The director presents the strategic report for the year ended 31 December 2024.

DoBeDo Represents Ltd is a medium-sized enterprise operating primarily in Europe and specialising in the fashion industry through artist management services including fashion photographer representation and production services. The company aims to represent photographers and creative directors throughout the world in their interests in accordance with their wishes and aspirations. Our business model focuses on representing fashion photographers and creative directors by producing the shoots they work on and to support and maintain client relationships.

Objectives and Strategy

The main objectives of the business are to

• Increase market share by 10% over the next three years

• Achieve revenue growth of 15% annually.

• Enhance customer satisfaction and retention rates.

• Expand product offerings with at least two new products each year.

The above objectives will be achieved with the following market strategies:

• Market Penetration: Enhancement of marketing efforts to increase artist and agency awareness thus increasing the client base.

• Product Development: Invest in R&D to innovate and gain new clients and acquire new artists.

• Operational Efficiency: Streamline operations to reduce costs and improve margins.

• Customer Focus: Strengthen customer service and support to build long-term relationships.
  

Business Environment
Market trends include increasing demand for our artist's work due to needs for visual imagery for brands, technological advancements in photography impacting the industry and regulatory changes affecting some aspects of the business.

Dobedo Represents Ltd faces competition from other photo agencies and production companies. Key differentiators include our lower commission, highly skilled team of agents and producers and highly talented artists.

Key performance indicators

Revenue Growth: Achieved 56.93% (2023: 15.45%) growth in the past financial year.
Profit Margins: Maintained a gross profit margin of 21.11% (2023: 29.77%).
Cash reserves: Increased to £4.3m from £2.8m in 2023.

Financial Review
The total revenue for the year totaled £18.6m, up form £11.9m in the previous year. Operating profit decreased to £0.8m from £1.6m. Net profit after tax totaled £0.5m (2023: £1.2m).

Turnover growth was driven by increased revenue in photo shoot production and artists agency fees based on work in the US and Europe. Shareholders funds have increased to £3.2m from £2.6m in 2023.

The directors recognise that the results of the company are at risk in respect of market uncertainty, supply chain constraints, fluctuations in exchange rate and changes in consumer behaviour and its competitors. The directors take steps to minimise these risks as outlined below:

Market Risks
Economic downturns affecting consumer spending that impact companies advertising budgets thereby photographers rates decrease. Increased competition leading to price wars and need to lower photographer rates and our production fee rates in order to stay competitive.

In order to mitigate market risk, the director intends to diversify artists to reduce market dependence, acquire new talented artists to satisfy market needs and client needs for a new style of imagery.

Operational risks
Supply chain disruptions impacting on set production. Dependence on key personnel including senior producers and executive producers.

To overcome dependence on key personnel, the company will continue to build strong relationships with advertising clients, designers directly, creative directors and art buyers at advertising agencies.

Financial risks

Exchange rate fluctuations affecting international sales credit risk from key customers are the main key financial risks.

The company continues to implement robust financial controls and credit management practise, making sure clients pay on time and advances are received prior to shoots.

Dobedo Represents Ltd is well-positioned to capitalise on emerging opportunities in the fashion industry. Our strategic focus for the next year includes expanding into new markets in Asia and EMEA and North America, enhancing production capabilities to improve client and artist experience and continuing to innovate and introduce cutting-edge production services. The company will also expand to represent fashion stylists, along with representing fashion photographers and creative directors. 

Dobedo Represents Ltd remains committed to achieving sustainable growth and delivering value to our shareholders. We believe that our strategic initiatives will drive long-term success and strengthen our market positions.

On behalf of the board

The director presents his annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be that of artist management services specialising in the fashion industry including fashion photographer representation and production services.

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

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

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

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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. He is 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.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

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.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of DoBeDo Represents Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, 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 31 December 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.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director 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 director is 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

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 director's 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 director's remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls) and determined that the principal risks related to fraudulent transactions which may lead to an overstatement of profits, such as manipulation of accounting estimates including depreciation, unbilled revenue and revenue recognition.

Based on our understanding of the company and industry, we identified principal risks of non-compliance with laws and regulations and we considered those laws and regulations which have a direct impact of the preparation of the financial statements such as the Companies Act 2006, FRS 102, health and safety laws, employment laws, contractual laws, General Data Protection Regulations (GDPR), and UK tax legislation.

In order to mitigate risks detailed above in respect of fraud and non-compliance with laws and regulations, the following

procedures were undertaken by the audit team:

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

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

• Reviewing financial statement disclosures and testing to supporting documentation to asses 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.

• Challenging and validating the reasonableness and judgement with particular focus on provisions affecting deprecation and revenue recognition.

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.

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.

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

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

DoBeDo Represents Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Lake End Court, Taplow Road, Taplow, Maidenhead, Berkshire, SL6 0JQ. The principal place of business is 7 Atlas Mews, Via Ramsgate Street, London, E8 2NE.

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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;

The financial statements of the company are consolidated in the financial statements of Dobedo Holdings Ltd. These consolidated financial statements are available from its registered office, Unit 4 Lake End Court Taplow Road, Taplow, Maidenhead, England, SL6 0JQ.

The financial statements have been prepared on a going concern basis, which assumes that Dobedo Representstrue

Ltd will continue in operational existence for the foreseeable future.

The director has reviewed the company's financial position, performance, and cash flows, as well as its future prospects. This review included consideration of the potential impacts of any current economic uncertainties and other relevant factors. Based on this assessment, the director has reasonable expectation that the company has adequate resources to continue its operations and meet its liabilities as they fall due for at least the next 12 months. Accordingly, the director continues to adopt the going concern basis in preparing these financial statements.

The financial statements do not include any adjustments that would result from the failure to obtain the continuing support of the parent company and ultimate parent company.

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

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

Revenue from post production services is recognised when the significant risks and rewards of ownership of the final product has passed to the buyer. Where 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.

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:

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.

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.

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

Financial instruments are recognised in the company's balance sheet 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, 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.

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.

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.

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, including creditors and loans from fellow group companies 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.

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

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.

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

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

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.

In the application of the company’s accounting policies, the director is 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.

The director considers there to be area of estimation uncertainty in respect of fixed asset depreciation and accruals in respect of trading projects and expenses associated with those projects.

With regards to depreciation, the company holds little in the way of fixed assets and so actual results are unlikely to differ in any material way.

With regards to accruals associated with trading projects, these have been calculated largely based on costs/invoices received after the year end and again, actual results are unlikely to differ in any material way since there is little to no subjectivity in calculating the accruals.

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

Their aggregate remuneration comprised:

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:

In April 2023 the main corporation tax rate increased to 25% tapered for profits above £50,000. Only businesses with profits of £250,000 or greater will be taxed at the full 25% rate.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

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.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Dobedo Represents Inc. USA

Dobedo Represents Inc, USA is an associated company via the director and is under common control.

During the year, the company received management fees and recharged costs of £130,176 (2023: £1,124,045) and paid management fees of £888,215 (2023: £nil) from/to Dobedo Represents Inc. USA.

At the year end, the company owed £623,427 (2023: £226,052) to Dobedo Represents Inc in respect of monies owed for trading activities operated under normal market conditions.

Dobedo Represents Ltd is wholly owned by Dobedo Holdings Ltd, the company's immediate and ultimate parent undertaking. Dobedo Holdings Ltd is incorporated in England and Wales under company registration number 11637923, with its registered office at Unit 4, Lake End Court, Taplow Road, Taplow, Maidenhead, England, SL6 0JQ.

The financial statements of Dobedo Represents Ltd are fully consolidated into the group financial statements of Dobedo Holdings Ltd. Copies of these consolidated financial statements may be obtained from Companies House, Cardiff.

The ultimate controlling party of Dobedo Holdings Ltd is Mr. Tyrone Lebon, who holds 100% of the share capital of the company.