Company Registration No. 09140280 (England and Wales)
Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Annual report and financial statements
for the year ended 31 March 2023
Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Company information
Directors
Dr. R Gratl
Dr. K Kundratitz
Secretary
Thomas Merk
Company number
09140280
Registered office
122 Canal Street
Nottingham
United Kingdom
NG1 7HG
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
United Kingdom
EC4V 4BE
EC4V 4BE
Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Strategic report
For the year ended 31 March 2023
1

The directors present the strategic report for the year ended 31 March 2023.

Fair review of the business

Dambuster Studios is a AAA video game developer based in Nottingham UK which has 179 employees (as of March 2023). 92% are working in development and the remaining staff are studio management and administrative support. The game Dead Island 2 will be launched in April 2023 on PlayStation 4, PlayStation 5, Xbox One / Series S / X and Epic Store. After launch the teams will work across three projects; further content and features for Dead Island 2 including the story expansion SoLA and Steam support launching in April 2024, a collaboration with another PLAION studio, Fishlabs, which is expected to release in Q4 2024 and finally, the team will be in the early stages of development on the next major video game project.

 

The company incurred a profit before tax of £528,415 (2022: loss of £295,710) during the year and at the year end had net assets of £963,432 (2022: net assets of £435,017).

Principal risks and uncertainties

The company is a member of PLAION group, in which risks are managed at group and company level. The management of the business and the nature of the group’s strategy are subject to a number of risks, which are monitored at both group and company level. The studio’s main risks / daily challenges are having the right vision and mission to know which games are trending in 3-5 years, stay on top of the engineering standards of AAA games as well having the right talented team available for working on the projects.

Key performance indicators

The directors consider the company’s key financial performance indicator to be whether the video games are completed in line with the latest expectations of the production budget. At the end, all video games were completed based on the expectations.

Other performance indicators

The directors consider the company's other key performance indicator to be whether or not the video games are certified as British. This has been achieved, as the company have received Final Certificates.

On behalf of the board

Dr. R Gratl
Dr. K Kundratitz
Director
Director
25 March 2024
Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Directors' report
For the year ended 31 March 2023
2

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

Principal activities

The principal activity of the company continued to be that of video gaming projects.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Dr. R Gratl
Dr. K Kundratitz
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Dr. R Gratl
Dr. K Kundratitz
Director
Director
25 March 2024
Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Directors' responsibilities statement
For the year ended 31 March 2023
3

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Independent auditor's report
To the members of Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
4
Opinion

We have audited the financial statements of Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited) (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the statement of financial position, the 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 the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Independent auditor's report (continued)
To the members of Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
5

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

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 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 company or to cease operations, or have no realistic alternative but to do so.

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.

Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Independent auditor's report (continued)
To the members of Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
6

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and 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. 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Independent auditor's report (continued)
To the members of Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
7

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 so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Moses Nyachae (Senior Statutory Auditor)
For and on behalf of Saffery LLP
27 March 2024
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
71 Queen Victoria Street
London
London
United Kingdom
EC4V 4BE
EC4V 4BE
Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Statement of comprehensive income
For the year ended 31 March 2023
8
2023
2022
Notes
£
£
Turnover
11,737,928
15,228,435
Cost of sales
(310,205)
(5,511,172)
Gross profit
11,427,723
9,717,263
Administrative expenses
(10,925,206)
(10,016,292)
Other operating income
25,802
3,319
Profit/(loss) before taxation
528,319
(295,710)
Tax on profit/(loss)
5
96
464,059
Profit for the financial year
528,415
168,349

The income statement has been prepared on the basis that all operations are continuing operations.

Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Statement of financial position
As at 31 March 2023
9
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
474,249
401,698
Investments
7
1
1
474,250
401,699
Current assets
Debtors
9
4,499,742
6,423,577
Cash at bank and in hand
13,513
28,988
4,513,255
6,452,565
Creditors: amounts falling due within one year
10
(4,011,481)
(6,406,655)
Net current assets
501,774
45,910
Total assets less current liabilities
976,024
447,609
Provisions for liabilities
Deferred tax liability
12,592
12,592
(12,592)
(12,592)
Net assets
963,432
435,017
Capital and reserves
Called up share capital
13
10,000
10,000
Profit and loss reserves
953,432
425,017
Total equity
963,432
435,017
The financial statements were approved by the board of directors and authorised for issue on 25 March 2024 and are signed on its behalf by:
Dr. R Gratl
Dr. K Kundratitz
Director
Director
Company Registration No. 09140280 (England and Wales)
Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Statement of changes in equity
For the year ended 31 March 2023
10
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
10,000
256,668
266,668
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
168,349
168,349
Balance at 31 March 2022
10,000
425,017
435,017
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
528,415
528,415
Balance at 31 March 2023
10,000
953,432
963,432
Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Notes to the financial statements
For the year ended 31 March 2023
11
1
Accounting policies
Company information

Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 122 Canal Street, Nottingham, Nottinghamshire, NG1 7HG.

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.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
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.

Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
12

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:

Freehold land and buildings
10% straight line
Plant and equipment
12.5% - 25% straight line
Computers
33% straight line

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 credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
13
1.7
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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

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 debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
14
Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
15
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has 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.

1.11
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 stock or 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.

1.12
Retirement benefits

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

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2023
16
3
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
16,775
14,500
Depreciation of owned tangible fixed assets
207,460
215,000
4
Employees

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

2023
2022
Number
Number
Finance and admin
15
14
Product management and development
164
159
Total
179
173

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
6,420,838
5,939,597
Social security costs
676,630
605,134
Pension costs
679,014
568,377
7,776,482
7,113,108
5
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(96)
(464,059)
Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2023
5
Taxation (continued)
17

The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
528,319
(295,710)
Expceted tax (credit)/charge based on the stanard rate of corporation tax in the UK of 19% (2022: 19%)
100,381
(56,185)
Group relief
(100,477)
-
0
Under/(over) provided in prior years
-
0
(407,874)
Taxation credit for the year
(96)
(464,059)
6
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 April 2022
83,390
6,912
1,967,463
2,057,765
Additions
4,546
-
0
276,256
280,802
Disposals
-
0
-
0
(842)
(842)
At 31 March 2023
87,936
6,912
2,242,877
2,337,725
Depreciation and impairment
At 1 April 2022
35,628
6,380
1,614,058
1,656,066
Depreciation charged in the year
9,089
317
198,054
207,460
Eliminated in respect of disposals
-
0
-
0
(50)
(50)
At 31 March 2023
44,717
6,697
1,812,062
1,863,476
Carrying amount
At 31 March 2023
43,219
215
430,815
474,249
At 31 March 2022
47,762
532
353,405
401,699
7
Fixed asset investments
2023
2022
£
£
Unlisted investments
1
1
Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2023
18
8
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1
1
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,472,109
1,472,083
Amounts owed by group undertakings
1,082,737
4,578,913
Other debtors
1,668,235
1,029
Prepayments and accrued income
276,661
371,552
4,499,742
6,423,577
10
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Trade creditors
199,171
165,230
Amounts owed to group undertakings
2,496,486
4,498,628
Corporation tax
896,503
907,384
Other taxation and social security
168,789
544,197
Deferred income
11
-
0
4,526
Other creditors
196,799
174,578
Accruals and deferred income
53,733
112,112
4,011,481
6,406,655
11
Deferred income
2023
2022
£
£
Other deferred income
-
4,526
12
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
679,014
568,377

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Dambuster Studios Limited (formerly Deep Silver Dambuster Studios Limited)
Notes to the financial statements (continued)
For the year ended 31 March 2023
19
13
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
14
Ultimate controlling party
The company's immediate parent undertaking is Plaion Gmbh, a company registered in Austria.
The ultimate parent undertaking is Embracer Group AB. Embracer Group AB is the parent undertaking of the smallest and largest group to consolidate these financial statements at 21 June 2023. Copies of its group financial statements, which include the company, are available from the company's website.
The ultimate controlling parties at the balance sheet date is Embracer Group AB, by virtue of shareholding.
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