Company Registration No. 05692860 (England and Wales)
DUPLO INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
DUPLO INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
B Picquet
D Basi
J Thomson
H Tanaka
P Tu
Mr K Akaishizawa
Secretary
D Basi
Company number
05692860
Registered office
Automated Precision House
Hamm Moor Lane
Addlestone
Surrey
KT15 2SD
Auditor
Maynard Heady LLP
Matrix House
12-16 Lionel Road
Canvey Island
Essex
SS8 9DE
DUPLO INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group profit and loss accounts
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
Company statement of cash flows
14
Notes to the financial statements
15 - 34
DUPLO INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The directors present the strategic report for the year ended 31 May 2024.

Review of the business

 

The principal activity of the group in the year under review was that of marketing of Duplo printing and print finishing equipment in Europe, Middle East & Africa (EMEA region).

 

Duplo International Ltd believes in the power of printed communication, print is beautiful, timeless & engaging. The company’s vision is to enables its customers to add value to printed communications through innovation and automated precision.

 

The results for the year show a 5.19% decrease in sales resulting in a profit before tax for the year of £11,449.

In the year ahead we will be continuing to develop and add new products to the existing range providing customers with the opportunity to develop their capabilities and grow their businesses.

Principal risks and uncertainties

The business trades in multiple currencies, primarily Sterling, Yen, Euros and US Dollars. Fluctuations in exchange rates can impact sales levels and margins, and result in substantial exchange gains/losses on revaluation of currency assets and liabilities. The company manages this exposure by matching currency denominated assets and liabilities as far as possible and utilising hedging strategies.

 

Our People

Duplo is committed to its people. We recognise that the people in our business are our most valuable asset where we support them to grown and achieve. We aim to provide a flexible working environment, equal opportunities and effective development. To support this development and achievements we are an Investor in People, we were first recognised in 1989 and continue to work within their framework. Alongside this, we have an online platform called Appraisd, monitoring progress, training and personal development and we also conduct employee engagement surveys.  In 2000 Duplo commenced a training scheme, where we take on young people interested in developing a career in electro-mechanical engineering. Our strategy is to ensure a high performance culture by supporting all staff to realise their potential as direct contributors to the success of Duplo.

Environmental Policy

All products produced by Duplo Corporation in Japan and distributed by Duplo International Ltd are manufactured under ISO 14001. Duplo Corporation in Japan actively seeks to reduce waste, increase recycling and conserve energy through every area of their business.

 

Duplo have invested a substantial sum in leasehold improvements to their property to reduce the carbon footprint of the building. These improvements include Sun Scoops, Air Scoops, Solar Panels and heat pumps.

 

By order of the board

D Basi
Director
23 January 2025
DUPLO INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the group in the year under review was that of marketing of Duplo printing and print finishing equipment in Europe, Middle East & Africa (EMEA region).

Results and dividends

The results for the year are set out on page 7.

The directors recommend that an interim dividend of £164,069 was paid.

The preference share dividend of £106,182 was paid and has been treated as interest and included in finance costs.

Directors

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

B Picquet
D Basi
J Thomson
H Tanaka
P Tu
Mr K Akaishizawa
Auditor

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

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
D Basi
Director
23 January 2025
DUPLO INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 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.

DUPLO INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DUPLO INTERNATIONAL LIMITED
- 4 -
Opinion

We have audited the financial statements of Duplo International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the group profit and loss account, 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, the company 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.

Opinions on other matters prescribed by the Companies Act 2006

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

DUPLO INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DUPLO INTERNATIONAL LIMITED
- 5 -
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 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 parent 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.

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.

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to material misstatement in the financial statements or non-compliance with laws and regulations. This risk increases the more that compliance with a law and regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

DUPLO INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DUPLO INTERNATIONAL LIMITED
- 6 -

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.

Stephanie Caten FCA CTA (Senior Statutory Auditor)
For and on behalf of Maynard Heady LLP
23 January 2025
Chartered Accountants
Statutory Auditor
Matrix House
12-16 Lionel Road
Canvey Island
Essex
SS8 9DE
DUPLO INTERNATIONAL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
26,437,866
27,885,211
Cost of sales
(15,965,780)
(16,557,540)
Gross profit
10,472,086
11,327,671
Administrative expenses
(10,327,372)
(10,207,304)
Operating profit
5
144,714
1,120,367
Interest receivable and similar income
8
11,684
8,127
Interest payable and similar expenses
9
(144,949)
(121,464)
Amounts written off investments
-
(140)
Profit before taxation
11,449
1,006,890
Tax on profit
11
(4,907)
(83,215)
Profit for the financial year
6,542
923,675
Profit for the financial year is all attributable to the owners of the parent company.

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

DUPLO INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
2024
2023
£
£
Profit for the year
6,542
923,675
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(16,211)
13,814
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
(9,669)
937,489
Total comprehensive income for the year is all attributable to the owners of the parent company.
DUPLO INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
2
2
Tangible assets
13
848,970
901,213
Investments
14
30,000
30,000
878,972
931,215
Current assets
Stocks
16
12,652,779
11,105,398
Debtors
17
4,936,968
5,425,173
Cash at bank and in hand
2,677,024
2,692,817
20,266,771
19,223,388
Creditors: amounts falling due within one year
18
(9,069,649)
(7,907,622)
Net current assets
11,197,122
11,315,766
Total assets less current liabilities
12,076,094
12,246,981
Provisions for liabilities
Deferred tax liability
19
40,764
37,913
(40,764)
(37,913)
Net assets
12,035,330
12,209,068
Capital and reserves
Called up share capital
21
2,716,891
2,716,891
Share premium account
605,165
605,165
Revaluation reserve
438,178
438,178
Capital redemption reserve
32,070
32,070
Profit and loss reserves
8,243,026
8,416,764
Total equity
12,035,330
12,209,068
The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
23 January 2025
B Picquet
D Basi
Director
Director
Company registration number 05692860 (England and Wales)
DUPLO INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
1
1
Tangible assets
13
102,353
134,220
Investments
14
990,962
990,962
1,093,316
1,125,183
Current assets
Stocks
16
11,585,354
10,219,417
Debtors
17
4,483,588
3,871,671
Cash at bank and in hand
1,612,543
1,962,348
17,681,485
16,053,436
Creditors: amounts falling due within one year
18
(8,335,084)
(6,722,693)
Net current assets
9,346,401
9,330,743
Total assets less current liabilities
10,439,717
10,455,926
Provisions for liabilities
Deferred tax liability
19
(10,504)
(13,355)
10,504
13,355
Net assets
10,450,221
10,469,281
Capital and reserves
Called up share capital
21
2,716,891
2,716,891
Share premium account
605,165
605,165
Capital redemption reserve
32,070
32,070
Profit and loss reserves
7,096,095
7,115,155
Total equity
10,450,221
10,469,281

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 £145,009 (2023 - £439,813 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
23 January 2025
B Picquet
D Basi
Director
Director
Company registration number 05692860 (England and Wales)
DUPLO INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 June 2022
2,716,891
605,165
436,932
32,070
7,479,276
11,270,334
Year ended 31 May 2023:
Profit for the year
-
-
-
-
923,675
923,675
Other comprehensive income:
Currency translation differences
-
-
-
-
13,814
13,814
Total comprehensive income for the year
-
-
-
-
937,489
937,489
Other movements
-
-
1,246
-
-
1,246
Balance at 31 May 2023
2,716,891
605,165
438,178
32,070
8,416,765
12,209,069
Year ended 31 May 2024:
Profit for the year
-
-
-
-
6,542
6,542
Other comprehensive income:
Currency translation differences
-
-
-
-
(16,211)
(16,211)
Total comprehensive income for the year
-
-
-
-
(9,669)
(9,669)
Dividends
10
-
-
-
-
(164,069)
(164,069)
Balance at 31 May 2024
2,716,891
605,165
438,178
32,070
8,243,027
12,035,331
DUPLO INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2022
2,716,891
605,165
32,070
6,675,342
10,029,468
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
-
439,813
439,813
Balance at 31 May 2023
2,716,891
605,165
32,070
7,115,155
10,469,281
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
-
145,009
145,009
Dividends
10
-
-
-
(164,069)
(164,069)
Balance at 31 May 2024
2,716,891
605,165
32,070
7,096,095
10,450,221
DUPLO INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
248,171
(450,026)
Interest paid
(144,949)
(121,464)
Income taxes refunded
41,528
46,743
Net cash inflow/(outflow) from operating activities
144,750
(524,747)
Investing activities
Purchase of tangible fixed assets
(9,028)
(46,252)
Proceeds from disposal of tangible fixed assets
870
-
Proceeds from disposal of investments
-
(140)
Interest received
11,158
4,397
Dividends received
526
3,730
Net cash generated from/(used in) investing activities
3,526
(38,265)
Financing activities
Dividends paid to equity shareholders
(164,069)
-
0
Net cash used in financing activities
(164,069)
-
Net decrease in cash and cash equivalents
(15,793)
(563,012)
Cash and cash equivalents at beginning of year
2,692,817
3,255,829
Cash and cash equivalents at end of year
2,677,024
2,692,817
DUPLO INTERNATIONAL LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(237,865)
(220,384)
Interest paid
(144,130)
(120,448)
Income taxes (paid)/refunded
(76,260)
48,077
Net cash outflow from operating activities
(458,255)
(292,755)
Investing activities
Purchase of tangible fixed assets
-
0
(870)
Proceeds on disposal of tangible fixed assets
870
-
0
Write off of investments
-
0
(140)
Interest received
11,158
4,397
Dividends received
260,491
3,730
Net cash generated from investing activities
272,519
7,117
Financing activities
Dividends paid to equity shareholders
(164,069)
-
Net cash used in financing activities
(164,069)
-
Net decrease in cash and cash equivalents
(349,805)
(285,638)
Cash and cash equivalents at beginning of year
1,962,348
2,247,986
Cash and cash equivalents at end of year
1,612,543
1,962,348
DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
1
Accounting policies
Company information

Duplo International Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Automated Precision House, Hamm Moor Lane, Addlestone, Surrey, KT15 2SD.

 

The group consists of Duplo International Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Duplo International Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 May 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.3
Going concern

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
Turnover represents amounts receivable for goods and services net of VAT and equivalent sales taxes.

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.

1.5
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.6
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:

Land and buildings Freehold
2% on cost
Land and buildings Leasehold
10% on reducing balance for improvements / 20% on reducing balance for Paris warehouse
Plant and machinery
20% on reducing balance
Fixtures, fittings and equipment
20% on reducing balance
Computer equipment
20% on cost
Motor vehicles
25% on cost

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

1.7
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.

DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -

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

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.

1.8
Impairment of fixed assets

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

 

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

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

 

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

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

DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

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.

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.

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.

DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
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

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.

1.12
Equity instruments

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

1.13
Taxation

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

DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 20 -
Current tax

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

Deferred tax

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

 

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

1.14
Employee benefits

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

1.15
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.16
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.

1.17
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.

DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 21 -
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.

3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Printing and collating equipment
26,437,866
27,885,211
2024
2023
£
£
Other revenue
Interest income
11,158
4,397
Dividends received
526
3,730

The group does not disclose its turnover by geographic location as, in the opinion of the directors, they considers this to be prejudicial to the interests of the group.

4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,652
19,880
For other services
All other non-audit services
15,500
15,500

Other services include accounting, taxation, corporate planning and other general advice.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
466,858
314,588
Depreciation of owned tangible fixed assets
60,401
75,123
Operating lease charges
549,363
457,536
DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
5
Operating profit
(Continued)
- 22 -

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £83,840 (2023 - £148,018).

6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
514,020
512,889
Company pension contributions to defined contribution schemes
123,268
132,290
637,288
645,179

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
230,108
232,858
Company pension contributions to defined contribution schemes
55,710
29,211
7
Employees

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,461,964
4,734,109
3,513,851
3,262,696
Social security costs
989,517
1,036,535
425,724
397,744
Pension costs
537,840
535,210
537,840
535,210
5,989,321
6,305,854
4,477,415
4,195,650
DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
9,402
2,153
Other interest income
1,756
2,244
Total interest revenue
11,158
4,397
Income from fixed asset investments
Income from shares in group undertakings
526
3,730
Total income
11,684
8,127
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
9,402
2,153
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
38,767
15,282
Other finance costs:
Other interest
106,182
106,182
Total finance costs
144,949
121,464
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
164,069
-
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,056
77,664
Adjustments in respect of prior periods
-
0
13,890
Total current tax
2,056
91,554
DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
11
Taxation
(Continued)
- 24 -
Deferred tax
Origination and (reversal) of timing differences
2,851
(8,339)
Total tax charge
4,907
83,215

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

2024
2023
£
£
Profit before taxation
11,449
1,006,890
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 20.00%)
2,175
201,378
Tax effect of expenses that are not deductible in determining taxable profit
23,065
43,431
Tax effect of income not taxable in determining taxable profit
(49,493)
-
0
Tax effect of utilisation of tax losses
-
0
(70,373)
Adjustments in respect of prior years
-
0
13,890
Other permanent differences
2,851
(8,339)
Effect of overseas tax rates
26,309
(96,772)
Tax expense for the year
4,907
83,215
DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
469,230
Amortisation and impairment
At 1 June 2023 and 31 May 2024
469,228
Carrying amount
At 31 May 2024
2
At 31 May 2023
2
Company
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
1,000,000
Amortisation and impairment
At 1 June 2023 and 31 May 2024
999,999
Carrying amount
At 31 May 2024
1
At 31 May 2023
1
DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 26 -
13
Tangible fixed assets
Group
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 June 2023
811,426
390,089
14,065
610,128
418,131
719
2,244,558
Additions
-
0
-
0
-
0
8,415
613
-
0
9,028
Disposals
-
0
-
0
-
0
(870)
-
0
-
0
(870)
At 31 May 2024
811,426
390,089
14,065
617,673
418,744
719
2,252,716
Depreciation and impairment
At 1 June 2023
109,735
376,610
9,559
458,936
387,786
719
1,343,345
Depreciation charged in the year
14,400
606
901
30,355
14,139
-
0
60,401
At 31 May 2024
124,135
377,216
10,460
489,291
401,925
719
1,403,746
Carrying amount
At 31 May 2024
687,291
12,873
3,605
128,382
16,819
-
0
848,970
At 31 May 2023
701,691
13,479
4,506
151,192
30,345
-
0
901,213
DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
Company
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
390,089
12,202
309,628
268,418
980,337
Disposals
-
0
-
0
(870)
-
0
(870)
At 31 May 2024
390,089
12,202
308,758
268,418
979,467
Depreciation and impairment
At 1 June 2023
376,612
7,696
217,242
244,567
846,117
Depreciation charged in the year
606
901
19,786
9,704
30,997
At 31 May 2024
377,218
8,597
237,028
254,271
877,114
Carrying amount
At 31 May 2024
12,871
3,605
71,730
14,147
102,353
At 31 May 2023
13,477
4,506
92,386
23,851
134,220
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
960,962
960,962
Unlisted investments
30,000
30,000
30,000
30,000
30,000
30,000
990,962
990,962
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 June 2023 and 31 May 2024
30,000
Carrying amount
At 31 May 2024
30,000
At 31 May 2023
30,000
DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
14
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 June 2023 and 31 May 2024
960,962
30,000
990,962
Carrying amount
At 31 May 2024
960,962
30,000
990,962
At 31 May 2023
960,962
30,000
990,962
15
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Binding & Presentation Supplies Limited
England & Wales
Ordinary
100.00
Duplo France sarl
France
Ordinary
100.00
Duplo Limited
England & Wales
Ordinary
100.00
Duplo UK Limited
England & Wales
Ordinary
100.00
Print Finishing International Limited
England & Wales
Ordinary
100.00
Systematic Finishing Limited
England & Wales
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
12,652,779
11,105,398
11,585,354
10,219,417
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,642,427
5,070,493
3,682,117
3,663,857
Corporation tax recoverable
2,780
120,568
-
0
-
0
Amounts owed by group undertakings
-
-
577,585
26,001
Other debtors
17,172
11,015
136
135
Prepayments and accrued income
274,589
223,097
223,750
181,678
4,936,968
5,425,173
4,483,588
3,871,671
DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 29 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
2,816,371
2,257,316
2,712,673
2,109,386
Amounts owed to group undertakings
2,782,495
2,396,286
2,782,495
2,396,286
Corporation tax payable
2,056
76,260
2,056
76,260
Other taxation and social security
190,910
203,950
190,910
203,950
Other creditors
588,924
673,646
82,847
82,691
Accruals and deferred income
2,688,893
2,300,164
2,564,103
1,854,120
9,069,649
7,907,622
8,335,084
6,722,693
19
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
40,764
37,913
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
(10,504)
(13,355)
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 June 2023
37,913
(13,355)
Charge to profit or loss
2,851
2,851
Liability/(Asset) at 31 May 2024
40,764
(10,504)

The deferred tax asset/liability set out above is expected to reverse and relates to the utilisation of accelerated capital allowances less other timing differences against future profits.

 

The deferred tax liability set out above will reverse when the revalued property is sold.

DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 30 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
537,840
535,210

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.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300,000
300,000
300,000
300,000
Ordinary A shares of £30 each
30,000
30,000
900,000
900,000
330,000
330,000
1,200,000
1,200,000
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
1,516,891
1,516,891
1,516,891
1,516,891
Preference shares classified as equity
1,516,891
1,516,891
Total equity share capital
2,716,891
2,716,891
DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 31 -
22
Operating lease commitments
Lessee

Operating lease payments include rentals payable by the company for its property. The lease is for a term of 10 years and rentals are fixed for 5 years.

 

The other operating lease payments are rentals payable by the company for motor vehicles. The leases are for a term of 3 years.

 

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
2024
2023
2024
2023
£
£
£
£
Within one year
496,044
50,418
496,044
16,769
Between two and five years
1,980,703
17,636
1,980,703
17,636
In over five years
4,440,000
-
4,440,000
-
6,916,747
68,054
6,916,747
34,405
23
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sale of goods
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
432,155
23,134
Company
Entities with control, joint control or significant influence over the company
432,155
23,134
Entities over which the company has control, joint control or significant influence
2,405,726
4,363,346
2,837,881
4,386,480
DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
23
Related party transactions
(Continued)
- 32 -

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties
2024
2023
£
£
Group
Entities with control, joint control or significant influence over the group
2,782,495
2,396,286
Company
Entities with control, joint control or significant influence over the company
2,782,495
2,396,286
Entities over which the company has control, joint control or significant influence
82,503
82,503
2,864,998
2,478,789

The following amounts were outstanding at the reporting end date:

Amounts owed by related parties
Amounts owed by related parties
2024
2023
Balance
Net
Balance
Net
£
£
£
£
Company
Entities over which the company has control, joint control or significant influence
577,585
577,585
26,001
26,001

 

24
Controlling party

By virtue of its shareholding, Duplo Corporation is the ultimate controlling party, a company incorporated in Japan.

The address of Duplo Corporation is 4-1-6 Oyama, Chuo-Ku, Sagamihara-Shi, Kanagawa, 252-5280, Japan.

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Smallest group
DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 33 -
25
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
145,009
439,813
Adjustments for:
Taxation charged
4,907
83,215
Finance costs
144,130
120,448
Investment income
(271,649)
(8,127)
Depreciation and impairment of tangible fixed assets
30,997
40,960
Other gains and losses
-
140
Movements in working capital:
(Increase)/decrease in stocks
(1,365,937)
711,722
Increase in debtors
(611,917)
(366,473)
Increase/(decrease) in creditors
1,686,595
(1,242,082)
Cash absorbed by operations
(237,865)
(220,384)
26
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
6,542
923,675
Adjustments for:
Taxation charged
4,907
83,215
Finance costs
144,949
121,464
Investment income
(11,684)
(8,127)
Depreciation and impairment of tangible fixed assets
60,401
75,123
Foreign exchange gains on cash equivalents
(16,211)
12,130
Other gains and losses
-
140
Movements in working capital:
(Increase)/decrease in stocks
(1,547,381)
691,387
Decrease/(increase) in debtors
370,417
(887,864)
Increase/(decrease) in creditors
1,236,231
(1,461,169)
Cash generated from/(absorbed by) operations
248,171
(450,026)
27
Analysis of changes in net funds - group
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
2,692,817
(15,793)
2,677,024
DUPLO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 34 -
28
Analysis of changes in net funds - company
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
1,962,348
(349,805)
1,612,543
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