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Deferred tax (Tables)

12 Months Ended

Jun. 30, 2025

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):


		2025		2024
		£’000		£’000
UK deferred tax assets		24,927		17,607

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


		2025		2024
		£’000		£’000
At 1 July		17,607		(3,304)
Credited to statement of profit or loss (Note 10)		7,728		19,559
(Expensed)/credited to other comprehensive income (Note 10)		(408)		1,667
Expense relating to share-based payments⁽¹⁾		—		(315)
At 30 June		24,927		17,607

Schedule of unrecognized US deferred tax asset

General

Net operating

accruals not

Salary not

losses and

paid within

paid with

Foreign tax

interest

8.5 months

2.5 months

Research and

credits

restriction

of year end

of year end

development

Other

Total

£’000

£’000

£’000

£’000

£’000

£’000

£’000

Unrecognized US deferred tax asset

13,547

69,274

5,291

2,230

2,511

4,425

97,278

US

Deferred Tax

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


				Unrealized
		Net operating		foreign exchange
		losses and interest		and derivative		Property, plant		Foreign tax
		restriction		movements		and equipment		credits		Total
		£’000		£’000		£’000		£’000		£’000
At 1 July 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				—
(Credited)/expensed to statement of profit or loss (Note 10)		(15,144)		—		(65)		15,209		—
At 30 June 2025		(19,421)		—		4,212		15,209		—

(1)	Expenses 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 asset/(liability)


		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 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
(Expensed)/credited to statement of profit or loss (Note 10)		(1,676)		(4,677)		5		631		15,287		(1,842)		7,728
Expensed to other comprehensive income (Note 10)		—		—		—		—		(132)		(276)		(408)
At 30 June 2025		(5,135)		(27,259)		(17,462)		(14,918)		87,037		2,664		24,927

(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 2026.

(2)	Of the total deferred tax assets, £24,927,000 is expected to be settled after more than one year.