Deferred tax (Tables)
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12 Months Ended |
Jun. 30, 2026 |
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| Deferred Tax |
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| Schedule of deferred taxes |
| | | | | | | 2026 | | 2025 | | | £’000 | | £’000 | UK deferred tax assets | | 29,997 | | 24,927 |
The movement in deferred tax assets and deferred tax liabilities during the year is as follows: | | | | | | | 2026 | | 2025 | | | £’000 | | £’000 | At 1 July | | 24,927 | | 17,607 | Credited to statement of profit or loss (Note 10) | | 4,581 | | 7,728 | Credited/(expensed) to other comprehensive income (Note 10) | | 289 | | (408) | Credit relating to share-based payments(1) | | 200 | | — | At 30 June | | 29,997 | | 24,927 |
| (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. |
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| Schedule of unrecognized US deferred tax asset |
| | | | | | | | | | | | | | | | | | | | | General | | | | | | | | | | | | | Net operating | | accruals not | | Salary not | | | | | | | | | | | losses and | | paid within | | paid within | | | | | | | | | 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 | | 7,780 | | 76,111 | | 3,751 | | 1,743 | | 3,341 | | 1,545 | | 94,271 |
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| US |
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| Deferred Tax |
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| Schedule of movements in net deferred tax asset/(liability) |
| | | | | | | | | | | Net operating | | | | | | | | | losses and interest | | Property, plant | | Foreign tax | | | | | restriction | | and equipment | | credits | | Total | | | £’000 | | £’000 | | £’000 | | £’000 | At 1 July 2024 | | (4,277) | | 4,277 | | — | | — | (Credited)/expensed to statement of profit or loss | | (15,144) | | (65) | | 15,209 | | — | At 30 June 2025 | | (19,421) | | 4,212 | | 15,209 | | — | (Credited)/expensed to statement of profit or loss | | (15,061) | | (325) | | 15,386 | | — | At 30 June 2026 | | (34,482) | | 3,887 | | 30,595 | | — |
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| UK |
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| Deferred Tax |
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| 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 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 | (Expensed)/credited to statement of profit or loss (Note 10) | | (4,461) | | (11,302) | | 4 | | 631 | | 20,021 | | (312) | | 4,581 | Credited to other comprehensive income (Note 10) | | — | | — | | — | | — | | 132 | | 157 | | 289 | Credit relating to share based payments (Note 10) | | — | | — | | — | | — | | — | | 200 | | 200 | At 30 June 2026 | | (9,596) | | (38,561) | | (17,458) | | (14,287) | | 107,190 | | 2,709 | | 29,997 |
| (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 2027. |
| (2) | Of the total deferred tax assets, £29,997,000 is expected to be settled after more than one year. |
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