Company registration number 07111656 (England and Wales)
DOUBLE ELEVEN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
DOUBLE ELEVEN LIMITED
COMPANY INFORMATION
Directors
L Hutchinson
K Turner
S Hutchinson
M South
R Ware
W Smithson
Company number
07111656
Registered office
Boho X
Gosford Street
Middlesbrough
England
TS2 1BB
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
DOUBLE ELEVEN LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Income statement
11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14
Notes to the financial statements
15 - 29
DOUBLE ELEVEN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of technology led video games development and publishing.
Strategy & Business Model
Double Eleven is a full service video games developer and publisher, working on some of the biggest IP’s in the world, alongside some of the biggest companies in the world. Double Eleven has a very diverse workforce, with headquarters across two continents, employing over 430 people globally.
The video game development market is currently navigating a complex landscape marked by significant challenges and emerging opportunities. Between 2023 and 2025, the industry has experienced widespread layoffs and studio closures. Major global companies have reduced their workforces due to rising development costs and a saturated market. Notably, large leading industry businesses have also faced very public financial hurdles, leading to the cancellation of numerous titles and shutdowns of several studios.
I am pleased to confirm that whilst this is the industry we operate in, our business has been able to navigate these uncertain times successfully. This is achieved by a business model, revolving around a hybrid approach, that blends in-house game development, publishing, and digital distribution with a balanced portfolio of very successful products (with longevity) and clients in each component.
And whilst the industry in general continues to navigate that storm, we continue with our ever present strategy of being a trusted pair of hands, and excelling in a stellar delivery on every occasion, for all of our products and partners. We will however focus a lot on efficiency in the next financial year as, while the gaming industry is facing some short-term challenges, the industry’s resilience, along with its adaptability to changing trends, positions it well for recovery and growth in the near future and we want to be at the forefront of that growth. With 2 HQ’s and vacant / unutilised office space, from our 2024 expansion plans, we are already ready to expand and adapt further to client demand, and we are already starting to see that happening following the end of the financial year which is very exciting.
Business Review
In light of the current global climate within the video game industry, our business has delivered an exceptional performance this year. Despite the broader market challenges, our financial results, as detailed in the snapshot below, reflect the strategic investments the company has made and planned for. These investments have played a pivotal role in shaping our current position, and while our bottom line has been affected in the short term, we remain profitable for the year. Our financial strength, combined with our ability to consistently deliver high-quality products, continues to reinforce the company’s growing resilience and stability.
A notable investment this year was our acquisition of a new 70,000 square foot headquarters, which has naturally impacted overhead costs. These costs reflect the infrastructure of a 500-person studio, but the facility provides ample capacity to expand our team by an additional 100-150 people. This expansion will lead to a significant increase in profitability per employee as we scale.
Additionally, we made a significant investment in the development and release of our first original intellectual property in 15 years. The launch, which took place just after the close of the financial year, will not be reflected in the current financial figures but is expected to further bolster our financial standing.
This year, we have delivered a range of excellent products, including industry-firsts such as the successful launch of Red Dead Redemption on PC, which was widely praised for its quality and technical excellence. Furthermore, we’ve reignited relationships with key clients and resumed work on major intellectual properties such as Lego Harry Potter Collection, marking significant milestones in our business development.
We continue to provide exceptional service to our current clients, and we’re particularly excited about the upcoming launch within our publishing division. Rust: Console Edition, which we hold licensing rights for, will be launching on next-gen platforms this summer. The investment in this project has been ongoing throughout the 2024 fiscal year, with its full impact expected to be realized in the upcoming fiscal year.
DOUBLE ELEVEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
It is important to note that the teams responsible for delivering both our own IP and licensed games are currently working at our expense, as these projects do not generate turnover until after their respective releases. As a result, we are seeing a temporary reduction in turnover and in the number of employees allocated to paid client services. However, we anticipate a significant rebound in turnover and profitability in 2025, aligned with the investments made over the previous year.
The video game industry is inherently unpredictable, and forecasting trends and revenue streams is challenging due to its dynamic nature. However, given the strategic investments we’ve made to position ourselves for future growth, we are confident in our ability to capitalize on the next growth cycle when it arrives. In light of the market’s current conditions, I am incredibly proud of the company’s performance, financial stability, and strength this year, and we look forward to building on this success in the year ahead.
The company's key financial and other performance indicators during the year were as follows:
Unit 2024 2023
Turnover £ 42,846,618 52,034,203
Operating Profit £ 3,190,091 8,364,335
Employee numbers 323 294
Principal risks and uncertainties
While the company has demonstrated strong resilience and strategic growth, it must continue to navigate a range of risks and uncertainties in an ever-changing environment. Proactive management of financial investments, talent, client relationships, and emerging market trends will be critical to sustaining success and mitigating the impact of these potential risks.
Market Risk
The principal market risks to our business primarily stem from economic uncertainty and the need to continually adapt to evolving consumer preferences and technological advancements. The gaming industry is subject to rapid change, and shifts in the broader economy or within the market itself can have a significant impact on our revenue streams. This is compounded by the fast pace of technological progress and evolving gamer expectations, which require us to remain agile and forward-thinking in our product offerings.
Additionally, dependence on key partnerships and licensing agreements with established brands carries an inherent risk. Any shifts in these relationships, whether due to changing business priorities or market conditions, could disrupt our revenue streams and future project pipeline. It is critical for us to diversify our client base and continually forge new partnerships to safeguard against this potential risk.
On top of that, regulatory changes present a growing concern, especially given the increasing scrutiny of gaming practices such as microtransactions, data privacy, and content regulation. Changes in the legal landscape could result in higher compliance costs or restrictions on certain revenue-generating models, which could impact our profitability. Navigating these complexities will require ongoing attention and proactive adaptation however we do not feel this will present a significant impact to us directly.
Given these challenges, it is vital that we continue to invest in both innovation and operational efficiency. Our ability to stay ahead of emerging trends, be it in gaming technology, business models, or consumer behavior, will be a key factor in maintaining our competitive edge. Moreover, maintaining strong relationships with our clients, partners, and employees, as well as continuing to attract and retain top-tier talent, will be essential to ensure that we have the resources and expertise needed to succeed in an increasingly competitive market.
In summary, while our business faces a number of risks and uncertainties, we are well-positioned to manage these challenges. With a strategic focus on diversifying our portfolio, enhancing our technological capabilities, and ensuring operational flexibility, we are confident that we can not only navigate these risks but emerge even stronger in the years ahead.
DOUBLE ELEVEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Legislative and Regulatory Risk
Legislative and regulatory risks within the video game industry are significant and evolving. These risks can impact everything from data privacy and consumer protection to content restrictions, tax compliance, and labour laws. We, as developers and publishers, must stay informed and adapt to changes in legislation to ensure compliance and avoid legal and financial repercussions. As the industry continues to grow and reach a global audience, the legal landscape will likely become more complex, creating both challenges and opportunities for companies in the sector; however we have the right tools and support in place to ensure we do not put ourselves in any unnecessary risk.
Section 172(1) statement
Under section 172 of the Companies Act 2006, the Directors have a duty to act in good faith in a way that is most likely to promote the success of the company for the benefit of its members as a whole, having regard to the likely consequences of decisions for the long term, the interest of the companies employees, the need to foster relationships with other stakeholders, the impact on the community and the environment, desirably of the company, maintaining a reputation for high standard of business conduct, and the need to act fairly as between members of the company. Key decisions made by the board during the year were considered with the aforesaid duty to act in good faith.
In order to continually enhance and refine our strategic approach, we remain steadfast in our commitment to investing in both our workforce and our operational methodologies. This ensures that we are well-positioned to maximize emerging opportunities while consistently meeting the expectations of both our employees and clients. We recognize that the key to long-term success lies in fostering a culture of growth, collaboration, and innovation, and our policies reflect this commitment.
At the core of our strategy is a focus on employee development. We prioritize ongoing investments in progressive training programs, effective communication channels, and comprehensive consultation initiatives, ensuring that every team member is empowered to achieve their fullest potential. Our dedication to equal opportunities, diversity, and quality management practices underscores our belief in creating an inclusive environment where all employees can thrive. Each employee is supported by a personalized development plan that is meticulously designed to align their individual skills with our current and future projects. This tailored approach ensures that our teams are continuously equipped with the right capabilities to meet the evolving demands of the business.
We also recognize the vital importance of transparent and open communication in maintaining an engaged, informed, and motivated workforce. To facilitate this, the company regularly conducts staff briefings to share insights into our overarching strategic goals, project updates, and organizational performance. These briefings also provide an invaluable opportunity for employees to offer feedback and contribute ideas, creating a dynamic, two-way communication channel that strengthens our company culture and keeps everyone aligned with our collective mission.
Our commitment to fostering strong, positive relationships with clients is equally critical to our continued success. The company has worked diligently to cultivate and maintain long-term partnerships with key clients across all areas of our business. These relationships, built on trust, transparency, and shared goals, have been instrumental in ensuring the stability and sustainability of our supply chain. By prioritizing client satisfaction and delivering consistently high-quality results, we have created a foundation of trust that supports our ongoing growth and resilience in the marketplace.
In summary, while the economic landscape remains uncertain and presents a number of challenges, the company continues to thrive and evolve. This resilience is driven by our proactive, forward-thinking approach and our ability to adapt to changing circumstances. As a Board of Directors, we are committed to maintaining an agile and strategic outlook, consistently planning for the future. Through rigorous scenario and succession planning, we are always looking ahead, ensuring that we are well-prepared to seize new opportunities and mitigate potential risks. Our unwavering focus on continual improvement, long-term growth, and effective risk management ensures that we remain poised for sustained success in an increasingly complex business environment.
DOUBLE ELEVEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Future Developments
Moving into 2025 and beyond our focus will be:
Strengthen Existing Partnerships – Deepen relationships with current partners through exceptional products and reliable service.
Expand Market Reach – Explore and secure new partnerships to drive growth and diversification.
Maximize Operational Efficiency – Streamline development processes to enhance productivity and profitability.
Deliver Outstanding Games – Launch high-quality, innovative titles that captivate and engage players.
Enhance Team Culture – Prioritize employee well-being, fostering a collaborative, creative, and supportive work environment.
Leverage Emerging Technologies – Explore and integrate new technologies to stay ahead of the curve in game development.
Strengthen Brand Presence – Increase visibility and brand recognition through targeted marketing and strategic campaigns.
Adapt to Industry Trends – Stay agile in response to evolving market demands and player expectations.
These objectives focus on growth, innovation, and operational excellence, while ensuring the well-being of both employees and customers.
The Directors therefore confirm they have fulfilled their duties to act in good faith in a way that will most likely promote the success of the company for the benefit of its shareholders.
K Turner
Director
4 April 2025
DOUBLE ELEVEN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £1,000,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
L Hutchinson
K Turner
S Hutchinson
M South
R Ware
W Smithson
Financial instruments
Objectives and policies
The company finances its activities with a combination of cash and short-term deposits. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the company's operating activities.
Price risk, credit risk, liquidity risk and cash flow risk
See disclosures in the Strategic Report in respect of the financial risk management of the company.
Employement of disabled persons
The company gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.
Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.
Employee involvement
The company's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Future developments
See disclosures within the Strategic Report regarding future developments of the company.
Going concern
The financial statements have been prepared on a going concern basis.
The group meets its day to day working capital requirements through cash generated from operations. The company had no external borrowings and limited financial commitments.
The directors believe that the company has adequate financial resources to continue in operational existence for at least 12 months from the date of signing the financial statements and therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis.
DOUBLE ELEVEN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
Auditor
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Azets Audit Services as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Energy and carbon report
The company is required to include in its annual reporting information regarding greenhouse gas emissions and energy consumption. As a subsidiary of Pneuma Games Group Limited, we have taken advantage of the exemptions to exclude these in our directors report as the disclosures are included in the consolidated accounts of our ultimate parent company, Pneuma Group Limited.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
K Turner
Director
4 April 2025
DOUBLE ELEVEN LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DOUBLE ELEVEN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF DOUBLE ELEVEN LIMITED
- 8 -
Opinion
We have audited the financial statements of Double Eleven Limited (the 'company') for the year ended 30 September 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
DOUBLE ELEVEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DOUBLE ELEVEN LIMITED
- 9 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
DOUBLE ELEVEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DOUBLE ELEVEN LIMITED
- 10 -
Extent to which 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias; and
Challenging assumptions and judgements made by management in their significant estimates.
Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); anti-bribery and corruption; and compliance with the UK Companies Act.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or 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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Claire Hinshaw ACCA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
DOUBLE ELEVEN LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
42,846,618
52,034,203
Cost of sales
(31,916,497)
(38,213,820)
Gross profit
10,930,121
13,820,383
Administrative expenses
(8,180,030)
(5,455,678)
Other operating income/(expenses)
440,000
(370)
Operating profit
4
3,190,091
8,364,335
Interest receivable and similar income
8
51,270
59,324
Interest payable and similar expenses
9
(110,095)
(22,463)
Profit before taxation
3,131,266
8,401,196
Tax on profit
10
2,877,456
3,249,471
Profit for the financial year
6,008,722
11,650,667
The income statement has been prepared on the basis that all operations are continuing operations.
The notes on pages 15 to 29 form part of these financial statements.
DOUBLE ELEVEN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
2024
2023
£
£
Profit for the year
6,008,722
11,650,667
Other comprehensive income
-
-
Total comprehensive income for the year
6,008,722
11,650,667
The notes on pages 15 to 29 form part of these financial statements.
DOUBLE ELEVEN LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
8,777,799
4,209,725
Investments
14
12,449,193
12,164,254
21,226,992
16,373,979
Current assets
Debtors
15
15,277,313
12,367,601
Cash at bank and in hand
19,433,224
21,018,892
34,710,537
33,386,493
Creditors: amounts falling due within one year
16
(5,773,123)
(4,470,251)
Net current assets
28,937,414
28,916,242
Total assets less current liabilities
50,164,406
45,290,221
Creditors: amounts falling due after more than one year
17
(1,356,868)
(1,770,273)
Provisions for liabilities
Deferred tax liability
19
1,086,113
807,245
(1,086,113)
(807,245)
Net assets
47,721,425
42,712,703
Capital and reserves
Called up share capital
22
200
200
Profit and loss reserves
47,721,225
42,712,503
Total equity
47,721,425
42,712,703
The notes on pages 15 to 29 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 4 April 2025 and are signed on its behalf by:
K Turner
Director
Company Registration No. 07111656
DOUBLE ELEVEN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
200
32,261,836
32,262,036
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
11,650,667
11,650,667
Dividends
11
-
(1,200,000)
(1,200,000)
Balance at 30 September 2023
200
42,712,503
42,712,703
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
6,008,722
6,008,722
Dividends
11
-
(1,000,000)
(1,000,000)
Balance at 30 September 2024
200
47,721,225
47,721,425
The notes on pages 15 to 29 form part of these financial statements.
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information
Double Eleven Limited is a private company limited by shares incorporated in England and Wales. The registered office is Boho X, Gosford Street, Middlesbrough, England, TS2 1BB.
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, except that as disclosed in the accounting policies certain items are shown at fair value. The principal accounting policies adopted are set out below.
This 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, including this company, 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Double Eleven Limited is a wholly owned subsidiary of Pneuma Games Group Limited and the results of Double Eleven Limited are included in the consolidated financial statements of Pneuma Group Limited, the ultimate parent company, which are available from Boho X, Gosford Street, Middlesbrough, TS2 1BB.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Full provision is made for losses on all contracts in the year in which they are first foreseen.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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 improvements
10% straight line
Plant and machinery
25% straight line
Fixtures and fittings
25% straight line
Office equipment
25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Other investments in gold and silver bullion where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Other investments in classic cars where, due to the unique nature of the individual vehicles fair value cannot be measured reliably, are measured at cost less impairment.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors 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.
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.
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 income statement, 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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leases asset are consumed.
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.14
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.
1.15
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.
1.16
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
1.17
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
No key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been identified.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Licensing and publishing
21,676,635
31,191,522
Contracted work for hire
21,169,983
20,842,681
42,846,618
52,034,203
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Turnover analysed by geographical market
UK
8,222,691
10,080,694
Europe
511,165
1,556,082
Rest of world
34,112,762
40,397,427
42,846,618
52,034,203
2024
2023
£
£
Other revenue
Interest income
51,270
59,324
Grants received
440,000
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
239,508
102,514
Government grants
(440,000)
-
Depreciation of owned tangible fixed assets
1,630,005
667,498
Operating lease charges
1,149,342
400,831
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
25,950
24,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration and support
23
18
Research and development
284
261
Other departments
16
15
Total
323
294
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Employees
(Continued)
- 22 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
14,135,708
12,501,641
Social security costs
1,629,273
1,290,545
Pension costs
282,473
221,192
16,047,454
14,013,378
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
858,407
1,073,082
Company pension contributions to defined contribution schemes
2,642
2,752
861,049
1,075,834
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
205,883
295,103
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
51,270
59,324
9
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
110,095
22,463
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(3,156,323)
(3,278,235)
Adjustments in respect of prior periods
(778,481)
Total current tax
(3,156,323)
(4,056,716)
Deferred tax
Origination and reversal of timing differences
278,922
710,641
Changes in tax rates
96,604
Adjustment in respect of prior periods
(55)
Total deferred tax
278,867
807,245
Total tax credit
(2,877,456)
(3,249,471)
The actual credit 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
3,131,266
8,401,196
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
782,817
1,848,954
Tax effect of expenses that are not deductible in determining taxable profit
33,538
86,574
Other permanent differences
213
Deferred tax adjustments in respect of prior years
(55)
VGTR deduction
(3,658,311)
(4,386,322)
VGTR tax credit
(3,156,325)
(3,278,235)
Effect of tax losses
3,156,325
2,885,924
Deferred tax not provided
(35,658)
282,486
Other reconciliation differences
(785,456)
Tax rate changes
96,604
Taxation credit for the year
(2,877,456)
(3,249,471)
11
Dividends
2024
2023
£
£
Interim paid
1,000,000
1,200,000
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
12
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
1,310,318
223,360
2,175,285
3,219,349
281,007
7,209,319
Additions
4,076,526
978,789
820,591
336,838
6,212,744
Disposals
(11,665)
(3,000)
(14,665)
At 30 September 2024
5,386,844
223,360
3,154,074
4,028,275
614,845
13,407,398
Depreciation and impairment
At 1 October 2023
223,360
739,167
2,023,648
13,419
2,999,594
Depreciation charged in the year
239,913
629,684
617,627
142,781
1,630,005
At 30 September 2024
239,913
223,360
1,368,851
2,641,275
156,200
4,629,599
Carrying amount
At 30 September 2024
5,146,931
1,785,223
1,387,000
458,645
8,777,799
At 30 September 2023
1,310,318
1,436,118
1,195,701
267,588
4,209,725
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
458,645
267,588
13
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Double Eleven Malaysia SDN. BHD
B-11-1, Megan Avenue II, 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur, Wilayah Persekutuan, Malaysia
Ordinary
100.00
Double Eleven Development Limited
Boho X, Gosford Street, Middlesbrough, TS2 1BB, England
Ordinary
100.00
Double Eleven Developing Limited
Boho X, Gosford Street, Middlesbrough, TS2 1BB, England
Ordinary
100.00
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Subsidiaries
(Continued)
- 25 -
Double Eleven Malaysia SDN. BHD
The principal activity of Double Eleven Malaysia SDN. BHD is games software development.
Double Eleven Development Limited
The principal activity of Double Eleven Development Limited is games software development.
Double Eleven Developing Limited
The principal activity of Double Eleven Developing Limited is games software development.
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
44,591
302
Other investments at fair value through profit and loss
444,138
444,138
Other investments at cost less impairment
11,960,464
11,719,814
12,449,193
12,164,254
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2023
302
12,163,952
12,164,254
Additions
44,289
240,650
284,939
At 30 September 2024
44,591
12,404,602
12,449,193
Carrying amount
At 30 September 2024
44,591
12,404,602
12,449,193
At 30 September 2023
302
12,163,952
12,164,254
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,142,272
2,619,871
Gross amounts owed by contract customers
492,286
Corporation tax recoverable
3,156,325
3,278,236
Amounts owed by group undertakings
7,626,564
1,774,496
Other debtors
190,271
635,660
Prepayments and accrued income
2,161,881
3,567,052
15,277,313
12,367,601
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
18
649,437
617,330
Trade creditors
203,267
206,611
Amounts owed to group undertakings
657,316
100
Taxation and social security
13,214
Government grants
20
1,000,000
Other creditors
829,466
6,352
Accruals and deferred income
2,433,637
3,626,644
5,773,123
4,470,251
Obligations under finance leases are secured against the assets to which they relate.
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
18
1,356,868
1,770,273
Obligations under finance leases are secured against the assets to which they relate.
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
649,437
617,330
In two to five years
1,356,868
1,770,273
2,006,305
2,387,603
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
18
Finance lease obligations
(Continued)
- 27 -
Finance lease payments represent rentals payable by the company for certain items of fixed assets. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed assets timing differences
1,115,909
812,290
Tax losses
(76,185)
-
Short term timing differences
(43,804)
(5,045)
995,920
807,245
Statutory database figures differ from the trial balance:
Deferred tax balances
1,086,113
807,245
Difference
(90,193)
-
2024
Movements in the year:
£
Liability at 1 October 2023
807,245
Charge to profit or loss
188,675
Liability at 30 September 2024
995,920
Balance per TB
1,086,113
Warning - Difference exists; check stat db entries
90,193
20
Government grants
2024
2023
£
£
Arising from government grants
1,000,000
-
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
282,473
221,192
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
23
Reserves
Called up share capital
This represents the nominal value of shares that have been issued.
Profit and loss account
This reserve records retained earnings and accumulated losses.
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
143,370
491,282
Between two and five years
3,360,000
2,742,491
In over five years
3,220,000
4,060,000
6,723,370
7,293,773
25
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
-
4,332,215
DOUBLE ELEVEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
26
Ultimate controlling party
The company's immediate parent is Pneuma Games Group Limited, incorporated in England & Wales.
The company's ultimate parent is Pneuma Group Limited, incorporated in England & Wales.
The most senior parent entity producing publicly available financial statements is Pneuma Group Limited. These financial statements are publicly available.
The ultimate controlling party is L Hutchinson.
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