XML 466 R58.htm IDEA: XBRL DOCUMENT

Deferred tax (Tables)

12 Months Ended

Jun. 30, 2024

Deferred Tax

Schedule of deferred taxes

Deferred tax assets and deferred tax liabilities are offset where the Group has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after allowable offset):


		2024		2023
		£’000		£’000
UK deferred tax assets/(liabilities)		17,607		(3,304)
At 30 June		17,607		(3,304)

The movement in deferred tax assets and deferred tax liabilities during the year is as follows:


		2024		2023
		£’000		£’000
At 1 July		(3,304)		(7,402)
Credited to statement of profit or loss (Note 10)		19,559		4,801
Credited/(expensed) to other comprehensive income (Note 10)		1,667		(1,018)
(Expensed)/credit relating to share-based payments⁽¹⁾		(315)		315
At 30 June		17,607		(3,304)

Schedule of unrecognized US deferred tax asset

General

Net operating

Accruals not

Salary not

losses and

paid within

paid with

Foreign

interest

8.5 months of

2.5 months

Intangible

tax credits

restriction

year end

of year end

assets

Other

Total

£’000

£’000

£’000

£’000

£’000

£’000

£’000

Unrecognized US deferred tax asset

(111)

82,825

2,472

4,079

2,350

2,665

94,280

US

Deferred Tax

Schedule of movements in net deferred tax (liability)/asset


				Unrealized
		Net		foreign
		operating		exchange
		losses and		and		Property,
		interest		derivative		plant and
		restriction		movements		equipment		Total
		£’000		£’000		£’000		£’000
At 1 July 2022		(7,851)		4,575		3,276		—
Expensed/(credited) to statement of profit or loss (Note 10)		875		(1,779)		904		—
At 30 June 2023		(6,976)		2,796		4,180		—
Expensed/(credited) to statement of profit or loss (Note 10)		2,699		(2,796)		97		—
At 30 June 2024		(4,277)		—		4,277		—

(1)	Credits 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.

UK

Deferred Tax

Schedule of movements in net deferred tax (liability)/asset


		Accelerated				Non		Property		Net
		tax				qualifying		fair value		operating
		depreciation		Intangibles		property		adjustment		losses		Other⁽¹⁾		Total⁽²⁾
		£’000		£’000		£’000		£’000		£’000		£’000		£’000
At 1 July 2022		(380)		(16,359)		(17,477)		(16,811)		44,567		(942)		(7,402)
(Expensed)/credited to statement of profit or loss (Note 10)		(1,222)		622		5		631		2,290		2,475		4,801
Expensed to other comprehensive income (Note 10)		—		—		—		—		(349)		(669)		(1,018)
Credit relating to share based payments		—		—		—		—		—		315		315
At 30 June 2023		(1,602)		(15,737)		(17,472)		(16,180)		46,508		1,179		(3,304)
(Expensed)/credited to statement of profit or loss (Note 10)		(1,857)		(6,845)		5		631		25,124		2,501		19,559
Credited to other comprehensive income (Note 10)		—		—		—		—		250		1,417		1,667
Expense relating to share based payments		—		—		—		—		—		(315)		(315)
At 30 June 2024		(3,459)		(22,582)		(17,467)		(15,549)		71,882		4,782		17,607

(1)	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 2025.

(2)	Of the total deferred tax assets, £17,607,000 is expected to be settled after more than one year.