Done And Dusted Productions Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 07557621 (England and Wales)
Done and Dusted Productions Limited
Done And Dusted Productions Limited
Company Information
Directors
H Hamilton
S Pizey
I Stewart
Secretary
D Gordon
Company number
07557621
Registered office
2nd Floor
55 Greek Street
London
England
W1D 3DT
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
55 Greek Street
London
W1D 3DT
Bankers
Barclays Bank Plc
27 Soho Square
London
W1D 3QR
Done And Dusted Productions Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
Done and Dusted Productions Limited
Done And Dusted Productions Limited
Strategic Report
For the year ended 31 December 2023
Page 1

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

Fair review of the business

Turnover for the year was £127.3 million (2022: £109.6 million).

An Operating Profit of £9.4 million was made for the 2023 year (2022: £6 million).

As at the year end the group has a net asset position of £18.5 million (2022: £12.2 million).

 

The group has continued to grow with 2023 a record year. The Middle East is continuing to grow substantially, with the US being steady. E-sports and corporate events (Google, Meta and Spotify presentation events) doing well.

We anticipate that 2024 will be a record year.

Principal risks and uncertainties

Senior management are aware of their responsibility for managing risks within the business. Risk is reviewed at board level to ensure that risk management is being implemented and monitored effectively.

 

The board policy is to ensure that the business is run effectively and appropriately, bearing in mind the requirements for timely decision making and commercial reality.

 

Through management reports, risks are highlighted and monitored to identify potential business risk areas and to quantify and address the risk wherever possible.

 

The Group made a profit before tax for the year of £9.5m, had net assets of £18.5m and cash reserves of £36.3m as at 31 December 2023.

 

The Group continues to have high levels of cash reserves post year end and the directors have prepared cashflows which show that the Company has sufficient cash to trade for a period of 12 months from the signing of these accounts. The accounts have therefore been prepared on a going concern basis.

 

Other performance indicators

The directors consider the key performance indicator of the the business to be their gross profit margin.

 

A Gross Profit margin of 13.8% was achieved in the 2023 year (2022: 12.8%). The margin will vary on an event by event basis, depending on the size, complexity and location of the event and the margins of each event are reviewed by management on a regular basis.

On behalf of the board

S Pizey
Director
24 July 2024
Done And Dusted Productions Limited
Directors' Report
For the year ended 31 December 2023
Page 2

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

Principal activities

The principal activity of the company and group continued to be that of a television and event production company.

Directors

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

H Hamilton
S Pizey
I Stewart
Results and dividends

Ordinary dividends were paid amounting to £1,960,437 (2022: £735,992). The directors do not recommend payment of a final dividend.

Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

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

On behalf of the board
S Pizey
Director
24 July 2024
Done And Dusted Productions Limited
Directors' Responsibilities Statement
For the year ended 31 December 2023
Page 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Done And Dusted Productions Limited
Independent Auditor's Report
To the Members of Done And Dusted Productions Limited
Page 4
Opinion

We have audited the financial statements of Done and Dusted Productions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows 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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Done And Dusted Productions Limited
Independent Auditor's Report (Continued)
To the Members of Done And Dusted Productions Limited
Page 5

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Done And Dusted Productions Limited
Independent Auditor's Report (Continued)
To the Members of Done And Dusted Productions Limited
Page 6
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Done And Dusted Productions Limited
Independent Auditor's Report (Continued)
To the Members of Done And Dusted Productions Limited
Page 7

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

Ÿ

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jeremy Read (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
24 July 2024
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Done And Dusted Productions Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2023
Page 8
2023
2022
Notes
£
£
Turnover
3
127,305,399
109,585,793
Cost of sales
(109,596,835)
(95,569,513)
Gross profit
17,708,564
14,016,280
Administrative expenses
(8,328,236)
(8,024,005)
Other operating income
-
50,075
Operating profit
4
9,380,328
6,042,350
Share of profits of associates and joint ventures
23,685
158,178
Interest receivable and similar income
8
129,477
473
Interest payable and similar expenses
9
(3,138)
(423)
Profit before taxation
9,530,352
6,200,578
Tax on profit
10
(1,019,834)
(1,216,235)
Profit for the financial year
8,510,518
4,984,343
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(233,127)
214,907
Total comprehensive income for the year
8,277,391
5,199,250
Profit for the financial year is attributable to:
- Owners of the parent company
8,510,518
4,813,709
- Non-controlling interests
-
170,634
8,510,518
4,984,343
Total comprehensive income for the year is attributable to:
- Owners of the parent company
8,277,391
5,028,616
- Non-controlling interests
-
170,634
8,277,391
5,199,250

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Done And Dusted Productions Limited
Group Balance Sheet
As at 31 December 2023
Page 9
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
36,921
81,227
Investments
13
197,580
263,896
234,501
345,123
Current assets
Debtors
14
17,333,936
12,895,716
Cash at bank and in hand
36,281,104
27,248,324
53,615,040
40,144,040
Creditors: amounts falling due within one year
15
(35,198,188)
(28,154,764)
Net current assets
18,416,852
11,989,276
Total assets less current liabilities
18,651,353
12,334,399
Provisions for liabilities
Provisions
17
(106,980)
(106,980)
(106,980)
(106,980)
Net assets
18,544,373
12,227,419
Capital and reserves
Called up share capital
18
3
3
Profit and loss reserves
18,544,370
12,227,416
Total equity
18,544,373
12,227,419
The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
24 July 2024
S Pizey
Director
Done and Dusted Productions Limited
Done And Dusted Productions Limited
Company Balance Sheet
As at 31 December 2023
31 December 2023
Page 10
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
21,142
56,861
Investments
13
62,479
62,480
83,621
119,341
Current assets
Debtors
14
11,059,088
3,636,414
Cash at bank and in hand
14,501,348
10,169,233
25,560,436
13,805,647
Creditors: amounts falling due within one year
15
(13,333,933)
(5,985,217)
Net current assets
12,226,503
7,820,430
Total assets less current liabilities
12,310,124
7,939,771
Provisions for liabilities
17
(106,980)
(106,980)
Net assets
12,203,144
7,832,791
Capital and reserves
Called up share capital
18
3
3
Profit and loss reserves
12,203,141
7,832,788
Total equity
12,203,144
7,832,791

As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and related notes. The Company’s profit for the year was £6,330,790 (2022 - £2,776,836 profit).

 

The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
24 July 2024
S Pizey
Director
Company Registration No. 07557621
Done And Dusted Productions Limited
Group Statement of Changes in Equity
For the year ended 31 December 2023
Page 11
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
3
7,934,792
7,934,795
(170,634)
7,764,161
Year ended 31 December 2022:
Profit for the year
-
4,813,709
4,813,709
170,634
4,984,343
Other comprehensive income:
Currency translation differences
-
214,907
214,907
-
214,907
Total comprehensive income for the year
-
5,028,616
5,028,616
170,634
5,199,250
Dividends
11
-
(735,992)
(735,992)
-
(735,992)
Balance at 31 December 2022
3
12,227,416
12,227,419
-
0
12,227,419
Year ended 31 December 2023:
Profit for the year
-
8,510,518
8,510,518
-
8,510,518
Other comprehensive income:
Currency translation differences
-
(233,127)
(233,127)
-
(233,127)
Total comprehensive income for the year
-
8,277,391
8,277,391
-
8,277,391
Dividends
11
-
(1,960,437)
(1,960,437)
-
(1,960,437)
Balance at 31 December 2023
3
18,544,370
18,544,373
-
0
18,544,373
Done And Dusted Productions Limited
Company Statement of Changes in Equity
For the year ended 31 December 2023
Page 12
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
3
5,791,944
5,791,947
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
2,776,836
2,776,836
Dividends
11
-
(735,992)
(735,992)
Balance at 31 December 2022
3
7,832,788
7,832,791
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
6,330,790
6,330,790
Dividends
11
-
(1,960,437)
(1,960,437)
Balance at 31 December 2023
3
12,203,141
12,203,144
Done And Dusted Productions Limited
Group Statement of Cash Flows
For the year ended 31 December 2023
Page 13
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
12,532,701
13,445,641
Interest paid
(3,138)
(423)
Income taxes paid
(1,426,498)
(266,494)
Net cash inflow from operating activities
11,103,065
13,178,724
Investing activities
Purchase of tangible fixed assets
(11,554)
(88,917)
Proceeds from disposal of tangible fixed assets
5,086
-
Repayment of loans
-
(22,288)
Interest received
129,477
473
Net cash generated from/(used in) investing activities
123,009
(110,732)
Financing activities
Dividends paid to equity shareholders
(1,960,437)
(735,992)
Net cash used in financing activities
(1,960,437)
(735,992)
Net increase in cash and cash equivalents
9,265,637
12,332,000
Cash and cash equivalents at beginning of year
27,248,324
14,698,606
Effect of foreign exchange rates
(232,857)
217,718
Cash and cash equivalents at end of year
36,281,104
27,248,324
Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements
For the year ended 31 December 2023
Page 14
1
Accounting policies
Company information

Done and Dusted Productions Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4th Floor, 93 Newman Street, London, W1T 3EZ.

 

The group consists of Done and Dusted Productions Limited and all of its subsidiaries as set out in note 19.

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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 15
1.2
Basis of consolidation

The consolidated financial statements incorporate those of Done and Dusted Productions Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 December 2023.

 

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

 

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

 

1.3
Going concern

The Group made a profit before tax for the year of £9.5m, had net assets of £18.5m and cash reserves of £36.3m as at the 31 December 2023.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.4
Turnover

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Both fee income and recharged costs are billed and recognised in the period in which the work was completed or the costs incurred. Revenue is recognised as the contact activity progresses, so that for contracts where events take place after the year end it reflects the partial performance of the contractual obligations in accordance with Section 23 of FRS 102. For such contracts, the amount of revenue recognised in the profit and loss account is calculated by reference to the value of work performed. Income is deferred or accrued as necessary by reference to the stage of the project compared to the level of billing to date.

1.5
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.

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:

Leasehold land and buildings
Over the remaining course of the lease
Fixtures and fittings
Straight line over 3 years
Computer Equipment
Straight line over 3 years

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

Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 16
1.6
Fixed asset investments

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

 

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

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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

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

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 group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 17
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

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 group 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.

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 group after deducting all of its 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 18
1.9
Equity instruments

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

1.10
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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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

1.11
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
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.

Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 19
1.13
Retirement benefits

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

1.14
Leases

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

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
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
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Revenue Recognition

There is judgement involved in assessing the degree of completion of jobs which are in progress at the year end. Management apply their experience with similar projects when making this assessment.

Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
Page 20
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Television and events production
127,305,399
109,585,793
2023
2022
£
£
Turnover analysed by geographical market
UK
4,316,839
7,256,382
Europe
2,115,598
877,844
USA
74,149,059
79,304,423
Rest of World
46,723,903
22,147,144
127,305,399
109,585,793
2023
2022
£
£
Other revenue
Interest income
129,477
473
4
Operating profit
2023
2022
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange (gains) / losses
(355,381)
(324,204)
Depreciation of owned tangible fixed assets
50,503
46,570
Operating lease charges
393,347
626,123
5
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
39
30
7
5
Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
5
Employees
(Continued)
Page 21

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,330,149
5,037,054
1,100,640
990,287
Social security costs
413,835
368,212
146,416
138,459
Pension costs
29,873
25,104
13,500
16,527
5,773,857
5,430,370
1,260,556
1,145,273
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company and other services
171,513
137,982
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
967,427
1,053,601
Company pension contributions to defined contribution schemes
4,000
-
971,427
1,053,601

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2022 - 0).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
441,686
560,242
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
129,477
473
Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
8
Interest receivable and similar income
(Continued)
Page 22

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
129,477
473
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
27
423
Other finance costs:
Other interest
3,111
-
Total finance costs
3,138
423
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
646,451
542,419
Adjustments in respect of prior periods
(314,743)
632
Total UK current tax
331,708
543,051
Foreign current tax on profits for the current period
688,126
673,184
Total current tax
1,019,834
1,216,235
Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
10
Taxation
(Continued)
Page 23

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

2023
2022
£
£
Profit before taxation
9,530,352
6,200,578
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
2,239,633
1,178,110
Tax effect of expenses that are not deductible in determining taxable profit
23,644
300
Tax effect of income not taxable in determining taxable profit
(21,168)
(30,615)
Tax effect of utilisation of tax losses not previously recognised
(910,983)
(102,518)
Adjustments in respect of prior years
(315,191)
632
Permanent capital allowances in excess of depreciation
-
0
(1,572)
Effect of overseas tax rates
(3,280)
169,628
Effect of deferred tax not recognised
7,179
2,270
Taxation charge
1,019,834
1,216,235
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
1,960,437
735,992
Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
Page 24
12
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Computer Equipment
Total
£
£
£
£
Cost
At 1 January 2023
106,980
240,902
35,566
383,448
Additions
-
0
8,951
2,603
11,554
Disposals
-
0
(5,086)
-
0
(5,086)
Exchange adjustments
-
0
(9,651)
-
0
(9,651)
At 31 December 2023
106,980
235,116
38,169
380,265
Depreciation and impairment
At 1 January 2023
75,520
199,187
27,514
302,221
Depreciation charged in the year
20,973
24,687
4,843
50,503
Exchange adjustments
-
0
(9,380)
-
0
(9,380)
At 31 December 2023
96,493
214,494
32,357
343,344
Carrying amount
At 31 December 2023
10,487
20,622
5,812
36,921
At 31 December 2022
31,460
41,715
8,052
81,227
Company
Leasehold land and buildings
Fixtures and fittings
Computer Equipment
Total
£
£
£
£
Cost
At 1 January 2023
106,980
26,352
32,588
165,920
Additions
-
0
-
0
1,145
1,145
At 31 December 2023
106,980
26,352
33,733
167,065
Depreciation and impairment
At 1 January 2023
75,520
7,806
25,733
109,059
Depreciation charged in the year
20,973
11,713
4,178
36,864
At 31 December 2023
96,493
19,519
29,911
145,923
Carrying amount
At 31 December 2023
10,487
6,833
3,822
21,142
At 31 December 2022
31,460
18,546
6,855
56,861
Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
Page 25
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
19
-
0
-
0
2,479
2,479
Investments in associates
21
194,581
247,112
60,000
60,000
Investments in joint ventures
22
2,999
16,784
-
0
1
197,580
263,896
62,479
62,480
Movements in fixed asset investments
Group
Shares in associates and joint ventures
£
Cost or valuation
At 1 January 2023
263,896
Valuation changes
(66,315)
At 31 December 2023
197,581
Impairment
At 1 January 2023
-
Impairment losses
1
At 31 December 2023
1
Carrying amount
At 31 December 2023
197,580
At 31 December 2022
263,896
Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
13
Fixed asset investments
(Continued)
Page 26
Movements in fixed asset investments
Company
Shares in subsidiaries, associates and joint ventures
£
Cost or valuation
At 1 January 2023 and 31 December 2023
62,480
Impairment
At 1 January 2023
-
Impairment losses
1
At 31 December 2023
1
Carrying amount
At 31 December 2023
62,479
At 31 December 2022
62,480
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,210,150
2,857,672
3,681,707
371,637
Corporation tax recoverable
1,418,970
-
0
-
0
-
0
Amounts due from group undertakings
-
-
4,166,635
2,804,000
Other debtors
4,579,055
3,730,030
2,120,250
352,766
Prepayments and accrued income
6,125,761
6,308,014
1,090,496
108,011
17,333,936
12,895,716
11,059,088
3,636,414

 

Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
Page 27
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Trade creditors
5,270,721
2,546,816
4,447,967
2,092,799
Amounts owed to group undertakings
-
0
-
0
406,758
699,952
Corporation tax payable
2,127,235
1,114,929
1,703,027
464,324
Other taxation and social security
92,936
283,934
64,664
211,390
Deferred income
5,959,279
-
0
5,959,279
-
0
Other creditors
4,819,373
6,972,730
1,661
7,369
Accruals and deferred income
16,928,644
17,236,355
750,577
2,509,383
35,198,188
28,154,764
13,333,933
5,985,217
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
29,873
25,104

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

17
Dilapidations provisions
Group
Company
2023
2022
2023
2022
£
£
£
£
106,980
106,980
106,980
106,980
18
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
30
30
3
3
Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
Page 28
19
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation / registered office
shareholding
Direct
Indirect
A D + D Inc.
USA
Television and Event Production
Ordinary
-
50.00
A D + D Limited
England and Wales
Television and Event Production
Ordinary
50.00
-
AK Times Square Inc.
USA
Television and Event Production
Ordinary
-
100.00
Done and Dusted DJ Ltd
England and Wales
Television and Event Production
Ordinary
100.00
-
Done and Dusted Electronics Inc.
USA
Television and Event Production
Ordinary
-
100.00
Done and Dusted Events Inc.
USA
Television and Event Production
Ordinary
-
100.00
Done and Dusted Events Limited
England and Wales
Television and Event Production
Ordinary
100.00
-
Done and Dusted Inc.
USA
Television and Event Production
Ordinary
100.00
-
Done and Dusted Media Inc.
USA
Television and Event Production
Ordinary
100.00
-
Done and Dusted Productions Inc.
USA
Television and Event Production
Ordinary
100.00
-
Done and Dusted UAE Ltd
England and Wales
Television and Event Production
Ordinary
100.00
-
Shut the Front Door LLC
USA
Television and Event Production
Ordinary
-
100.00
Done and Dusted Middle East FZ LLC
UAE
Television and Event Production
Ordinary
100.00
-
Done and Dusted X Ltd
England and Wales
Television and Event Production
Ordinary
90.00
-

Group companies incorporated in England and Wales have a registered office at 55 Greek Street, London, W1D 3DT.

 

Companies incorporated in the US are situated at 1716 12th St, Santa Monica, CA 90404.

 

Companies incorporated in the UAE are registered at 801A, TwoFour54, Park Rotana Building, Abu Dhabi, United Arab Emirates, P.O. Box 769784.

Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
Page 29
20
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
290,001
213,826
104,782
196,130
Between two and five years
196,787
505,841
-
104,782
486,788
719,667
104,782
300,912
21
Associates

Details of associates at 31 December 2023 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation / registered office
shareholding
Direct
Indirect
Progress Productions Ltd
England and Wales
Television and Event Production
Ordinary
25.00
-
22
Joint ventures

Details of joint ventures at 31 December 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Birmingham Ceremonies Ltd
England and Wales
Television and Event Production
Ordinary
50.00
-

The joint venture recorded a profit for the year ending of £2,432 (2022: loss of £567,426). The value of net assets of Birmingham Ceremonies Ltd as at 31 December 2023 is £5,999 (2022: £33,567).

23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
1,408,866
1,723,785
Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
23
Related party transactions
(Continued)
Page 30
Other information

During the year the company made sales of £Nil and purchases of £Nil (2022: sales of £Nil and purchases of £921) to What Was T.V. ? Limited, a company controlled by H Hamilton.

 

During the year the company made sales of £165,143 (2022: £38,994) to Progress Productions Limited, a related party by virtue of common directorship. At the year end £101,725 (2022: £52,306) was due from Progress Productions Limited.

 

During the year the company made sales of £3,295 (2022: £nil) and purchases of £167,189 (2022: Nil) to Berkeley 31 Limited, a related party by virtue of common directorship. At the year end £nil (2023: £nil) was due from Berkeley 31 Limited.

 

During the year the company made purchases of £4,919 (2022: Nil) from H.H.1.0 Limited, a related party by virtue of common directorship. At the year end £nil (2023: £nil) was due to H.H.1.0 Limited.

 

During the year the company made purchases of £422,701 (2022: Nil) from Meta Fabulous Limited, a related party by virtue of common directorship. At the year end £nil (2023: £nil) was due to Meta Fabulous Limited.

 

During the year the company made sales of £nil (2022: £5,061,337) to Birmingham Ceremonies Limited, a related party by virtue of common directorship. At the year end £nil was due to Birmingham Ceremonies Limited (2022: £nil).

 

No amounts were written off or provided for during the year in respect of any of the amounts above.

 

 

 

 

 

24
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
8,510,518
4,984,343
Adjustments for:
Share of results of associates and joint ventures
66,316
(158,178)
Taxation charged
1,019,834
1,216,235
Finance costs
3,138
423
Investment income
(129,477)
(473)
Depreciation and impairment of tangible fixed assets
50,503
46,570
Increase in provisions
-
32,094
Movements in working capital:
Increase in debtors
(2,956,013)
(9,452,947)
Increase in creditors
5,967,882
16,777,574
Cash generated from operations
12,532,701
13,445,641
Done and Dusted Productions Limited
Done And Dusted Productions Limited
Notes to the  Financial Statements (Continued)
For the year ended 31 December 2023
Page 31
25
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
27,248,324
9,265,637
(232,857)
36,281,104
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