XML 485 R102.htm IDEA: XBRL DOCUMENT v3.20.2
Deferred tax - Movements in net deferred tax asset (Details) - GBP (£)
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year £ (26,550,000) £ (34,198,000)  
Expensed/(credited) to statement of profit or loss (note 10) 1,426,000 8,112,000 £ 63,520,000
Expensed/(credited) to other comprehensive income (note 10) (1,901,000) (634,000) 21,684,000
Expense relating to share-based payments [1]   170,000  
Net deferred tax asset at end of year (27,025,000) (26,550,000) (34,198,000)
US      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year [2] (58,415,000) (63,332,000)  
Expensed/(credited) to statement of profit or loss (note 10) 475,000 [2] 2,676,000 [2] 60,112,000
Expensed/(credited) to other comprehensive income (note 10) (422,000) [2] 2,208,000 [2] 17,494,000
Reclassification to tax receivable [2]   33,000  
Net deferred tax asset at end of year [2] (58,362,000) (58,415,000) (63,332,000)
Unrecognised deferred tax assets 21,301,000 18,971,000  
US | Foreign tax credits      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year (30,288,000) (30,814,000)  
Expensed/(credited) to statement of profit or loss (note 10) 2,793,000 (279,000)  
Expensed/(credited) to other comprehensive income (note 10) (320,000) 942,000  
Reclassification to tax receivable   (137,000)  
Net deferred tax asset at end of year (27,815,000) (30,288,000) (30,814,000)
US | Net operating losses      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year   (3,399,000)  
Expensed/(credited) to statement of profit or loss (note 10) (10,804,000) 795,000  
Expensed/(credited) to other comprehensive income (note 10) 1,267,000 2,604,000  
Net deferred tax asset at end of year (9,537,000)   (3,399,000)
US | Unrealized foreign exchange and derivative movements      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year (486,000) 1,196,000  
Expensed/(credited) to statement of profit or loss (note 10) (441,000) (344,000)  
Expensed/(credited) to other comprehensive income (note 10) (1,369,000) (1,338,000)  
Net deferred tax asset at end of year (2,296,000) (486,000) 1,196,000
US | Intangible assets      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year (15,058,000) (21,221,000)  
Expensed/(credited) to statement of profit or loss (note 10) 5,988,000 6,163,000  
Net deferred tax asset at end of year (9,070,000) (15,058,000) (21,221,000)
US | Deferred revenue      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year (7,748,000) (7,727,000)  
Expensed/(credited) to statement of profit or loss (note 10) 1,917,000 (21,000)  
Net deferred tax asset at end of year (5,831,000) (7,748,000) (7,727,000)
US | Other      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year [3] (4,835,000) (1,367,000)  
Expensed/(credited) to statement of profit or loss (note 10) [3] 1,022,000 (3,638,000)  
Reclassification to tax receivable [3]   170,000  
Net deferred tax asset at end of year [3] (3,813,000) (4,835,000) (1,367,000)
US | Due after 1 year      
Movements in net deferred tax asset      
Net deferred tax asset at end of year (58,362,000)    
UK      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year [4] 31,865,000 29,134,000  
Expensed/(credited) to statement of profit or loss (note 10) 951,000 [4] 5,436,000 [4] 3,408,000
Expensed/(credited) to other comprehensive income (note 10) (1,479,000) [4] (2,842,000) [4] 4,190,000
Expense relating to share-based payments [4]   137,000  
Net deferred tax asset at end of year [4] 31,337,000 31,865,000 29,134,000
Unrecognised deferred tax assets 0 0  
UK | Accelerated tax depreciation      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year 706,000 805,000  
Expensed/(credited) to statement of profit or loss (note 10) (98,000) (99,000)  
Net deferred tax asset at end of year 608,000 706,000 805,000
UK | Non qualifying property      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year 11,895,000 11,898,000  
Expensed/(credited) to statement of profit or loss (note 10) 1,395,000 (3,000)  
Net deferred tax asset at end of year 13,290,000 11,895,000 11,898,000
UK | Property fair value adjustment      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year 12,718,000 13,147,000  
Expensed/(credited) to statement of profit or loss (note 10) 1,017,000 (429,000)  
Net deferred tax asset at end of year 13,735,000 12,718,000 13,147,000
UK | Net operating losses      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year   (112,000)  
Expensed/(credited) to statement of profit or loss (note 10)   112,000  
Net deferred tax asset at end of year     (112,000)
UK | Intangible assets      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year 9,322,000 7,389,000  
Expensed/(credited) to statement of profit or loss (note 10) 559,000 1,933,000  
Net deferred tax asset at end of year 9,881,000 9,322,000 7,389,000
UK | Other      
Movements in net deferred tax asset      
Net deferred tax asset at beginning of year [5] (2,776,000) (3,993,000)  
Expensed/(credited) to statement of profit or loss (note 10) [5] (1,922,000) 3,922,000  
Expensed/(credited) to other comprehensive income (note 10) [5] (1,479,000) (2,842,000)  
Expense relating to share-based payments [5]   137,000  
Net deferred tax asset at end of year [5] (6,177,000) £ (2,776,000) £ (3,993,000)
UK | Due after 1 year      
Movements in net deferred tax asset      
Net deferred tax asset at end of year £ 29,131,000    
[1] Expense relating to share-based payments arise on the movement in the share price on equity-settled awards between the grant date and the reporting date - see consolidated statement of changes in equity above.
[2] The full deferred tax asset balance is expected to be recovered after more than one year.
[3] The “Other” deferred tax asset balance primarily comprises of property, plant and equipment temporary differences; bad debt provisions and salaries not paid before 15 September of the following year.
[4] Of the total deferred tax liability, £29,131,000 is expected to be settled after more than one year.
[5] The “Other” deferred tax asset balance primarily comprises foreign exchange differences; fair value movements recognized in the hedging reserve; pensions not paid in the year and salaries not paid before 31 March 2021.