Data Cloud Limited - Period Ending 2016-12-31

Registration number: 07049539

Data Cloud Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Ballard Dale Syree Watson LLP
Oakmoore Court
11 C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

Data Cloud Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Data Cloud Limited

Company Information

Directors

N Childe-Harmer C E S Green S P Corbett M P Clothier J D W Pocock T Steel G D Chapman

Registered office

UGLI Campus 56 Wood Lane London W12 7SB

Accountants

Ballard Dale Syree Watson LLP Oakmoore Court 11 C Kingswood Road Hampton Lovett Droitwich Worcestershire WR9 0QH

Page 1

Data Cloud Limited

(Registration number: 07049539)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Investments	3	101	101
Current assets
Debtors	4	12,067,650	7,418,208
Cash at bank and in hand		914,402	106,059
		12,982,052	7,524,267
Creditors: Amounts falling due within one year	5	(453,474)	(1,282,327)
Net current assets		12,528,578	6,241,940
Total assets less current liabilities		12,528,679	6,242,041
Creditors: Amounts falling due after more than one year	5	(1,540,622)	-
Net assets		10,988,057	6,242,041
Capital and reserves
Called up share capital		236	177
Share premium reserve		11,690,435	6,464,802
Profit and loss account		(702,614)	(222,938)
Total equity		10,988,057	6,242,041

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Data Cloud Limited

(Registration number: 07049539)
Balance Sheet as at 31 December 2016

Approved and authorised by the Board on 21 August 2017 and signed on its behalf by:
 

.........................................

G D Chapman

Director

The notes on pages 4 to 7 form an integral part of these financial statements.

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Data Cloud Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
UGLI Campus
56 Wood Lane
London
W12 7SB
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The directors believe that the company will continue as a going concern having considered the financial prospects for the company over the next 12 months including reviewing the potential for securing sources of additional revenue.

The company's ability to continue on a going concern basis depends on the ability to support the operations of the group companies. The directors have drawn up group forecasts under multiple scenarios in order to manage future cashflow. There is however, no guarantee that new revenue sources will be secured.

The directors consider it appropriate to prepare the financial statements on a going concern basis.

The company has indicated its willingness to continue its support for it's subsidiaries going forward.

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Data Cloud Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Exemption from preparing a cash flow statement
The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Exemption from preparing group accounts
The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.

Deferred tax
Deferred tax is recognised on all timing differences where the transactions or events give the company an obligation to pay more tax in the future, or a right to pay less tax in the future has occurred by the balance sheet date. Deferred tax assets are recognised when it is more likely than not that they will be recovered. Deferred tax is measured using rates that have been enacted or substantively enacted by the balance sheet date.

The accumulated losses have resulted in significant tax allowable losses being built up which can be offset against future trading profits. At present the directors are uncertain as to whether sufficient profits will be realised against which to offset these losses and accordingly no deferred tax asset has been recognised in the financial statements.

Foreign currency
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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Data Cloud Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

3	Investments

	2016 £	2015 £
Investments in subsidiaries	101	101

Subsidiaries	£
Cost or valuation
At 1 January 2016	101
Provision
Carrying amount
At 31 December 2016	101
At 31 December 2015	101

4

Debtors

	Note	2016  £	2015  £
Amounts owed by group undertakings and undertakings in which the company has a participating interest		12,061,856	7,411,861
Other debtors		5,794	6,347
Total current trade and other debtors		12,067,650	7,418,208

Page 6

Data Cloud Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

5

Creditors

	Note	2016  £	2015  £
Due within one year
Loans		-	1,255,622
Trade creditors		14,875	-
Amounts owed to group undertakings and undertakings in which the company has a participating interest		-	1,070
Other creditors		438,599	25,635
		453,474	1,282,327
Due after one year
Loans and borrowings		1,540,622	-

The principal loan note is £1,540,622 and has a compounded monthly interest of 23.33%. The loan, together with the redemption premium, is repayable on the earlier of the third anniversary or the liquidation or dissolution of the company, unless the note holder or the company have opted to enforce conversion. As at the balance sheet date £438,176 of loan interest has been accrued.

6	Non adjusting events after the financial period

On 21 March 2017, 1,423,812 Ordinary £0.00001 shares were issued at £0.925 per share. A further 71,171 Ordinary £0.00001 shares were issued on 5 April 2017 at £0.925.

7	Transition to FRS 102

The directors have undertaken a comprehensive review of the company’s accounting policies in order to identify all potential transitional adjustments that may be necessary. As a result of this review, the directors have not identified any material adjustments arising from the transition and therefore no transitional adjustments have been made in these financial statements.

Therefore there is no change to either the balance sheet or profit and loss account as previously presented for the period ended 31 December 2015.

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