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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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CREDIT DATA RESEARCH LIMITED
COMPANY INFORMATION
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CREDIT DATA RESEARCH LIMITED
CONTENTS
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CREDIT DATA RESEARCH LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Credit Data Research Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.
The Group provides innovative tools for SMEs to enhance their access to finance, to benefit from better commercial terms by raising their credit profile and transparency, and to leverage greater access to export markets. They use a unique combination of models to analyse a company’s financial data and credit behaviour, offering credit assessments of superior accuracy and predictive reliability. The Groups Credit Passport and allied services support SMEs as they meet the challenges of an everchanging credit environment and as they move to access new sources of credit.
Following the year end, the Group entered into a binding agreement for the disposal of its subsidiary, CDR Italy. Completion of the disposal is expected to take place after the reporting date. The directors expect that the disposal will result in proceeds in excess of the carrying value of the subsidiary as at the reporting date. As the disposal was contractually agreed after the reporting date, it represents a non-adjusting post balance sheet event in accordance with FRS 102. Accordingly, no adjustments have been made to the carrying values of assets or liabilities in these financial statements.
The financial statements have been prepared on a break-up basis as the directors have resolved to apply for the company to be struck off the register within 12 months of approval of these financial statements. Under this basis, assets are measured at their estimated realisable values and liabilities are stated at the amounts expected to be settled on cessation of the business. The directors have considered the effect of adopting the break-up basis compared with the going concern basis and concluded that there is no material difference in the reported values of assets and liabilities. Accordingly, the carrying amounts presented in these financial statements are consistent with those that would have been recognised under the going concern assumption.
Despite the stable business outlook, the Group remains exposed to risks associated with global economic uncertainty. Economic volatility, geopolitical tensions, and fluctuating market conditions could impact the demand for credit risk solutions. Additionally, evolving regulatory frameworks across different regions pose operational challenges. However, the Group's focus on strategic partnerships, especially in high-growth regions like the Middle East and Nordics, positions it well to mitigate these risks and capitalize on opportunities in advanced Open Banking markets.
These initiatives are crucial for maintaining the Group’s leadership in the credit risk sector, while remaining agile in the face of economic shifts.
The Group's revenue for the year grew to £11,181,714 from £10,584,418 resulting in increase in gross margin from £6,740,091 to £7,195,766.
This report was approved by the board on 19 December 2025 and signed on its behalf.
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CREDIT DATA RESEARCH LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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CREDIT DATA RESEARCH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year attributable to the owners of the parent company, after taxation and minority interests, amounted to £398,702 (2023 - £9,997).
Credit Data Research's outlook for the fiscal year 2024 remains stable, marked by a strategic focus on developing local competencies to optimize teams and resources. After navigating the challenges posed by the COVID-19 pandemic, the company is well-positioned to capitalize on emerging opportunities and trends.
Following the year end, the Group entered into a binding agreement for the disposal of its subsidiary, CDR Italy. Completion of the disposal is expected to take place after the reporting date. The directors expect that the disposal will result in proceeds in excess of the carrying value of the subsidiary as at the reporting date. As the disposal was contractually agreed after the reporting date, it represents a non-adjusting post balance sheet event in accordance with FRS 102. Accordingly, no adjustments have been made to the carrying values of assets or liabilities in these financial statements. The financial statements have been prepared on a break-up basis as the directors have resolved to apply for the company to be struck off the register within 12 months of approval of these financial statements. Under this basis, assets are measured at their estimated realisable values and liabilities are stated at the amounts expected to be settled on cessation of the business. The directors have considered the effect of adopting the break-up basis compared with the going concern basis and concluded that there is no material difference in the reported values of assets and liabilities. Accordingly, the carrying amounts presented in these financial statements are consistent with those that would have been recognised under the going concern assumption.
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CREDIT DATA RESEARCH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors who served during the year were:
The financial statements have been prepared on a break-up basis as the directors have resolved to apply for the company to be struck off the register within 12 months of approval of these financial statements. Under this basis, assets are measured at their estimated realisable values and liabilities are stated at the amounts expected to be settled on cessation of the business.
The directors have considered the effect of adopting the break-up basis compared with the going concern basis and concluded that there is no material difference in the reported values of assets and liabilities. Accordingly, the carrying amounts presented in these financial statements are consistent with those that would have been recognised under the going concern assumption.
Following the year end, the Group entered into a binding agreement for the disposal of its subsidiary, CDR Italy. Completion of the disposal is expected to take place after the reporting date. The directors expect that the disposal will result in proceeds in excess of the carrying value of the subsidiary as at the reporting date.
As the disposal was contractually agreed after the reporting date, it represents a non-adjusting post balance sheet event in accordance with FRS 102. Accordingly, no adjustments have been made to the carrying values of assets or liabilities in these financial statements.
The auditors, Zenith Audit Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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CREDIT DATA RESEARCH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on
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CREDIT DATA RESEARCH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREDIT DATA RESEARCH LIMITED
We have audited the financial statements of Credit Data Research Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of 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). The financial statements have been prepared on a basis other than going concern.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
We draw attention to Note 2 to the financial statements which explains that the directors intend to liquidate the company in the 12 months following the approval of these financial statements and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter.
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CREDIT DATA RESEARCH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREDIT DATA RESEARCH LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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CREDIT DATA RESEARCH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREDIT DATA RESEARCH LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
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:
We performed risk assessment procedures and obtained an understanding of the Company and its environment, the applicable financial reporting framework, the applicable laws and regulations, the Company's system of internal control and the fraud risk factors relevant to the Company that affect the susceptibility of assertions to material misstatement due to fraud. We made enquiries with management regarding actual or suspected fraud, non-compliance with laws and regulations, potential litigation and claims. The engagement partner led a discussion among the audit team with particular emphasis on how and where the Company's financial statements may be susceptible to material misstatement due to fraud, including how fraud might occur. The engagement partner assessed that the engagement team collectively had the appropriate competence and capability to identify or recognise non-compliance with laws and regulations. We considered compliance with UK Companies Act 2006, and the applicable tax legislation as the key laws and regulations which non-compliance could directly lead to material misstatement due to fraud at the financial statement level. We evaluated whether the selection and application of accounting policies by the Company may be indicative of fraudulent financial reporting. Our audit procedures responsive to assessed risks of material misstatement due to fraud at the assertion level included but were not limited to: - Testing the appropriateness of manual journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; - Making inquiries of individuals involved in the financial reporting process about inappropriate or unusual activity relating to the processing of journal entries; - Selecting and testing journal entries and other adjustments made at the end of a reporting period and throughout the period; - Reviewing accounting estimates for biases that could represent a risk of material misstatement due to fraud;
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CREDIT DATA RESEARCH LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CREDIT DATA RESEARCH LIMITED (CONTINUED)
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements due to irregularities, including fraud, may not be detected, even though we have properly planned and performed our audit in accordance with the auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions and override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
3rd Floor North, Warwick House
65/66 Queen Street
EC4R 1EB
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CREDIT DATA RESEARCH LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CREDIT DATA RESEARCH LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 39 form part of these financial statements.
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CREDIT DATA RESEARCH LIMITED
REGISTERED NUMBER: 08506027
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
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CREDIT DATA RESEARCH LIMITED
REGISTERED NUMBER: 08506027
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 39 form part of these financial statements.
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CREDIT DATA RESEARCH LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CREDIT DATA RESEARCH LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CREDIT DATA RESEARCH LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Credit Data Research Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
Parent Company disclosure exemptions
In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:
∙No Statement of Cash Flows has been presented for the parent Company;
∙Disclosures in respect of the parent Company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Company as a whole; and
∙No disclosures have been given for the aggregate remuneration of the key management personnel of the parent Company as their remuneration is included in the totals for the Company as a whole.
Going concern
Following the year end, the Group entered into a binding agreement for the disposal of its subsidiary, CDR Italy. Completion of the disposal is expected to take place after the reporting date. The directors expect that the disposal will result in proceeds in excess of the carrying value of the subsidiary as at the reporting date. As the disposal was contractually agreed after the reporting date, it represents a non-adjusting post balance sheet event in accordance with FRS 102. Accordingly, no adjustments have been made to the carrying values of assets or liabilities in these financial statements. The financial statements have been prepared on a break-up basis as the directors have resolved to apply for the company to be struck off the register within 12 months of approval of these financial statements. Under this basis, assets are measured at their estimated realisable values and liabilities are stated at the amounts expected to be settled on cessation of the business. The directors have considered the effect of adopting the break-up basis compared with the going concern basis and concluded that there is no material difference in the reported values of assets and liabilities. Accordingly, the carrying amounts presented in these financial statements are consistent with those that would have been recognised under the going concern assumption.
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The following principal accounting policies have been applied:
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic oflreland":
- the requirements of Section 7 Statement of Cash Flows; - the requirement of paragraph 3.17(d); - the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, l I.48(a)(iii), l l .48(a)(iv), l l.48(b) and l l.48(c); - the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; - the requirements of paragraphs 26.l 8(b), 26.19 to 26.21 and 26.23; - the requirement of paragraph 33.7; - the requirement of paragraph 24(b) of IFRS 6.
The Group's financial statements consolidate those of the parent company and its subsidiary as of 31 December 2024. The subsidiary has a reporting date of 31 December.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on transactions between Group companies. Where unrealised losses on intra-group asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Group perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Group. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of disposal, as applicable. The Group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests.
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Acquisitions of subsidiaries, accounted for using the acquisition method, are included in the consolidated financial statements from the date that control commences until the date that control ceases. The Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The interest of the non-controlling interest in the acquiree is initially measured as the non-controlling interests proportion of the net fair value of the assets, liabilities and contingent liabilities recognised.
The Group measures goodwill at the acquisition date as follows: - fair value of consideration transferred, plus - the recognized amount of any non-controlling interests in the acquiree, plus - if the business combination is achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree, less - the net recognized amount of the identifiable assets acquired and liabilities assumed. A gain from a bargain purchase in a business combination is recognized in profit or loss.
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The preparation of the consolidated financial statements in conformity with UK GAAP requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Information about critical judgements, key assumptions and estimates in applying accounting policies that have the most significant effect on the amounts recognised in these consolidated financial statements is detailed in below.
Useful life of property and equipment Management assesses the remaining useful lives of items of property and equipment at least at each financial year-end. The future economic benefits embodied in the assets are consumed principally through use. However, other factors, such as technical or commercial obsolescence and wear and tear, often result in the diminution of the economic benefits embodied in the assets. Management assesses the remaining useful lives in accordance with the current technical conditions of the assets and estimated period during which the assets are expected to earn benefits for the Group. The following primary factors are considered: (a) expected usage of the assets; (b) expected physical wear and tear, which depends on operational factors and maintenance programme; and (c) technical or commercial obsolescence arising from changes in market conditions. If expectations differ from previous estimates, the changes are accounted for as a change in an accounting estimate in accordance with FRS 102. These estimates may have a material impact on the amount of the carrying values of property and equipment and on depreciation recognized in profit or loss. Allowance for impairment of receivables Management maintains an allowance for impairment of receivables to account for estimated losses resulting from the inability of customers to make required payments. When evaluating the adequacy of an allowance for impairment of receivables, management bases its estimates on the aging of accounts receivable balances and historical write-off experience, customer credit worthiness and changes in customer payment terms. If the financial condition of customers were to deteriorate, actual write-offs might be higher than expected. Deferred tax assets Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with future tax planning strategies. Related party transactions In the normal course of business, the Group enters into transactions with its related parties. IAS 39 requires initial recognition of financial instruments based on their fair values. Judgment is applied in determining if transactions are priced at market or non-market interest rates, where there is no active market for such transactions. The basis for judgement is pricing for similar types of transactions with unrelated parties. Impairment of property and equipment The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's (CGU) fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to
Page 20
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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. The Group bases its impairment calculation on detailed budgets and forecast calculations which are prepared for Group's cash-generating units to which the individual assets are allocated. These budgets and forecast calculations are generally covering a period of five years. For longer periods, a long-term growth rate is calculated and applied to project future cash flows after the fifth year.
In the parent separate financial statements investments in subsidiaries are measured at fair value through other comprehensive income. The fair value is determined by reference to the net assets value of the investee companies. Such an estimate may have material impact on the carrying value of the investments.
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.
Revenue from the sale of services (income under contracts with customers) is recognized when (or to the extent that) the Group fulfils its obligations to perform under the contract by transferring services to the buyer. At the time of concluding the contract, the Group determines whether it fulfils the obligation to perform during the period or at a certain point in time. If the obligation to perform is not fulfilled within the period, the Group performs the obligation to perform at a certain point in time. Goods or services are considered transferred when (or to the extent that) the buyer gains control of them.
For each performance obligation performed during the period, the Group recognizes revenue during the period, assessing the extent of completeness of performance obligations. To assess the extent of fulfilment of obligations the Group uses the methods of results and methods of resources depending on the technological features of the production process and / or technological characteristics of goods or services, as well as economic feasibility.
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Current or deferred taxation assets and liabilities are not discounted.
Page 22
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Page 24
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Inventories are recognised when the Group obtains control of the goods and the significant risks and rewards of ownership have transferred. Inventories are stated at the lower of cost and net realisable value.
Cost comprises purchase cost together with any directly attributable costs incurred in bringing the inventories to their present location and condition. For internally produced inventories, cost also includes an appropriate proportion of production overheads. Net realisable value represents the estimated selling price in the ordinary course of business less estimated costs of completion and costs necessary to make the sale. Work in progress relating to contracts in progress is measured with reference to the stage of completion at the reporting date, where the outcome of the contract can be measured reliably. Revenue and associated costs are recognised in proportion to the contractual fees accrued based on the percentage of completion method. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Ordinary shares are classified as equity.
Movement in consolidation adjustments are taken through reserves. Other reserves comprise of revaluation and minority interest movements.
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 27
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Tangible fixed assets (continued)
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 33
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 34
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 35
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 36
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The group includes one subsidiary, Credit Data Research Italia, with material non controlling interests (NCI).
No dividends were paid to the NCI during the year.
Page 37
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Movements in consolidation adjustments are taken through reserves. Other reserves comprise of revaluation reserve and non - controlling interests.
Profit and loss reserve is a distributable reserve. Refer to Statement of Changes in Equity for movement in reserves.
The ultimate controlling party is A Balduini.
An auditors' limitation of liability agreement has been approved by the members for the financial year ended 31 December 2024. The principal terms and conditions are as below:
- The agreement limits the amount of any liability owed to the Company by the auditors in respect of any negligence default, breach of duty or breach of trust, occurring in the course of audit of the Company's accounts and pursuant to this agreement the auditor may be guilty in relation to the Company. - The agreement also stipulates the maximum aggregated amount payable in event of any of the circumstances stated above.
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CREDIT DATA RESEARCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Following the year end, the Group entered into a binding agreement for the disposal of its subsidiary, CDR Italy. Completion of the disposal is expected to take place after the reporting date. The directors expect that the disposal will result in proceeds in excess of the carrying value of the subsidiary as at the reporting date.
As the disposal was contractually agreed after the reporting date, it represents a non-adjusting post balance sheet event in accordance with FRS 102. Accordingly, no adjustments have been made to the carrying values of assets or liabilities in these financial statements.
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