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DeepMind Technologies Limited: Directors' Report and Financial Statements 2024
webDeepMind Technologies Limited's official 2024 annual financial statements filed with Companies House, providing transparency into the scale of Google DeepMind's UK operations, revenue, and stated mission to build AI responsibly — relevant for understanding the financial and organizational structure of a leading AI safety and capabilities lab.
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Importance: 28/100organizational reportprimary source
Summary
This is the official UK statutory financial filing for DeepMind Technologies Limited for the year ended 31 December 2024. It reports turnover of £1,325 million (down from £1,527 million), profit of £174 million, and total assets of £687 million. The report outlines principal risks including market competition, evolving AI regulation, and talent retention.
Key Points
- •DeepMind's turnover decreased from £1,527M to £1,325M in 2024, primarily from R&D services provided to other Google group entities.
- •The company reported a profit of £174M in 2024, up from £113M in 2023, with total assets growing to £687M.
- •Administration expenses fell from £1,391M to £1,114M due to reduced recharges from group undertakings.
- •Key risks identified include intense AI market competition, evolving regulatory frameworks (including EU-UK data transfer rules), and talent retention.
- •The 2023 merger of DeepMind and Google Brain teams is noted as having no operational impact on the UK legal entity.
1 FactBase fact citing this source
| Entity | Property | Value | As Of |
|---|---|---|---|
| Google DeepMind | Internal Revenue | $1.7 billion | 2024 |
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DEEPMIND TECHNOLOGIES LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FINANCIAL YEAR ENDED 31 DECEMBER 2024
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COMPANIES
HOUSE
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DeepMind Technologies Limited
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
For the Year Ended 31 December 2024
CONTENTS
STRATEGIC REPORT
DIRECTORS' REPORT
INDEPENDENT AUDITOR’S REPORT
STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
STATEMENT OF FINANCIAL POSITION
STATEMENT OF CHANGES IN EQUITY
NOTES TO THE FINANCIAL STATEMENTS
13
14-25
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DeepMind Technologies Limited
STRATEGIC REPORT
For the Year Ended 31 December 2024
The directors present their strategic report of DeepMind Technologies Limited ("the Company”) for the year
ended 31 December 2024.
Review of the business
The Company specialises in Al systems development through the provision of research and development
services to other group undertakings. The mission is to build Al responsibly to benefit humanity and improve
billions of people’s lives.
During 2023 teams from DeepMind and Google Brain were brought together to accelerate progress in
artificial intelligence (Al). This internal alignment of priorities had no impact on the operations of the
company.
The key financial and other performance indicators during the year ended 31 December 2024 and the year.
ended 31 December 2023 were as follows:
Turnover
Turnover represents research and development remuneration from other group undertakings and decreased
from £1,527 million to £1,325 million in the year, a decrease of £202 million.
Administration expenses
Administration expenses decreased from £1,391 million to £1,114 million in the year, a decrease of £277
million. This decrease is driven by a reduction in recharges from group undertakings.
Statement of financial position
The Company’s total assets increased from £545 million to £687 million in the year, an increase of £142
million. The increase relates to debtors falling due within one year and a reduction in creditors due within one
year.
The statement of comprehensive income and the statement of financial position are set out on pages 11 and
12 respectively. The profit for the financial year of £174 million (2023: £113 million) has been credited to
reserves.
Principal risks and uncertainties
Market risks
Al systems development is an emerging market characterised by continuous change and intense
competition. As a result, the Company will continue to face risks and uncertainties, which may have a
significant impact on its ability to achieve continued success within its market. To mitigate this risk the
Company follows a well-informed risk based approach for decision making.
Evolving laws and legal systems
Evolving laws and legal systems, may adversely affect the Company’s revenues and could subject the
Company to new regulatory costs and challenges (including the transfer of personal data between the EU
and the United Kingdom), in addition to other adverse effects that the Company is unabl
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