January 2023
126,690
Additions
9,343
Disposals
(16,347)
At 31 December 2023
119,686
Depreciation and impairment
At 1 January 2023
55,778
Depreciation charged in the year
27,429
Eliminated in respect of disposals
(14,384)
At 31 December 2023
68,823
Carrying amount
At 31 December 2023
50,863
At 31 December 2022
70,912
Crypto Coin Comparison Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 24
7
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Share in subsidiary
-
-
1
1
-
0
-
0
1
1

On 18 September 2017 the company incorporated a subsidiary, CC Data Ltd, in the UK. The subsidiary is registered at 6th Floor, 9 Appold Street, London, EC2A 2AP. The company holds 1 share at £1 representing 100% of the shares of the subsidiary. CC Data Ltd is a provider of data services.

8
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
136,336
229,428
11,917
37,237
Other debtors
196,399
109,697
84,006
6,807
Prepayments and accrued income
74,640
92,076
41,140
50,887
407,375
431,201
137,063
94,931
9
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
201,286
24,310
197,359
23,929
Amounts owed to group undertakings
-
0
-
0
904,274
42,823
Corporation tax payable
272,053
-
0
272,053
-
0
Other taxation and social security
119,984
128,153
84,656
73,780
Other creditors
2,760,852
833,326
2,011,344
44,564
Accruals
195,632
198,733
170,052
175,989
3,549,807
1,184,522
3,639,738
361,085
Crypto Coin Comparison Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 25
10
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Other loans
1,975,582
-
1,975,582
-
Payable within one year
1,975,582
-
1,975,582
-

Included within other creditors is £2,000,000 of unsecured convertible loan notes. These were converted to share capital on 11 March 2024.

11
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other creditors
316,717
426,668
-
0
-
0
12
Deferred income
Group
Company
2023
2022
2023
2022
£
£
£
£
Other deferred income
1,081,932
1,177,583
24,949
12,507

Deferred income is included in the financial statements within other creditors as follows:

Current liabilities
765,215
792,800
24,949
12,507
Non-current liabilities
316,717
384,783
-
0
-
0
1,081,932
1,177,583
-
12,507
Crypto Coin Comparison Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 26
13
Share-based payment transactions
Group
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
19,372
11,622
106.73
82.42
Granted
-
9,943
-
126.31
Forfeited
(766)
(1,008)
127.85
126.51
Exercised
(9)
(1,185)
140.59
15.82
Outstanding at 31 December 2023
18,597
19,372
105.84
106.73
Exercisable at 31 December 2023
15,279
9,468
101.40
90.57

The options outstanding at 31 December 2023 had an exercise price ranging from £81.54 to £140.59, and a remaining contractual life of between 6 and 10 years.

 

During the year the company recognised £99,642 (2022 - £273,648) in share-based compensation expenses.

The company adopted an employee option plan in December 2017 (the "2017 plan") to enable certain executives, employees and full-time consultants of the company and its subsidiaries to be granted options to acquire up to 1,185 shares of common stock of the company. In October 2018 and 2019 the plan was amended to expand the share pool to 4,608 and 6,072 respectively. The terms of the options, including the exercise price per share and vesting provisions, are determined by the company's Board of Directors. As of 31 December 2023, 2022, 2021, 2020, 2019 and 2018; nil, 9,943, 2,477, 1,112, 6,072, 5,793 shares, respectively, have been issued, net of forfeitures, under the 2017 plan.

 

Stock options are generally granted at exercise prices not less than the estimated fair market value of the company's common shares at the date of grant. The fair market value of the company's common shares are determined using numerous objective and subjective factors including third-party valuations, preference share transactions with third-parties, current operating and financial performance and management estimates and future expectations. Option grants typically have a three-year vesting period with one third vesting upon expiration of each year and expire ten years from the date of grant. Compensation expenses are recognised on a graded vesting basis over the requisite employee service period, which is generally the vesting period. Share-based compensation is recognised only for those awards that are expected to vest, with forfeitures estimated at the date of grant based on historical experiences and future expectations.

 

The fair value of options is determined using a Black-Scholes options valuation model with the assumptions noted in the table below. The dividend rate is based on the expected dividend rate during the expected life of the option. Expected volatility is based on the historical volatility of a peer group of public companies over the most recent period commensurate with the estimated expected term of the company's awards as the stock is not publicly traded. The risk-free interest rate is based on the Bank of England treasury yield curve in effect at the time of the grant. The expected term of the options granted represents the weighted-average period of time from the grant date to date of exercise, expiration or cancellation based on the simplified method. The company uses the simplified method for employee awards due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected term of the stock options granted to employees.

Crypto Coin Comparison Ltd
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2023
Page 27
14
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
150,805
150,796
150
150
Ordinary A shares of 0.1p each
6,618
6,618
7
7
157,423
157,414
157
157

The ordinary A shares do not have rights to dividends.

 

During the year 9 share options were exercised for cash of £1,265.

 

 

15
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
34,674
34,892
34,674
34,892
16
Related party transactions

The company has taken advantage of the exemption available in FRS Section 33.1A not to disclose transactions with any fellow wholly owned group companies.

 

During the year the group loaned two directors a total of £60,000 (2022 - £nil). This amount is included in other debtors at 31 December 2023.

17
Controlling party

The group does not have a single ultimate controlling party.

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